Recent News
On February 11, 2026 Comstock Resources reported fourth-quarter and full-year 2025 results that included a return to profitability and a large increase in proved reserves to roughly 7.0 Tcfe with a NYMEX-case PV-10 near $5.2 billion; the company cited higher natural gas prices and asset sales as drivers. Late January and mid-February natural-gas price volatility produced notable share-price moves for producers, including Comstock.
Technical Analysis
Directional indicators present a near-term bullish setup: DI+ shows a dip-and-reversal while DI- shows a peak-and-reversal, a combination that signals renewed bullish directional pressure; ADX at 12.17 indicates no established trend yet, implying any advance will initially lack strong trend confirmation.
MACD sits at -0.14 with a recent dip-and-reversal and currently trades above its signal line (-0.32), which confirms a shift toward bullish momentum from recent bearish momentum.
MRO at -18.57 indicates the price remains below its model target and therefore carries potential for an upward move as that oscillator seeks mean reversion; the recent MRO dip-and-reversal favors mean reversion toward the target.
RSI reads 48.42 with a dip-and-reversal, signaling momentum recovering from neutral territory rather than overbought conditions; short-term moving averages (12-day EMA $20.40 and 26-day EMA $20.48) show recent dip-and-reversal behavior, placing the current $20.60 close to the short-term band and above the 20-day average ($20.38).
Price sits below the 200-day average ($21.16) and beneath the Ichimoku cloud (Senkou A $22.93 / Senkou B $24.05), indicating longer-term resistance overhead despite short-term bullish signals; volume runs below recent averages, so momentum requires confirmation via rising volume to validate a trend change.
Fundamental Analysis
Revenue totaled $495,383,000 while net income reached $305,511,000 and operating cash flow ran $224,204,000, reflecting profitable operations in 2025 even as free cash flow remained negative at -$141,248,000 (free cash flow yield -2.16%).
EBIT of $414,528,000 yields an EBIT margin of 83.68%, well above the industry peer mean of 21.75% and above the industry peer high of 78.86%, demonstrating unusually strong operating profitability on reported results; QoQ EBIT-margin expanded markedly by 94.59% while YoY EBIT-margin moved -480.13% (expressed as the provided YoY percentage figure).
EPS came in at $0.97 versus an estimate of $0.10, producing an EPS surprise of 870%, a material beat that underpinned the reported profit and reserve commentary.
Balance-sheet and liquidity metrics show constraints: current ratio 0.49 and cash ratio 0.0328 indicate tight near-term liquidity; total debt $2,907,439,000 produces debt-to-EBITDA of 5.08x and debt-to-equity of 1.10, both above the industry peer mean debt-to-equity of 0.33, signaling higher leverage compared with peers even as interest coverage ~7.39x remains adequate.
Revenue growth figures show contrasts: a sequential revenue-growth reading of 10.12% contrasts with a revenue-growth YoY of -50.32%, and earnings growth shows YoY declines (earnings growth -60.0% and earnings-growth YoY -69.09%), indicating recent sequential improvement set against a weaker year-over-year base.
Valuation metrics reflect the market view: trailing PE sits near 139.4x while forward PE near 70.0x; price-to-book at 2.47 exceeds the industry peer mean of 1.84 and price-to-sales at 13.19 also exceeds the industry peer mean of 10.51. The current valuation determined by WMDST: over-valued. The market price of $20.60 sits about 8.3% above the reported analyst price-target mean of $19.02.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-11 |
| NEXT REPORT DATE: | 2026-05-13 |
| CASH FLOW | Begin Period Cash Flow | $ 19.2 M |
| Operating Cash Flow | $ 224.2 M | |
| Capital Expenditures | $ -365.45 M | |
| Change In Working Capital | $ 1.9 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 4.7 M | |
| End Period Cash Flow | $ 23.9 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 495.4 M | |
| Forward Revenue | $ 39.0 M | |
| COSTS | ||
| Cost Of Revenue | $ 365.6 M | |
| Depreciation | — | |
| Depreciation and Amortization | — | |
| Research and Development | — | |
| Total Operating Expenses | $ 380.7 M | |
| PROFITABILITY | ||
| Gross Profit | $ 129.8 M | |
| EBITDA | $ 572.0 M | |
| EBIT | $ 414.5 M | |
| Operating Income | $ 114.7 M | |
| Interest Income | — | |
| Interest Expense | $ 56.1 M | |
| Net Interest Income | $ -56.06 M | |
| Income Before Tax | $ 358.5 M | |
| Tax Provision | $ 71.7 M | |
| Tax Rate | 20.002 % | |
| Net Income | $ 305.5 M | |
| Net Income From Continuing Operations | $ 286.8 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.10 | |
| EPS Actual | $ 0.97 | |
| EPS Difference | $ 0.87 | |
| EPS Surprise | 870.0 % | |
| Forward EPS | $ 0.33 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 7.0 B | |
| Intangible Assets | $ 335.9 M | |
| Net Tangible Assets | $ 2.3 B | |
| Total Current Assets | $ 360.9 M | |
| Cash and Short-Term Investments | $ 23.9 M | |
| Cash | $ 23.9 M | |
| Net Receivables | $ 242.5 M | |
| Inventory | — | |
| Long-Term Investments | — | |
| LIABILITIES | ||
| Accounts Payable | $ 501.7 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 729.5 M | |
| Net Debt | $ 2.8 B | |
| Total Debt | $ 2.9 B | |
| Total Liabilities | $ 4.0 B | |
| EQUITY | ||
| Total Equity | $ 2.6 B | |
| Retained Earnings | $ 1.1 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 9.03 | |
| Shares Outstanding | 293.055 M | |
| Revenue Per-Share | $ 1.69 | |
| VALUATION | Market Capitalization | $ 6.5 B |
| Enterprise Value | $ 9.4 B | |
| Enterprise Multiple | 16.466 | |
| Enterprise Multiple QoQ | -33.207 % | |
| Enterprise Multiple YoY | -75.226 % | |
| Enterprise Multiple IPRWA | high: 68.211 median: 29.526 mean: 28.185 CRK: 16.466 low: -3.719 |
|
| EV/R | 19.013 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.647 | |
| Asset To Liability | 1.733 | |
| Debt To Capital | 0.523 | |
| Debt To Assets | 0.415 | |
| Debt To Assets QoQ | -11.466 % | |
| Debt To Assets YoY | -12.556 % | |
| Debt To Assets IPRWA | CRK: 0.415 high: 0.371 mean: 0.184 median: 0.162 low: 0.003 |
|
| Debt To Equity | 1.098 | |
| Debt To Equity QoQ | -19.136 % | |
| Debt To Equity YoY | -18.713 % | |
| Debt To Equity IPRWA | high: 1.344 CRK: 1.098 mean: 0.333 median: 0.282 low: -0.685 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.469 | |
| Price To Book QoQ | 6.7 % | |
| Price To Book YoY | 9.582 % | |
| Price To Book IPRWA | high: 3.753 CRK: 2.469 median: 2.011 mean: 1.84 low: -0.398 |
|
| Price To Earnings (P/E) | 139.381 | |
| Price To Earnings QoQ | -32.695 % | |
| Price To Earnings YoY | 29.074 % | |
| Price To Earnings IPRWA | CRK: 139.381 high: 129.503 mean: 52.991 median: 49.163 low: -25.889 |
|
| PE/G Ratio | -2.323 | |
| Price To Sales (P/S) | 13.193 | |
| Price To Sales QoQ | 8.656 % | |
| Price To Sales YoY | -4.246 % | |
| Price To Sales IPRWA | high: 58.693 CRK: 13.193 median: 10.615 mean: 10.513 low: 2.995 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 70.02 | |
| Forward PE/G | -1.167 | |
| Forward P/S | 169.507 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 11.292 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.072 | |
| Asset Turnover Ratio QoQ | 7.643 % | |
| Asset Turnover Ratio YoY | 23.918 % | |
| Asset Turnover Ratio IPRWA | high: 0.213 median: 0.109 mean: 0.104 CRK: 0.072 low: 0.0 |
|
| Receivables Turnover | 2.385 | |
| Receivables Turnover Ratio QoQ | -8.171 % | |
| Receivables Turnover Ratio YoY | 7.581 % | |
| Receivables Turnover Ratio IPRWA | high: 3.935 CRK: 2.385 median: 2.109 mean: 2.033 low: 0.153 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 38.267 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 64.739 CRK: 0 median: -2.729 mean: -5.495 low: -12463.195 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -1.344 | |
| CapEx To Revenue | -0.738 | |
| CapEx To Depreciation | — | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 5.5 B | |
| Net Invested Capital | $ 5.5 B | |
| Invested Capital | $ 5.5 B | |
| Net Tangible Assets | $ 2.3 B | |
| Net Working Capital | $ -368.58 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.033 | |
| Current Ratio | 0.495 | |
| Current Ratio QoQ | 19.582 % | |
| Current Ratio YoY | 6.754 % | |
| Current Ratio IPRWA | high: 3.884 median: 1.632 mean: 1.46 CRK: 0.495 low: 0.12 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 5.083 | |
| Cost Of Debt | 1.552 % | |
| Interest Coverage Ratio | 7.394 | |
| Interest Coverage Ratio QoQ | 116.819 % | |
| Interest Coverage Ratio YoY | -600.569 % | |
| Interest Coverage Ratio IPRWA | high: 281.257 mean: 15.588 median: 14.788 CRK: 7.394 low: -23.818 |
|
| Operating Cash Flow Ratio | 0.387 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 115.191 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 2.428 % | |
| Revenue Growth | 10.121 % | |
| Revenue Growth QoQ | -333.203 % | |
| Revenue Growth YoY | -50.324 % | |
| Revenue Growth IPRWA | high: 20.522 % CRK: 10.121 % mean: -0.166 % median: -1.378 % low: -20.225 % |
|
| Earnings Growth | -60.0 % | |
| Earnings Growth QoQ | -24.571 % | |
| Earnings Growth YoY | -69.091 % | |
| Earnings Growth IPRWA | high: 168.75 % mean: 5.494 % median: -16.236 % low: -37.021 % CRK: -60.0 % |
|
| MARGINS | ||
| Gross Margin | 26.199 % | |
| Gross Margin QoQ | 66.438 % | |
| Gross Margin YoY | 1062.85 % | |
| Gross Margin IPRWA | high: 79.215 % median: 58.871 % mean: 52.541 % CRK: 26.199 % low: -71.273 % |
|
| EBIT Margin | 83.678 % | |
| EBIT Margin QoQ | 94.591 % | |
| EBIT Margin YoY | -480.13 % | |
| EBIT Margin IPRWA | CRK: 83.678 % high: 78.864 % mean: 21.747 % median: 17.265 % low: 1.79 % |
|
| Return On Sales (ROS) | 23.147 % | |
| Return On Sales QoQ | 97.567 % | |
| Return On Sales YoY | -205.152 % | |
| Return On Sales IPRWA | high: 71.016 % median: 29.489 % mean: 27.075 % CRK: 23.147 % low: -7.535 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -141.25 M | |
| Free Cash Flow Yield | -2.161 % | |
| Free Cash Flow Yield QoQ | -37.344 % | |
| Free Cash Flow Yield YoY | 747.451 % | |
| Free Cash Flow Yield IPRWA | high: 3.535 % median: 1.595 % mean: 1.509 % CRK: -2.161 % low: -5.705 % |
|
| Free Cash Growth | -25.031 % | |
| Free Cash Growth QoQ | -99.544 % | |
| Free Cash Growth YoY | -72.239 % | |
| Free Cash Growth IPRWA | high: 0.184 % CRK: -25.031 % median: -33.909 % mean: -49.624 % low: -171.657 % |
|
| Free Cash To Net Income | -0.462 | |
| Cash Flow Margin | 56.991 % | |
| Cash Flow To Earnings | 0.924 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 4.412 % | |
| Return On Assets QoQ | 168.697 % | |
| Return On Assets YoY | -693.011 % | |
| Return On Assets IPRWA | high: 5.543 % CRK: 4.412 % mean: 1.621 % median: 1.348 % low: -5.037 % |
|
| Return On Capital Employed (ROCE) | 6.603 % | |
| Return On Equity (ROE) | 0.115 | |
| Return On Equity QoQ | 145.178 % | |
| Return On Equity YoY | -647.581 % | |
| Return On Equity IPRWA | CRK: 0.115 high: 0.072 mean: 0.027 median: 0.024 low: -0.016 |
|
| DuPont ROE | 12.204 % | |
| Return On Invested Capital (ROIC) | 6.078 % | |
| Return On Invested Capital QoQ | 99.54 % | |
| Return On Invested Capital YoY | -388.193 % | |
| Return On Invested Capital IPRWA | CRK: 6.078 % high: 5.424 % mean: 2.227 % median: 1.997 % low: 0.112 % |
|