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Side-by-side financial comparison of NORTHERN OIL & GAS, INC. (NOG) and OLYMPIC STEEL INC (ZEUS). 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 $490.7M, roughly 1.2× OLYMPIC STEEL INC). OLYMPIC STEEL INC runs the higher net margin — 0.4% vs -11.6%, a 12.0% gap on every dollar of revenue. On growth, OLYMPIC STEEL INC posted the faster year-over-year revenue change (4.4% vs -72.6%). NORTHERN OIL & GAS, INC. produced more free cash flow last quarter ($43.2M vs $-12.9M). Over the past eight quarters, NORTHERN OIL & GAS, INC.'s revenue compounded faster (4.3% CAGR vs 0.1%).
Marathon Oil Corporation was an American company engaged in hydrocarbon exploration. In November 2024, it was acquired by ConocoPhillips and absorbed into the company.
Olympic Steel, Inc. is a metals service center based in Cleveland, Ohio. The company processes and distributes carbon, coated and stainless flat-rolled sheet, coil and plate steel, aluminium alloy, tin plate, and metal-intensive branded products primarily in the United States. Metals processing and value added services include tempering, stretch leveling, cutting-to-length, slitting, edging, shearing, blanking, burning, forming, shot blasting, laser punching, plate rolling, fabricating, machi...
NOG vs ZEUS — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $610.2M | $490.7M |
| Net Profit | $-70.7M | $2.2M |
| Gross Margin | — | — |
| Operating Margin | — | 1.5% |
| Net Margin | -11.6% | 0.4% |
| Revenue YoY | -72.6% | 4.4% |
| Net Profit YoY | -198.7% | -21.2% |
| EPS (diluted) | $-0.73 | $0.18 |
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 | — | ||
| Q3 25 | $556.6M | $490.7M | ||
| Q2 25 | $706.8M | $496.5M | ||
| Q1 25 | $602.1M | $492.9M | ||
| Q4 24 | $515.0M | $418.8M | ||
| Q3 24 | $753.6M | $470.0M | ||
| Q2 24 | $560.8M | $526.3M |
| Q1 26 | $-70.7M | — | ||
| Q4 25 | $-70.7M | — | ||
| Q3 25 | $-129.1M | $2.2M | ||
| Q2 25 | $99.6M | $5.2M | ||
| Q1 25 | $139.0M | $2.5M | ||
| Q4 24 | $71.7M | $3.9M | ||
| Q3 24 | $298.4M | $2.7M | ||
| Q2 24 | $138.6M | $7.7M |
| Q1 26 | — | — | ||
| Q4 25 | 80.4% | — | ||
| Q3 25 | 78.7% | — | ||
| Q2 25 | 82.8% | — | ||
| Q1 25 | 81.1% | — | ||
| Q4 24 | 77.4% | — | ||
| Q3 24 | 85.8% | — | ||
| Q2 24 | 82.0% | — |
| Q1 26 | — | — | ||
| Q4 25 | -5.5% | — | ||
| Q3 25 | -22.6% | 1.5% | ||
| Q2 25 | 24.9% | 2.3% | ||
| Q1 25 | 38.1% | 1.6% | ||
| Q4 24 | 25.8% | 2.1% | ||
| Q3 24 | 57.6% | 1.7% | ||
| Q2 24 | 39.0% | 2.9% |
| Q1 26 | -11.6% | — | ||
| Q4 25 | -11.6% | — | ||
| Q3 25 | -23.2% | 0.4% | ||
| Q2 25 | 14.1% | 1.1% | ||
| Q1 25 | 23.1% | 0.5% | ||
| Q4 24 | 13.9% | 0.9% | ||
| Q3 24 | 39.6% | 0.6% | ||
| Q2 24 | 24.7% | 1.5% |
| Q1 26 | $-0.73 | — | ||
| Q4 25 | $-0.67 | — | ||
| Q3 25 | $-1.33 | $0.18 | ||
| Q2 25 | $1.00 | $0.45 | ||
| Q1 25 | $1.39 | $0.21 | ||
| Q4 24 | $0.71 | $0.33 | ||
| Q3 24 | $2.96 | $0.23 | ||
| Q2 24 | $1.36 | $0.66 |
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 | $7.5M |
| Total DebtLower is stronger | — | $240.9M |
| Stockholders' EquityBook value | $2.1B | $579.1M |
| Total Assets | $5.4B | $1.1B |
| Debt / EquityLower = less leverage | — | 0.42× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $14.3M | — | ||
| Q4 25 | $14.3M | — | ||
| Q3 25 | $31.6M | $7.5M | ||
| Q2 25 | $25.9M | $14.8M | ||
| Q1 25 | $33.6M | $13.3M | ||
| Q4 24 | $8.9M | $11.9M | ||
| Q3 24 | $34.4M | $11.1M | ||
| Q2 24 | $7.8M | $9.4M |
| Q1 26 | — | — | ||
| Q4 25 | $2.4B | — | ||
| Q3 25 | $2.3B | $240.9M | ||
| Q2 25 | $2.4B | $233.2M | ||
| Q1 25 | $2.3B | $235.4M | ||
| Q4 24 | $2.4B | $272.5M | ||
| Q3 24 | $2.0B | $197.3M | ||
| Q2 24 | $1.9B | $209.2M |
| Q1 26 | $2.1B | — | ||
| Q4 25 | $2.1B | — | ||
| Q3 25 | $2.2B | $579.1M | ||
| Q2 25 | $2.4B | $578.2M | ||
| Q1 25 | $2.4B | $574.2M | ||
| Q4 24 | $2.3B | $573.9M | ||
| Q3 24 | $2.3B | $570.6M | ||
| Q2 24 | $2.1B | $569.5M |
| Q1 26 | $5.4B | — | ||
| Q4 25 | $5.4B | — | ||
| Q3 25 | $5.5B | $1.1B | ||
| Q2 25 | $5.7B | $1.1B | ||
| Q1 25 | $5.7B | $1.1B | ||
| Q4 24 | $5.6B | $1.0B | ||
| Q3 24 | $5.1B | $1.0B | ||
| Q2 24 | $4.7B | $1.0B |
| Q1 26 | — | — | ||
| Q4 25 | 1.13× | — | ||
| Q3 25 | 1.05× | 0.42× | ||
| Q2 25 | 0.98× | 0.40× | ||
| Q1 25 | 0.96× | 0.41× | ||
| Q4 24 | 1.02× | 0.47× | ||
| Q3 24 | 0.84× | 0.35× | ||
| Q2 24 | 0.91× | 0.37× |
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 | $-5.4M |
| Free Cash FlowOCF − Capex | $43.2M | $-12.9M |
| FCF MarginFCF / Revenue | 7.1% | -2.6% |
| Capex IntensityCapex / Revenue | 31.5% | 1.5% |
| Cash ConversionOCF / Net Profit | — | -2.50× |
| TTM Free Cash FlowTrailing 4 quarters | — | $41.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $312.6M | — | ||
| Q4 25 | $312.6M | — | ||
| Q3 25 | $423.1M | $-5.4M | ||
| Q2 25 | $362.1M | $15.5M | ||
| Q1 25 | $407.4M | $49.4M | ||
| Q4 24 | $290.3M | $14.6M | ||
| Q3 24 | $385.8M | $24.6M | ||
| Q2 24 | $340.5M | $-2.9M |
| Q1 26 | $43.2M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | $-12.9M | ||
| Q2 25 | — | $6.8M | ||
| Q1 25 | — | $40.6M | ||
| Q4 24 | — | $7.4M | ||
| Q3 24 | — | $15.6M | ||
| Q2 24 | — | $-11.3M |
| Q1 26 | 7.1% | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | -2.6% | ||
| Q2 25 | — | 1.4% | ||
| Q1 25 | — | 8.2% | ||
| Q4 24 | — | 1.8% | ||
| Q3 24 | — | 3.3% | ||
| Q2 24 | — | -2.2% |
| Q1 26 | 31.5% | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | 1.5% | ||
| Q2 25 | — | 1.7% | ||
| Q1 25 | — | 1.8% | ||
| Q4 24 | — | 1.7% | ||
| Q3 24 | — | 1.9% | ||
| Q2 24 | — | 1.6% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | -2.50× | ||
| Q2 25 | 3.64× | 2.96× | ||
| Q1 25 | 2.93× | 19.70× | ||
| Q4 24 | 4.05× | 3.75× | ||
| Q3 24 | 1.29× | 9.01× | ||
| Q2 24 | 2.46× | -0.38× |
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% |
ZEUS
| Carbon Flat Products | $268.2M | 55% |
| Specialty Metals Flat Products | $140.9M | 29% |
| Tubular And Pipe Products | $81.6M | 17% |
