Recent News
June 15, 2026 — Comstock sold a 27% non-controlling equity interest in its midstream subsidiary Pinnacle Gas Services to funds managed by Sixth Street for $600 million, valuing Pinnacle at roughly $2.2 billion; Comstock retains a 73% controlling interest and continues to manage operations.
March 23, 2026 — The company announced the Western Haynesville site selection to host a Texas Natural Gas-Fired Power Generation Hub in Anderson County, Texas, a NextEra-led project announced by the U.S. Department of Commerce that could require natural gas supply approaching 1 Bcf/d by 2031.
Technical Analysis
Directional indicators register a strong underlying trend (ADX 30.76). DI+ shows a dip-and-reverse, which signals bullish directional momentum, while DI- shows a peak-and-reverse, also signaling a shift toward bullish pressure; the combined pattern increases the probability of near-term upward directional moves despite DI- currently remaining numerically higher than DI+.
MACD sits at -0.70 with a signal line at -0.83; the MACD has dipped and reversed and currently crosses above its signal line, representing a bullish momentum signal even though absolute MACD remains below zero.
MRO reads -36.8 (peak-and-reverse). The negative MRO indicates price sits below the regression/target model and therefore implies upward pressure toward that target; the peak-and-reverse pattern suggests that upside potential may reflect a prior momentum shift rather than a fresh expansion in trend strength.
RSI at 37.7 with a dip-and-reversal indicates recent selling pressure has eased and short-term momentum tilts toward recovery without entering oversold extremes.
Price relationships: the close at $13.34 sits just above the 20-day average ($13.28) but well below the 50-day ($15.32) and 200-day ($19.55) averages. Short-term EMA behavior shows the 12-day EMA decreasing while the 26-day EMA sits near $14.00, producing a short-term mixed-to-recovering momentum profile that favors bounce attempts but leaves longer-term resistance overhead near multi-month averages and the Ichimoku cloud (Senkou A $17.73 / Senkou B $19.14).
Fundamental Analysis
Profitability and margins: EBIT $177,550,000 and EBITDA $319,082,000 produce an EBIT margin of 30.32%. That margin sits slightly above the industry peer mean of 29.80% and below the industry peer median of 37.23%, indicating above-average operating profitability versus the industry peer mean but not at the peer median level.
Quarter-over-quarter and year-over-year dynamics show volatility: EBIT margin QoQ change = -63.76% and YoY change = -176.29% (both expressed as percentage changes), reflecting substantial sequential and annual swings in operating leverage and reported margin. Revenue grew 18.20% on the latest period, with revenue growth QoQ of 79.80% and revenue growth YoY of -54.43%, signaling pronounced quarterly timing effects in sales and realization.
Earnings: reported EPS $0.15 versus an estimate $0.23, producing an EPS surprise of -34.78%. Forward EPS sits at $0.2975 with a forward P/E of 60.03; the trailing P/E equals 128.63, reflecting low trailing earnings per share relative to current price and heightened multiple compression risk if earnings fail to re-accelerate.
Cash flow and capital: operating cash flow $271,965,000 contrasts with free cash flow of -$143,847,000 and free cash flow yield of -2.54%. Capital expenditures totaled $415,812,000 and capex-to-revenue equals -71.01% (capex expressed relative to revenue), showing heavy reinvestment that drove the free cash flow shortfall. Cash and short-term investments stand at $14,785,000 and the cash ratio is 2.08%.
Leverage and coverage: total debt $3,034,315,000 and net debt $2,932,822,000 produce a debt-to-EBITDA of 9.51x and debt-to-equity of 1.10x. Interest coverage is 3.35x, a level that provides coverage but leaves limited cushion for rising rates or earnings pressure. The recent $600 million minority sale of Pinnacle to Sixth Street materially improved balance-sheet flexibility by retiring subsidiary-level liabilities and preferred equity, reducing consolidated leverage pressure and simplifying capital structure.
Returns and efficiency: return on equity 3.90% and return on assets 1.51% remain low, while asset turnover equals 8.22%, consistent with capital-intensive upstream/midstream operations. Cash conversion metrics show sizable working-capital draw (net working capital negative $421,858,000) and days payables outstanding at 131.6 days, reflecting supplier timing and capital allocation choices.
Valuation snapshot: price-to-book 2.06 sits roughly in line with the industry peer mean of 2.03; enterprise value-to-revenue ~14.83 and enterprise multiple 27.22 reflect elevated multiples versus historical upstream norms given the company’s midstream value realization and growth optionality. Analyst price target mean sits at $10.71 while the company closed at $13.34; WMDST values the stock as over-valued. The recent midstream monetization improves liquidity and reduces consolidated debt risk, but material negative free cash flow and high debt-to-EBITDA keep valuation stretched absent sustained free cash flow recovery.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-05-05 |
| NEXT REPORT DATE: | 2026-08-04 |
| CASH FLOW | Begin Period Cash Flow | $ 23.9 M |
| Operating Cash Flow | $ 272.0 M | |
| Capital Expenditures | $ -415.81 M | |
| Change In Working Capital | $ 80.1 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -9.14 M | |
| End Period Cash Flow | $ 14.8 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 585.5 M | |
| Forward Revenue | $ 119.0 M | |
| COSTS | ||
| Cost Of Revenue | $ 384.9 M | |
| Depreciation | — | |
| Depreciation and Amortization | — | |
| Research and Development | — | |
| Total Operating Expenses | $ 412.5 M | |
| PROFITABILITY | ||
| Gross Profit | $ 200.6 M | |
| EBITDA | $ 319.1 M | |
| EBIT | $ 177.6 M | |
| Operating Income | $ 173.1 M | |
| Interest Income | — | |
| Interest Expense | $ 53.1 M | |
| Net Interest Income | $ -53.06 M | |
| Income Before Tax | $ 124.5 M | |
| Tax Provision | $ 12.0 M | |
| Tax Rate | 9.6 % | |
| Net Income | $ 107.5 M | |
| Net Income From Continuing Operations | $ 112.5 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.23 | |
| EPS Actual | $ 0.15 | |
| EPS Difference | $ -0.08 | |
| EPS Surprise | -34.783 % | |
| Forward EPS | $ 0.30 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 7.2 B | |
| Intangible Assets | $ 335.9 M | |
| Net Tangible Assets | $ 2.4 B | |
| Total Current Assets | $ 290.1 M | |
| Cash and Short-Term Investments | $ 14.8 M | |
| Cash | $ 14.8 M | |
| Net Receivables | $ 169.1 M | |
| Inventory | — | |
| Long-Term Investments | — | |
| LIABILITIES | ||
| Accounts Payable | $ 553.0 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 711.9 M | |
| Net Debt | $ 2.9 B | |
| Total Debt | $ 3.0 B | |
| Total Liabilities | $ 4.2 B | |
| EQUITY | ||
| Total Equity | $ 2.8 B | |
| Retained Earnings | $ 1.2 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 9.39 | |
| Shares Outstanding | 293.696 M | |
| Revenue Per-Share | $ 1.99 | |
| VALUATION | Market Capitalization | $ 5.7 B |
| Enterprise Value | $ 8.7 B | |
| Enterprise Multiple | 27.223 | |
| Enterprise Multiple QoQ | 65.327 % | |
| Enterprise Multiple YoY | -111.403 % | |
| Enterprise Multiple IPRWA | high: 186.596 median: 29.031 CRK: 27.223 mean: 26.728 low: -143.27 |
|
| EV/R | 14.835 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.625 | |
| Asset To Liability | 1.736 | |
| Debt To Capital | 0.524 | |
| Debt To Assets | 0.419 | |
| Debt To Assets QoQ | 1.01 % | |
| Debt To Assets YoY | -12.221 % | |
| Debt To Assets IPRWA | high: 0.831 CRK: 0.419 median: 0.385 mean: 0.37 low: 0.0 |
|
| Debt To Equity | 1.1 | |
| Debt To Equity QoQ | 0.175 % | |
| Debt To Equity YoY | -25.938 % | |
| Debt To Equity IPRWA | high: 3.348 CRK: 1.1 mean: 1.086 median: 0.686 low: -1.26 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.055 | |
| Price To Book QoQ | -16.773 % | |
| Price To Book YoY | -20.169 % | |
| Price To Book IPRWA | high: 10.555 median: 2.107 CRK: 2.055 mean: 2.028 low: -1.858 |
|
| Price To Earnings (P/E) | 128.629 | |
| Price To Earnings QoQ | -7.714 % | |
| Price To Earnings YoY | 24.186 % | |
| Price To Earnings IPRWA | CRK: 128.629 high: 121.217 mean: 44.249 median: 40.529 low: -89.561 |
|
| PE/G Ratio | -1.522 | |
| Price To Sales (P/S) | 9.678 | |
| Price To Sales QoQ | -26.642 % | |
| Price To Sales YoY | -9.117 % | |
| Price To Sales IPRWA | high: 93.213 CRK: 9.678 mean: 9.368 median: 9.083 low: 0.049 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 60.028 | |
| Forward PE/G | -0.71 | |
| Forward P/S | 45.699 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -3.141 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.082 | |
| Asset Turnover Ratio QoQ | 14.885 % | |
| Asset Turnover Ratio YoY | 4.051 % | |
| Asset Turnover Ratio IPRWA | high: 0.282 median: 0.127 mean: 0.115 CRK: 0.082 low: 0.001 |
|
| Receivables Turnover | 2.845 | |
| Receivables Turnover Ratio QoQ | 19.317 % | |
| Receivables Turnover Ratio YoY | 6.337 % | |
| Receivables Turnover Ratio IPRWA | high: 8.799 CRK: 2.845 mean: 2.621 median: 2.153 low: 0.51 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 32.072 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 61.127 CRK: 0 median: -4.124 mean: -19.409 low: -57781.763 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -1.388 | |
| CapEx To Revenue | -0.71 | |
| CapEx To Depreciation | — | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 5.7 B | |
| Net Invested Capital | $ 5.7 B | |
| Invested Capital | $ 5.7 B | |
| Net Tangible Assets | $ 2.4 B | |
| Net Working Capital | $ -421.86 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.021 | |
| Current Ratio | 0.407 | |
| Current Ratio QoQ | -17.649 % | |
| Current Ratio YoY | 3.139 % | |
| Current Ratio IPRWA | high: 11.719 mean: 1.299 median: 0.733 CRK: 0.407 low: 0.019 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 9.51 | |
| Cost Of Debt | 1.467 % | |
| Interest Coverage Ratio | 3.346 | |
| Interest Coverage Ratio QoQ | -54.747 % | |
| Interest Coverage Ratio YoY | -190.022 % | |
| Interest Coverage Ratio IPRWA | high: 39.712 mean: 10.367 CRK: 3.346 median: 3.326 low: -29.033 |
|
| Operating Cash Flow Ratio | 0.326 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 131.618 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 3.32 % | |
| Revenue Growth | 18.198 % | |
| Revenue Growth QoQ | 79.804 % | |
| Revenue Growth YoY | -54.426 % | |
| Revenue Growth IPRWA | high: 72.732 % CRK: 18.198 % mean: 14.962 % median: 12.871 % low: -77.547 % |
|
| Earnings Growth | -84.536 % | |
| Earnings Growth QoQ | 40.893 % | |
| Earnings Growth YoY | -776.288 % | |
| Earnings Growth IPRWA | high: 350.0 % median: 40.0 % mean: 39.113 % CRK: -84.536 % low: -145.0 % |
|
| MARGINS | ||
| Gross Margin | 34.265 % | |
| Gross Margin QoQ | 30.787 % | |
| Gross Margin YoY | 26.062 % | |
| Gross Margin IPRWA | high: 83.151 % median: 52.525 % mean: 44.615 % CRK: 34.265 % low: -5.303 % |
|
| EBIT Margin | 30.323 % | |
| EBIT Margin QoQ | -63.762 % | |
| EBIT Margin YoY | -176.294 % | |
| EBIT Margin IPRWA | high: 91.389 % median: 37.227 % CRK: 30.323 % mean: 29.801 % low: -130.769 % |
|
| Return On Sales (ROS) | 29.558 % | |
| Return On Sales QoQ | 27.697 % | |
| Return On Sales YoY | -174.369 % | |
| Return On Sales IPRWA | high: 91.389 % median: 36.89 % mean: 32.941 % CRK: 29.558 % low: -40.585 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -143.85 M | |
| Free Cash Flow Yield | -2.538 % | |
| Free Cash Flow Yield QoQ | 17.446 % | |
| Free Cash Flow Yield YoY | 12.202 % | |
| Free Cash Flow Yield IPRWA | high: 9.921 % median: 2.264 % mean: 1.967 % CRK: -2.538 % low: -16.26 % |
|
| Free Cash Growth | 1.84 % | |
| Free Cash Growth QoQ | -107.351 % | |
| Free Cash Growth YoY | -99.785 % | |
| Free Cash Growth IPRWA | high: 415.69 % mean: 50.576 % median: 38.14 % CRK: 1.84 % low: -443.068 % |
|
| Free Cash To Net Income | -1.339 | |
| Cash Flow Margin | 39.659 % | |
| Cash Flow To Earnings | 2.161 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 1.508 % | |
| Return On Assets QoQ | -65.82 % | |
| Return On Assets YoY | -180.728 % | |
| Return On Assets IPRWA | high: 13.756 % mean: 1.584 % CRK: 1.508 % median: 1.148 % low: -13.451 % |
|
| Return On Capital Employed (ROCE) | 2.72 % | |
| Return On Equity (ROE) | 0.039 | |
| Return On Equity QoQ | -66.239 % | |
| Return On Equity YoY | -168.165 % | |
| Return On Equity IPRWA | high: 0.237 CRK: 0.039 median: 0.037 mean: 0.036 low: -0.293 |
|
| DuPont ROE | 3.977 % | |
| Return On Invested Capital (ROIC) | 2.812 % | |
| Return On Invested Capital QoQ | -53.735 % | |
| Return On Invested Capital YoY | -218.901 % | |
| Return On Invested Capital IPRWA | high: 10.952 % CRK: 2.812 % mean: 2.715 % median: 2.422 % low: -19.571 % |
|