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Comstock Resources, Inc. (CRK) USD

Natural gas–weighted independent E&P focused on the Haynesville and related US plays.

At a glance: strengths & risks
✗Revenue declining (-25% y/y, Q2 2026)✗Profit falling (-93% y/y, Q2 2026)✗Commodity price -13% vs 1-yr · -8% vs 3-yr✗Priced above model value

Sector: United States — oil & gas exploration & production

Geography: United States (Haynesville/Bossier)

US_EP_CRK

Price chart

15.26 USDDay 2.07%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
15.26 USD · 2.07%
Market cap
4.5 bn USD

Growth

Δ revenue y/y
-24.9%
Δ EBITDA y/y
-23.3%

Multiples

P/E (LTM)
8.8x
3y avg: 14.5x
P/B (FY)
1.7x
P/E (ann.)
127.8x
EV/EBITDA (LTM)
6.1x
3y avg: 6.9x
EV/EBITDA (ann.)
10.0x

Cash return

Dividend yield
—
FCF yield (LTM)
-1.0%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-60.6%
↓ details

Liquidity

Daily turnover (listing)
31.8 mln USD

Shares: sec_companyfacts/23194

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK353.3
y/y -24.9%
22.6
y/y -74.8%
167.4
y/y 5.7%
190.0
y/y -23.3%
8.8
y/y -93.0%
170.2-431.97524.7
y/y 12.4%
2579.1
y/y 15.0%
1.3%3124.9Link
2026-03-31Q1 2026 (3M)OK587.4
y/y 14.5%
174.9
y/y 38.6%
141.5
y/y -15.7%
316.4
y/y 7.6%
107.5
y/y —
272.0-415.87239.7
y/y 9.7%
2757.5
y/y 30.0%
15.9%3015.6Link
2025-12-31Q4 2025 (3M)OK787.3
y/y 114.3%
380.0
y/y 19688.9%
157.5
y/y -22.1%
537.5
y/y 168.5%
280.9
y/y 583.3%
224.2-365.57007.1
y/y 9.8%
2646.8
y/y 18.1%
15.8%2879.8Link
2025-09-30Q3 2025 (3M)OK449.9
y/y 47.7%
50.2
y/y —
157.4
y/y -24.5%
207.6
y/y 41.2%
111.1
y/y —
153.1-341.56841.0
y/y 8.4%
2360.3
y/y 2.8%
6.4%3183.9Link
2025-06-30Q2 2025 (3M)OK470.3
y/y 90.5%
89.4
y/y —
158.4
y/y -18.5%
247.8
y/y 143.6%
124.8
y/y —
347.6-344.36694.9
y/y 5.9%
2243.6
y/y -3.3%
22.9%3079.9Link
2025-03-31Q1 2025 (3M)OK512.9
y/y 52.7%
126.2
y/y —
167.9
y/y -12.0%
294.1
y/y 65.3%
-121.3
y/y —
174.7-298.06601.5
y/y 4.5%
2121.5
y/y -13.3%
-22.2%3114.9Link
2024-12-31Q4 2024 (3M)OK367.4
y/y -10.5%
-1.9
y/y -103.8%
202.1
y/y 8.9%
200.2
y/y -15.3%
-58.1
y/y -154.0%
267.1-280.06382.1
y/y 2.1%
2241.0
y/y -5.0%
-10.1%3019.0Link
2024-09-30Q3 2024 (3M)OK304.5
y/y -19.2%
-61.3
y/y -229.8%
208.3
y/y 40.6%
147.0
y/y -24.8%
-28.9
y/y -296.3%
98.2-229.36313.0
y/y 4.7%
2295.3
y/y 0.5%
-1.7%3017.5Link
2024-06-30Q2 2024 (3M)OK246.8
y/y -14.4%
-92.5
y/y —
194.2
y/y 38.5%
101.7
y/y -17.3%
-126.3
y/y —
83.6-236.76324.5
y/y 8.4%
2320.3
y/y 0.9%
-21.2%2927.3Link
2024-03-31Q1 2024 (3M)OK335.8
y/y -31.4%
-12.8
y/y -108.8%
190.7
y/y 42.3%
177.8
y/y -36.4%
-16.3
y/y -112.1%
171.5-351.56317.2
y/y 10.8%
2446.0
y/y 2.8%
-2.7%2793.7Link
2023-12-31Q4 2023 (3M)OK410.7
y/y —
50.8
y/y —
185.5
y/y —
236.3
y/y —
107.6
y/y —
228.2-336.26253.6
y/y —
2358.4
y/y —
9.1%2695.2Link
2023-09-30Q3 2023 (3M)OK376.7
y/y —
47.3
y/y —
148.2
y/y —
195.5
y/y —
14.7
y/y —
70.8-345.16031.1
y/y —
2282.8
y/y —
0.9%2631.7Link
2023-06-30Q2 2023 (3M)OK288.2
y/y —
-17.1
y/y —
140.2
y/y —
123.1
y/y —
-45.7
y/y —
331.5-372.95836.7
y/y —
2300.2
y/y —
-7.8%2349.3Link
2023-03-31Q1 2023 (3M)OK489.6
y/y —
145.6
y/y —
134.0
y/y —
279.6
y/y —
134.5
y/y —
386.4-371.05700.9
y/y —
2380.2
y/y —
—2217.1Link

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)38
Long-term debt (incl. LT leases)3 132
− Cash & equivalents45
Net debt3 125

Net debt / LTM EBITDA: 2.5x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02004006008002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-100%0%100%200%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-400-20002002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

01 0002 0003 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Worth a look
In a typical year of 2023–2025 operating cash flow came to 3.55x of reported net profit; after capex, -1.53x. Loss years (2024) are left out of the ratio.
year202320242025
cash flow / profit4.82x—2.27x
accruals, % of assets-12.9%-13.3%-7.2%
Last twelve months (to 2026-06-30): 1.61x of profit came back as operating cash flow.
net debt / EBITDA 2.2x · EBIT covers interest 2.9x · capex 1.9x of depreciation · share count +3.1% a year
● EBIT covers interest 2.9x.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Oil and Gas E and P

Proved reserves
7 005 310 mln cfe
2025
Reserve life (R/P)
15.2 yrs
reserves ÷ annual output
Annual production
459 883 mln cfe
2020

Proved reserves

YearReserves, mln cfe
20257 005 310
20243 764 080
20234 943 520
20226 700 860
20216 121 840
20205 628 900
20195 442 000

Production

YearProduction, mln cfeper day, mln cfe
202697 919 * (3M)
−14.9%		1 072
2025339 166 * (9M)
−16.0%		1 238
2024403 662 * (9M)
+5.1%		1 474
2023384 241 * (9M)
+4.4%		1 403
2022368 152 * (9M)
−1.2%		1 344
2021372 474 * (9M)
+6.8%		1 360
2020459 8831 260
2019225 839 * (6M)1 237

* partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — Henry Hub Gas

Current 3spot vs LTM -13%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -60.6% ▼ -0.5 pp 1d

Main driver: Henry Hub Gas -13% vs LTM; revenue ×0.88 vs costs ×1.04; EBITDA 1 252→962; at 5.3× EV/EBITDA → -61%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Henry Hub Gas (rev)+96%2.933.383.12-13%-8%
Pipeline Transportation of Crude Oil (cost)-5%354.43352.48352.62+1%+0%
WTI Crude Oil (rev)+4%92.2671.9676.36+28%+6%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue2 178
LTM EBITDA1 252
LTM cash costs (revenue − EBITDA)926
2 · Revenue projection
Revenue multiplier — spot×0.883 (-12%)
= Spot revenue1 924
Revenue multiplier — 3y price×0.927 (-7%)
= 3-year-price revenue2 019
3 · Costs projection
Cost multiplier — spot×1.038 (+4%)
= Spot cash costs962
Cost multiplier — 3y price×1.038 (+4%)
= 3-year-price cash costs961
4 · EBITDA projection (revenue − costs)
= Spot EBITDA962
= 3-year-price EBITDA1 058
Conservative EBITDA = min(spot, avg)962
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)5.3x
Target EV = EV/EBITDA × conservative EBITDA5 107
Net debt3 125
Target market cap = EV − net debt1 982
Current market cap3 933

Upside = target market cap ÷ current − 1 = -60.6%

Life of mine: 13 yrs — before haircut -49.6%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2024 Q1336308+9.0%178120+47.7%
2024 Q2247327-24.6%102153-33.7%
2024 Q3304309-1.5%147140+4.8%
2024 Q4367400-8.1%200237-15.6%
2025 Q1513491+4.5%294330-10.9%
2025 Q2470442+6.4%248265-6.7%
2025 Q3450405+11.0%208209-0.7%
2025 Q4787537+46.6%538319+68.5%
2026 Q1587527+11.4%316288+9.8%
2026 Q2353489-27.8%190237-19.8%

Commodity — production, reserves & revenue / cost mix

FY blocks below combine SEC XBRL tags (revenue & selected expense lines), plus production / reserves notes sourced to Form 10-K or company filings where cited.

Production and proved reserves in the FY blocks are keyed from supplemental 10-K tables after each filing is wired in. Automated SEC revenue/expense tags for the newest FY often appear before operational volumes and reserves for that same year.

Production & resources

Net production (Mboe/d)

205.5205.5205.5205.5205.520242025Net production (Mboe/d)

Proved reserves (MMboe)

Reserves life (R/P): 15.6 yr

11671033900.0766.7633.320242025Proved reserves (MMboe)

Proved reserves & production rates by fiscal year

FY endCrude oil equivalent (net, Mboe/d)Proved reserves (net, MMboe)Proved developed (net, MMboe)Proved undeveloped (net, MMboe)
2025-12-31205.51,166.7——
2024-12-31—633.3——

2025-12-31 · FY

Production & proved reserves

FY2025 production 450 Bcf and proved reserves 7.0 Tcfe per Comstock FY2025 results release. Converted at 6 Mcf per boe.

Line itemAmount
Crude oil equivalent (net, Mboe/d)205.5
Proved reserves (net, MMboe)1,166.7

Sources

Production volumes & average realized prices (FY)

Volumes and per-unit realized sales prices come from the issuer's latest Form 10-K production-and-pricing table. Implied product revenue = volume × price; mix shares feed the spot 12-month forecast above.

FY2025 10-K Item 7, Natural gas and oil sales table (crk-20251231.htm). Comstock is a Haynesville gas pure-play; oil volume is back-derived from $2,292K oil sales / $61.95 realized price. NGLs are not produced. Prices exclude derivative settlements.

ProductAnnual volumeAvg realized priceImplied revenue (USDm)Share of implied revenue
Crude oil0 MMBbls61.95 USD/bbl2.30.2%
Natural gas450,200 MMcf3.17 USD/Mcf1,427.199.8%
Total (implied product revenue)1,429.4100.0%

Revenue structure (SEC tags / residual)

Line itemAmount
Total revenues (consolidated)2,220.3USD mln

Selected expenses (SEC tags)

Line itemAmount
Depreciation, depletion & amortization641.2USD mln
General & administrative48.7USD mln
Impairment — oil & gas properties29.1USD mln
Income tax expense (benefit)88.5USD mln

Primary SEC filing for this FY (HTML)

2024-12-31 · FY

Production & proved reserves

FY2024 proved reserves 3.8 Tcfe per Comstock FY2025 results release (converted at 6 Mcf per boe).

Line itemAmount
Proved reserves (net, MMboe)633.3

Sources

Revenue structure (SEC tags / residual)

Line itemAmount
Total revenues (consolidated)1,254.5USD mln

Selected expenses (SEC tags)

Line itemAmount
Depreciation, depletion & amortization795.4USD mln
General & administrative39.4USD mln
Impairment — oil & gas properties0USD mln
Income tax expense (benefit)-149.1USD mln

Primary SEC filing for this FY (HTML)

2023-12-31 · FY

Production & proved reserves

No production / reserves detail wired for this fiscal year yet.

Revenue structure (SEC tags / residual)

Line itemAmount
Total revenues (consolidated)1,565.2USD mln

Selected expenses (SEC tags)

Line itemAmount
Depreciation, depletion & amortization607.9USD mln
General & administrative38USD mln
Interest expense169USD mln
Impairment — oil & gas properties0USD mln
Income tax expense (benefit)35.1USD mln

Primary SEC filing for this FY (HTML)

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +77% vs -20% the year before — a +96.8 pp move. 3-year CAGR —.
revenue growth by year: 2024 -20% · 2025 +77%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 3.7x · target 75th pct (3y) 4.7x · LTM avg 10.6x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2023-11-300.125 USDEx-dividend: 0.125 USD per sharePaidYahoo Finance (ex-div)
2023-08-310.125 USDEx-dividend: 0.125 USD per sharePaidYahoo Finance (ex-div)
2023-05-310.125 USDEx-dividend: 0.125 USD per sharePaidYahoo Finance (ex-div)
2023-02-280.125 USDEx-dividend: 0.125 USD per sharePaidYahoo Finance (ex-div)
2022-11-300.125 USDEx-dividend: 0.125 USD per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Investor reporting (IR): https://www.comstockresources.com/investors

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Comstock Resources, Inc. (CRK) — from primary filings.

Frequently asked questions

What is Comstock Resources, Inc. (CRK)'s P/E ratio?
Comstock Resources, Inc. (CRK) trades at a P/E of 8.8x (price to trailing 12-month earnings).
What is Comstock Resources, Inc. (CRK)'s EV/EBITDA?
Comstock Resources, Inc. (CRK) trades at 6.1x EV/EBITDA.
What is Comstock Resources, Inc. (CRK)'s P/B ratio?
Comstock Resources, Inc. (CRK) trades at a P/B of 1.7x.
What is Comstock Resources, Inc. (CRK)'s return on equity (ROE)?
Comstock Resources, Inc. (CRK)'s ROE is 1.3%.
What is Comstock Resources, Inc. (CRK)'s market capitalization?
Comstock Resources, Inc. (CRK)'s market cap is 4.5 bn USD.

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