CNX Resources vs Northern Oil and Gas
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The short version
- Northern Oil and Gas is the larger business, with $2.5B of revenue in fiscal 2025 against $2.2B for CNX Resources.
- CNX Resources grew revenue faster (76.8%, against 11.2%).
- Northern Oil and Gas turned more of its sales into free cash flow (60.8% FCF margin, against 23.9%).
- CNX Resources earned a higher return on the capital invested in it (11.8%, against 3.3%).
| Latest fiscal year | CNX · FY25 | NOG · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.6B | $3.1B |
| Revenue | $2.2B | $2.5B |
| Free cash flow | $534M | $1.5B |
| Net income | $633M | $38.8M |
| Growth | ||
| Revenue growth | 76.8% | 11.2% |
| 5-year growth | 12.2% | 35.0% |
| Share count change | 6.0% | −1.9% |
| Profitability | ||
| Gross margin | — | 80.9% |
| Operating margin | — | 9.9% |
| Net margin | 28.3% | 1.6% |
| FCF margin | 23.9% | 60.8% |
| Return on capital | 11.8% | 3.3% |
| Return on equity | 15.0% | 1.7% |
| Balance sheet | ||
| Net debt | $2.5B | $2.4B |
| Net debt / EBITDA | 1.6x | — |
| Dividends and buybacks | $524M | $230M |
| Valuation & quality | ||
| P/E | 6.0x | — |
| Piotroski F-score | 6 | 7 |
Revenue
FY16
CNX $760M
NOG $145M
FY17
CNX $1.5B
NOG $209M
FY18
CNX $1.7B
NOG $679M
FY19
CNX $1.9B
NOG $472M
FY20
CNX $1.3B
NOG $552M
FY21
CNX $757M
NOG $497M
FY22
CNX $1.3B
NOG $1.6B
FY23
CNX $3.4B
NOG $2.2B
FY24
CNX $1.3B
NOG $2.2B
FY25
CNX $2.2B
NOG $2.5B
CNX
NOG
Operating margin
FY16
CNX —
NOG −158.3%
FY17
CNX —
NOG 28.9%
FY18
CNX —
NOG 63.7%
FY19
CNX —
NOG 11.8%
FY20
CNX —
NOG −152.3%
FY21
CNX —
NOG 15.7%
FY22
CNX —
NOG 54.3%
FY23
CNX —
NOG 51.8%
FY24
CNX —
NOG 37.6%
FY25
CNX —
NOG 9.9%
CNX
NOG
Free cash flow
FY16
CNX $292M
NOG $102M
FY17
CNX $15.8M
NOG $73.0M
FY18
CNX −$231M
NOG $244M
FY19
CNX −$212M
NOG $339M
FY20
CNX $308M
NOG $331M
FY21
CNX $461M
NOG $396M
FY22
CNX $669M
NOG $924M
FY23
CNX $135M
NOG $1.2B
FY24
CNX $275M
NOG $1.4B
FY25
CNX $534M
NOG $1.5B
CNX
NOG
Return on capital
FY16
CNX −8.0%
NOG −37.2%
FY17
CNX 6.2%
NOG 13.2%
FY18
CNX 14.0%
NOG 52.6%
FY19
CNX 1.0%
NOG 3.0%
FY20
CNX −5.3%
NOG −55.8%
FY21
CNX −6.0%
NOG 8.7%
FY22
CNX −1.2%
NOG 51.9%
FY23
CNX 31.3%
NOG 33.7%
FY24
CNX 0.4%
NOG 15.0%
FY25
CNX 11.8%
NOG 3.3%
CNX
NOG
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.