COMP <GO>

EROK vs NOG // FORWARD P/E MULTIPLE

EagleRock Land LLC representing limited liability company interests (Class A) (NYSE) VS. Northern Oil and Gas Inc. (NYSE) • 15-METRIC TALLY: EROK 0 — NOG 3

■ METRIC PARITY

EROK — EagleRock Land LLC representing limited liability company interests (Class A) ROARABLE D • RQD 47/100

LAST: $19.15 (+1.11%) • MKT CAP: $2.49B

DES <GO> FA <GO> 10-K RED <GO>

forward-pe

—

NOG — Northern Oil and Gas Inc. ROARABLE C • RQD 62/100

LAST: $24.98 (-3.18%) • MKT CAP: $2.75B

DES <GO> FA <GO> 10-K RED <GO>

forward-pe

71.1x

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (EROK VS. NOG) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	EROK	NOG	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	—	80.90%	—	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	—	9.20%	—	TIE	/roic <GO>
EV/EBITDA & P/E Valuation	—	12.0x	—	TIE	/valuation <GO>
Free Cash Flow Yield	—	—	—	TIE	/fcf-yield <GO>
Operating Margin	—	9.90%	—	TIE	/operating-margins <GO>
Net Profit Margin	—	1.60%	—	TIE	/net-margins <GO>
Revenue Growth (YoY)	—	11.20%	—	TIE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	5.85%	-5.85	NOG	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	—	1.28	—	TIE	/balance-sheet <GO>
Piotroski F-Score Quality	—	7/9	—	TIE	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	—	—	—	TIE	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	41.5	44.5	-3.00	NOG	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	—	—	—	TIE	/macro-sensitivity <GO>
Forward P/E Multiple ACTIVE	—	71.1x	—	TIE	/forward-pe <GO>
Enterprise Scale & Market Cap	$2.49B	$2.75B	-$258.0M	NOG	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	EROK REV	NOG REV	EROK GROSS %	NOG GROSS %	EROK FCF	NOG FCF
FY 2025	$118.4M	$2.48B	—	80.9%	—	$1.51B
FY 2024	—	$2.23B	—	80.7%	—	$1.41B
FY 2023	—	$2.17B	—	—	—	$1.18B

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

EROK // BETA —

NOG // BETA —