Comstock Resources Inc (CRK) stock analysis
Close on Nov 12, 2026Market cap $4.42BP/E 10.3Yield 0.00%
StockData Score
Prices as of Nov 11, 2026How the score works
Weak6 of 30 checks passed
Comstock Resources passes 6 of the 30 checks behind our score; 8 could not be run for lack of data and count as not passed. Each dot in the shape is one check — hover it for the numbers.
- Valuation
- 0/6
- Growth
- 1/6
- Past performance
- 3/6
- Financial health
- 2/6
- Dividend
- 0/6
What stands out
Debt covered by cash flow
Operating cash flow over the last twelve months equals 25.2% of total debt.
Growing faster than the industry
Revenue grew 17.6% over the last twelve months; the Crude Petroleum and Natural Gas median is 8.7%.
Return on equity above the industry
Comstock Resources's return on equity of 16.9% is above the Crude Petroleum and Natural Gas median of 5.5%.
Net margin above its 5-year average
Net margin was 19.8% over the last twelve months, against a 5-year average of 6.0%.
What to watch
Margin of safety under 20%
The price is 29.2% above fair value, so there is no margin of safety.
Trading above fair value
The share price of $15.13 is above our fair value estimate of $11.71.
Return on equity under 15%
Return on equity was 16.9% over the last twelve months and averaged 12.2% over five years; we look for 15% on both.
Return on capital under 10%
Return on invested capital was 8.7%, below the 10% that usually covers the cost of capital.
Valuation0/6
P/E above its 5-year median
Comstock Resources's P/E of 10.4 is above its own 5-year median of 7.2.
P/E above the industry
Comstock Resources's P/E of 10.4 is above the Crude Petroleum and Natural Gas median of 10.4.
EV/EBITDA above its 5-year median
Comstock Resources's EV/EBITDA of 6.7 is above its 5-year median of 5.8.
P/B above the industry
Comstock Resources's price-to-book of 1.70 is above the Crude Petroleum and Natural Gas median of 1.33.
Trading above fair value
The share price of $15.13 is above our fair value estimate of $11.71.
Margin of safety under 20%
The price is 29.2% above fair value, so there is no margin of safety.
Growth1/6
Revenue growing under 10% a year
Revenue grew -15.1% a year over the last three fiscal years, short of the 10% we look for.
EPS growing under 10% a year
Diluted EPS grew -29.7% a year over the last three fiscal years.
Earnings acceleration
Needs positive net income now, a year ago and five years ago.
Growing faster than the industry
Revenue grew 17.6% over the last twelve months; the Crude Petroleum and Natural Gas median is 8.7%.
Guidance lowered
Comstock Resources lowered its 2026 Western Haynesville midstream system capital expenditures outlook on Feb 11, 2026.
Gross margin trend
This company does not report gross profit.
Past performance3/6
Return on equity under 15%
Return on equity was 16.9% over the last twelve months and averaged 12.2% over five years; we look for 15% on both.
Return on capital under 10%
Return on invested capital was 8.7%, below the 10% that usually covers the cost of capital.
Return on equity above the industry
Comstock Resources's return on equity of 16.9% is above the Crude Petroleum and Natural Gas median of 5.5%.
Earnings over 5 years
Needs positive net income five years ago and in the latest year.
Net margin above its 5-year average
Net margin was 19.8% over the last twelve months, against a 5-year average of 6.0%.
Net margin above the industry
Comstock Resources's net margin of 19.8% is above the Crude Petroleum and Natural Gas median of 3.8%.
Financial health2/6
High debt
Debt is 129% of shareholders' equity, above the 40% we consider low.
Debt falling against equity
Debt to equity fell from 199% five years ago to 129%.
Debt covered by cash flow
Operating cash flow over the last twelve months equals 25.2% of total debt.
Interest not well covered
Operating income covers interest expense 2.7 times; we look for at least 5.
Short-term assets don't cover short-term debts
Current assets are 0.60 times current liabilities.
Elevated bankruptcy risk
The Altman Z-score is 1.28; above 3 is the safe zone and below 1.8 the distress zone.
Dividend0/6
No dividend
Comstock Resources has not paid a dividend in the last twelve months.
Yield against Treasuries
No dividend.
Yield against the market
No dividend.
Dividend stability
No dividend.
Earnings cover
No dividend.
Cash-flow cover
No dividend.
Fair value
How we estimate itOur estimate per share
$11.71
The share price is 29% above this estimate.
| Method | Multiple used | Own 5Y median | Industry median | Value per share | Weight |
|---|---|---|---|---|---|
| P/E | 8.8× | 7.2× | 10.4× | $12.79 | 40% |
| EV/EBITDA | 5.5× | 5.8× | 5.3× | $12.29 | 35% |
| P/B | 1.6× | 1.9× | 1.3× | $14.35 | 10% |
| Earnings power | 9.7% cost of equity | – | – | $5.76 | 15% |
| Fair value | $11.71 | 100% | |||
Valuation over time
Using the earnings and balance sheet published at each date, not today's.
- P/E at month end
- Own 5-year median 7.2
- Crude Petroleum and Natural Gas median 10.4
An estimate from reported numbers and market multiples, not a price target or investment advice. It can be far off for companies whose profits are about to change sharply.
Market risk
From the past year of daily prices.
Liquidity
Low risk
- Average value traded per day
- $36.82M
- Value traded per 1% price move
- $16.56M
Downside
Medium risk
- Typical loss in a bad month
- 24.1%
- Volatility (annualized)
- 54%
- Sharpe ratio, 1 year
- -0.75
- Beta to the S&P 500 (5Y)
- 0.97
Typical bad-month loss, week by week
Margins
Share of revenue, fiscal years 2011 to 2025
Operating margin
Net margin
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +77.0% | -15.1% | +20.9% | – | |
| Operating income | – | -34.3% | +31.7% | – | |
| Net income | – | -29.4% | – | – | |
| EPS, diluted | – | -29.7% | – | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 61.1% | -4.4% | 16.2% | |
| Return on assets | -13.0% | -1.1% | 5.9% | |
| Current ratio | 0.98 | 0.45 | 0.49 | |
| Debt to equity | -3.85 | 1.99 | 1.06 | |
| Net debt to EBITDA | -23.13× | 4.29× | 2.16× | |
| Interest coverage | -1.4× | 0.7× | 2.9× | |
| Capex to revenue | – | 59.4% | 60.8% | |
| Diluted shares | 12M | 215M | 294M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Comstock Resources generated $5.10B from operations and spent $5.80B on capital expenditure, dividends and share buybacks. 97% of that went back into the business.
DuPont analysis
Return on equity split into margin, efficiency and leverage
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 17.8% | 0.33× | 2.74× | 16.2% |
| FY2024 | -18.3% | 0.20× | 2.75× | -10.0% |
| FY2023 | 13.5% | 0.26× | 2.58× | 9.1% |
| FY2022 | 31.0% | 0.70× | 3.15× | 68.4% |
| FY2021 | -14.0% | 0.40× | 4.08× | -22.7% |
| FY2020 | -6.1% | 0.18× | 3.85× | -4.4% |
| FY2019 | 12.6% | 0.22× | 4.00× | 11.3% |
| FY2017 | -43.6% | 0.28× | -2.84× | 34.8% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
- ProfitableNet income above zero$395.61M
- Cash generatingOperating cash flow above zero$899.61M
- Return on assets improvedROA up on the prior year-3.7% → 6.2%
- Earnings backed by cashOperating cash flow above net income$899.61M vs $395.61M
- Less leverageLong-term debt to assets fell46.3% → 40.1%
- Better liquidityCurrent ratio rose0.46 → 0.49
- No dilutionShare count did not rise287M → 294M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.20 → 0.35
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