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Comstock Resources, Inc. (CRK) USD

At a glance: strengths & risks
✓Revenue growing (+77%)✓Margins improving (50%→58%)✓Cheaper than own history (EV/EBITDA 5.4 vs avg 6.9)✗Commodity price -13% vs 1-yr · -8% vs 3-yr

Sector: United States — oil & gas exploration & production

Geography: United States (Haynesville/Bossier)

US_EP_CRK

Price chart

13.72 USDDay -2.14%

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
13.72 USD · -2.14%
Market cap
4.0 bn USD

Growth

Δ revenue y/y
14.5%
Δ EBITDA y/y
7.6%

Multiples

P/E (LTM)
6.5x
3y avg: 14.5x
P/B (FY)
1.5x
P/E (ann.)
9.4x
EV/EBITDA (LTM)
5.4x
3y avg: 6.9x
EV/EBITDA (ann.)
5.6x

Cash return

Dividend yield
—
FCF yield (LTM)
-11.2%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-1.7%
↓ details

Liquidity

Daily turnover (listing)
32.9 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
2026-03-31Q1 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 —
200.2
y/y -60.8%
-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 —
101.7
y/y —
-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 —
177.8
y/y 22.1%
-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 —
—
y/y —
510.5
y/y —
107.6
y/y —
228.2—6253.6
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 —
—
y/y —
-17.1
y/y —
-45.7
y/y —
——5836.7
y/y —
2300.2
y/y —
-7.8%2349.3Link
2023-03-31Q1 2023 (3M)PARTIAL489.6
y/y —
145.6
y/y —
—
y/y —
145.6
y/y —
134.5
y/y —
386.4-371.05700.9
y/y —
2380.2
y/y —
—2217.1Link

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02004006008002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Year-over-year change

-100%0%100%200%2023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Cash flow

FCF ($ mln)

-200-10001002003002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

Net debt / cash ($ mln)

01 0002 0003 0002023 q42024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q1

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)
20.6 yrs
reserves ÷ annual output
Annual production
339 166 mln cfe
2025

Production, mln cfe

225 8392019459 8832020372 4742021368 1522022384 2412023403 6622024339 166202597 9192026

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
202697 919 * (3M)
−14.9%		1 072 350 445
2025339 166
−16.0%		929 221 918
2024403 662
+5.1%		1 105 923 288
2023384 241
+4.4%		1 052 715 068
2022368 152
−1.2%		1 008 635 616
2021372 474
−19.0%		1 020 476 712
2020459 883
+103.6%		1 259 953 425
2019225 839618 736 986

* partial year

EI1 ___NASDAQ_press_comm (NASDAQ / SEC filings)

Key-commodity price — Henry Hub Gas

Current 3spot vs LTM -13%

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——

Spot EBITDA forecast (next 12 months)

Model: apply spot-vs-LTM commodity price moves to LTM revenue mix (oil/gas/NGL). Purchased products scale with revenue; remaining cash expenses inflate (PPI proxy). Fair value: EBITDA at trailing ~3y average commodity prices, conservative used EBITDA (average of spot and 3y-avg when spot is higher), × 3y average EV/EBITDA − net debt.

Notes: Revenue mix derived from FY2025 10-K production volumes × realized sales prices (see Production & realized prices table below).
Spot 12M revenue
1 759 USDm
-12.9% vs LTM
Spot 12M EBITDA
715 USDm
-33.0% vs LTM
EV / Spot EBITDA
9.9x
current EV 7 045m ÷ spot EBITDA 715m
Show calculation
Line itemValue
1 · Reported baseline
LTM or latest FY revenue/EBITDA and revenue mix.
LTM revenue (last 4 quarters)2 020 USDm
LTM EBITDA (last 4 quarters)1 066 USDm
Baseline cash costs (revenue − EBITDA)954 USDm
Revenue mix: oil / gas / NGL / other0.2% / 99.8% / 0.0% / 0.0%
· Crude oil2 USDm (0.2% of implied)
· Natural gas1 427 USDm (99.8% of implied)
2 · Commodity prices
Spot move = last ÷ LTM average. 3y-avg-price EBITDA uses trailing ~3y mean ÷ LTM average.
Oil — spot & 3y avg vs LTMspot 84.38 · LTM avg 73.96 · 3y avg — → spot move +14.1%
Gas — spot & 3y avg vs LTMspot 2.92 · LTM avg 3.36 · 3y avg — → spot move -13.0%
NGL — spot & 3y avg vs LTMspot 6 325.00 · LTM avg 5 053.01 · 3y avg — → spot move +25.2%
3 · Cash cost model
Purchased products scale with revenue; other costs inflate.
Purchased products / revenue0.0%
PPI inflation multiplier (12m)1.094
→ Projected purchased cost (at spot revenue)0 USDm
→ Projected other cash cost (inflated)1 044 USDm
4 · Spot forward P&L
Headline spot cards use §4.
= Projected spot revenue1 759 USDm
= Spot EBITDA715 USDm
= EBITDA at 3y avg commodity prices774 USDm
5 · Valuation vs spot
Current EV vs spot EBITDA.
Enterprise value (current)7 045 USDm
EV ÷ Spot EBITDA9.9x

Flow: baseline → commodity prices → expense model → spot P&L → fair value (used EBITDA × 3y avg EV/EBITDA − net debt). Hover for formulas.

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 — daily history

Current 5.4x · 3-year average 12.8x

EV/EBITDA3-year 75th pct

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.

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

Frequently asked questions

What is Comstock Resources, Inc. (CRK)'s P/E ratio?
Comstock Resources, Inc. (CRK) trades at a P/E of 6.5x (price to trailing 12-month earnings).
What is Comstock Resources, Inc. (CRK)'s EV/EBITDA?
Comstock Resources, Inc. (CRK) trades at 5.4x EV/EBITDA.
What is Comstock Resources, Inc. (CRK)'s P/B ratio?
Comstock Resources, Inc. (CRK) trades at a P/B of 1.5x.
What is Comstock Resources, Inc. (CRK)'s return on equity (ROE)?
Comstock Resources, Inc. (CRK)'s ROE is 15.9%.
What is Comstock Resources, Inc. (CRK)'s market capitalization?
Comstock Resources, Inc. (CRK)'s market cap is 4.0 bn USD.