Recent News
On February 11, 2026 the company announced the sale of Shelby Trough assets for approximately $417 million net proceeds and disclosed proved reserves of roughly 7.0 Tcfe with a PV-10 near $4.5 billion; management outlined $1.4–$1.5 billion 2026 development spending and $100–$150 million Western Haynesville midstream investment.
Market intelligence noted a rebound in revenue prospects tied to higher natural gas prices and materially stronger gas-services revenue expectations heading into 2026.
Technical publications reported an upgrade in Comstock’s Relative Strength rating in mid-December 2025, highlighting improved relative performance and possible chart setups to monitor.
Technical Analysis
ADX/DI+: ADX reads 15.11, indicating no trend. DI+ stands at 20.77 and shows an increasing trend, while DI- at 28.28 registered a peak & reversal; both directional behaviors imply bullish directional pressure but ADX under 20 limits conviction. The net implication: directional signals favor upside but lack trend strength to sustain a breakout.
MACD: MACD equals -0.90 and its trend shows a peak & reversal; MACD sits below the signal line (-0.83), signaling bearish momentum. That declining momentum warns that short-term upside faces resistance until MACD stabilizes or crosses above its signal.
MRO: MRO equals -31.42 and the MRO trend decreases; the negative reading indicates price sits below its target and suggests potential for upward reversion. The magnitude signals material mean-reversion potential unless offset by worsening momentum.
Price Vs. Moving Averages & Structure: Last close $19.61 places the share above the 20-day average ($19.33) but below the 50-day ($21.65) and 200-day ($21.35) averages. The 12-day EMA shows a dip & reversal, which supports a near-term bounce against multi-week resistance lines—the Ichimoku cloud and the super trend upper band sit near $22–21 and act as overhead caps. Bollinger bands place the price comfortably inside the 1x band range, suggesting limited immediate volatility expansion.
RSI & Volume: RSI stands at 46.43 with a peak & reversal trend; the reading implies neutral momentum with recent distribution pressure. Current volume (~2.35M) slightly exceeds the 10-day average (~2.12M) but remains below longer-term averages, so moves have not yet attracted broad participation.
Fundamental Analysis
Profitability and margins show pronounced operating leverage: EBIT of $414,528,000 produces an EBIT margin of 83.68%, a figure above the industry peer high of 78.864% and reflecting an unusually large margin profile. QoQ, EBIT margin rose roughly 94.59%; YoY, EBIT margin declined about 4.80%. The elevated margin aligns with large, one-time asset-sale gains reflected in recent results and supports elevated headline profitability while masking recurring margin variability.
Earnings and per-share metrics: Reported EPS equals $0.97 versus an estimate of $0.10, a beat of $0.87 that represents an approximately 870% surprise. Forward EPS sits near $0.3246 and forward P/E reads ~70.02, while trailing P/E runs ~139.38—both ratios signal a valuation premium relative to normal cyclical E&P multiples and reflect earnings volatility.
Cash flow, capex and free cash dynamics present a working-capital and investment trade-off. Operating cash flow reached $282,325,000, yet free cash flow totaled negative $141,248,000. Capital expenditures of $365,452,000 (capEx-to-revenue about 73.77%) drive negative FCF; the Shelby Trough proceeds materially improved liquidity but core investing needs keep free cash flow negative absent asset monetizations.
Balance sheet and leverage: Total debt $2,907,439,000 with net debt $2,785,136,000 yields debt-to-EBITDA about 5.08x and debt-to-equity roughly 109.85%. Interest coverage near 7.39x provides serviceability headroom, but leverage metrics sit meaningfully above conservative thresholds and remain a watch item given planned 2026 spending.
Growth and efficiency: Reported total revenue $495,383,000 with revenue growth metrics mixed; the dataset shows revenue growth values that include a 10.12% figure and a year-over-year revenue growth of -50.32%. Receivables and asset-turnover metrics indicate low asset turnover (asset turnover ~7.155%), consistent with capital-intense production operations. Return on equity and invested capital remain positive (ROE ~11.54%, ROIC ~6.08%) and exceed many peer means, reflecting recent profitable realizations concentrated in natural gas.
Valuation posture: Enterprise-value multiples (EVR ~19.01, enterprise multiple ~16.47) and elevated trailing P/E place the company in an over-valued bucket under the current WMDST framework. WMDST values the stock as over-valued based on the combination of elevated multiples, negative free cash flow, and elevated leverage despite one-time asset-sale proceeds.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-12-31 |
| REPORT DATE: | 2026-02-11 |
| NEXT REPORT DATE: | 2026-05-13 |
| CASH FLOW | Begin Period Cash Flow | $ 19.2 M |
| Operating Cash Flow | $ 282.3 M | |
| Capital Expenditures | $ -365.45 M | |
| Change In Working Capital | $ 1.9 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 4.7 M | |
| End Period Cash Flow | $ 23.9 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 495.4 M | |
| Forward Revenue | $ 38.6 M | |
| COSTS | ||
| Cost Of Revenue | $ 365.6 M | |
| Depreciation | — | |
| Depreciation and Amortization | — | |
| Research and Development | — | |
| Total Operating Expenses | $ 380.7 M | |
| PROFITABILITY | ||
| Gross Profit | $ 129.8 M | |
| EBITDA | $ 572.0 M | |
| EBIT | $ 414.5 M | |
| Operating Income | $ 114.7 M | |
| Interest Income | — | |
| Interest Expense | $ 56.1 M | |
| Net Interest Income | $ -56.06 M | |
| Income Before Tax | $ 358.5 M | |
| Tax Provision | $ 71.7 M | |
| Tax Rate | 20.002 % | |
| Net Income | $ 305.5 M | |
| Net Income From Continuing Operations | $ 286.8 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.10 | |
| EPS Actual | $ 0.97 | |
| EPS Difference | $ 0.87 | |
| EPS Surprise | 870.0 % | |
| Forward EPS | $ 0.32 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 7.0 B | |
| Intangible Assets | $ 335.9 M | |
| Net Tangible Assets | $ 2.3 B | |
| Total Current Assets | $ 360.9 M | |
| Cash and Short-Term Investments | $ 23.9 M | |
| Cash | $ 23.9 M | |
| Net Receivables | $ 242.5 M | |
| Inventory | — | |
| Long-Term Investments | — | |
| LIABILITIES | ||
| Accounts Payable | $ 501.7 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 729.5 M | |
| Net Debt | $ 2.8 B | |
| Total Debt | $ 2.9 B | |
| Total Liabilities | $ 4.0 B | |
| EQUITY | ||
| Total Equity | $ 2.6 B | |
| Retained Earnings | $ 1.1 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 9.03 | |
| Shares Outstanding | 293.055 M | |
| Revenue Per-Share | $ 1.69 | |
| VALUATION | Market Capitalization | $ 6.5 B |
| Enterprise Value | $ 9.4 B | |
| Enterprise Multiple | 16.466 | |
| Enterprise Multiple QoQ | -33.207 % | |
| Enterprise Multiple YoY | -75.226 % | |
| Enterprise Multiple IPRWA | high: 56.701 mean: 30.176 median: 29.526 CRK: 16.466 low: -3.719 |
|
| EV/R | 19.013 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.647 | |
| Asset To Liability | 1.733 | |
| Debt To Capital | 0.523 | |
| Debt To Assets | 0.415 | |
| Debt To Assets QoQ | -11.466 % | |
| Debt To Assets YoY | -12.556 % | |
| Debt To Assets IPRWA | CRK: 0.415 high: 0.328 mean: 0.178 median: 0.162 low: 0.004 |
|
| Debt To Equity | 1.098 | |
| Debt To Equity QoQ | -19.136 % | |
| Debt To Equity YoY | -18.713 % | |
| Debt To Equity IPRWA | high: 1.344 CRK: 1.098 mean: 0.319 median: 0.282 low: -0.685 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.469 | |
| Price To Book QoQ | 6.7 % | |
| Price To Book YoY | 9.582 % | |
| Price To Book IPRWA | high: 2.856 CRK: 2.469 median: 2.011 mean: 1.963 low: -0.398 |
|
| Price To Earnings (P/E) | 139.381 | |
| Price To Earnings QoQ | -32.695 % | |
| Price To Earnings YoY | 29.074 % | |
| Price To Earnings IPRWA | CRK: 139.381 high: 129.503 mean: 54.039 median: 49.163 low: 43.213 |
|
| PE/G Ratio | -2.323 | |
| Price To Sales (P/S) | 13.193 | |
| Price To Sales QoQ | 8.656 % | |
| Price To Sales YoY | -4.246 % | |
| Price To Sales IPRWA | high: 58.693 CRK: 13.193 mean: 11.02 median: 10.615 low: 3.244 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 70.02 | |
| Forward PE/G | -1.167 | |
| Forward P/S | 169.507 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 11.292 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.072 | |
| Asset Turnover Ratio QoQ | 7.643 % | |
| Asset Turnover Ratio YoY | 23.918 % | |
| Asset Turnover Ratio IPRWA | high: 0.274 median: 0.109 mean: 0.107 CRK: 0.072 low: 0.0 |
|
| Receivables Turnover | 2.385 | |
| Receivables Turnover Ratio QoQ | -8.171 % | |
| Receivables Turnover Ratio YoY | 7.581 % | |
| Receivables Turnover Ratio IPRWA | high: 36.195 mean: 7.742 CRK: 2.385 median: 2.109 low: 0.153 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 38.267 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 64.739 CRK: 0 median: -2.729 mean: -5.495 low: -12463.195 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -1.344 | |
| CapEx To Revenue | -0.738 | |
| 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 | $ 2.3 B | |
| Net Working Capital | $ -368.58 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.033 | |
| Current Ratio | 0.495 | |
| Current Ratio QoQ | 19.582 % | |
| Current Ratio YoY | 6.754 % | |
| Current Ratio IPRWA | high: 3.884 median: 1.632 mean: 1.581 CRK: 0.495 low: 0.12 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 5.083 | |
| Cost Of Debt | 1.552 % | |
| Interest Coverage Ratio | 7.394 | |
| Interest Coverage Ratio QoQ | 116.819 % | |
| Interest Coverage Ratio YoY | -600.569 % | |
| Interest Coverage Ratio IPRWA | high: 281.257 mean: 17.368 median: 14.788 CRK: 7.394 low: -23.818 |
|
| Operating Cash Flow Ratio | 0.387 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 115.191 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 2.428 % | |
| Revenue Growth | 10.121 % | |
| Revenue Growth QoQ | -333.203 % | |
| Revenue Growth YoY | -50.324 % | |
| Revenue Growth IPRWA | high: 20.522 % CRK: 10.121 % mean: 0.377 % median: -1.378 % low: -20.225 % |
|
| Earnings Growth | -60.0 % | |
| Earnings Growth QoQ | -24.571 % | |
| Earnings Growth YoY | -69.091 % | |
| Earnings Growth IPRWA | high: 13.953 % mean: -16.204 % median: -26.667 % low: -36.029 % CRK: -60.0 % |
|
| MARGINS | ||
| Gross Margin | 26.199 % | |
| Gross Margin QoQ | 66.438 % | |
| Gross Margin YoY | 1062.85 % | |
| Gross Margin IPRWA | high: 79.215 % median: 58.871 % mean: 53.86 % CRK: 26.199 % low: 15.716 % |
|
| EBIT Margin | 83.678 % | |
| EBIT Margin QoQ | 94.591 % | |
| EBIT Margin YoY | -480.13 % | |
| EBIT Margin IPRWA | CRK: 83.678 % high: 78.864 % mean: 19.933 % median: 17.265 % low: -1848.273 % |
|
| Return On Sales (ROS) | 23.147 % | |
| Return On Sales QoQ | 97.567 % | |
| Return On Sales YoY | -205.152 % | |
| Return On Sales IPRWA | high: 71.016 % median: 29.489 % mean: 28.022 % CRK: 23.147 % low: -1458.145 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -141.25 M | |
| Free Cash Flow Yield | -2.161 % | |
| Free Cash Flow Yield QoQ | -37.344 % | |
| Free Cash Flow Yield YoY | 747.451 % | |
| Free Cash Flow Yield IPRWA | high: 3.535 % mean: 1.761 % median: 1.595 % CRK: -2.161 % low: -5.705 % |
|
| Free Cash Growth | -25.031 % | |
| Free Cash Growth QoQ | -99.544 % | |
| Free Cash Growth YoY | -72.239 % | |
| Free Cash Growth IPRWA | high: 856.867 % mean: 86.996 % CRK: -25.031 % median: -33.909 % low: -162.91 % |
|
| Free Cash To Net Income | -0.462 | |
| Cash Flow Margin | 56.991 % | |
| Cash Flow To Earnings | 0.924 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 4.412 % | |
| Return On Assets QoQ | 168.697 % | |
| Return On Assets YoY | -693.011 % | |
| Return On Assets IPRWA | high: 5.543 % CRK: 4.412 % mean: 1.519 % median: 1.348 % low: -5.037 % |
|
| Return On Capital Employed (ROCE) | 6.603 % | |
| Return On Equity (ROE) | 0.115 | |
| Return On Equity QoQ | 145.178 % | |
| Return On Equity YoY | -647.581 % | |
| Return On Equity IPRWA | CRK: 0.115 high: 0.064 mean: 0.025 median: 0.024 low: 0.003 |
|
| DuPont ROE | 12.204 % | |
| Return On Invested Capital (ROIC) | 6.078 % | |
| Return On Invested Capital QoQ | 99.54 % | |
| Return On Invested Capital YoY | -388.193 % | |
| Return On Invested Capital IPRWA | CRK: 6.078 % high: 4.624 % mean: 2.147 % median: 1.997 % low: 0.474 % |
|