Recent News
In February 2026 Comstock announced a strategic focus on Western Haynesville activity and an expanded 2026 drilling program, citing reserve additions and a recent Shelby Trough divestiture that provided material proceeds; the company reported plans to increase operated rigs and to turn a larger set of wells to sales in 2026. Market commentary in February highlighted investor concern around capital spending plans and natural gas price volatility.
Technical Analysis
Directional indicators show DI+ at 25.0 and rising while DI- sits at 22.97 and falling; that configuration reads as a bullish directional shift, but ADX at 15.18 indicates no established trend, implying the bullish signal remains tentative and price may consolidate without broader trend confirmation.
MACD stands at -0.32 with the MACD line above the signal line (-0.62), and the MACD trend increasing; the crossover above the signal line constitutes a bullish momentum signal that supports near-term upside pressure on price momentum.
MRO equals -25.73 with a peak-and-reversal signature; the negative MRO implies price sits below intrinsic target levels and therefore carries technical potential to move higher as that gap narrows, signaling mean-reversion pressure in the near term.
RSI at 48.85 and increasing places momentum near neutral with a mild upward tilt; the reading supports a scenario of measured buying interest without overbought stress, consistent with the MACD bullish crossover but incompatible with a strong runaway trend.
Price sits at $21.38 above the 12-day EMA ($20.29, increasing) and above the 20-day average ($19.65), yet below the 50-day average ($21.59) and roughly in line with the 200-day average ($21.27). Bollinger band width near a 1x upper band of $20.90 and lower band $18.40 suggests limited intraday volatility; short-term technicals point to controlled upside toward nearby resistance near the 50-day average while support aligns with the SuperTrend lower at $19.04.
Fundamental Analysis
Profitability metrics show strong headline margins: EBIT equals $414,528,000 and EBIT margin stands at 83.68%, which sits above the industry peer range high (78.86%). Gross profit reached $129,787,000 and operating margin equals 23.15%. QoQ movement for EBIT margin shows a 94.59% rise; YoY comparison shows a -4.80% change. These margin dynamics support the operational case tied to higher realized natural gas pricing and reserve additions, but margin volatility appears significant between periods.
Earnings per share printed $0.97 versus an estimate of $0.10, an EPS surprise of 870% (EPS difference $0.87). Net income totaled $305,511,000 and operating cash flow reached $224,204,000; those cash and earnings figures underpin improved reported profitability despite material investing activity.
Cash flow and capital deployment reveal tension: capital expenditures totaled -$365,452,000 with capex-to-revenue of -73.77%, producing free cash flow of -$141,248,000 and a free cash flow yield of -2.16%. Operating cash flow remained positive, indicating core operations generate cash, but heavy capex and asset transactions drove free cash negative in the period.
Leverage and liquidity metrics show total debt of $2,907,439,000, net debt $2,785,136,000, and debt-to-EBITDA at 5.08x; interest coverage sits at 7.39. The current ratio equals 0.49, signaling working-capital tightness. Debt-to-assets equals 41.49% while debt-to-equity stands at 1.10. Together these data point to meaningful leverage that the company services but which constrains balance-sheet optionality.
Key growth and efficiency items: revenue growth reads 10.12% (period), revenue growth QoQ shows -333.20% and revenue growth YoY registers -50.32%; asset turnover sits low at 7.16% (asset turnover QoQ +7.64%, YoY +23.92%). Return on equity equals 11.54% with return-on-equity QoQ up 145.18% but return-on-equity YoY down 647.58%. Those mixed percentage movements reflect large base effects, recent asset sales, and a capital program that alters period-to-period comparatives.
Valuation metrics remain elevated: price-to-earnings at 139.38, forward P/E about 70.02, price-to-book 2.47 (slightly above the industry peer mean of 1.93 and near the peer median of 2.01), enterprise value-to-EBITDA roughly 16.47, and EV-to-revenue implied. The dataset flags the current valuation as over-valued per WMDST; strong margin and reserve headlines support operational upside, while heavy capex and elevated leverage justify the WMDST over-valued assessment.
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 | $ 224.2 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 | $ 38.7 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 | $ 0.33 | |
| 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: 68.211 median: 29.526 mean: 29.231 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: 0.187 median: 0.162 low: 0.003 |
|
| 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: 0.339 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: 3.753 CRK: 2.469 median: 2.011 mean: 1.926 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: 52.767 median: 49.163 low: 28.96 |
|
| 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: 10.945 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: 0.106 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: 23.674 mean: 2.948 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: 15.536 mean: 1.68 median: 1.632 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: 16.382 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: 0.414 % median: -1.378 % low: -20.225 % |
|
| Earnings Growth | -60.0 % | |
| Earnings Growth QoQ | -24.571 % | |
| Earnings Growth YoY | -69.091 % | |
| Earnings Growth IPRWA | high: 38.54 % mean: -14.936 % median: -16.236 % 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: 55.649 % 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: 22.517 % median: 17.265 % low: 2.305 % |
|
| 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: 28.606 % CRK: 23.147 % low: 3.182 % |
|
| 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 % median: 1.595 % mean: 1.5 % 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: 389.876 % CRK: -25.031 % median: -33.909 % mean: -48.301 % low: -171.657 % |
|
| 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: 1.702 % 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: 0.072 mean: 0.028 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: 5.424 % mean: 2.317 % median: 1.997 % low: 0.474 % |
|