Comstock Resources Inc (CRK)
🔔 Watch stock
symbol.quality_heading
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
The business works: 7.0 trillion cubic feet equivalent of proved reserves, 99 percent of them company-operated, lease operating expense of $0.29 per Mcfe in the first quarter of 2026, stockholders' equity of $2,757.5 million and $1.27 billion of liquidity with covenants met. There is no sign of a threat to the company itself, no accounting or governance break. What is open is a material operating question, and it is four years old: the company has generated no free cash flow since 2023, production has fallen two years in a row, and the Western Haynesville buildout still has to prove it returns more than it costs. On top sits an interest burden of $222.8 million a year, which in a weak gas year such as 2024 operating income could not cover. That is not an existential question, but it is considerably more than a formality. Hence yellow: documented substance, unproven return of capital. The decision is yours.
symbol.quality_note
Comstock Resources posted its best result since the 2022 gas price boom in 2025: $420.2 million in net income on $2,220.3 million in revenue. That is why the stock screens cheap at a price-to-earnings ratio of roughly 6. The filings with the U.S. securities regulator, the SEC, also show the other side: since 2023 the drilling program has cost more every year than the business brought in, debt stands at $2,947.6 million — and 71 percent of the shares belong to one man. Not investment advice, just the question of who ends up owning the wells.
Read the analysis
Stock Watch
This analysis is as of July 26, 2026. Stock Watch will tell you what's changed at CRK since then.
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Appears in These Scanners
This stock currently matches 6 of our scanner strategies — each hit links to the scanner.
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 13.30 $ — 6% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
AI Rating
NeutralComstock Resources verkauft Erdgas; in den sechs geprüften Berichten ist kein KI-Produkt, kein KI-Umsatz und kein operativer KI-Einsatz belegt — Rechenzentren tauchen nur als Nachfragetreiber für Gas auf, „artificial intelligence“ nur in der Standard-Passage zu Cyberangriffen.
View the full file — quotes, sources, reviewed filings
„to provide natural gas for new power generation in Western Haynesville to support hyperscaler data center development with initial capacity of 2 gigawatts and potential expansion to 8 gigawatts"
um Erdgas für neue Stromerzeugung im Western Haynesville bereitzustellen und damit den Aufbau von Hyperscaler-Rechenzentren mit einer anfänglichen Kapazität von 2 Gigawatt und einer möglichen Erweiterung auf 8 Gigawatt zu unterstützen
„Threat actors may leverage AI and machine learning, technologies to conduct more sophisticated surveillance, reconnaissance and attacks against our systems."
Angreifer können KI- und Maschinenlern-Technologien einsetzen, um ausgefeiltere Überwachung, Ausspähung und Angriffe gegen unsere Systeme durchzuführen.
Filings Reviewed: 10-Q 2026-05-06 · 10-K 2026-02-19 · 10-Q 2025-11-04 · 10-Q 2025-07-31 · 10-Q 2025-05-01 · 10-K 2025-02-21
Rated on July 26, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Analysts & Price Target
The price target sits 16.5% above the current price.
- Consensus
- Hold
- Analyst Ratings
- 15
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 0.41 | 0.29 – 0.48 | 1,931 | -25.0% | 5 |
| 12/31/2027 | 0.98 | 0.28 – 1.89 | 2,224 | 142.8% | 9 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.16 | -141.60 | 367 | -10.70 | -12.90 | 267 | -13 |
| 2025: Q1 | -0.42 | – | 513 | 52.70 | -23.60 | 175 | -124 |
| 2025: Q2 | 0.42 | – | 470 | 90.50 | 26.50 | 348 | 4 |
| 2025: Q3 | 0.38 | – | 450 | 47.70 | 24.70 | 153 | -188 |
| 2025: Q4 | 0.95 | – | 787 | 114.80 | 56.40 | 224 | -141 |
| 2026: Q1 | 0.47 | – | 587 | 14.50 | 23.20 | 272 | -144 |
| 2026: Q2 | 0.03 | -92.90 | 353 | -24.90 | 2.50 | 170 | -262 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Annual Figures
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 176 | -184 | -135 | -11.52 | -24 | -271 | 890 |
| 2017 | 255 | 0 | -111 | -7.61 | 175 | -369 | 930 |
| 2018 | 255 | 0 | -111 | -1.06 | 188 | 570 | 2,188 |
| 2019 | 769 | 275 | 97 | 0.52 | 451 | 1,143 | 4,657 |
| 2020 | 858 | 163 | -52 | -0.24 | 576 | 1,442 | 4,743 |
| 2021 | 1,851 | 901 | -242 | -1.04 | 859 | 1,188 | 4,668 |
| 2022 | 3,628 | 2,281 | 1,141 | 4.11 | 1,698 | 2,278 | 5,694 |
| 2023 | 1,565 | 227 | 212 | 0.77 | 1,017 | 2,358 | 6,254 |
| 2024 | 1,254 | -169 | -219 | -0.76 | 620 | 2,241 | 6,382 |
| 2025 | 1,908 | 363 | 396 | 1.35 | 900 | 2,647 | 7,007 |
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Assessment: Opportunities & Risks
As of December 31, 2025 Comstock reported proved reserves of 7.0 trillion cubic feet equivalent with a PV-10 value of $4,463.3 million, spread across 1,069,991 acres in the Haynesville and Bossier shales. The location is the real asset: short distances to the Gulf Coast, where LNG terminals, petrochemicals and new power generation carry demand. Comstock operates 99 percent of that reserve base itself.
The $420.2 million of net income in 2025 includes a $291.9 million gain on the sale of the Shelby Trough and Cotton Valley properties plus $82.5 million from derivatives. Without the disposal gain, operating income would be $353.9 million instead of $645.9 million. Anyone computing a price-to-earnings ratio of about 6 on the last twelve months is computing it on those one-time items.
Three years running, capital spending exceeded cash from operations: $1,425.1 million against $1,016.8 million (2023), $1,097.5 million against $620.3 million (2024) and $1,349.3 million against $899.6 million (2025). The first quarter of 2026 continued at $415.8 million against $272.0 million, with a further $1.1 billion to $1.2 billion planned for the rest of the year. So far the gap has been closed with asset sales and borrowings.
Against $2,947.6 million of debt as of March 31, 2026 stood $14.8 million of cash; interest expense of $222.8 million in 2025 consumed more than a third of operating income. In 2024, operating income of minus $168.6 million did not cover interest at all. On the other side: $1.27 billion of liquidity, covenants met as of March 31, 2026, and no major maturity before 2029.
The Jones entities held 208,300,084 shares, or 70.9 percent, as of April 7, 2026 and may designate five of the nine board seats; four seats were vacant at that point. The majority holder has been buying, not selling — a March 2024 private placement of 12,500,000 shares raised $100.5 million. A patient anchor shareholder is an advantage; the flip side is that the roughly 21.6 percent free float decides nothing.
At roughly $4.0 billion of market value (data as of July 24, 2026) plus $2,947.6 million of debt, enterprise value comes to roughly $6.9 billion — about 10.7 times 2025 operating income and roughly 55 percent above the $4.5 billion PV-10 value of proved reserves. That premium is the price of the drilling inventory not yet booked as reserves in the Western Haynesville. The average analyst price target of $15.58 sits about 15 percent above the implied share price, and the consensus rating is hold.
Comstock Resources owns one of the best gas assets in North America and delivered its best result since 2022 in 2025, at $420.2 million of net income. The catch is in the cash flow statement: since 2023 the drilling program has cost $200 million to $500 million a year more than the business brought in, funded by asset sales and borrowings; interest of $222.8 million eats more than a third of operating income; and hedging turned a 19 percent higher gas price into a lower realized price in the first quarter of 2026. Buying here is not a bet on the reserves — those are not in dispute — but on the Western Haynesville eventually sending money back rather than only swallowing it. Not investment advice.
- Comstock reached our research list through our in-house stock scanner: the stock sits on the U.S. side of the list Fundamental Rank (A / A+), which sorts companies by the quality of their numbers (as of July 26, 2026; 38 U.S. names meet the criteria and the page shows the first 25). On the same date CRK appeared in seven lists at once, among them Professionals 80%, Big Earnings Surprise and the pure rankings by price-to-earnings and price-to-cash-flow. The lists are recalculated daily.
- Recency: this analysis works from the annual report 10-K for 2025 (February 19, 2026), the quarterly report 10-Q as of March 31, 2026 (May 6, 2026) and every filing submitted since — the proxy statement DEF 14A of April 22, 2026, the current report 8-K of June 3, 2026 (annual meeting) and the current report 8-K of June 16, 2026 (Sixth Street). One item in the quarterly report is therefore out of date: the redemption of the Pinnacle preferred equity, described there as planned for the second quarter of 2026, was completed on June 15, 2026.
- Name confusion: Comstock Resources (CRK, CIK 23194) is neither Comstock Inc. (LODE, CIK 1120970) nor Comstock Holding Companies (CHCI, CIK 1299969). Three separate registrants filing their own reports with the SEC.
- Valuation figures are dated and evergreen: the implied share price of $13.52 comes from the roughly $4.0 billion market value (data as of July 24, 2026) divided by the 293,695,832 shares the quarterly report shows as of March 31, 2026. Analyses are evergreen; daily prices are not a buy argument.
About the Company
Comstock Resources, Inc., ein unabhängiges Energieunternehmen, beschäftigt sich mit dem Erwerb, der Exploration, der Erschließung und der Förderung von Erdgas- und Ölvorkommen in den USA.
| Employees | 252 |
|---|---|
| Headquarters | Frisco, TX |
| Address | Comstock Tower, 75034 Frisco, United States |
| Phone | 972 668 8800 |
| Website | comstockresources.com |
| IPO Date | 26. Mar 1990 |
| ISIN | US2057683029 |
| Stock Split | 1:5 on 08/01/2016 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Miles Jay Allison J.D. | Chairman of the Board & CEO | 1956 |
| Roland O. Burns CPA | President, CFO, Secretary & Director | 1960 |
| Daniel S. Harrison | Chief Operating Officer | 1964 |
| Clifford Doyle Newell III | VP of Corporate Development & Chief Commercial Officer | 1979 |
| Daniel K. Presley | VP of Accounting, Controller & Treasurer | 1960 |
| Ronald Eugene Mills | Vice President of Finance & Investor Relations | 1972 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 31, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.