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On June 15, 2026 Comstock announced a $600 million minority equity investment by Sixth Street in its midstream unit Pinnacle Gas Services, with proceeds used to retire Pinnacle preferred equity and indebtedness; the company retained a 73% controlling interest.
Technical Analysis
Directional indicators (ADX / DI+ / DI-): ADX at 26.6 signals a strong trend environment; DI+ increasing to 30.39 while DI- falls to 14.03 indicates a bullish directional bias that supports the immediate positive price impulse relative to the valuation context.
MACD: MACD stands at 0.38, above the signal line at 0.24, and the MACD trend shows increasing momentum; the MACD crossing above its signal line constitutes a bullish momentum signal that reinforces near-term upward bias.
MRO (Momentum/Regression Oscillator): MRO shows a dip & reversal pattern at 1.96; because the MRO sits positive, price sits above the model target and faces a tendency toward mean reversion, implying upside may encounter resistance and short-term pullback risk.
RSI: RSI at 51.36 and increasing indicates building bullish momentum from neutral levels, supporting additional near-term gains but not yet reaching overbought territory.
Price vs moving averages and bands: Close at $14.95 sits above the 20-day average ($14.40) and 50-day average ($13.82) while remaining below the 200-day average ($18.11), signaling short-term bullishness against longer-term resistance; the stock trades near the upper 1x Bollinger band ($15.21), suggesting limited immediate upside before volatility-driven pullback.
Ichimoku & support: Price sits above Tenkan-sen ($14.76) and Kijun-sen ($14.12), with super trend lower support near $14.09—technical structure favors short-term continuation, but the 200-day average and upper band form clear technical ceilings.
Volume & volatility: Latest volume (2.61M) runs below the 10-day average (3.31M) but slightly above the 200-day average (2.52M); 42-day volatility (3%) and 52-week volatility (4%) denote subdued realized movement relative to the typical energy-sector spikes.
Fundamental Analysis
Profitability: EBIT $67,205,000 and EBITDA $234,637,000 produce an EBIT margin of 19.11% and an operating margin of 5.97%. The EBIT margin sits below the industry peer mean of 41.34% and below the industry peer median of 41.98%, indicating relative margin compression versus peers despite positive absolute EBIT.
Revenue and earnings trends: Total revenue $351,702,000. Reported EPS $0.03 versus an estimate of $0.01 (EPS surprise +$0.02; EPS surprise ratio 2.0), showing an earnings beat on the quarter. Reported revenue growth shows mixed signals across the provided fields; use caution interpreting the sequence of QoQ and YoY growth inputs when reconciling short-period volatility with operating performance.
Cash flow and capital: Operating cash flow $170,205,000 contrasts with negative free cash flow of -$261,721,000; free cash flow yield equals -6.15%. Capital expenditures totaled $431,926,000, contributing to negative free cash flow while operating cash generation remains positive—the company currently consumes capital to support development activity.
Leverage and coverage: Net debt stands at $3,053,762,000 with debt-to-EBITDA about 13.52x and enterprise multiple 31.48x; debt-to-equity at 1.23x and debt-to-assets at 42.17% both sit above the industry peer means. Interest coverage near 1.22x signals limited earnings cover for interest. The June Pinnacle transaction provides immediate balance-sheet relief by eliminating Pinnacle preferred equity and Pinnacle indebtedness, materially reducing subsidiary-level obligations.
Valuation metrics: Trailing P/E sits at 483.53x while forward P/E at 62.67x; price-to-book 1.65 and price-to-sales 12.11. The forward P/E trades above the industry peer mean forward P/E of 35.51. WMDST values the stock as over-valued given current multiples and elevated net leverage relative to peer benchmarks.
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 | $ 534.1 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 | $ 0.18 | |
| 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 % |
|