Comstock Resources Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
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.
Why this colour
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.
What the thesis turns on
Assessment: Opportunities & Risks
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.
Asset base and location
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.
Quality of earnings
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.
Free cash flow
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.
Balance sheet and interest burden
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.
Ownership and control
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.
Valuation
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.
Worth Noting
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.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at CRK since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 12.40 $ to 27.40 $ · Last price: 12.90 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
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.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Oil & Gas E&P
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Comstock Resources Inc CRK | 3.8 | 6.0 | 5.0 | 56.9 | – | 52.2 | -24.7 |
| ConocoPhillips COP | 162.3 | 22.7 | 6.5 | 47.6 | 22.1 | 7.5 | 46.4 |
| EOG Resources Inc EOG | 78.1 | 14.3 | 5.8 | 62.6 | 37.9 | -3.5 | 25.6 |
| Occidental Petroleum Corporation OXY | 59.0 | 77.4 | 5.6 | 73.3 | 17.7 | -20.3 | 26.8 |
| Devon Energy Corporation DVN | 55.7 | 13.4 | 7.4 | 50.3 | 6.9 | 7.8 | 42.1 |
| Diamondback Energy Inc FANG | 55.4 | 199.4 | 9.4 | 72.4 | 5.8 | 36.3 | 43.9 |
| EQT Corporation EQT | 31.6 | 9.8 | 5.6 | 80.8 | 57.4 | 73.7 | 2.1 |
| Texas Pacific Land Corporation TPL | 23.4 | 47.7 | 33.1 | 93.3 | 77.2 | 13.1 | 14.8 |
| Expand Energy Corporation EXE | 21.1 | 6.5 | 3.7 | 47.1 | 34.0 | 176.0 | -9.4 |
| Median of companies shown | 55.4 | 14.3 | 5.8 | 62.6 | 28.0 | 13.1 | 25.6 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
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.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($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 | 1,928 | 383 | 420 | 1.43 | 900 | 2,647 | 7,007 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
| 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 |
What Do These Terms Mean?
- 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.
Screening
Appears in These Scanners
This stock currently matches 5 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
Research
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
Outlook
Analysts & Price Target
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.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 0.39 | 0.25 – 0.65 | 1,918 | -27.1% | 10 |
| 12/31/2027 | 0.67 | 0.42 – 1.38 | 1,837 | 70.6% | 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.
Valuation
What is priced in?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Comstock 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
10-K · 2026-02-19 · View SEC filing
„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.
10-K · 2026-02-19 · View SEC filing
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
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -19.0%
- More than 10% revenue growth is expected for the coming year 19.1%
- Share count grows by less than 3% a year 2.0%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 30.5%
- Gross margin at 40% or higher and without meaningful erosion 22.9%
- Goodwill from acquisitions does not grow faster than revenue 4.8%
- Net debt below twice EBITDA 2.1 x EBITDA
- Operating cash flow covers the profits of the last three years 2,123 m
- Return on capital at 15% or higher, or up versus two years ago 6.1%
- Insiders hold at least 10% or are net buyers 75.0%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
2/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 30.5%
- Exp. sales growth 3Y > 5% -2.4%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% -31.5%
- Net debt < 4x EBIT 7.6x
- EBIT positive, 10Y straight 6
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% 18.2%
- ROCE > 15% 6.1%
- Expected return > 10% -39.6%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
The company
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
- 03/26/1990
- ISIN
- US2057683029
- Stock Split
- 1:5 on 08/01/2016
- Stock Split
- 1:4 on 03/15/1990
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.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
Data as of: September 17, 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.