Recent News
On June 15, 2026 Comstock announced a $600 million minority-equity investment by Sixth Street in its midstream unit Pinnacle Gas Services; proceeds funded redemption of Pinnacle preferred equity and outstanding indebtedness. On July 29, 2026 Comstock released second-quarter 2026 results reporting production growth versus the prior quarter, well turn activity in the Western and Legacy Haynesville, and related financial statements and disclosures.
Technical Analysis
ADX at 17.62 signals no established trend; strength readings remain subdued, which supports the idea of sideways consolidation rather than an extended directional move. That lack of trend reduces conviction for breakout trades and keeps near-term moves range-limited.
DI+ shows a dip & reversal while DI- shows a peak & reversal, a configuration that reads as bullish on directional indicators; that bullish DI configuration aligns with short-term upside momentum but must overcome the low ADX before a sustained trend can form.
MACD at 0.17 has dipped & reversed and sits above its signal line (0.07), producing a bullish momentum signal; the MACD crossover supports the view of a modest rebound in the coming weeks rather than immediate strong acceleration.
MRO at -6.24 has dipped & reversed and remains negative, indicating price sits below the regression target and therefore contains upward potential toward fair-value estimates; magnitude suggests mild-to-moderate reversion potential over short horizons.
RSI 49.73 is increasing and remains near neutral, which implies momentum improvement without overbought conditions; the RSI profile favors mean-reversion rallies rather than extended runs.
Price sits above short-term averages—20-day $13.96 and 50-day $13.62—and above the 12-day EMA (dip & reversal), supporting the short-term bullish tilt; price remains below the 200-day average of $18.40, indicating longer-term downtrend pressure that limits durable upside until that level breaks.
Ichimoku levels place price above Senkou A ($13.89) and Tenkan ($14.10) but below Senkou B ($15.12), which creates near-term support at the cloud’s lower bounds and resistance at the cloud top; this structure favors gradual gains inside the cloud rather than a decisive breakout above longer-term resistance.
Bollinger bands show the close just above the 1x upper band ($14.37) but below the 2x upper band ($14.79), suggesting recent upside tested the short-term band without extreme volatility; volume over the last ten days averages below the 200-day level, so moves lack strong breadth so far.
Fundamental Analysis
Revenue totaled $351,702,000 for the period. QoQ revenue movement shows a large negative change reported as -319.45% (revenueGrowthQoQ -3.19447) while year-over-year revenue growth shows +380.86% (revenueGrowthYoY 3.80855); treat those magnitudes as the company reported. Operating cash flow reached $170,205,000 while free cash flow registered negative $261,721,000, yielding a free-cash-flow yield of -6.15%.
EBIT $67,205,000 and EBITDA $234,637,000 produce an EBIT margin of 19.11%. That EBIT margin sits below the industry peer mean of 41.34% and below the industry peer median of 41.98%, indicating comparatively lower operating profitability versus peers despite positive absolute margin. QoQ EBIT margin change of -36.98% and YoY change of -72.55% reflect meaningful margin compression versus recent periods.
Net income of $8,766,000 produced EPS of $0.03 versus an estimate of $0.01, an EPS surprise of 200% driven by a $0.02 beat; the surprise tightened headline downside risk but does not erase underlying cash-flow shortfalls. Operating margin of 5.97% and return-on-equity of 0.34% remain low relative to typical industry performance.
Balance-sheet leverage stands elevated: total debt $3,172,829,000, net debt $3,053,762,000, and debt-to-EBITDA ~13.52x; interest coverage roughly 1.22 times. Debt-to-equity of 1.23x exceeds the industry peer mean of 0.3369, and debt-to-assets of 42.17% exceeds the industry peer mean of 17.84%, highlighting material capital-structure risk that pressures valuation.
Liquidity metrics reveal current ratio 0.48 and cash plus short-term investments $45,008,000; these imply constrained near-term liquidity relative to current liabilities of $711,896,000. The company used proceeds from the midstream investment to retire subsidiary preferreds and indebtedness, which improves consolidated leverage dynamics at the subsidiary level but leaves significant parent-level leverage.
Valuation multiples show P/E ~483.5 (current), forward P/E ~62.67, price-to-sales 12.11 and price-to-book 1.65 (below the industry peer mean P/B of 2.10). WMDST values the stock as over-valued; that valuation reflects weak free cash flow, elevated leverage, and compressed margins despite near-term production growth and an EPS beat.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-06-30 |
| REPORT DATE: | 2026-07-29 |
| NEXT REPORT DATE: | 2026-10-28 |
| CASH FLOW | Begin Period Cash Flow | $ 14.8 M |
| Operating Cash Flow | $ 170.2 M | |
| Capital Expenditures | $ -431.93 M | |
| Change In Working Capital | $ -18.30 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ 30.2 M | |
| End Period Cash Flow | $ 45.0 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 351.7 M | |
| Forward Revenue | $ 639.6 M | |
| COSTS | ||
| Cost Of Revenue | $ 309.1 M | |
| Depreciation | — | |
| Depreciation and Amortization | — | |
| Research and Development | — | |
| Total Operating Expenses | $ 330.7 M | |
| PROFITABILITY | ||
| Gross Profit | $ 42.6 M | |
| EBITDA | $ 234.6 M | |
| EBIT | $ 67.2 M | |
| Operating Income | $ 21.0 M | |
| Interest Income | — | |
| Interest Expense | $ 55.0 M | |
| Net Interest Income | $ -55.04 M | |
| Income Before Tax | $ 12.2 M | |
| Tax Provision | $ -2.84 M | |
| Tax Rate | 40.0 % | |
| Net Income | $ 8.8 M | |
| Net Income From Continuing Operations | $ 15.0 M | |
| EARNINGS | ||
| EPS Estimate | $ 0.01 | |
| EPS Actual | $ 0.03 | |
| EPS Difference | $ 0.02 | |
| EPS Surprise | 200.0 % | |
| Forward EPS | $ 0.22 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 7.5 B | |
| Intangible Assets | $ 335.9 M | |
| Net Tangible Assets | $ 2.2 B | |
| Total Current Assets | $ 338.6 M | |
| Cash and Short-Term Investments | $ 45.0 M | |
| Cash | $ 45.0 M | |
| Net Receivables | $ 180.6 M | |
| Inventory | — | |
| Long-Term Investments | — | |
| LIABILITIES | ||
| Accounts Payable | $ 503.1 M | |
| Short-Term Debt | — | |
| Total Current Liabilities | $ 711.9 M | |
| Net Debt | $ 3.1 B | |
| Total Debt | $ 3.2 B | |
| Total Liabilities | $ 4.4 B | |
| EQUITY | ||
| Total Equity | $ 2.6 B | |
| Retained Earnings | $ 1.2 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 8.78 | |
| Shares Outstanding | 293.621 M | |
| Revenue Per-Share | $ 1.20 | |
| VALUATION | Market Capitalization | $ 4.3 B |
| Enterprise Value | $ 7.4 B | |
| Enterprise Multiple | 31.483 | |
| Enterprise Multiple QoQ | 15.65 % | |
| Enterprise Multiple YoY | 74.961 % | |
| Enterprise Multiple IPRWA | high: 39.984 CRK: 31.483 mean: 16.889 median: 15.584 low: -2.194 |
|
| EV/R | 21.004 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.918 | |
| Asset To Liability | 1.725 | |
| Debt To Capital | 0.552 | |
| Debt To Assets | 0.422 | |
| Debt To Assets QoQ | 0.606 % | |
| Debt To Assets YoY | -9.215 % | |
| Debt To Assets IPRWA | CRK: 0.422 high: 0.32 mean: 0.178 median: 0.151 low: 0.011 |
|
| Debt To Equity | 1.23 | |
| Debt To Equity QoQ | 11.796 % | |
| Debt To Equity YoY | -11.238 % | |
| Debt To Equity IPRWA | CRK: 1.23 high: 1.145 mean: 0.337 median: 0.259 low: -0.454 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 1.651 | |
| Price To Book QoQ | -19.64 % | |
| Price To Book YoY | -34.511 % | |
| Price To Book IPRWA | high: 5.928 median: 2.255 mean: 2.101 CRK: 1.651 low: -0.595 |
|
| Price To Earnings (P/E) | 483.526 | |
| Price To Earnings QoQ | 275.906 % | |
| Price To Earnings YoY | 822.004 % | |
| Price To Earnings IPRWA | CRK: 483.526 high: 60.475 mean: 29.966 median: 26.969 low: 20.096 |
|
| PE/G Ratio | -6.044 | |
| Price To Sales (P/S) | 12.11 | |
| Price To Sales QoQ | 25.134 % | |
| Price To Sales YoY | 0.663 % | |
| Price To Sales IPRWA | high: 148.887 CRK: 12.11 mean: 8.581 median: 8.459 low: 3.355 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 62.67 | |
| Forward PE/G | -0.783 | |
| Forward P/S | 5.884 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 1.556 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.048 | |
| Asset Turnover Ratio QoQ | -42.044 % | |
| Asset Turnover Ratio YoY | -32.655 % | |
| Asset Turnover Ratio IPRWA | high: 0.243 median: 0.157 mean: 0.145 CRK: 0.048 low: 0.0 |
|
| Receivables Turnover | 2.012 | |
| Receivables Turnover Ratio QoQ | -29.292 % | |
| Receivables Turnover Ratio YoY | -18.284 % | |
| Receivables Turnover Ratio IPRWA | high: 23.551 mean: 2.941 median: 2.384 CRK: 2.012 low: 0.096 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 45.358 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -79.827 | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 45.789 mean: -32.738 median: -54.099 CRK: -79.827 low: -1538.434 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -0.942 | |
| CapEx To Revenue | -1.228 | |
| 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 | $ 2.2 B | |
| Net Working Capital | $ -373.33 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.063 | |
| Current Ratio | 0.476 | |
| Current Ratio QoQ | 16.724 % | |
| Current Ratio YoY | 32.278 % | |
| Current Ratio IPRWA | high: 22.477 median: 1.851 mean: 1.747 CRK: 0.476 low: 0.066 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 13.522 | |
| Cost Of Debt | 1.064 % | |
| Interest Coverage Ratio | 1.221 | |
| Interest Coverage Ratio QoQ | -63.511 % | |
| Interest Coverage Ratio YoY | -79.422 % | |
| Interest Coverage Ratio IPRWA | high: 83.612 median: 53.224 mean: 43.038 CRK: 1.221 low: -60.084 |
|
| Operating Cash Flow Ratio | 0.239 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 125.185 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 3.936 % | |
| Revenue Growth | -39.935 % | |
| Revenue Growth QoQ | -319.447 % | |
| Revenue Growth YoY | 380.855 % | |
| Revenue Growth IPRWA | high: 70.433 % median: 25.688 % mean: 17.728 % CRK: -39.935 % low: -89.777 % |
|
| Earnings Growth | -80.0 % | |
| Earnings Growth QoQ | -5.366 % | |
| Earnings Growth YoY | -155.385 % | |
| Earnings Growth IPRWA | high: 70.588 % median: 48.68 % mean: 37.381 % low: -46.154 % CRK: -80.0 % |
|
| MARGINS | ||
| Gross Margin | 12.107 % | |
| Gross Margin QoQ | -64.667 % | |
| Gross Margin YoY | -44.042 % | |
| Gross Margin IPRWA | high: 85.582 % median: 71.721 % mean: 61.929 % CRK: 12.107 % low: -111.111 % |
|
| EBIT Margin | 19.109 % | |
| EBIT Margin QoQ | -36.982 % | |
| EBIT Margin YoY | -72.552 % | |
| EBIT Margin IPRWA | high: 90.216 % median: 41.983 % mean: 41.337 % CRK: 19.109 % low: -645.823 % |
|
| Return On Sales (ROS) | 5.971 % | |
| Return On Sales QoQ | -79.799 % | |
| Return On Sales YoY | -68.607 % | |
| Return On Sales IPRWA | high: 68.145 % median: 40.605 % mean: 37.179 % CRK: 5.971 % low: -674.478 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -261.72 M | |
| Free Cash Flow Yield | -6.145 % | |
| Free Cash Flow Yield QoQ | 142.12 % | |
| Free Cash Flow Yield YoY | -10011.29 % | |
| Free Cash Flow Yield IPRWA | high: 9.766 % median: 4.018 % mean: 3.191 % CRK: -6.145 % low: -20.508 % |
|
| Free Cash Growth | 81.944 % | |
| Free Cash Growth QoQ | 4353.478 % | |
| Free Cash Growth YoY | -179.687 % | |
| Free Cash Growth IPRWA | high: 355.835 % median: 118.381 % mean: 98.013 % CRK: 81.944 % low: -245.512 % |
|
| Free Cash To Net Income | -29.856 | |
| Cash Flow Margin | -14.965 % | |
| Cash Flow To Earnings | 19.416 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 0.119 % | |
| Return On Assets QoQ | -92.109 % | |
| Return On Assets YoY | -93.663 % | |
| Return On Assets IPRWA | high: 10.029 % median: 5.037 % mean: 4.513 % CRK: 0.119 % low: -5.482 % |
|
| Return On Capital Employed (ROCE) | 0.986 % | |
| Return On Equity (ROE) | 0.003 | |
| Return On Equity QoQ | -91.275 % | |
| Return On Equity YoY | -93.889 % | |
| Return On Equity IPRWA | high: 0.102 median: 0.085 mean: 0.077 CRK: 0.003 low: -0.04 |
|
| DuPont ROE | 0.328 % | |
| Return On Invested Capital (ROIC) | 0.71 % | |
| Return On Invested Capital QoQ | -74.751 % | |
| Return On Invested Capital YoY | -85.557 % | |
| Return On Invested Capital IPRWA | high: 6.99 % median: 6.99 % mean: 6.118 % low: 2.889 % CRK: 0.71 % |
|