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Side-by-side financial comparison of NORTHERN OIL & GAS, INC. (NOG) and UL Solutions Inc. (ULS). Click either name above to swap in a different company.
UL Solutions Inc. is the larger business by last-quarter revenue ($758.0M vs $610.2M, roughly 1.2× NORTHERN OIL & GAS, INC.). UL Solutions Inc. runs the higher net margin — 12.8% vs -11.6%, a 24.4% gap on every dollar of revenue. On growth, UL Solutions Inc. posted the faster year-over-year revenue change (7.5% vs -72.6%). UL Solutions Inc. produced more free cash flow last quarter ($150.0M vs $43.2M). Over the past eight quarters, NORTHERN OIL & GAS, INC.'s revenue compounded faster (4.3% CAGR vs 1.9%).
Marathon Oil Corporation was an American company engaged in hydrocarbon exploration. In November 2024, it was acquired by ConocoPhillips and absorbed into the company.
The UL enterprise is a global private safety company headquartered in Northbrook, Illinois, composed of three organizations, UL Research Institutes, UL Standards & Engagement and UL Solutions.
NOG vs ULS — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $610.2M | $758.0M |
| Net Profit | $-70.7M | $97.0M |
| Gross Margin | — | 50.3% |
| Operating Margin | — | 18.2% |
| Net Margin | -11.6% | 12.8% |
| Revenue YoY | -72.6% | 7.5% |
| Net Profit YoY | -198.7% | 37.3% |
| EPS (diluted) | $-0.73 | $0.45 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $610.2M | $758.0M | ||
| Q4 25 | $610.2M | $789.0M | ||
| Q3 25 | $556.6M | $783.0M | ||
| Q2 25 | $706.8M | $776.0M | ||
| Q1 25 | $602.1M | $705.0M | ||
| Q4 24 | $515.0M | $739.0M | ||
| Q3 24 | $753.6M | $731.0M | ||
| Q2 24 | $560.8M | $730.0M |
| Q1 26 | $-70.7M | $97.0M | ||
| Q4 25 | $-70.7M | $67.0M | ||
| Q3 25 | $-129.1M | $100.0M | ||
| Q2 25 | $99.6M | $91.0M | ||
| Q1 25 | $139.0M | $67.0M | ||
| Q4 24 | $71.7M | $81.0M | ||
| Q3 24 | $298.4M | $88.0M | ||
| Q2 24 | $138.6M | $101.0M |
| Q1 26 | — | 50.3% | ||
| Q4 25 | 80.4% | 49.7% | ||
| Q3 25 | 78.7% | 50.3% | ||
| Q2 25 | 82.8% | 49.4% | ||
| Q1 25 | 81.1% | 48.4% | ||
| Q4 24 | 77.4% | 47.4% | ||
| Q3 24 | 85.8% | 49.0% | ||
| Q2 24 | 82.0% | 50.1% |
| Q1 26 | — | 18.2% | ||
| Q4 25 | -5.5% | 15.0% | ||
| Q3 25 | -22.6% | 19.9% | ||
| Q2 25 | 24.9% | 17.9% | ||
| Q1 25 | 38.1% | 15.5% | ||
| Q4 24 | 25.8% | 15.6% | ||
| Q3 24 | 57.6% | 17.8% | ||
| Q2 24 | 39.0% | 17.3% |
| Q1 26 | -11.6% | 12.8% | ||
| Q4 25 | -11.6% | 8.5% | ||
| Q3 25 | -23.2% | 12.8% | ||
| Q2 25 | 14.1% | 11.7% | ||
| Q1 25 | 23.1% | 9.5% | ||
| Q4 24 | 13.9% | 11.0% | ||
| Q3 24 | 39.6% | 12.0% | ||
| Q2 24 | 24.7% | 13.8% |
| Q1 26 | $-0.73 | $0.45 | ||
| Q4 25 | $-0.67 | $0.33 | ||
| Q3 25 | $-1.33 | $0.49 | ||
| Q2 25 | $1.00 | $0.45 | ||
| Q1 25 | $1.39 | $0.33 | ||
| Q4 24 | $0.71 | $0.40 | ||
| Q3 24 | $2.96 | $0.44 | ||
| Q2 24 | $1.36 | $0.50 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $14.3M | $258.0M |
| Total DebtLower is stronger | — | $357.0M |
| Stockholders' EquityBook value | $2.1B | $1.3B |
| Total Assets | $5.4B | $3.0B |
| Debt / EquityLower = less leverage | — | 0.27× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $14.3M | $258.0M | ||
| Q4 25 | $14.3M | $295.0M | ||
| Q3 25 | $31.6M | $255.0M | ||
| Q2 25 | $25.9M | $272.0M | ||
| Q1 25 | $33.6M | $267.0M | ||
| Q4 24 | $8.9M | $298.0M | ||
| Q3 24 | $34.4M | $327.0M | ||
| Q2 24 | $7.8M | $295.0M |
| Q1 26 | — | $357.0M | ||
| Q4 25 | $2.4B | $491.0M | ||
| Q3 25 | $2.3B | $544.0M | ||
| Q2 25 | $2.4B | $608.0M | ||
| Q1 25 | $2.3B | $653.0M | ||
| Q4 24 | $2.4B | $742.0M | ||
| Q3 24 | $2.0B | $797.0M | ||
| Q2 24 | $1.9B | $810.0M |
| Q1 26 | $2.1B | $1.3B | ||
| Q4 25 | $2.1B | $1.3B | ||
| Q3 25 | $2.2B | $1.2B | ||
| Q2 25 | $2.4B | $1.1B | ||
| Q1 25 | $2.4B | $970.0M | ||
| Q4 24 | $2.3B | $904.0M | ||
| Q3 24 | $2.3B | $872.0M | ||
| Q2 24 | $2.1B | $769.0M |
| Q1 26 | $5.4B | $3.0B | ||
| Q4 25 | $5.4B | $2.9B | ||
| Q3 25 | $5.5B | $2.9B | ||
| Q2 25 | $5.7B | $2.9B | ||
| Q1 25 | $5.7B | $2.9B | ||
| Q4 24 | $5.6B | $2.8B | ||
| Q3 24 | $5.1B | $2.9B | ||
| Q2 24 | $4.7B | $2.7B |
| Q1 26 | — | 0.27× | ||
| Q4 25 | 1.13× | 0.39× | ||
| Q3 25 | 1.05× | 0.46× | ||
| Q2 25 | 0.98× | 0.56× | ||
| Q1 25 | 0.96× | 0.67× | ||
| Q4 24 | 1.02× | 0.82× | ||
| Q3 24 | 0.84× | 0.91× | ||
| Q2 24 | 0.91× | 1.05× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $312.6M | $219.0M |
| Free Cash FlowOCF − Capex | $43.2M | $150.0M |
| FCF MarginFCF / Revenue | 7.1% | 19.8% |
| Capex IntensityCapex / Revenue | 31.5% | 9.1% |
| Cash ConversionOCF / Net Profit | — | 2.26× |
| TTM Free Cash FlowTrailing 4 quarters | — | $450.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $312.6M | $219.0M | ||
| Q4 25 | $312.6M | $144.0M | ||
| Q3 25 | $423.1M | $155.0M | ||
| Q2 25 | $362.1M | $147.0M | ||
| Q1 25 | $407.4M | $154.0M | ||
| Q4 24 | $290.3M | $130.0M | ||
| Q3 24 | $385.8M | $150.0M | ||
| Q2 24 | $340.5M | $103.0M |
| Q1 26 | $43.2M | $150.0M | ||
| Q4 25 | — | $86.0M | ||
| Q3 25 | — | $109.0M | ||
| Q2 25 | — | $105.0M | ||
| Q1 25 | — | $103.0M | ||
| Q4 24 | — | $72.0M | ||
| Q3 24 | — | $84.0M | ||
| Q2 24 | — | $47.0M |
| Q1 26 | 7.1% | 19.8% | ||
| Q4 25 | — | 10.9% | ||
| Q3 25 | — | 13.9% | ||
| Q2 25 | — | 13.5% | ||
| Q1 25 | — | 14.6% | ||
| Q4 24 | — | 9.7% | ||
| Q3 24 | — | 11.5% | ||
| Q2 24 | — | 6.4% |
| Q1 26 | 31.5% | 9.1% | ||
| Q4 25 | — | 7.4% | ||
| Q3 25 | — | 5.9% | ||
| Q2 25 | — | 5.4% | ||
| Q1 25 | — | 7.2% | ||
| Q4 24 | — | 7.8% | ||
| Q3 24 | — | 9.0% | ||
| Q2 24 | — | 7.7% |
| Q1 26 | — | 2.26× | ||
| Q4 25 | — | 2.15× | ||
| Q3 25 | — | 1.55× | ||
| Q2 25 | 3.64× | 1.62× | ||
| Q1 25 | 2.93× | 2.30× | ||
| Q4 24 | 4.05× | 1.60× | ||
| Q3 24 | 1.29× | 1.70× | ||
| Q2 24 | 2.46× | 1.02× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NOG
| Oil and Gas Sales | $447.7M | 73% |
| Gain on Commodity Derivatives, Net | $159.3M | 26% |
| Other Revenue | $3.1M | 1% |
ULS
Segment breakdown not available.
