Recent News
On June 15 the company announced a $600 million strategic investment by Sixth Street into Pinnacle Gas Services to retire preferred equity and outstanding debt. In late August and early September Comstock disclosed a proposed strategic partnership and asset transaction with SOCAR valued at $1.65 billion and a separate drilling joint venture with an ownership group linked to the company’s majority stakeholder totaling roughly $450 million; filings indicate proceeds intend to reduce consolidated debt. Multiple broker notes and price-target revisions appeared in early September following the deal announcements.
Technical Analysis
ADX at 27.03 indicates a strong underlying trend strength without implying direction; trend strength supports larger short-term directional moves versus range-bound action.
DI+ registered 28.86 with a peak-and-reversal pattern, which by the indicator rules signals bearish pressure as DI+ declines; DI- sits at 15.29 with a dip-and-reversal pattern, which likewise signals bearish pressure as DI- increases.
MACD sits slightly above its signal line (MACD 0.36 vs signal 0.33) but shows a peak-and-reversal pattern; the recent peak-and-reversal in MACD constitutes bearish momentum despite the marginal numeric edge over the signal line.
MRO at 8.26 (positive) indicates price currently sits above the model target and, with the MRO trend increasing, implies elevated downside potential as mean-reversion pressure grows.
RSI at 51.76 with a peak-and-reversal pattern indicates momentum has rolled over from a recent peak and now tilts toward losing bullish conviction rather than supporting sustained advances.
Price sits inside the Bollinger band envelope (lower ~ $14.27, upper ~ $15.46) and just beneath the 20-day average ($14.86); the 50-day average ($13.88) remains below price while the 200-day average ($17.88) remains well above, suggesting shorter-term consolidation inside a longer-term downtrend. The 12-day EMA shows a peak-and-reversal pattern, reinforcing near-term weakness. SuperTrend lower support lies near $14.09; price closed at $14.78.
Fundamental Analysis
Revenue for the period registered $351,702,000 while operating cash flow reached $170,205,000. Net income totaled $8,766,000. EPS came in at $0.03 versus an estimate of $0.01, an EPS beat of $0.02 or roughly a +200% surprise.
Margins contracted sharply: EBIT margin stands at 19.11% with quarter-over-quarter change of -36.98% and year-over-year change of -72.55%. EBIT margin falls below the industry peer mean of 41.60% and below the industry peer median of 41.98%, but remains above the industry peer low of 11.35% within the industry peer range.
Profitability ratios show stress: operating margin equals 5.97% and return on equity sits at 0.34% with year-over-year declines exceeding -90% in several return measures. Gross margin at 12.11% trails the industry peer mean materially.
Cash flow and leverage present the clearest constraints. Free cash flow totaled negative $261,721,000 and free cash flow yield equals -6.15%. Net debt stands at $3,053,762,000 and debt-to-EBITDA at 13.52x, indicating elevated leverage relative to typical exploration & production profiles. Cash on hand totaled $45.01 million at period end and the current ratio measured 0.48, reflecting tight near-term liquidity versus current liabilities of $711,896,000.
Valuation multiples remain elevated: trailing P/E registers about 483.53 and forward P/E about 62.67; price-to-sales equals 12.11. The trailing P/E sits well above the industry peer mean of 30.01 and the industry peer median of 26.97. Enterprise multiple stands near 31.48, reinforcing a stretched valuation given negative free cash flow and high leverage. WMDST values the stock as over-valued based on the combination of elevated enterprise and price multiples relative to cash-flow fundamentals and outstanding net debt.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-06-30 |
| REPORT DATE: | 2026-07-29 |
| NEXT REPORT DATE: | 2026-10-28 |
| CASH FLOW | Begin Period Cash Flow | $ 14.8 M |
| Operating Cash Flow | $ 170.2 M | |
| Capital Expenditures | $ -431.93 M | |
| Change In Working Capital | $ -18.30 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 30.2 M | |
| End Period Cash Flow | $ 45.0 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 351.7 M | |
| Forward Revenue | $ 517.9 M | |
| COSTS | ||
| Cost Of Revenue | $ 309.1 M | |
| Depreciation | — | |
| Depreciation and Amortization | — | |
| Research and Development | — | |
| Total Operating Expenses | $ 330.7 M | |
| PROFITABILITY | ||
| Gross Profit | $ 42.6 M | |
| EBITDA | $ 234.6 M | |
| EBIT | $ 67.2 M | |
| Operating Income | $ 21.0 M | |
| Interest Income | — | |
| Interest Expense | $ 55.0 M | |
| Net Interest Income | $ -55.04 M | |
| Income Before Tax | $ 12.2 M | |
| Tax Provision | $ -2.84 M | |
| Tax Rate | 40.0 % | |
| Net Income | $ 8.8 M | |
| Net Income From Continuing Operations | $ 15.0 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.01 | |
| EPS Actual | $ 0.03 | |
| EPS Difference | $ 0.02 | |
| EPS Surprise | 200.0 % | |
| Forward EPS | $ 0.18 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 7.5 B | |
| Intangible Assets | $ 335.9 M | |
| Net Tangible Assets | $ 2.2 B | |
| Total Current Assets | $ 338.6 M | |
| Cash and Short-Term Investments | $ 45.0 M | |
| Cash | $ 45.0 M | |
| Net Receivables | $ 180.6 M | |
| Inventory | — | |
| Long-Term Investments | — | |
| LIABILITIES | ||
| Accounts Payable | $ 503.1 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 711.9 M | |
| Net Debt | $ 3.1 B | |
| Total Debt | $ 3.2 B | |
| Total Liabilities | $ 4.4 B | |
| EQUITY | ||
| Total Equity | $ 2.6 B | |
| Retained Earnings | $ 1.2 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 8.78 | |
| Shares Outstanding | 293.621 M | |
| Revenue Per-Share | $ 1.20 | |
| VALUATION | Market Capitalization | $ 4.3 B |
| Enterprise Value | $ 7.4 B | |
| Enterprise Multiple | 31.483 | |
| Enterprise Multiple QoQ | 15.65 % | |
| Enterprise Multiple YoY | 74.961 % | |
| Enterprise Multiple IPRWA | high: 39.984 CRK: 31.483 mean: 16.797 median: 15.584 low: -2.194 |
|
| EV/R | 21.004 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.918 | |
| Asset To Liability | 1.725 | |
| Debt To Capital | 0.552 | |
| Debt To Assets | 0.422 | |
| Debt To Assets QoQ | 0.606 % | |
| Debt To Assets YoY | -9.215 % | |
| Debt To Assets IPRWA | CRK: 0.422 high: 0.375 mean: 0.18 median: 0.151 low: 0.003 |
|
| Debt To Equity | 1.23 | |
| Debt To Equity QoQ | 11.796 % | |
| Debt To Equity YoY | -11.238 % | |
| Debt To Equity IPRWA | CRK: 1.23 high: 1.145 mean: 0.339 median: 0.259 low: -0.454 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.651 | |
| Price To Book QoQ | -19.64 % | |
| Price To Book YoY | -34.511 % | |
| Price To Book IPRWA | high: 5.928 median: 2.255 mean: 2.083 CRK: 1.651 low: -0.595 |
|
| Price To Earnings (P/E) | 483.526 | |
| Price To Earnings QoQ | 275.906 % | |
| Price To Earnings YoY | 822.004 % | |
| Price To Earnings IPRWA | CRK: 483.526 high: 69.838 mean: 30.013 median: 26.969 low: 20.096 |
|
| PE/G Ratio | -6.044 | |
| Price To Sales (P/S) | 12.11 | |
| Price To Sales QoQ | 25.134 % | |
| Price To Sales YoY | 0.663 % | |
| Price To Sales IPRWA | high: 53.951 CRK: 12.11 mean: 8.536 median: 8.459 low: 3.26 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 62.67 | |
| Forward PE/G | -0.783 | |
| Forward P/S | 5.884 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 1.556 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.048 | |
| Asset Turnover Ratio QoQ | -42.044 % | |
| Asset Turnover Ratio YoY | -32.655 % | |
| Asset Turnover Ratio IPRWA | high: 0.291 median: 0.157 mean: 0.144 CRK: 0.048 low: 0.0 |
|
| Receivables Turnover | 2.012 | |
| Receivables Turnover Ratio QoQ | -29.292 % | |
| Receivables Turnover Ratio YoY | -18.284 % | |
| Receivables Turnover Ratio IPRWA | high: 3.001 median: 2.384 mean: 2.276 CRK: 2.012 low: 0.096 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 45.358 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -79.827 | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 45.789 mean: -31.871 low: -54.099 median: -54.099 CRK: -79.827 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -0.942 | |
| CapEx To Revenue | -1.228 | |
| 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 | $ 2.2 B | |
| Net Working Capital | $ -373.33 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.063 | |
| Current Ratio | 0.476 | |
| Current Ratio QoQ | 16.724 % | |
| Current Ratio YoY | 32.278 % | |
| Current Ratio IPRWA | high: 22.477 median: 1.851 mean: 1.763 CRK: 0.476 low: 0.004 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 13.522 | |
| Cost Of Debt | 1.064 % | |
| Interest Coverage Ratio | 1.221 | |
| Interest Coverage Ratio QoQ | -63.511 % | |
| Interest Coverage Ratio YoY | -79.422 % | |
| Interest Coverage Ratio IPRWA | high: 83.612 median: 53.224 mean: 42.526 CRK: 1.221 low: -60.084 |
|
| Operating Cash Flow Ratio | 0.239 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 125.185 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 3.936 % | |
| Revenue Growth | -39.935 % | |
| Revenue Growth QoQ | -319.447 % | |
| Revenue Growth YoY | 380.855 % | |
| Revenue Growth IPRWA | high: 70.433 % median: 25.688 % mean: 17.661 % CRK: -39.935 % low: -89.777 % |
|
| Earnings Growth | -80.0 % | |
| Earnings Growth QoQ | -5.366 % | |
| Earnings Growth YoY | -155.385 % | |
| Earnings Growth IPRWA | high: 70.588 % median: 48.68 % mean: 37.42 % low: -46.154 % CRK: -80.0 % |
|
| MARGINS | ||
| Gross Margin | 12.107 % | |
| Gross Margin QoQ | -64.667 % | |
| Gross Margin YoY | -44.042 % | |
| Gross Margin IPRWA | high: 85.582 % median: 71.721 % mean: 61.618 % low: 20.651 % CRK: 12.107 % |
|
| EBIT Margin | 19.109 % | |
| EBIT Margin QoQ | -36.982 % | |
| EBIT Margin YoY | -72.552 % | |
| EBIT Margin IPRWA | high: 90.216 % median: 41.983 % mean: 41.599 % CRK: 19.109 % low: 11.353 % |
|
| Return On Sales (ROS) | 5.971 % | |
| Return On Sales QoQ | -79.799 % | |
| Return On Sales YoY | -68.607 % | |
| Return On Sales IPRWA | high: 77.892 % median: 40.605 % mean: 37.284 % low: 10.625 % CRK: 5.971 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -261.72 M | |
| Free Cash Flow Yield | -6.145 % | |
| Free Cash Flow Yield QoQ | 142.12 % | |
| Free Cash Flow Yield YoY | -10011.29 % | |
| Free Cash Flow Yield IPRWA | high: 9.766 % median: 4.018 % mean: 3.216 % CRK: -6.145 % low: -20.508 % |
|
| Free Cash Growth | 81.944 % | |
| Free Cash Growth QoQ | 4353.478 % | |
| Free Cash Growth YoY | -179.687 % | |
| Free Cash Growth IPRWA | high: 355.835 % median: 118.381 % mean: 94.992 % CRK: 81.944 % low: -388.658 % |
|
| Free Cash To Net Income | -29.856 | |
| Cash Flow Margin | -14.965 % | |
| Cash Flow To Earnings | 19.416 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 0.119 % | |
| Return On Assets QoQ | -92.109 % | |
| Return On Assets YoY | -93.663 % | |
| Return On Assets IPRWA | high: 10.029 % median: 5.037 % mean: 4.472 % CRK: 0.119 % low: -7.219 % |
|
| Return On Capital Employed (ROCE) | 0.986 % | |
| Return On Equity (ROE) | 0.003 | |
| Return On Equity QoQ | -91.275 % | |
| Return On Equity YoY | -93.889 % | |
| Return On Equity IPRWA | high: 0.102 median: 0.085 mean: 0.077 CRK: 0.003 low: -0.04 |
|
| DuPont ROE | 0.328 % | |
| Return On Invested Capital (ROIC) | 0.71 % | |
| Return On Invested Capital QoQ | -74.751 % | |
| Return On Invested Capital YoY | -85.557 % | |
| Return On Invested Capital IPRWA | high: 6.99 % median: 6.99 % mean: 6.091 % CRK: 0.71 % low: -3.276 % |
|