Recent News
Nov 19, 2025 — Piper Sandler cut its price target on Comstock and maintained an underweight view. Nov 27, 2025 — unusual options volume registered, driven by large call activity. Nov 28, 2025 — American Century trimmed its stake in Comstock. Dec 15, 2025 — Mizuho raised its price target materially. Dec 18, 2025 — Investor’s Business Daily reported a jump in the firm’s Relative Strength rating into the low-80s, noting stronger price performance versus peers.
Technical Analysis
ADX at 10.49 signals no directional strength; the market lacks a durable trend and remains prone to range-bound moves until directional strength re-emerges. This low ADX amplifies the valuation risk tied to Comstock’s above-average multiples.
Directional indicators show tension: DI+ sits at 25.7 with a peak-and-reversal reading, which reads as bearish for bullish directional pressure; DI- at 24.99 and decreasing reads as easing bearish pressure. Collectively, the directional indicators reveal a recent loss of bullish edge and fragmented directional conviction, which favors short-term choppiness rather than a clear breakout that would justify current valuation.
MACD at -0.22 with a peak-and-reversal trend and a signal line at -0.06 indicates bearish momentum; MACD remains below its signal line, so momentum has not shifted to bullish. That bearish MACD profile reduces the technical plausibility of a sustained upside move while the market reassesses fundamentals.
MRO reads -15.78 with a peak-and-reversal trend. The negative MRO signals the market price sits below the model target — implying latent upside potential — but the oscillator’s recent peak-and-reverse hints the short-term reversion dynamic has lost momentum and may delay realization of that potential.
RSI at 50.33 with a peak-and-reversal trend shows momentum cooled off from prior strength; the oscillator’s midpoint level and its reversal suggest limited immediate momentum to drive a decisive move in either direction, reinforcing the range risk highlighted by ADX.
Price sits at $21.57 versus the 20-day average of $22.90 and the 200-day average of $21.42; the 12-day EMA shows a recent peak-and-reversal pattern. Ichimoku short-term lines cluster near $22–$24, offering nearby resistance above current price and creating a tight corridor for price action. Bollinger bands (1x/2x) place the near-term trading band roughly between $21.49 and $24.32, underscoring contained intraday volatility for swing horizons.
Fundamental Analysis
Revenue totaled $449,852,000 with YoY revenue change of -1.19% and QoQ contraction of -47.74%, indicating recent quarter-to-quarter softness despite full-period strength in the data set. Operating cash flow stands at $153,093,000 while free cash flow is negative at -$188,408,000, producing a free cash flow yield of -3.45%.
Profitability shows a strong operating profile: EBIT reached $193,444,000 and EBIT margin equals 43.00%, which sits above the industry peer mean of 30.64% and above the industry peer median of 33.06% within the industry peer range. EBIT margin improved YoY by 8.28% but fell QoQ by 38.23%, signaling variability tied to period timing and commodity realizations rather than structural margin expansion.
Earnings per share came in at $0.40 versus a $0.05 estimate, an EPS surprise of +700%. That beat materially alters short-term earnings perception and supports the improved YoY profitability, yet the beat sits alongside a negative free cash flow and notable capex: capital expenditures totaled -$341,501,000 with capex-to-revenue at -75.91%, pressuring free-cash dynamics this period.
Leverage and liquidity metrics weigh on financial flexibility. Total debt reached $3,206,199,000 with net debt of $3,106,800,000; debt-to-equity equals 1.36x and debt-to-assets equals 46.87%. Interest coverage of 3.41x provides coverage but limits margin for sustained higher rates. Current ratio at 0.41 and cash of $19,215,000 highlight short-term liquidity pressure relative to current liabilities of $649,810,000.
Returns register modestly: return on equity at 4.71% and return on invested capital near 3.05%. Asset turnover remains low at 0.066, consistent with capital-intensive operations in the sector. Revenue growth shows YoY decline of 1.19% and QoQ fall of 47.74%, while earnings growth YoY increased 4.30% but contracted QoQ by 155.07% (reflecting period comparatives).
The current valuation assessment: WMDST values the stock as over-valued. Market multiples show elevated investor expectations — price-to-earnings at 207.09x and enterprise multiple near 24.65x — which the combination of negative free cash flow, elevated leverage, and a low ADX technical backdrop must justify via sustained margin expansion or commodity-price realization to avoid downside risk.
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 | $ 72.5 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 | $ 0.40 | |
| EPS Difference | $ 0.35 | |
| EPS Surprise | 700.0 % | |
| Forward EPS | $ 0.24 | |
| 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 % |
|