Recent News
On November 3, 2025 Comstock reported third-quarter results showing stronger realized natural gas receipts, $335M in natural gas and oil sales, and an agreement to divest Shelby Trough assets for $430M in cash. On October 23, 2025 Clear Street initiated coverage with a positive recommendation and published analyst price forecasts. Investor’s Business Daily noted an improving relative-strength profile for CRK during October and into November, culminating in an RS upgrade on November 10, 2025.
Technical Analysis
The ADX at 26.21 signals a strong trend in place; the directional structure favors bulls as DI+ sits at 26.82 and shows an increasing trend while DI- at 19.12 trends decreasing. That directional tilt aligns with momentum indicators and supports a constructive near-term price bias against the WMDST over-valued assessment.
MACD registers positive at 0.59 with the MACD line above the signal line (0.17) and the MACD trend increasing, which constitutes a bullish momentum confirmation and supports continued upside pressure in the coming weeks.
MRO reads 7.14 with a peak-and-reversal pattern; the positive absolute value signals the price sits above the model target and implies a higher probability of short-term mean reversion. That contrasts with MACD and DI+ strength and suggests upside may encounter corrective phases.
RSI at 59.48 and rising indicates expanding buying momentum without overbought extremes, consistent with continuation rather than an immediate exhaustion of the move.
Price action sits above key averages: the close at $23.02 exceeds the 12-day EMA ($19.98), 20-day average ($19.02), 50-day average ($18.42) and 200-day average ($20.03), and price trades near the upper Bollinger band (upper 1σ $21.05, upper 2σ $23.07). The Ichimoku cloud places current price above Tenkan (20.06), Kijun (19.96), Senkou A (17.97) and Senkou B (19.34), reinforcing short-term bullish structure while price’s proximity to the upper band suggests limited immediate room before pullback risk increases.
Volume confirms participation: daily volume (4.36M) exceeds the 10-day average (3.39M), 50-day average (2.86M) and 200-day average (2.52M), indicating conviction behind the recent rise but also elevating the risk of sharper intraperiod swings if momentum cools.
Fundamental Analysis
Comstock generated $470,262,000 in total revenue and reported EBIT of $327,393,000 and EBITDA of $485,772,000 for the period ending 2025-06-30. EBIT margin stands at 69.619%, above the industry peer mean of 30.96% and the industry peer median of 33.651%, reflecting outsized operating profitability relative to peers.
EPS came in at $0.40 versus an estimate of $0.05, a beat of $0.35 and an EPS surprise of 700%, a material upside that ties directly to higher realized gas prices and hedging gains disclosed in recent results.
Price multiples present a mixed picture: the P/E ratio at 52.44 sits below the industry peer mean (55.41) but above the industry peer median (50.88); the P/B ratio at 2.52 stands above the industry peer mean (2.04) and slightly above the median (2.22). WMDST values the stock as over-valued, which aligns with elevated multiples versus long-run fundamentals despite recent earnings beats.
Cash flow dynamics show operating cash flow of $347,564,000 but free cash flow of only $3,498,000, producing a free-cash-flow yield of 0.062% versus an industry peer mean of 1.01%. Capital expenditures ran high at -$344,066,000, constraining free-cash conversion despite strong operating cash generation and producing a cash-flow-to-earnings ratio of 149.056%.
Leverage and liquidity contrast with operating strength: total debt reached $3,109,469,000 with net debt around $2,992,150,000, roughly 53% of the market cap of $5,657,455,552. Debt-to-equity at 1.3859 exceeds the industry peer mean (0.2490) and the industry peer high (1.2366), and the current ratio at 0.36 falls well below the industry peer mean (1.50) and median (1.79), indicating materially lower near-term liquidity buffers.
Growth metrics show mixed signs: revenue growth sits at -8.31% (QoQ -120.80%, YoY -68.65%), while earnings growth registers 144.44% on the most recent measure with earnings growth QoQ at 1,055.55% and earnings growth YoY at -74.51%. Those swings reflect large non-cash hedge mark-to-market items and asset-sale timing rather than steady organic expansion.
Valuation summary: operating profitability runs well above peer central tendencies, and recent gas-price-driven earnings and hedging gains produced strong short-term cash generation. However, elevated capital expenditures, minimal free cash flow yield, high leverage relative to peers and a WMDST valuation categorized as over-valued limit the sustainability of multiple expansion without durable FCF improvement or debt reduction.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-11-03 |
| NEXT REPORT DATE: | 2026-02-02 |
| CASH FLOW | Begin Period Cash Flow | $ 32.9 M |
| Operating Cash Flow | $ 347.6 M | |
| Capital Expenditures | $ -344.07 M | |
| Change In Working Capital | $ 137.9 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -7.02 M | |
| End Period Cash Flow | $ 25.9 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 470.3 M | |
| Forward Revenue | $ 30.4 M | |
| COSTS | ||
| Cost Of Revenue | $ 368.5 M | |
| Depreciation | — | |
| Depreciation and Amortization | — | |
| Research and Development | — | |
| Total Operating Expenses | $ 380.8 M | |
| PROFITABILITY | ||
| Gross Profit | $ 101.7 M | |
| EBITDA | $ 485.8 M | |
| EBIT | $ 327.4 M | |
| Operating Income | $ 89.4 M | |
| Interest Income | — | |
| Interest Expense | $ 55.2 M | |
| Net Interest Income | $ -55.18 M | |
| Income Before Tax | $ 272.2 M | |
| Tax Provision | $ 141.5 M | |
| Tax Rate | 21.0 % | |
| Net Income | $ 124.8 M | |
| Net Income From Continuing Operations | $ 130.7 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.05 | |
| EPS Actual | $ 0.40 | |
| EPS Difference | $ 0.35 | |
| EPS Surprise | 700.0 % | |
| Forward EPS | $ 0.11 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 6.7 B | |
| Intangible Assets | $ 335.9 M | |
| Net Tangible Assets | $ 1.9 B | |
| Total Current Assets | $ 269.0 M | |
| Cash and Short-Term Investments | $ 25.9 M | |
| Cash | $ 25.9 M | |
| Net Receivables | $ 173.5 M | |
| Inventory | — | |
| Long-Term Investments | — | |
| LIABILITIES | ||
| Accounts Payable | $ 460.1 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 748.1 M | |
| Net Debt | $ 3.0 B | |
| Total Debt | $ 3.1 B | |
| Total Liabilities | $ 4.3 B | |
| EQUITY | ||
| Total Equity | $ 2.2 B | |
| Retained Earnings | $ 732.2 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 7.66 | |
| Shares Outstanding | 293.069 M | |
| Revenue Per-Share | $ 1.61 | |
| VALUATION | Market Capitalization | $ 5.7 B |
| Enterprise Value | $ 8.7 B | |
| Enterprise Multiple | 17.994 | |
| Enterprise Multiple QoQ | -107.537 % | |
| Enterprise Multiple YoY | -55.072 % | |
| Enterprise Multiple IPRWA | high: 116.188 mean: 29.306 median: 22.553 CRK: 17.994 low: -28.513 |
|
| EV/R | 18.588 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.984 | |
| Asset To Liability | 1.572 | |
| Debt To Capital | 0.581 | |
| Debt To Assets | 0.464 | |
| Debt To Assets QoQ | -2.725 % | |
| Debt To Assets YoY | 7464.495 % | |
| Debt To Assets IPRWA | high: 0.47 CRK: 0.464 mean: 0.141 median: 0.099 low: 0.003 |
|
| Debt To Equity | 1.386 | |
| Debt To Equity QoQ | -6.718 % | |
| Debt To Equity YoY | 8179.211 % | |
| Debt To Equity IPRWA | CRK: 1.386 high: 1.237 mean: 0.249 median: 0.157 low: -0.274 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.522 | |
| Price To Book QoQ | -2.043 % | |
| Price To Book YoY | 91.391 % | |
| Price To Book IPRWA | high: 40.027 CRK: 2.522 median: 2.223 mean: 2.045 low: -0.64 |
|
| Price To Earnings (P/E) | 52.443 | |
| Price To Earnings QoQ | -49.369 % | |
| Price To Earnings YoY | -200.272 % | |
| Price To Earnings IPRWA | high: 164.776 mean: 55.412 CRK: 52.443 median: 50.88 low: 8.944 |
|
| PE/G Ratio | 0.363 | |
| Price To Sales (P/S) | 12.03 | |
| Price To Sales QoQ | 12.977 % | |
| Price To Sales YoY | -2.866 % | |
| Price To Sales IPRWA | high: 47.131 median: 12.14 CRK: 12.03 mean: 11.366 low: 1.605 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 214.413 | |
| Forward PE/G | 1.484 | |
| Forward P/S | 186.45 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 31.381 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.071 | |
| Asset Turnover Ratio QoQ | -10.456 % | |
| Asset Turnover Ratio YoY | 81.152 % | |
| Asset Turnover Ratio IPRWA | high: 0.326 median: 0.115 mean: 0.108 CRK: 0.071 low: 0.002 |
|
| Receivables Turnover | 2.462 | |
| Receivables Turnover Ratio QoQ | -7.988 % | |
| Receivables Turnover Ratio YoY | 43.232 % | |
| Receivables Turnover Ratio IPRWA | high: 2.676 CRK: 2.462 median: 2.09 mean: 1.971 low: 1.041 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 37.065 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | — | |
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -0.981 | |
| CapEx To Revenue | -0.732 | |
| CapEx To Depreciation | — | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 5.3 B | |
| Net Invested Capital | $ 5.3 B | |
| Invested Capital | $ 5.3 B | |
| Net Tangible Assets | $ 1.9 B | |
| Net Working Capital | $ -479.17 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.035 | |
| Current Ratio | 0.36 | |
| Current Ratio QoQ | -8.989 % | |
| Current Ratio YoY | -38.604 % | |
| Current Ratio IPRWA | high: 6.346 median: 1.786 mean: 1.501 CRK: 0.36 low: 0.065 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 6.401 | |
| Cost Of Debt | 1.392 % | |
| Interest Coverage Ratio | 5.933 | |
| Interest Coverage Ratio QoQ | -259.627 % | |
| Interest Coverage Ratio YoY | -362.413 % | |
| Interest Coverage Ratio IPRWA | high: 249.305 median: 35.333 mean: 26.855 CRK: 5.933 low: -50.859 |
|
| Operating Cash Flow Ratio | 0.249 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 109.202 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 1.414 % | |
| Revenue Growth | -8.305 % | |
| Revenue Growth QoQ | -120.798 % | |
| Revenue Growth YoY | -68.647 % | |
| Revenue Growth IPRWA | high: 12.94 % CRK: -8.305 % median: -8.336 % mean: -9.06 % low: -36.994 % |
|
| Earnings Growth | 144.444 % | |
| Earnings Growth QoQ | 1055.552 % | |
| Earnings Growth YoY | -74.51 % | |
| Earnings Growth IPRWA | CRK: 144.444 % high: 61.989 % median: -19.164 % mean: -23.617 % low: -55.693 % |
|
| MARGINS | ||
| Gross Margin | 21.636 % | |
| Gross Margin QoQ | -20.4 % | |
| Gross Margin YoY | -164.878 % | |
| Gross Margin IPRWA | high: 80.13 % median: 64.444 % mean: 54.05 % CRK: 21.636 % low: 14.551 % |
|
| EBIT Margin | 69.619 % | |
| EBIT Margin QoQ | -275.164 % | |
| EBIT Margin YoY | -246.344 % | |
| EBIT Margin IPRWA | high: 114.608 % CRK: 69.619 % median: 33.651 % mean: 30.96 % low: -68.326 % |
|
| Return On Sales (ROS) | 19.02 % | |
| Return On Sales QoQ | -147.855 % | |
| Return On Sales YoY | -139.982 % | |
| Return On Sales IPRWA | high: 93.565 % median: 31.354 % mean: 29.139 % CRK: 19.02 % low: 4.668 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 3.5 M | |
| Free Cash Flow Yield | 0.062 % | |
| Free Cash Flow Yield QoQ | -102.741 % | |
| Free Cash Flow Yield YoY | -101.238 % | |
| Free Cash Flow Yield IPRWA | high: 7.604 % mean: 1.01 % median: 0.368 % CRK: 0.062 % low: -7.353 % |
|
| Free Cash Growth | -102.832 % | |
| Free Cash Growth QoQ | -111.991 % | |
| Free Cash Growth YoY | 591.215 % | |
| Free Cash Growth IPRWA | high: 28.866 % mean: -59.615 % median: -70.347 % CRK: -102.832 % low: -203.311 % |
|
| Free Cash To Net Income | 0.028 | |
| Cash Flow Margin | 39.57 % | |
| Cash Flow To Earnings | 1.491 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 1.878 % | |
| Return On Assets QoQ | -200.535 % | |
| Return On Assets YoY | -193.994 % | |
| Return On Assets IPRWA | high: 22.476 % median: 2.884 % mean: 2.366 % CRK: 1.878 % low: -11.591 % |
|
| Return On Capital Employed (ROCE) | 5.505 % | |
| Return On Equity (ROE) | 0.056 | |
| Return On Equity QoQ | -197.324 % | |
| Return On Equity YoY | -202.204 % | |
| Return On Equity IPRWA | high: 0.39 CRK: 0.056 median: 0.046 mean: 0.036 low: -0.277 |
|
| DuPont ROE | 5.72 % | |
| Return On Invested Capital (ROIC) | 4.916 % | |
| Return On Invested Capital QoQ | -307.865 % | |
| Return On Invested Capital YoY | -101.126 % | |
| Return On Invested Capital IPRWA | high: 8.04 % CRK: 4.916 % median: 4.145 % mean: 3.47 % low: -28.291 % |
|