Recent News
On February 11, 2026 the company announced operational updates including the addition of three operated rigs with a fourth expected in early 2026 and a strategic partnership with NextEra to develop behind‑the‑meter gas‑fired power for AI data center demand targeting commercialization in 2026. In late‑December 2025 Comstock disclosed asset divestitures intended to reduce leverage, with transaction closings and proceeds tied to debt reduction plans.
Technical Analysis
Directional indicators show limited trend strength: ADX at 12.53 signals no established trend, while DI+ at 27.28 shows a peak‑and‑reversal (bearish) and DI‑ at 21.72 also shows a peak‑and‑reversal (bullish). The combination reflects conflicting directional pressure and a range bias rather than a sustained trend; that constrains any immediate breakout relative to the current valuation.
MACD stands at 0.19 and trends higher with the MACD line above the signal line (-0.05), a bullish momentum signal that supports short‑term upside continuation. That bullish momentum aligns with the rising 12‑day EMA and the price trading above the 200‑day average, reinforcing near‑term positive bias against an elevated valuation backdrop.
MRO registers -14.39 and is increasing; the negative value indicates price sits below the model target and suggests potential for upward price convergence. Given the magnitude, the model implies measurable upside potential if momentum continues to improve.
RSI at 51.39 and rising denotes neutral‑to‑positive momentum without overbought readings, which favors measured gains rather than a sharp, extended rally. Price sits between the 1x and 2x upper Bollinger bands, indicating the market tests higher territory while not yet at an extreme; volume trails 10‑ and 50‑day averages, so follow‑through requires stronger participation.
Fundamental Analysis
Profitability and margins present a mixed signal. EBIT reached $414.53M and EBITDA $572.03M. EBIT margin stands at 83.68%, well above the industry peer range high of 78.86%, while operating margin sits at 23.15% and gross margin at 26.20%. QoQ EBIT margin rose by 94.59%, although reported year‑over‑year change reads -480.13% (reflecting the provided YoY metric). Net income totaled $305.51M for the period ending 2025‑12‑31.
Cash flow and liquidity show pressure. Operating cash flow totaled $224.20M but free cash flow fell to -$141.25M, producing a free cash flow yield of -2.16%, below the industry peer mean of 1.51%. Cash on hand measured $23.93M against total debt of $2.907B and net debt of $2.785B; the current ratio equals 0.49, indicating limited near‑term liquidity buffers despite positive operating cash generation.
Leverage and coverage remain material considerations. Debt/EBITDA stands at 5.08x and debt to assets at 41.49%; interest coverage of 7.39x provides a cushion, but leverage sits well above conservative levels. Recent asset divestitures aimed at debt reduction reflect management focus on deleveraging.
Market multiples and valuation skew high. Trailing P/E reads 139.38, above the industry peer range high of 129.50. Price/Book equals 2.47, above the industry peer mean (1.84) and median (2.01) but below the peer high. Forward P/E at 70.02 compresses relative to trailing P/E yet remains elevated. Revenue growth shows a 10.12% reading for the provided period while year‑over‑year revenue change reads -50.32%; the mixed growth signals require careful monitoring in the context of capital spending plans.
EPS dynamics show a sizable beat: reported EPS $0.97 versus estimate $0.10, an EPS surprise of $0.87 (870%). The company reported the period end on 2025‑12‑31 with the report issued 2026‑02‑11; operational comments on rig additions, divestitures and the NextEra partnership accompanied that report but the earnings metrics belong in this fundamental discussion.
Valuation view: WMDST values the stock as over‑valued. Elevated trailing multiples, negative free cash flow, and sizable absolute leverage outweigh the operational gains and above‑peer profitability, leaving limited fundamental support for a re‑rating absent sustained cash generation improvement or meaningful deleveraging.
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 | $ 40.5 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 | $ 0.34 | |
| 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: 28.185 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: 0.371 mean: 0.184 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: 0.333 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: 1.84 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: 52.991 median: 49.163 low: -25.889 |
|
| 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 median: 10.615 mean: 10.513 low: 2.995 |
|
| 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: 0.213 median: 0.109 mean: 0.104 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: 3.935 CRK: 2.385 median: 2.109 mean: 2.033 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: 1.46 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: 15.588 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: -0.166 % median: -1.378 % low: -20.225 % |
|
| Earnings Growth | -60.0 % | |
| Earnings Growth QoQ | -24.571 % | |
| Earnings Growth YoY | -69.091 % | |
| Earnings Growth IPRWA | high: 168.75 % mean: 5.494 % median: -16.236 % low: -37.021 % 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: 52.541 % CRK: 26.199 % low: -71.273 % |
|
| EBIT Margin | 83.678 % | |
| EBIT Margin QoQ | 94.591 % | |
| EBIT Margin YoY | -480.13 % | |
| EBIT Margin IPRWA | CRK: 83.678 % high: 78.864 % mean: 21.747 % median: 17.265 % low: 1.79 % |
|
| 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: 27.075 % CRK: 23.147 % low: -7.535 % |
|
| 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: 1.509 % 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: 0.184 % CRK: -25.031 % median: -33.909 % mean: -49.624 % 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: 1.621 % 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: 0.027 median: 0.024 low: -0.016 |
|
| 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: 2.227 % median: 1.997 % low: 0.112 % |
|