Recent News
March 23, 2026 — Comstock announced that its Western Haynesville acreage in Anderson County, Texas, will host the recently announced Texas Natural Gas-Fired Power Generation Hub; Comstock will provide natural gas supply and collaborate with NextEra Energy on the project. March investor materials reiterated the company’s Western Haynesville focus and budget plans for 2026 emphasizing increased rig count and midstream investment tied to the hub.
Technical Analysis
Directional indicators: ADX sits at 19.98, below 20, indicating no established trend; DI− at 31.08 is increasing while DI+ at 18.98 is decreasing, so directional indicators favor sellers even though trend strength remains muted. This alignment limits near-term upside despite headline catalysts.
MACD: MACD equals −0.92 and the MACD trend shows decreasing momentum; MACD sits below its signal line (−0.45), confirming bearish momentum and the absence of a bullish MACD crossover to support a sustained rally.
Price vs moving averages and bands: The closing price of $16.27 trades below the 12-day EMA ($18.34, decreasing), the 20-day average ($19.29) and the 50/200-day averages ($20.05 and $20.51). Price currently sits beneath the 1× lower Bollinger band ($16.81), signaling price weakness versus recent volatility while leaving room for mean reversion if momentum shifts.
MRO and RSI: The MRO reads −13.69 with a peak-and-reversal pattern, implying the price sits below the oscillator’s target and a reversion higher remains possible; RSI at 43.35 with a decreasing trend confirms momentum has softened and leaves limited immediate buying impetus until RSI stabilizes above the mid-40s.
Volume and volatility context: Daily volume near 2.09 million approximates the 10-day average and remains below 50- and 200-day averages, suggesting recent moves lack conviction. Short-term beta is negative (42-day beta −1.34) while 52-week beta equals 0.10, indicating unusually low systematic volatility over the year but elevated short-run idiosyncratic swings tied to company-specific news.
Fundamental Analysis
Profitability and operating performance: EBIT came in at $414,528,000 and EBITDA at $572,026,000. EBIT margin equals 83.68%, well above the industry peer mean of 21.62% and the industry peer median of 17.27%, and approaching the industry peer high of 91.58%. EBIT margin improved quarter-over-quarter by 94.59% but shows a year-over-year change of −480.13% as reported, reflecting large comparability effects across the period.
Revenue and cash flow: Total revenue equals $495,383,000 with reported revenue growth at 10.12% (year-over-year) and quarter-over-quarter revenue change of −3.33%. Operating cash flow reached $224,204,000, while free cash flow totaled −$141,248,000, a free cash flow yield of −2.16% and free cash flow decline of 25.03% year-over-year. The cash position stands at $23,930,000 and beginning/ending cash flow movements show a modest cashFlowDelta of $4,715,000.
Leverage and coverage: Total debt equals $2,907,439,000 with net debt of $2,785,136,000; debt-to-EBITDA reads 5.08x and debt-to-equity 109.85%, while interest coverage equals 7.39x. Debt-to-assets sits at 41.49% and shows improvement quarter-over-quarter and year-over-year. These metrics indicate meaningful leverage alongside adequate coverage from current earnings.
Efficiency and capital allocation: Asset turnover equals 7.16%, below the industry peer mean of 10.45% and peer median of 10.87%, signaling lower revenue generation per dollar of assets. Capital expenditures totaled −$365,452,000 with planned 2026 development and midstream spending guided materially higher to support Western Haynesville growth plans.
Earnings and valuation inputs: Diluted EPS registered $0.97 versus an estimate of $0.10, an EPS beat of 870%. Reported PE equals 139.38x with forward PE near 70.02x. Enterprise multiple reads 16.47 and EV stands at $9,418,915,437 versus market capitalization of $6,535,406,437. The business delivered substantial reserve additions and asset sales that drove reported gains in the period; however, negative free cash flow and elevated capital plans will pressure near-term cash generation.
Valuation conclusion: The current valuation as determined by WMDST classifies the stock as over-valued, reflecting high multiples, negative free cash flow yield, and meaningful leverage despite strong reported margins and reserve additions.
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 | $ 41.3 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 | $ 0.35 | |
| 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: 28.107 CRK: 16.466 low: -16.072 |
|
| 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 | high: 0.766 CRK: 0.415 mean: 0.186 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: 10.642 CRK: 2.469 median: 2.011 mean: 1.842 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: 65.219 CRK: 13.193 median: 10.615 mean: 10.536 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: 0.406 median: 0.109 mean: 0.105 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: 12.339 median: 1.632 mean: 1.456 CRK: 0.495 low: 0.06 |
|
| 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: 15.439 median: 14.788 CRK: 7.394 low: -26.844 |
|
| 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: 64.987 % CRK: 10.121 % mean: -0.048 % 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: 52.524 % CRK: 26.199 % low: -71.273 % |
|
| EBIT Margin | 83.678 % | |
| EBIT Margin QoQ | 94.591 % | |
| EBIT Margin YoY | -480.13 % | |
| EBIT Margin IPRWA | high: 91.583 % CRK: 83.678 % mean: 21.62 % median: 17.265 % low: -105.14 % |
|
| Return On Sales (ROS) | 23.147 % | |
| Return On Sales QoQ | 97.567 % | |
| Return On Sales YoY | -205.152 % | |
| Return On Sales IPRWA | high: 91.583 % median: 29.489 % mean: 27.167 % 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: 1.5 % 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: 0.184 % CRK: -25.031 % median: -33.909 % mean: -49.928 % low: -208.358 % |
|
| 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: 19.923 % CRK: 4.412 % mean: 1.593 % median: 1.348 % low: -20.698 % |
|
| 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 | high: 0.19 CRK: 0.115 mean: 0.026 median: 0.024 low: -0.1 |
|
| 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: 2.209 % median: 1.997 % low: -14.634 % |
|