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On June 15, 2026 Comstock announced that funds managed by Sixth Street invested $600 million for a 27% non‑controlling interest in Pinnacle Gas Services, valuing Pinnacle at $2.2 billion and allowing Comstock to retain a 73% controlling interest while eliminating Pinnacle’s preferred equity and outstanding indebtedness.
Technical Analysis
Directional indicators show an emerging trend strength: ADX at 24.15 signals an emerging trend, while DI+ registered a dip‑and‑reversal (DI+ 17.19) which reads as bullish and DI‑ declined (DI‑ 23.40), also bullish—together implying directional conviction has recently shifted in favor of buyers.
MACD stands negative at -0.43 but rising; MACD sits above its signal line (-0.62), constituting a bullish momentum crossover that supports further short‑term upside pressure.
MRO reads -26.1 with a dip‑and‑reversal pattern; the negative value indicates price sits below the implied target and the reversal implies renewed upside potential toward that target.
RSI at 40.12 and rising shows improving momentum from below‑neutral levels rather than overheating; that supports a continuation of recent recovery attempts without immediate overbought risk.
Price sits just above the 20‑day average ($13.87 vs $13.25) and above the 12‑day EMA, yet below the 50‑day ($14.79) and well under the 200‑day average ($19.48). Tenkan (13.19) and Kijun (13.83) indicate price slightly above the Kijun line, but Senkou A (16.46) and Senkou B (18.77) place price below the Ichimoku cloud—this combination favors near‑term rallies that remain capped by a longer‑term resistance band.
Bollinger bands remain narrow (20‑day stdev 0.35) around a $13.25 mid, signaling low volatility; a breakout from this compression would validate the emerging directional signals. Price target dispersion shows a mean target of $10.44 with a high of $22.50 and low of $7.07, reflecting wide analyst views and asymmetric upside/downside scenarios.
Fundamental Analysis
Reported operating results show net income $107,450,000 and operating cash flow $271,965,000 for the period ending March 31, 2026; adjusted net income per share stood at $0.15 versus a consensus estimate of $0.23 (EPS miss of $0.08; EPS surprise -34.78%).
Margins remain a relative strength: operating margin 29.56% and EBIT margin 30.32%. EBIT margin sits modestly below the industry peer mean of 33.05% and below the industry peer median of 38.78% but well above the industry peer low within the peer range, indicating above‑average absolute profitability despite trailing the peer central tendency.
Growth dynamics show mixed signals: revenue increased QoQ by 79.80% while revenue year‑over‑year declined by 54.43%; revenue growth (aggregate) registers 18.20%. EBIT margin changed QoQ by -63.76% and YoY by -176.29% (these reflect large period‑over‑period swings reported in the quarter). Reported free cash flow totaled a deficit of $143,847,000 and free cash flow yield stands negative at -2.54% despite operating cash flow of $271,965,000, reflecting heavy exploration and development capex ($343,272,000) in the period.
Leverage and liquidity present constraints: total debt $3,034,315,000, net debt $2,932,822,000, debt/EBITDA ~9.51x and debt/equity ~1.10x. Current ratio at 0.41 and cash plus short‑term investments $14,785,000 underline tight near‑term liquidity prior to proceeds from the midstream transaction.
WMDST values the stock as over‑valued given the combination of compressed liquidity metrics, elevated leverage relative to earnings capacity, negative free cash flow after capex, and a high trailing P/E (128.63). The June 15 monetization of a Pinnacle minority stake materially improves liquidity and reduces subsidiary leverage, but core company metrics still show heavy capital intensity and meaningful capex demand.
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 | $ 115.9 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 | $ 0.29 | |
| 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: 123.054 CRK: 27.223 mean: 22.805 median: 19.556 low: -41.967 |
|
| 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 | CRK: 0.419 high: 0.38 mean: 0.184 median: 0.156 low: 0.002 |
|
| Debt To Equity | 1.1 | |
| Debt To Equity QoQ | 0.175 % | |
| Debt To Equity YoY | -25.938 % | |
| Debt To Equity IPRWA | high: 1.275 CRK: 1.1 mean: 0.338 median: 0.269 low: -0.686 |
|
| 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: 14.381 median: 2.269 CRK: 2.055 mean: 2.043 low: -0.213 |
|
| 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: 51.672 median: 38.452 mean: 36.82 low: 22.342 |
|
| 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: 165.408 median: 10.377 mean: 9.747 CRK: 9.678 low: 2.831 |
|
| 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: 0.234 median: 0.129 mean: 0.126 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: 2.885 CRK: 2.845 median: 2.153 mean: 2.116 low: 0.956 |
|
| 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 median: 1.716 mean: 1.423 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: 74.441 median: 39.712 mean: 30.326 CRK: 3.346 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 % mean: 24.023 % median: 19.547 % CRK: 18.198 % low: -63.35 % |
|
| Earnings Growth | -84.536 % | |
| Earnings Growth QoQ | 40.893 % | |
| Earnings Growth YoY | -776.288 % | |
| Earnings Growth IPRWA | high: 85.484 % mean: 53.318 % median: 50.22 % CRK: -84.536 % low: -90.0 % |
|
| MARGINS | ||
| Gross Margin | 34.265 % | |
| Gross Margin QoQ | 30.787 % | |
| Gross Margin YoY | 26.062 % | |
| Gross Margin IPRWA | high: 83.151 % median: 65.833 % mean: 58.704 % CRK: 34.265 % low: 3.834 % |
|
| EBIT Margin | 30.323 % | |
| EBIT Margin QoQ | -63.762 % | |
| EBIT Margin YoY | -176.294 % | |
| EBIT Margin IPRWA | high: 87.67 % median: 38.784 % mean: 33.05 % CRK: 30.323 % low: -56.023 % |
|
| Return On Sales (ROS) | 29.558 % | |
| Return On Sales QoQ | 27.697 % | |
| Return On Sales YoY | -174.369 % | |
| Return On Sales IPRWA | high: 87.67 % median: 36.89 % mean: 36.458 % CRK: 29.558 % low: -33.573 % |
|
| 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: 7.049 % mean: 2.404 % median: 1.885 % CRK: -2.538 % low: -7.812 % |
|
| 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: 61.713 % median: 38.14 % CRK: 1.84 % low: -234.458 % |
|
| 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 % median: 3.765 % mean: 3.217 % CRK: 1.508 % 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 median: 0.064 mean: 0.054 CRK: 0.039 low: -0.188 |
|
| 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: 6.716 % median: 5.23 % mean: 4.417 % CRK: 2.812 % low: -26.279 % |
|