What are the investment strengths of Comstock Resources Inc (CRK)?

Operating cash flow of 942M TTM covers interest 4.3x - if capex moderates, FCF turns positive quickly. EBITDA of 922M supports debt at 3.5x leverage. P/B of 3.2x on 6.2B PP&E base - natural gas price recovery would rapidly expand margins given 15% operating margin already above industry median 18%.

What are the investment risks for Comstock Resources Inc (CRK)?

Negative FCF (-321M) with 19M cash and -381M working capital creates immediate liquidity risk. Revenue down 28% over 3Y with no recovery catalyst visible. P/E 68x (5.7x industry median) prices in recovery that fundamentals don't support - EPS down 63% over 3Y, ROIC just 1.2% vs 5.1% industry median.

Comstock Resources Inc

CRK

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Comstock Resources Inc AI Insights

Informational only. Not investment advice.

As of 2025-12-22

Snapshot

Interest expense of 221M TTM consumes 93% of pretax income (15M) - debt service severely constrains profitability despite 922M EBITDA[Interest Expense]
FCF negative (-321M TTM) with 1.26B capex while carrying 3.2B debt at 1.36x D/E - funding gap requires external capital[Free Cash Flow]
P/E of 68x vs industry median 12x despite -63% EPS 3Y decline and -28% revenue 3Y decline - valuation disconnected from fundamentals[P/E Ratio]

Watch Triggers

Free Cash Flow: Turns positive for 2 consecutive quarters — Would signal capex discipline and remove dilution/asset sale risk
Interest Expense: Exceeds 250M annually or debt refinancing at higher rates — Current 221M already consumes nearly all pretax income
Total Revenue TTM: Stabilizes or grows QoQ for 2+ quarters — Revenue down 28% 3Y - reversal needed to support current valuation

Bull Case

Operating cash flow of 942M TTM covers interest 4.3x - if capex moderates, FCF turns positive quickly. EBITDA of 922M supports debt at 3.5x leverage.

Cash Flow TTMEBITDA TTMInterest Expense

P/B of 3.2x on 6.2B PP&E base - natural gas price recovery would rapidly expand margins given 15% operating margin already above industry median 18%.

PP&EOperating Margin TTMP/B Ratio

Bear Case

Negative FCF (-321M) with 19M cash and -381M working capital creates immediate liquidity risk. Revenue down 28% over 3Y with no recovery catalyst visible.

Free Cash Flow TTMCash and EquivalentsTotal Revenue 3Y Growth

P/E 68x (5.7x industry median) prices in recovery that fundamentals don't support - EPS down 63% over 3Y, ROIC just 1.2% vs 5.1% industry median.

P/E RatioEPS Growth 3Y TTMROIC TTM

Bull vs Bear Balance

AI-generated sentiment analysis based on fundamental metrics and market conditions.

30%

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Forward Thesis

Debt burden will force asset sales or equity dilution within 18 months absent natural gas price recovery

1-3ymed

3.2B debt with 221M annual interest vs 67M net income TTM
Negative FCF (-321M) requires continuous external funding
19M cash vs 650M current liabilities

Interest expense 15x net income TTMWorking capital -381M TTMNo dividend capacity (0 paid TTM)

Valuation Context

Caveats

Public Strategies Rankings

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CRK Fundamentals

Mining, Quarrying, and Oil and Gas Extraction → Oil and Gas Extraction

Metric	Value	YoY Growth	Industry Percentile
Market Cap	$5.69B		—
Enterprise Value	$8.57B		—
P/E Ratio	14		—
Total Revenue - TTM	$1.93B	+53.8%	—
Earnings Per Share (diluted) - TTM	$1.43		—
Operating Margin - TTM	19.9%	+33.4%	—
Net Margin - TTM	21.8%	+39.2%	—
Free Cash Flow - TTM	$-449.67M		—
Return on Common Equity - TTM	17.2%	+26.7%	—
Beta 5Y (Monthly)	unknown		—

CRK Dividend History

12 dividends

2023

$0.5000

11/30/23$0.1250

08/31/23$0.1250

05/31/23$0.1250

02/28/23$0.1250

2022

$0.1250

11/30/22$0.1250

2014

$2.5000

12/03/14$0.6250

09/03/14$0.6250

06/04/14$0.6250

03/05/14$0.6250

2013

$1.8750

12/04/13$0.6250

09/04/13$0.6250

05/29/13$0.6250

CRK Stock Splits

1 stock split

08/01/165:1 split

CRK SEC Filings

Filing Date	Report Date	Report Type	Filing Link
02/19/26	12/31/25	Unknown	0001193125-26-059001
11/04/25	09/30/25	10-Q	0001193125-25-264450
07/31/25	06/30/25	10-Q	0000950170-25-100824
05/01/25	03/31/25	10-Q	0000950170-25-061651
02/21/25	12/31/24	10-K	0000950170-25-024783
10/31/24	09/30/24	10-Q	0000950170-24-119429
08/01/24	06/30/24	10-Q	0000950170-24-089131
05/02/24	03/31/24	10-Q	0000950170-24-051815
02/16/24	12/31/23	10-K	0000950170-24-016532
11/02/23	09/30/23	10-Q	0000950170-23-058075
08/03/23	06/30/23	10-Q	0000023194-23-000027
05/04/23	03/31/23	10-Q	0000023194-23-000020
02/17/23	12/31/22	10-K	0000023194-23-000009
11/03/22	09/30/22	10-Q	0000023194-22-000041
08/04/22	06/30/22	10-Q	0000023194-22-000033
05/05/22	03/31/22	10-Q	0000023194-22-000023
02/17/22	12/31/21	10-K	0000023194-22-000011
11/04/21	09/30/21	10-Q	0000023194-21-000077
08/05/21	06/30/21	10-Q	0000023194-21-000067
05/06/21	03/31/21	10-Q	0000023194-21-000043
02/17/21	12/31/20	10-K	0000023194-21-000015
11/05/20	09/30/20	10-Q	0000023194-20-000006
08/07/20	06/30/20	10-Q	0001564590-20-037920
05/07/20	03/31/20	10-Q	0001564590-20-022917
03/02/20	12/31/19	10-K	0001564590-20-008081
11/12/19	09/30/19	10-Q	0001564590-19-042984
08/09/19	06/30/19	10-Q	0001564590-19-031188
05/09/19	03/31/19	10-Q	0001564590-19-017992
12/31/18	12/31/18	10-K	0001564590-19-005805
09/30/18	09/30/18	10-Q	0001564590-18-028915
08/09/18	06/30/18	10-Q	0001564590-18-020870
05/10/18	03/31/18	10-Q	0001564590-18-012993
02/27/18	12/31/17	10-K	0001564590-18-003306
11/02/17	09/30/17	10-Q	0001564590-17-021301
08/07/17	06/30/17	10-Q	0001564590-17-015874
05/08/17	03/31/17	10-Q	0001564590-17-009326
02/24/17	12/31/16	10-K	0001564590-17-002442
11/09/16	09/30/16	10-Q	0001564590-16-028682
08/01/16	06/30/16	10-Q	0001193125-16-665826
05/04/16	03/31/16	10-Q	0001564590-16-017706
02/26/16	12/31/15	10-K	0001564590-16-013592
11/05/15	09/30/15	10-Q	0001564590-15-009682
08/05/15	06/30/15	10-Q	0001564590-15-006189
05/11/15	03/31/15	10-Q	0001564590-15-003874
02/25/15	12/31/14	10-K	0001564590-15-000911
11/05/14	09/30/14	10-Q	0001564590-14-005048
08/06/14	06/30/14	10-Q	0001564590-14-003205
05/06/14	03/31/14	10-Q	0001564590-14-001811
02/27/14	12/31/13	10-K	0001564590-14-000379
11/07/13	09/30/13	10-Q	0001564590-13-001081
08/05/13	06/30/13	10-Q	0001564590-13-000187
05/03/13	03/31/13	10-Q	0001193125-13-199280
02/28/13	12/31/12	10-K	0001193125-13-083473
11/02/12	09/30/12	10-Q	0001193125-12-448864
08/03/12	06/30/12	10-Q	0001193125-12-335118
05/04/12	03/31/12	10-Q	0001193125-12-212301
02/27/12	12/31/11	10-K	0001193125-12-081407
11/04/11	09/30/11	10-Q	0000950123-11-094942
08/05/11	06/30/11	10-Q	0000950123-11-073468
05/04/11	03/31/11	10-Q	0000950123-11-044558
02/22/11	12/31/10	10-K	0000950123-11-016458
11/04/10	09/30/10	10-Q	0000950123-10-100876
08/05/10	06/30/10	10-Q	0000950123-10-073076
05/05/10	03/31/10	10-Q	0000023194-10-000015
02/26/10	12/31/09	10-K	0000950123-10-018130
11/04/09	09/30/09	10-Q	0000023194-09-000040
08/04/09	06/30/09	10-Q	0000023194-09-000025
05/06/09	03/31/09	10-Q	0000023194-09-000019
02/25/09	12/31/08	10-K	0000950134-09-003729
11/06/08	09/30/08	8-K	0000023194-08-000088
08/11/08	06/30/08	8-K	0000023194-08-000071
05/12/08	03/30/08	Unknown	--
02/29/08	12/31/07	8-K	0000950134-07-026347
11/07/07	09/30/07	8-K	0000023194-07-000074
08/09/07	06/30/07	8-K	0000023194-07-000054
05/10/07	03/30/07	Unknown	--
03/01/07	12/31/06	10-K	0000950134-07-004595
11/09/06	09/30/06	8-K	0000023194-06-000025
08/07/06	06/30/06	4	0001232893-06-000020
05/10/06	03/30/06	Unknown	--
03/16/06	12/31/05	10-K	0000950134-06-005194
11/09/05	09/30/05	8-K	0000023194-05-000007
08/15/05	06/30/05	NT 10-Q	0000950134-05-015389
05/10/05	03/31/05	8-K	0000950134-05-006378
03/18/05	12/31/04	NT 10-K	0000950134-05-005217
11/09/04	09/30/04	10-Q	0000950134-04-016933
08/06/04	06/30/04	10-Q	0000950134-04-011584
05/07/04	03/30/04	Unknown	--
03/15/04	12/31/03	8-K	0000023194-04-000014
11/10/03	09/30/03	10-Q	0000023194-03-000030
08/12/03	06/30/03	10-Q	0000023194-03-000024
05/14/03	03/30/03	Unknown	--
03/26/03	12/31/02	10-K	0000023194-03-000007
11/08/02	09/30/02	10-Q	0000023194-02-000032
08/12/02	06/30/02	10-Q	0000023194-02-000026
05/14/02	03/30/02	Unknown	--
03/25/02	12/31/01	10-K405	0000023194-02-000007
11/14/01	09/30/01	10-Q	0000023194-01-500016
08/13/01	06/30/01	10-Q	0000023194-01-500007
05/10/01	03/30/01	Unknown	--
03/09/01	12/31/00	10-K	0000023194-01-000004
11/09/00	09/30/00	10-Q	0000023194-00-000020
08/09/00	06/30/00	10-Q	0000023194-00-000016
05/10/00	03/30/00	Unknown	--