Recent News
May 5, 2026 — Comstock released first-quarter 2026 financial and operating results, reporting natural gas and oil sales of $339 million, operating cash flow of $192 million, adjusted EBITDAX of $251 million and adjusted net income of $44 million ($0.15 per share). The release detailed drilling and well turn activity in Western and Legacy Haynesville areas.
March 23, 2026 — The company announced selection of its Western Haynesville acreage to host the Texas Natural Gas-Fired Power Generation Hub, a NextEra-backed project tied to a U.S.–Japan investment initiative; the facility could reach up to 5.2 GW and would source material natural gas from Comstock operations.
Technical Analysis
Directional indicators show growing negative pressure: DI+ sits at 16.11 and is decreasing, while DI- sits at 29.33 following a dip & reversal; ADX at 23.68 registers as an emerging trend. Together these readings indicate bearish directional momentum gaining traction and increasing the likelihood of further downside bias relative to the current valuation.
MACD at -0.82 with a peak-and-reversal in the MACD trend and a signal line at -0.75 confirms bearish momentum; the MACD peak-and-reversal aligns with the directional indicators and signals reduced bullish momentum over the near term.
MRO stands at -32.41 with a dip & reversal, which means price sits materially below the regression target and creates upward potential via mean reversion; however, that potential must compete with prevailing bearish momentum and structural resistance from averages and cloud levels.
RSI at 40.71 with a peak & reversal registers below neutral and signals room for either a bounce toward short-term averages or continued selling pressure; its current position supports a near-term bias that favors downside pressure while leaving scope for short-covering rallies.
Price sits below key averages: close $14.80 versus the 20-day average $16.87, 50-day $19.08 and 200-day $19.98; the 12-day EMA peaked and reversed. The ichimoku Tenkan at $16.09 and Kijun at $18.86 place price under the cloud (Senkou A $21.10 / Senkou B $21.94), reinforcing resistance overhead and a lower-price bias until price clears those levels.
Bollinger positioning shows the close marginally below the lower 2× standard-deviation band ($14.85), which raises short-term mean-reversion risk; trading volume at 4.06M exceeds the 10-day average (2.40M), indicating higher conviction on the recent move and validating the technical momentum readings.
Fundamental Analysis
EPS and guidance: Reported EPS $0.15 missed the $0.23 estimate for the period (EPS surprise -34.78%), while forward EPS sits at $0.354. The year-over-year earnings data show large negative swings: reported earnings growth metrics indicate a sequential recovery (earnings growth QoQ +40.89%) against a large negative longer-term comparison (earnings growth YoY -776.29% as provided). Those dynamics reflect recent operational improvements layered on prior-period comparability effects.
Valuation multiples present elevated headline multiples versus peers: trailing P/E at 128.63 and forward P/E at 60.03 sit above the industry peer mean (trailing peer mean ~37.66; forward peer mean ~34.77) and above the industry peer median. The PEG ratio remains negative at -1.52, with the industry peer mean/median for PEG notably positive; the negative PEG reflects current earnings base effects and expected EPS progression rather than a conventional growth multiple. Use of the WMDST valuation flag classifies the stock as over-valued relative to those factors.
Capital structure and liquidity: Invested capital stands at $2.8835 billion and long-term debt totals roughly $3.0 billion with bank credit facility borrowings around $350 million as of March 31, 2026; cost of debt near 1.47% for variable borrowings and hedges covering a significant portion of 2026 production at roughly $3.50–$4.44 floor/ceiling levels. The company reported $14.8 million of cash and significant unused borrowing capacity, implying available liquidity to fund development but leaving leverage and interest exposure as relevant valuation anchors.
Operational metrics: First-quarter well turns and average initial production rates strengthened Haynesville output metrics; production per well and wells turned to sales highlight execution in core basins and support the company’s forward EPS and cash-flow profile referenced above.
Valuation summary: The current valuation, as determined by WMDST, classifies the stock as over-valued. Elevated trailing and forward P/E multiples versus the industry peer mean and median, combined with a negative PEG and a pronounced prior-period earnings deficit, create valuation pressure that operational improvements must materially offset to compress multiples toward peer norms.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-05-05 |
| NEXT REPORT DATE: | 2026-08-04 |
| CASH FLOW | Begin Period Cash Flow | — |
| Operating Cash Flow | — | |
| Capital Expenditures | — | |
| Change In Working Capital | — | |
| Dividends Paid | — | |
| Cash Flow Delta | — | |
| End Period Cash Flow | — | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | — | |
| Forward Revenue | — | |
| COSTS | ||
| Cost Of Revenue | — | |
| Depreciation | — | |
| Depreciation and Amortization | — | |
| Research and Development | — | |
| Total Operating Expenses | — | |
| PROFITABILITY | ||
| Gross Profit | — | |
| EBITDA | — | |
| EBIT | — | |
| Operating Income | — | |
| Interest Income | — | |
| Interest Expense | — | |
| Net Interest Income | — | |
| Income Before Tax | — | |
| Tax Provision | — | |
| Tax Rate | — | |
| Net Income | — | |
| Net Income From Continuing Operations | — | |
| EARNINGS | ||
| EPS Estimate | $ 0.23 | |
| EPS Actual | $ 0.15 | |
| EPS Difference | $ -0.08 | |
| EPS Surprise | -34.783 % | |
| Forward EPS | $ 0.35 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | — | |
| Intangible Assets | — | |
| Net Tangible Assets | — | |
| Total Current Assets | — | |
| Cash and Short-Term Investments | — | |
| Cash | — | |
| Net Receivables | — | |
| Inventory | — | |
| Long-Term Investments | — | |
| LIABILITIES | ||
| Accounts Payable | — | |
| Short-Term Debt | — | |
| Total Current Liabilities | — | |
| Net Debt | — | |
| Total Debt | — | |
| Total Liabilities | — | |
| EQUITY | ||
| Total Equity | — | |
| Retained Earnings | — | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | — | |
| Shares Outstanding | — | |
| Revenue Per-Share | — | |
| VALUATION | Market Capitalization | — |
| Enterprise Value | — | |
| Enterprise Multiple | — | |
| Enterprise Multiple QoQ | — | |
| Enterprise Multiple YoY | — | |
| Enterprise Multiple IPRWA | — | |
| EV/R | — | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | — | |
| Asset To Liability | — | |
| Debt To Capital | — | |
| Debt To Assets | — | |
| Debt To Assets QoQ | — | |
| Debt To Assets YoY | — | |
| Debt To Assets IPRWA | — | |
| Debt To Equity | — | |
| Debt To Equity QoQ | — | |
| Debt To Equity YoY | — | |
| Debt To Equity IPRWA | — | |
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | — | |
| Price To Book QoQ | — | |
| Price To Book YoY | — | |
| Price To Book IPRWA | — | |
| Price To Earnings (P/E) | 128.629 | |
| Price To Earnings QoQ | -7.714 % | |
| Price To Earnings YoY | 24.186 % | |
| Price To Earnings IPRWA | CRK: 128.629 high: 51.672 median: 38.452 mean: 37.661 low: 33.043 |
|
| PE/G Ratio | -1.522 | |
| Price To Sales (P/S) | — | |
| Price To Sales QoQ | — | |
| Price To Sales YoY | — | |
| Price To Sales IPRWA | — | |
| FORWARD MULTIPLES | ||
| Forward P/E | 60.028 | |
| Forward PE/G | -0.71 | |
| Forward P/S | — | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | — | |
| ASSET & SALES | ||
| Asset Turnover Ratio | — | |
| Asset Turnover Ratio QoQ | — | |
| Asset Turnover Ratio YoY | — | |
| Asset Turnover Ratio IPRWA | — | |
| Receivables Turnover | — | |
| Receivables Turnover Ratio QoQ | — | |
| Receivables Turnover Ratio YoY | — | |
| Receivables Turnover Ratio IPRWA | — | |
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | — | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 61.127 CRK: 0 median: -4.124 mean: -19.409 low: -57781.763 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | — | |
| CapEx To Revenue | — | |
| CapEx To Depreciation | — | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | — | |
| Net Invested Capital | — | |
| Invested Capital | $ 2.9 B | |
| Net Tangible Assets | — | |
| Net Working Capital | — | |
| LIQUIDITY | ||
| Cash Ratio | — | |
| Current Ratio | — | |
| Current Ratio QoQ | — | |
| Current Ratio YoY | — | |
| Current Ratio IPRWA | — | |
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | — | |
| Cost Of Debt | 1.467 % | |
| Interest Coverage Ratio | — | |
| Interest Coverage Ratio QoQ | — | |
| Interest Coverage Ratio YoY | — | |
| Interest Coverage Ratio IPRWA | — | |
| Operating Cash Flow Ratio | — | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | — | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | — | |
| Revenue Growth | 0.0 % | |
| Revenue Growth QoQ | -100.0 % | |
| Revenue Growth YoY | -100.0 % | |
| Revenue Growth IPRWA | high: 45.123 % mean: 22.944 % median: 19.547 % CRK: 0.0 % low: -29.06 % |
|
| Earnings Growth | -84.536 % | |
| Earnings Growth QoQ | 40.893 % | |
| Earnings Growth YoY | -776.288 % | |
| Earnings Growth IPRWA | high: 85.484 % mean: 54.713 % median: 27.273 % low: 6.122 % CRK: -84.536 % |
|
| MARGINS | ||
| Gross Margin | — | |
| Gross Margin QoQ | — | |
| Gross Margin YoY | — | |
| Gross Margin IPRWA | — | |
| EBIT Margin | — | |
| EBIT Margin QoQ | — | |
| EBIT Margin YoY | — | |
| EBIT Margin IPRWA | — | |
| Return On Sales (ROS) | — | |
| Return On Sales QoQ | — | |
| Return On Sales YoY | — | |
| Return On Sales IPRWA | — | |
| CASH FLOW | ||
| Free Cash Flow (FCF) | — | |
| Free Cash Flow Yield | — | |
| Free Cash Flow Yield QoQ | — | |
| Free Cash Flow Yield YoY | — | |
| Free Cash Flow Yield IPRWA | — | |
| Free Cash Growth | — | |
| Free Cash Growth QoQ | — | |
| Free Cash Growth YoY | — | |
| Free Cash Growth IPRWA | — | |
| Free Cash To Net Income | — | |
| Cash Flow Margin | 0.0 % | |
| Cash Flow To Earnings | 0.0 | |
| VALUE & RETURNS | ||
| Economic Value Added | — | |
| Return On Assets (ROA) | — | |
| Return On Assets QoQ | — | |
| Return On Assets YoY | — | |
| Return On Assets IPRWA | — | |
| Return On Capital Employed (ROCE) | — | |
| Return On Equity (ROE) | — | |
| Return On Equity QoQ | — | |
| Return On Equity YoY | — | |
| Return On Equity IPRWA | — | |
| DuPont ROE | — | |
| Return On Invested Capital (ROIC) | — | |
| Return On Invested Capital QoQ | — | |
| Return On Invested Capital YoY | — | |
| Return On Invested Capital IPRWA | — | |