Recent News
On March 23, 2026 Comstock announced its Western Haynesville acreage as the selected site to host a Texas natural gas‑fired power generation hub, a project structured under a U.S.–Japan investment framework and developed with NextEra Energy; the facility could reach up to 5.2 GW and Comstock may supply as much as ~1 Bcf/day by 2031.
Technical Analysis
ADX at 32.53 indicates a strong trend presence; trend strength favors continuation rather than range-bound chop.
Directional indicators conflict: DI+ shows a peak & reversal (bearish) while DI– shows a peak & reversal (bullish); this mix implies directional disagreement despite overall trend strength and raises the probability of short-term volatility around the prevailing trend.
MACD sits negative at -0.97 with a recent peak‑and‑reversal and trades below its signal (-0.95), signaling bearish momentum and that downside pressure retains technical control until momentum indicators reverse.
MRO at -38.85 (decreasing) indicates the price sits meaningfully below the model target, implying material mean‑reversion potential; magnitude implies a sizable move would be required to close that gap.
RSI at 39.44 and decreasing reads as bearish momentum without reaching oversold extremes; the indicator supports further consolidation or additional downside rather than an immediate relief rally.
Price sits below major averages: the close at $14.11 falls under the 20‑day average ($15.09), 50‑day average ($17.96) and 200‑day average ($19.76), aligning moving‑average pressure with the negative MACD and RSI trends.
Bollinger positioning places price near the lower band (1x lower = $13.87), suggesting limited immediate downside room inside the band structure but leaving scope for continued weakness if bands expand. Ichimoku components and the SuperTrend upper band (~$16.07) sit above price, reinforcing a technically bearish bias until price clears those levels.
Fundamental Analysis
Q1 operational and financials show production activity and cash flow but leave valuation stretched. Total revenue for the period registers at $585,534,000 with operating cash flow of $271,965,000 and net income of $107,450,000; EPS came in at $0.15 versus an estimate of $0.23, a shortfall of $0.08 (a -34.78% surprise).
Margins and profitability: EBIT margin equals 30.32%, slightly below the industry peer mean of 33.05% and materially below the industry peer median of 38.78%, while gross margin stands at 34.27% and operating margin at 29.56%—margins show operating strength but trail the central peer benchmarks.
Leverage and liquidity: total debt reached $3,034,315,000 with net debt of $2,932,822,000 and debt/EBITDA of 9.51x, indicating elevated leverage. Interest coverage equals 3.35x, materially below the industry peer mean (~30.33x), and the current ratio sits at 0.41 versus an industry peer mean of 1.42, signaling tight near‑term liquidity relative to peers.
Cash generation and valuation signals: free cash flow totaled negative $143,847,000 and free cash flow yield equals -2.54%, below the industry peer mean free cash flow yield (~2.40%). Price multiples run high: trailing PE equals 128.63x and forward PE about 60.03x, both well above the industry peer mean/median; the price‑to‑book ratio near 2.06 sits marginally above the industry peer mean of 2.04 but below the peer median of 2.27.
Growth dynamics show mixed periodicity: QoQ revenue growth equals +79.80% while YoY revenue growth reads -54.43%; earnings growth YoY registers sharply negative, reflecting timing and comparability effects across periods rather than clear sustainable acceleration.
Valuation summary: WMDST values the stock as over‑valued, driven by exceptionally high price multiples, negative free cash flow in the period, and elevated leverage relative to peer benchmarks; operating cash flow provides some offset but not enough to normalize multiples against peer means and medians.
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 | $ 23.9 M |
| Operating Cash Flow | $ 272.0 M | |
| Capital Expenditures | $ -415.81 M | |
| Change In Working Capital | $ 80.1 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -9.14 M | |
| End Period Cash Flow | $ 14.8 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 585.5 M | |
| Forward Revenue | $ 120.6 M | |
| COSTS | ||
| Cost Of Revenue | $ 384.9 M | |
| Depreciation | — | |
| Depreciation and Amortization | — | |
| Research and Development | — | |
| Total Operating Expenses | $ 412.5 M | |
| PROFITABILITY | ||
| Gross Profit | $ 200.6 M | |
| EBITDA | $ 319.1 M | |
| EBIT | $ 177.6 M | |
| Operating Income | $ 173.1 M | |
| Interest Income | — | |
| Interest Expense | $ 53.1 M | |
| Net Interest Income | $ -53.06 M | |
| Income Before Tax | $ 124.5 M | |
| Tax Provision | $ 12.0 M | |
| Tax Rate | 9.631 % | |
| Net Income | $ 107.5 M | |
| Net Income From Continuing Operations | $ 112.5 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.23 | |
| EPS Actual | $ 0.15 | |
| EPS Difference | $ -0.08 | |
| EPS Surprise | -34.783 % | |
| Forward EPS | $ 0.30 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 7.2 B | |
| Intangible Assets | $ 335.9 M | |
| Net Tangible Assets | $ 2.4 B | |
| Total Current Assets | $ 290.1 M | |
| Cash and Short-Term Investments | $ 14.8 M | |
| Cash | $ 14.8 M | |
| Net Receivables | $ 169.1 M | |
| Inventory | — | |
| Long-Term Investments | — | |
| LIABILITIES | ||
| Accounts Payable | $ 553.0 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 711.9 M | |
| Net Debt | $ 2.9 B | |
| Total Debt | $ 3.0 B | |
| Total Liabilities | $ 4.2 B | |
| EQUITY | ||
| Total Equity | $ 2.8 B | |
| Retained Earnings | $ 1.2 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 9.39 | |
| Shares Outstanding | 293.696 M | |
| Revenue Per-Share | $ 1.99 | |
| VALUATION | Market Capitalization | $ 5.7 B |
| Enterprise Value | $ 8.7 B | |
| Enterprise Multiple | 27.223 | |
| Enterprise Multiple QoQ | 65.327 % | |
| Enterprise Multiple YoY | -111.403 % | |
| Enterprise Multiple IPRWA | high: 123.054 CRK: 27.223 mean: 22.805 median: 19.556 low: -41.967 |
|
| EV/R | 14.835 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.625 | |
| Asset To Liability | 1.736 | |
| Debt To Capital | 0.524 | |
| Debt To Assets | 0.419 | |
| Debt To Assets QoQ | 1.01 % | |
| Debt To Assets YoY | -12.221 % | |
| Debt To Assets IPRWA | CRK: 0.419 high: 0.38 mean: 0.184 median: 0.156 low: 0.002 |
|
| Debt To Equity | 1.1 | |
| Debt To Equity QoQ | 0.175 % | |
| Debt To Equity YoY | -25.938 % | |
| Debt To Equity IPRWA | high: 1.275 CRK: 1.1 mean: 0.338 median: 0.269 low: -0.686 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 2.055 | |
| Price To Book QoQ | -16.773 % | |
| Price To Book YoY | -20.169 % | |
| Price To Book IPRWA | high: 14.381 median: 2.269 CRK: 2.055 mean: 2.043 low: -0.213 |
|
| 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: 36.82 low: 22.342 |
|
| PE/G Ratio | -1.522 | |
| Price To Sales (P/S) | 9.678 | |
| Price To Sales QoQ | -26.642 % | |
| Price To Sales YoY | -9.117 % | |
| Price To Sales IPRWA | high: 165.408 median: 10.377 mean: 9.747 CRK: 9.678 low: 2.831 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 60.028 | |
| Forward PE/G | -0.71 | |
| Forward P/S | 45.699 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -3.141 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.082 | |
| Asset Turnover Ratio QoQ | 14.885 % | |
| Asset Turnover Ratio YoY | 4.051 % | |
| Asset Turnover Ratio IPRWA | high: 0.234 median: 0.129 mean: 0.126 CRK: 0.082 low: 0.001 |
|
| Receivables Turnover | 2.845 | |
| Receivables Turnover Ratio QoQ | 19.317 % | |
| Receivables Turnover Ratio YoY | 6.337 % | |
| Receivables Turnover Ratio IPRWA | high: 2.885 CRK: 2.845 median: 2.153 mean: 2.116 low: 0.956 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 32.072 | |
| 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 | -1.388 | |
| CapEx To Revenue | -0.71 | |
| CapEx To Depreciation | — | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 5.7 B | |
| Net Invested Capital | $ 5.7 B | |
| Invested Capital | $ 5.7 B | |
| Net Tangible Assets | $ 2.4 B | |
| Net Working Capital | $ -421.86 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.021 | |
| Current Ratio | 0.407 | |
| Current Ratio QoQ | -17.649 % | |
| Current Ratio YoY | 3.139 % | |
| Current Ratio IPRWA | high: 11.719 median: 1.716 mean: 1.423 CRK: 0.407 low: 0.019 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 9.51 | |
| Cost Of Debt | 1.467 % | |
| Interest Coverage Ratio | 3.346 | |
| Interest Coverage Ratio QoQ | -54.747 % | |
| Interest Coverage Ratio YoY | -190.022 % | |
| Interest Coverage Ratio IPRWA | high: 74.441 median: 39.712 mean: 30.326 CRK: 3.346 low: -29.033 |
|
| Operating Cash Flow Ratio | 0.326 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 131.618 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 3.32 % | |
| Revenue Growth | 18.198 % | |
| Revenue Growth QoQ | 79.804 % | |
| Revenue Growth YoY | -54.426 % | |
| Revenue Growth IPRWA | high: 72.732 % mean: 24.023 % median: 19.547 % CRK: 18.198 % low: -63.35 % |
|
| Earnings Growth | -84.536 % | |
| Earnings Growth QoQ | 40.893 % | |
| Earnings Growth YoY | -776.288 % | |
| Earnings Growth IPRWA | high: 85.484 % mean: 53.318 % median: 50.22 % CRK: -84.536 % low: -90.0 % |
|
| MARGINS | ||
| Gross Margin | 34.265 % | |
| Gross Margin QoQ | 30.787 % | |
| Gross Margin YoY | 26.062 % | |
| Gross Margin IPRWA | high: 83.151 % median: 65.833 % mean: 58.704 % CRK: 34.265 % low: 3.834 % |
|
| EBIT Margin | 30.323 % | |
| EBIT Margin QoQ | -63.762 % | |
| EBIT Margin YoY | -176.294 % | |
| EBIT Margin IPRWA | high: 87.67 % median: 38.784 % mean: 33.05 % CRK: 30.323 % low: -56.023 % |
|
| Return On Sales (ROS) | 29.558 % | |
| Return On Sales QoQ | 27.697 % | |
| Return On Sales YoY | -174.369 % | |
| Return On Sales IPRWA | high: 87.67 % median: 36.89 % mean: 36.458 % CRK: 29.558 % low: -33.573 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -143.85 M | |
| Free Cash Flow Yield | -2.538 % | |
| Free Cash Flow Yield QoQ | 17.446 % | |
| Free Cash Flow Yield YoY | 12.202 % | |
| Free Cash Flow Yield IPRWA | high: 7.049 % mean: 2.404 % median: 1.885 % CRK: -2.538 % low: -7.812 % |
|
| Free Cash Growth | 1.84 % | |
| Free Cash Growth QoQ | -107.351 % | |
| Free Cash Growth YoY | -99.785 % | |
| Free Cash Growth IPRWA | high: 415.69 % mean: 61.713 % median: 38.14 % CRK: 1.84 % low: -234.458 % |
|
| Free Cash To Net Income | -1.339 | |
| Cash Flow Margin | 39.659 % | |
| Cash Flow To Earnings | 2.161 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 1.508 % | |
| Return On Assets QoQ | -65.82 % | |
| Return On Assets YoY | -180.728 % | |
| Return On Assets IPRWA | high: 13.756 % median: 3.765 % mean: 3.217 % CRK: 1.508 % low: -13.451 % |
|
| Return On Capital Employed (ROCE) | 2.72 % | |
| Return On Equity (ROE) | 0.039 | |
| Return On Equity QoQ | -66.239 % | |
| Return On Equity YoY | -168.165 % | |
| Return On Equity IPRWA | high: 0.237 median: 0.064 mean: 0.054 CRK: 0.039 low: -0.188 |
|
| DuPont ROE | 3.977 % | |
| Return On Invested Capital (ROIC) | 2.812 % | |
| Return On Invested Capital QoQ | -53.735 % | |
| Return On Invested Capital YoY | -218.901 % | |
| Return On Invested Capital IPRWA | high: 6.716 % median: 5.23 % mean: 4.417 % CRK: 2.812 % low: -26.279 % |
|