vs
Side-by-side financial comparison of NORTHERN OIL & GAS, INC. (NOG) and WillScot Holdings Corp (WSC). Click either name above to swap in a different company.
NORTHERN OIL & GAS, INC. is the larger business by last-quarter revenue ($610.2M vs $566.0M, roughly 1.1× WillScot Holdings Corp). NORTHERN OIL & GAS, INC. runs the higher net margin — -11.6% vs -33.1%, a 21.5% gap on every dollar of revenue. On growth, WillScot Holdings Corp posted the faster year-over-year revenue change (-6.1% vs -72.6%). WillScot Holdings Corp produced more free cash flow last quarter ($149.7M vs $43.2M). Over the past eight quarters, NORTHERN OIL & GAS, INC.'s revenue compounded faster (4.3% CAGR vs -1.8%).
Marathon Oil Corporation was an American company engaged in hydrocarbon exploration. In November 2024, it was acquired by ConocoPhillips and absorbed into the company.
WillScot Holdings Corp is a leading provider of modular space solutions and portable storage services across North America. It serves a wide range of sectors including construction, commercial development, education, healthcare, government projects, and special events, offering flexible, scalable temporary and semi-permanent space solutions tailored to diverse client needs.
NOG vs WSC — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $610.2M | $566.0M |
| Net Profit | $-70.7M | $-187.3M |
| Gross Margin | — | 50.4% |
| Operating Margin | — | -32.5% |
| Net Margin | -11.6% | -33.1% |
| Revenue YoY | -72.6% | -6.1% |
| Net Profit YoY | -198.7% | -310.0% |
| EPS (diluted) | $-0.73 | $-1.02 |
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 | — | ||
| Q4 25 | $610.2M | $566.0M | ||
| Q3 25 | $556.6M | $566.8M | ||
| Q2 25 | $706.8M | $589.1M | ||
| Q1 25 | $602.1M | $559.6M | ||
| Q4 24 | $515.0M | $602.5M | ||
| Q3 24 | $753.6M | $601.4M | ||
| Q2 24 | $560.8M | $604.6M |
| Q1 26 | $-70.7M | — | ||
| Q4 25 | $-70.7M | $-187.3M | ||
| Q3 25 | $-129.1M | $43.3M | ||
| Q2 25 | $99.6M | $47.9M | ||
| Q1 25 | $139.0M | $43.1M | ||
| Q4 24 | $71.7M | $89.2M | ||
| Q3 24 | $298.4M | $-70.5M | ||
| Q2 24 | $138.6M | $-46.9M |
| Q1 26 | — | — | ||
| Q4 25 | 80.4% | 50.4% | ||
| Q3 25 | 78.7% | 49.7% | ||
| Q2 25 | 82.8% | 50.3% | ||
| Q1 25 | 81.1% | 53.7% | ||
| Q4 24 | 77.4% | 55.8% | ||
| Q3 24 | 85.8% | 53.5% | ||
| Q2 24 | 82.0% | 54.1% |
| Q1 26 | — | — | ||
| Q4 25 | -5.5% | -32.5% | ||
| Q3 25 | -22.6% | 21.0% | ||
| Q2 25 | 24.9% | 21.5% | ||
| Q1 25 | 38.1% | 21.3% | ||
| Q4 24 | 25.8% | 28.9% | ||
| Q3 24 | 57.6% | -5.9% | ||
| Q2 24 | 39.0% | -0.9% |
| Q1 26 | -11.6% | — | ||
| Q4 25 | -11.6% | -33.1% | ||
| Q3 25 | -23.2% | 7.6% | ||
| Q2 25 | 14.1% | 8.1% | ||
| Q1 25 | 23.1% | 7.7% | ||
| Q4 24 | 13.9% | 14.8% | ||
| Q3 24 | 39.6% | -11.7% | ||
| Q2 24 | 24.7% | -7.7% |
| Q1 26 | $-0.73 | — | ||
| Q4 25 | $-0.67 | $-1.02 | ||
| Q3 25 | $-1.33 | $0.24 | ||
| Q2 25 | $1.00 | $0.26 | ||
| Q1 25 | $1.39 | $0.23 | ||
| Q4 24 | $0.71 | $0.48 | ||
| Q3 24 | $2.96 | $-0.37 | ||
| Q2 24 | $1.36 | $-0.25 |
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 | $14.6M |
| Total DebtLower is stronger | — | $3.6B |
| Stockholders' EquityBook value | $2.1B | $856.3M |
| Total Assets | $5.4B | $5.8B |
| Debt / EquityLower = less leverage | — | 4.15× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $14.3M | — | ||
| Q4 25 | $14.3M | $14.6M | ||
| Q3 25 | $31.6M | $14.8M | ||
| Q2 25 | $25.9M | $12.8M | ||
| Q1 25 | $33.6M | $10.7M | ||
| Q4 24 | $8.9M | $9.0M | ||
| Q3 24 | $34.4M | $11.0M | ||
| Q2 24 | $7.8M | $5.9M |
| Q1 26 | — | — | ||
| Q4 25 | $2.4B | $3.6B | ||
| Q3 25 | $2.3B | $3.6B | ||
| Q2 25 | $2.4B | $3.7B | ||
| Q1 25 | $2.3B | $3.6B | ||
| Q4 24 | $2.4B | $3.7B | ||
| Q3 24 | $2.0B | $3.6B | ||
| Q2 24 | $1.9B | $3.5B |
| Q1 26 | $2.1B | — | ||
| Q4 25 | $2.1B | $856.3M | ||
| Q3 25 | $2.2B | $1.1B | ||
| Q2 25 | $2.4B | $1.0B | ||
| Q1 25 | $2.4B | $1.0B | ||
| Q4 24 | $2.3B | $1.0B | ||
| Q3 24 | $2.3B | $1.1B | ||
| Q2 24 | $2.1B | $1.2B |
| Q1 26 | $5.4B | — | ||
| Q4 25 | $5.4B | $5.8B | ||
| Q3 25 | $5.5B | $6.1B | ||
| Q2 25 | $5.7B | $6.1B | ||
| Q1 25 | $5.7B | $6.0B | ||
| Q4 24 | $5.6B | $6.0B | ||
| Q3 24 | $5.1B | $6.0B | ||
| Q2 24 | $4.7B | $6.0B |
| Q1 26 | — | — | ||
| Q4 25 | 1.13× | 4.15× | ||
| Q3 25 | 1.05× | 3.39× | ||
| Q2 25 | 0.98× | 3.55× | ||
| Q1 25 | 0.96× | 3.56× | ||
| Q4 24 | 1.02× | 3.62× | ||
| Q3 24 | 0.84× | 3.42× | ||
| Q2 24 | 0.91× | 2.88× |
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 | $158.9M |
| Free Cash FlowOCF − Capex | $43.2M | $149.7M |
| FCF MarginFCF / Revenue | 7.1% | 26.5% |
| Capex IntensityCapex / Revenue | 31.5% | 1.6% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $737.7M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $312.6M | — | ||
| Q4 25 | $312.6M | $158.9M | ||
| Q3 25 | $423.1M | $191.2M | ||
| Q2 25 | $362.1M | $205.3M | ||
| Q1 25 | $407.4M | $206.6M | ||
| Q4 24 | $290.3M | $178.9M | ||
| Q3 24 | $385.8M | $-1.6M | ||
| Q2 24 | $340.5M | $175.6M |
| Q1 26 | $43.2M | — | ||
| Q4 25 | — | $149.7M | ||
| Q3 25 | — | $186.9M | ||
| Q2 25 | — | $199.0M | ||
| Q1 25 | — | $202.0M | ||
| Q4 24 | — | $176.6M | ||
| Q3 24 | — | $-4.9M | ||
| Q2 24 | — | $169.4M |
| Q1 26 | 7.1% | — | ||
| Q4 25 | — | 26.5% | ||
| Q3 25 | — | 33.0% | ||
| Q2 25 | — | 33.8% | ||
| Q1 25 | — | 36.1% | ||
| Q4 24 | — | 29.3% | ||
| Q3 24 | — | -0.8% | ||
| Q2 24 | — | 28.0% |
| Q1 26 | 31.5% | — | ||
| Q4 25 | — | 1.6% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 1.1% | ||
| Q1 25 | — | 0.8% | ||
| Q4 24 | — | 0.4% | ||
| Q3 24 | — | 0.6% | ||
| Q2 24 | — | 1.0% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 4.41× | ||
| Q2 25 | 3.64× | 4.28× | ||
| Q1 25 | 2.93× | 4.80× | ||
| Q4 24 | 4.05× | 2.01× | ||
| Q3 24 | 1.29× | — | ||
| Q2 24 | 2.46× | — |
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% |
WSC
| Modular Space Leasing | $249.8M | 44% |
| Value Added Product And Services | $101.0M | 18% |
| Portable Storage Leasing | $83.0M | 15% |
| Delivery Revenue | $48.2M | 9% |
| Installation Revenue | $45.0M | 8% |
| Rental Units | $19.7M | 3% |
| New Units | $15.5M | 3% |
| Value Added Services | $10.3M | 2% |
| Other Leasing Related Products And Services | $3.8M | 1% |
