Northern Oil & Gas Inc (NOG)

Working capital turnover

Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Revenue US$ in thousands 2,166,260 1,570,540 496,899 552,210 472,402
Total current assets US$ in thousands 509,407 320,485 215,328 125,629 133,037
Total current liabilities US$ in thousands 385,761 344,972 327,557 182,475 203,477
Working capital turnover 17.52 — — — —

December 31, 2023 calculation

Working capital turnover = Revenue ÷ (Total current assets – Total current liabilities)
= $2,166,260K ÷ ($509,407K – $385,761K)
= 17.52

The working capital turnover ratio for Northern Oil and Gas Inc. in 2023 was 17.52. This indicates that the company generated $17.52 in revenue for every $1 of working capital during the year. A high working capital turnover ratio suggests that the company efficiently utilizes its working capital to generate sales. Since there is no data available for the previous years, it is difficult to assess the trend in the company's working capital turnover over time. However, a working capital turnover ratio of 17.52 is generally considered favorable and reflects strong efficiency in managing working capital to support revenue generation.