Recent News
Nov 5–10, 2025: Investor’s Business Daily reported upgrades to Comstock’s Relative Strength rating, noting recent momentum and that the stock cleared a prior $21.00 buy point but currently sits extended. Nov 18, 2025: Piper Sandler reduced its price target and weight on the stock. Dec 26, 2025 and Jan 20, 2026: market-coverage summaries aggregated by third-party services published a consensus “Reduce”/“average reduce” analyst view and a $20–$21 average 12-month price target across recent reports.
Technical Analysis
Directional Indicators (ADX/DI+/DI-): ADX reads 15.04, indicating no established trend; DI+ at 27.78 carries a peak & reversal label, which signals waning bullish directional strength, while DI- at 26.65 shows a dip & reversal, indicating rising negative directional pressure. Together, directional indicators point toward increased two-sided volatility and a bias toward downside pressure without a strong trend.
MACD: MACD sits at 0.06 above its signal line at -0.04, which represents a bullish crossover event; however, the MACD trend shows a peak & reversal, indicating momentum has begun to wane after a recent peak. The combination suggests a short-lived bullish cross that lacks follow-through momentum.
MRO (Momentum/Regression Oscillator): MRO registers -26.08 and shows a peak & reversal. The negative MRO indicates price sits below the model target and therefore carries potential to move higher toward that target, but the peak & reversal trend warns that that potential may erode without renewed buying support.
RSI: RSI at 51.53 with a peak & reversal label sits near neutral. That level implies neither overbought nor oversold conditions; the peak & reversal reading favors consolidation or modest retracement rather than a sustained breakout.
Price Versus Moving Averages and Bands: Last close $22.41 sits below the 12-day EMA ($22.97), 20-day average ($22.58), 26-day EMA ($22.88) and 50-day average ($23.52), while remaining above the 200-day average ($21.31). Short-term moving averages sit above price, creating near-term resistance, while the 200-day average beneath price suggests a longer-term constructive slope. Bollinger bands show a 1x lower band at $21.16 and 1x upper band at $24.01; current price sits inside the bands, consistent with consolidation inside the recent range.
Ichimoku & Support: Tenkan and Kijun both at $22.93 and cloud components near $22.50–$24.38 place price near the cloud boundary. SuperTrend lower at $21.98 provides a nearby technical support reference. Volume near $2.81M tracks slightly above the 10-day average ($2.73M) and the 50-/200-day averages, indicating continued investor attention but not decisive directional conviction.
Fundamental Analysis
Profitability and margins: EBIT at $193,444,000 and EBITDA at $350,839,000 support a strong EBIT margin of 43.00%. That EBIT margin sits above the industry peer mean of 30.64% and above the industry peer median of 33.06%, indicating superior operating profitability versus typical peers. Gross margin registers 15.74% and operating margin 11.72%.
Revenue and earnings growth: Total revenue $449,852,000 declined YoY by 4.34% and contracted QoQ by 47.74%. Net income $111,128,000 produced year-over-year earnings growth of 4.30% while quarter-over-quarter earnings contracted by 155.07%.
Per-share metrics: Reported EPS came in at $0.09 versus an estimate of $0.05, a beat of $0.04, equal to an 80% EPS surprise. Forward EPS per share projects to $0.2474, producing a forward P/E around 167.68x.
Cash flow and capital deployment: Operating cash flow reached $153,093,000, but free cash flow registered negative $188,408,000 and free cash flow yield stood at -3.45%. Free cash flow trends showed large QoQ and YoY swings; negative free cash flow and substantial capital expenditures ($341,501,000 outflow) weigh on liquidity metrics.
Leverage and liquidity: Total debt $3,206,199,000 with net debt $3,106,800,000. Debt-to-assets equals 46.87%, above the industry peer mean of 18.03% and approaching the industry peer high of 49.60%, signaling materially higher leverage relative to typical peers. Debt-to-equity sits at 1.36x. Current ratio at 0.41 and cash of $19,215,000 indicate constrained near-term liquidity; the cash conversion cycle of -78 days demonstrates strong receivables/payables dynamics that partially offset working capital pressure.
Returns and efficiency: Return on equity 4.71% sits modestly above the industry peer mean of 3.95%, while return on assets 1.64% falls below the industry peer mean of 2.51%. Asset turnover remains low at 0.066, below the industry peer mean of 0.109, reflecting capital intensity of operations.
Valuation: Price multiples sit elevated: trailing P/E ~207.09x, forward P/E ~167.68x, price-to-book 2.31x (above the industry peer mean of 1.91), and price-to-sales 12.14x (above the industry peer mean of 10.35). Enterprise value $8,648,916,030 produces an enterprise multiple of 24.65x and an enterprise-to-revenue dynamic that contributed to WMDST’s assessment. The current valuation as determined by WMDST classifies the stock as over-valued given stretched earnings multiples, negative free cash flow, and elevated leverage relative to peer norms.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-03 |
| NEXT REPORT DATE: | 2026-02-02 |
| CASH FLOW | Begin Period Cash Flow | $ 25.9 M |
| Operating Cash Flow | $ 153.1 M | |
| Capital Expenditures | $ -341.50 M | |
| Change In Working Capital | $ -37.26 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -6.64 M | |
| End Period Cash Flow | $ 19.2 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 449.9 M | |
| Forward Revenue | $ 73.4 M | |
| COSTS | ||
| Cost Of Revenue | $ 379.0 M | |
| Depreciation | — | |
| Depreciation and Amortization | — | |
| Research and Development | — | |
| Total Operating Expenses | $ 397.1 M | |
| PROFITABILITY | ||
| Gross Profit | $ 70.8 M | |
| EBITDA | $ 350.8 M | |
| EBIT | $ 193.4 M | |
| Operating Income | $ 52.7 M | |
| Interest Income | — | |
| Interest Expense | $ 56.7 M | |
| Net Interest Income | $ -56.72 M | |
| Income Before Tax | $ 136.7 M | |
| Tax Provision | $ 18.6 M | |
| Tax Rate | 13.6 % | |
| Net Income | $ 111.1 M | |
| Net Income From Continuing Operations | $ 118.1 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.05 | |
| EPS Actual | $ 0.09 | |
| EPS Difference | $ 0.04 | |
| EPS Surprise | 80.0 % | |
| Forward EPS | $ 0.25 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 6.8 B | |
| Intangible Assets | $ 335.9 M | |
| Net Tangible Assets | $ 2.0 B | |
| Total Current Assets | $ 268.9 M | |
| Cash and Short-Term Investments | $ 19.2 M | |
| Cash | $ 19.2 M | |
| Net Receivables | $ 172.9 M | |
| Inventory | — | |
| Long-Term Investments | — | |
| LIABILITIES | ||
| Accounts Payable | $ 455.3 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 649.8 M | |
| Net Debt | $ 3.1 B | |
| Total Debt | $ 3.2 B | |
| Total Liabilities | $ 4.2 B | |
| EQUITY | ||
| Total Equity | $ 2.4 B | |
| Retained Earnings | $ 843.3 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 8.05 | |
| Shares Outstanding | 293.055 M | |
| Revenue Per-Share | $ 1.54 | |
| VALUATION | Market Capitalization | $ 5.5 B |
| Enterprise Value | $ 8.6 B | |
| Enterprise Multiple | 24.652 | |
| Enterprise Multiple QoQ | 37.0 % | |
| Enterprise Multiple YoY | 68.825 % | |
| Enterprise Multiple IPRWA | high: 99.417 CRK: 24.652 mean: 23.631 median: 21.281 low: -23.722 |
|
| EV/R | 19.226 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.898 | |
| Asset To Liability | 1.62 | |
| Debt To Capital | 0.576 | |
| Debt To Assets | 0.469 | |
| Debt To Assets QoQ | 0.906 % | |
| Debt To Assets YoY | 7483.657 % | |
| Debt To Assets IPRWA | high: 0.496 CRK: 0.469 mean: 0.18 median: 0.156 low: 0.003 |
|
| Debt To Equity | 1.358 | |
| Debt To Equity QoQ | -1.986 % | |
| Debt To Equity YoY | 7890.647 % | |
| Debt To Equity IPRWA | CRK: 1.358 high: 1.332 mean: 0.332 median: 0.268 low: -0.668 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.314 | |
| Price To Book QoQ | -8.229 % | |
| Price To Book YoY | 64.8 % | |
| Price To Book IPRWA | high: 42.844 CRK: 2.314 median: 2.001 mean: 1.909 low: -0.073 |
|
| Price To Earnings (P/E) | 207.088 | |
| Price To Earnings QoQ | 294.883 % | |
| Price To Earnings YoY | -419.235 % | |
| Price To Earnings IPRWA | high: 234.317 CRK: 207.088 mean: 58.588 median: 41.127 low: -49.015 |
|
| PE/G Ratio | -2.603 | |
| Price To Sales (P/S) | 12.142 | |
| Price To Sales QoQ | 0.924 % | |
| Price To Sales YoY | 14.699 % | |
| Price To Sales IPRWA | high: 92.108 CRK: 12.142 median: 10.573 mean: 10.346 low: 1.51 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 167.682 | |
| Forward PE/G | -2.108 | |
| Forward P/S | 167.424 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 9.427 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.066 | |
| Asset Turnover Ratio QoQ | -6.036 % | |
| Asset Turnover Ratio YoY | 37.933 % | |
| Asset Turnover Ratio IPRWA | high: 0.238 median: 0.116 mean: 0.109 CRK: 0.066 low: 0.002 |
|
| Receivables Turnover | 2.597 | |
| Receivables Turnover Ratio QoQ | 5.477 % | |
| Receivables Turnover Ratio YoY | 32.644 % | |
| Receivables Turnover Ratio IPRWA | high: 3.021 CRK: 2.597 median: 2.211 mean: 2.101 low: 1.126 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 35.14 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -78.186 | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 71.4 mean: -18.696 low: -38.557 median: -38.557 CRK: -78.186 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -1.181 | |
| CapEx To Revenue | -0.759 | |
| 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 | $ 2.0 B | |
| Net Working Capital | $ -380.96 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.03 | |
| Current Ratio | 0.414 | |
| Current Ratio QoQ | 15.078 % | |
| Current Ratio YoY | -31.01 % | |
| Current Ratio IPRWA | high: 10.048 median: 1.624 mean: 1.55 CRK: 0.414 low: 0.106 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 9.139 | |
| Cost Of Debt | 1.552 % | |
| Interest Coverage Ratio | 3.41 | |
| Interest Coverage Ratio QoQ | -42.522 % | |
| Interest Coverage Ratio YoY | 1218.382 % | |
| Interest Coverage Ratio IPRWA | high: 247.055 median: 26.69 mean: 22.296 CRK: 3.41 low: -23.782 |
|
| Operating Cash Flow Ratio | 0.236 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 113.326 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 2.183 % | |
| Revenue Growth | -4.34 % | |
| Revenue Growth QoQ | -47.742 % | |
| Revenue Growth YoY | -118.584 % | |
| Revenue Growth IPRWA | high: 53.778 % median: 7.04 % mean: 4.56 % CRK: -4.34 % low: -41.594 % |
|
| Earnings Growth | -79.545 % | |
| Earnings Growth QoQ | -155.07 % | |
| Earnings Growth YoY | 430.3 % | |
| Earnings Growth IPRWA | high: 31.285 % median: 16.81 % mean: 4.415 % low: -54.286 % CRK: -79.545 % |
|
| MARGINS | ||
| Gross Margin | 15.741 % | |
| Gross Margin QoQ | -27.246 % | |
| Gross Margin YoY | -191.597 % | |
| Gross Margin IPRWA | high: 77.574 % median: 61.846 % mean: 51.324 % CRK: 15.741 % low: 10.522 % |
|
| EBIT Margin | 43.002 % | |
| EBIT Margin QoQ | -38.232 % | |
| EBIT Margin YoY | 828.368 % | |
| EBIT Margin IPRWA | high: 90.161 % CRK: 43.002 % median: 33.06 % mean: 30.642 % low: -72.549 % |
|
| Return On Sales (ROS) | 11.716 % | |
| Return On Sales QoQ | -38.402 % | |
| Return On Sales YoY | 152.936 % | |
| Return On Sales IPRWA | high: 90.161 % median: 31.56 % mean: 28.13 % CRK: 11.716 % low: -0.399 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -188.41 M | |
| Free Cash Flow Yield | -3.449 % | |
| Free Cash Flow Yield QoQ | -5662.903 % | |
| Free Cash Flow Yield YoY | -15.237 % | |
| Free Cash Flow Yield IPRWA | high: 6.143 % median: 2.389 % mean: 2.148 % CRK: -3.449 % low: -7.968 % |
|
| Free Cash Growth | -5486.164 % | |
| Free Cash Growth QoQ | 5235.075 % | |
| Free Cash Growth YoY | 38067.274 % | |
| Free Cash Growth IPRWA | high: 798.028 % median: 505.858 % mean: 385.174 % low: -769.808 % CRK: -5486.164 % |
|
| Free Cash To Net Income | -1.695 | |
| Cash Flow Margin | 23.77 % | |
| Cash Flow To Earnings | 1.378 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 1.642 % | |
| Return On Assets QoQ | -12.567 % | |
| Return On Assets YoY | -459.3 % | |
| Return On Assets IPRWA | high: 14.237 % median: 2.987 % mean: 2.506 % CRK: 1.642 % low: -10.348 % |
|
| Return On Capital Employed (ROCE) | 3.125 % | |
| Return On Equity (ROE) | 0.047 | |
| Return On Equity QoQ | -15.385 % | |
| Return On Equity YoY | -473.948 % | |
| Return On Equity IPRWA | high: 0.203 median: 0.049 CRK: 0.047 mean: 0.039 low: -0.201 |
|
| DuPont ROE | 4.828 % | |
| Return On Invested Capital (ROIC) | 3.046 % | |
| Return On Invested Capital QoQ | -38.039 % | |
| Return On Invested Capital YoY | -91.426 % | |
| Return On Invested Capital IPRWA | high: 6.096 % median: 4.042 % mean: 3.362 % CRK: 3.046 % low: -23.421 % |
|