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Comstock Resources

CRK NYSE Oil & Gas Exploration & Production Financials FY2016–FY2025

Comstock Resources' revenue rose 77.0% to $2.2 billion in fiscal 2025. Its operating margin was 29.1%, up from −13.4% a year earlier. Free cash flow was −$450 million. The diluted share count rose 2.5%.

Last close · Oct 23, 2026

$14.13

1.1%
Value it Compare
Revenue Total sales reported in the income statement.
$2.2B
77.0% vs prior year
Operating margin Operating income as a share of revenue.
29.1%
42.5 pts
Net income Profit after all expenses, interest and tax.
$396M
Free cash flow Cash from operations minus capital spending.
−$450M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
9.7%
12.3 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$4.1B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
7.9x
On $1.79 EPS (TTM)

What Comstock Resources does

No business description yet.

Legal name
COMSTOCK RESOURCES, INC.
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0001193125-26-059001
0000023194

Revenue and margins

Comstock Resources had $2.2B of revenue in fiscal 2025, up 77.0% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was −$450M in fiscal 2025, −20.3% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Comstock Resources returned $0.0M to shareholders in fiscal 2025. The diluted share count rose 2.5%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Comstock Resources yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$2.8B and divides by 294.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 7.9x · peers 14.0x · sector 17.4x.

Balance sheet

Cash, debt and the ratios that show how comfortably Comstock Resources can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $30.7M$54.7M$16.7M$6.8M$23.9M
Debt incl. finance leases $2.6B$2.2B$2.6B$3.0B$2.8B
Net debt / EBITDA 1.9x0.8x3.1x4.7x2.2x
Debt / equity 2.6x0.9x1.1x1.3x1.1x
Interest coverage 4.1x13.3x1.3x−0.8x2.9x
Current ratio 0.5x0.9x0.7x0.5x0.5x
Quick ratio 0.5x0.9x0.7x0.5x0.5x
Total assets $4.7B$5.7B$6.3B$6.4B$7.0B
Total liabilities $3.5B$3.4B$3.9B$4.0B$4.0B
Shareholders' equity $1.0B$2.3B$2.4B$2.2B$2.6B
Net debt (− = net cash) $2.6B$2.1B$2.6B$2.9B$2.8B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$1.0M

1 insider

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Mar 5, 2026 Patrick McGoughVice President of Operations Sold 48,915 $21.21 $1.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✕ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✓
Current ratio rose ✕ ✕ ✓
Share count didn't rise ✓ ✕ ✕
Gross margin rose — — —
Revenue rose relative to assets ✕ ✕ ✓
F-score 4 / 82 / 87 / 8
Accruals ratio −13.5%−13.5%−7.5%
Altman Z'' 1.160.461.57

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Comstock Resources CRK $4.1B 77.0% 29.1% −20.3% 9.7% 7.9x 7
CNX Resources CNX $5.6B 76.8% — 23.9% 11.8% 6.0x 6 Compare →
Northern Oil and Gas NOG $3.1B 11.2% 9.9% 60.8% 3.3% — 7 Compare →
Murphy Oil MUR $6.5B −10.2% 11.1% 8.4% 3.7% 22.0x 5 Compare →
Talos Energy TALO $3.1B −9.8% −31.5% — −12.4% — 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue — $255M — $769M $858M $1.9B $3.6B $1.6B $1.3B $2.2B
Operating income −$184M −$0.2M — $275M $163M $901M $2.3B $227M −$169M $646M
Interest expense $129M $146M — $162M $235M $219M $171M $169M $211M $223M
Pretax income −$128M −$129M — $125M −$61.6M −$230M $1.4B $247M −$368M $509M
Income tax $7.2M −$17.9M — $27.8M −$9.2M $11.4M $261M $35.1M −$149M $88.5M
Net income −$135M −$111M — $96.9M −$52.4M −$259M $1.1B $211M −$230M $396M
Diluted EPS −$11.52 −$7.61 — $0.52 −$0.39 −$1.12 $4.11 $0.76 −$0.76 $1.43
Diluted shares 0.01B 0.01B — 0.19B 0.22B 0.23B 0.28B 0.28B 0.29B 0.29B
Cash flow
Cash from operations −$23.7M $175M — $451M $576M $861M $1.7B $1.0B $620M $900M
Capital expenditure $57.4M $181M — $487M $510M $691M $1.1B $1.4B $1.1B $1.3B
Free cash flow −$81.2M −$5.9M — −$35.5M $66.0M $170M $631M −$408M −$477M −$450M
Depreciation and amortization $142M $124M — $277M $417M $469M $489M $608M $795M $641M
Stock-based compensation $4.7M $5.9M — $4.0M $6.5M $6.8M $6.6M $9.9M $15.3M $21.2M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $34.7M $139M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $34.7M $139M $0.0M $0.0M
Balance sheet
Cash and short-term investments $65.9M $61.3M $23.2M $18.5M $30.3M $30.7M $54.7M $16.7M $6.8M $23.9M
Total debt $1.0B $1.1B $1.2B $2.5B $2.5B $2.6B $2.2B $2.6B $3.0B $2.8B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $90.2M $303M $159M $290M $200M $319M $645M $462M $284M $361M
Current liabilities $91.7M $169M $207M $392M $442M $634M $756M $682M $613M $730M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $799M $608M $1.7B $4.0B $4.1B $4.0B $4.6B $5.4B $5.7B $6.2B
Total assets $890M $930M $2.2B $4.7B $4.6B $4.7B $5.7B $6.3B $6.4B $7.0B
Total liabilities $1.2B $1.3B $1.6B $3.1B $3.2B $3.5B $3.4B $3.9B $4.0B $4.0B
Shareholders' equity −$271M −$369M $570M $1.1B $1.3B $1.0B $2.3B $2.4B $2.2B $2.6B
Margins
Operating margin — −0.1% — 35.8% 19.0% 48.7% 62.9% 14.5% −13.4% 29.1%
EBITDA margin — 48.3% — 71.7% 67.6% 74.0% 76.4% 53.3% 50.0% 58.0%
Net margin — −43.6% — 12.6% −6.1% −14.0% 31.0% 13.5% −18.3% 17.8%
FCF margin — −2.3% — −4.6% 7.7% 9.2% 17.4% −26.1% −38.0% −20.3%
Returns
Return on capital −17.6% −0.0% — 7.9% 3.5% 19.4% 46.6% 4.1% −2.6% 9.7%
Return on capital employed −19.4% −0.0% — 8.8% 3.9% 21.9% 50.9% 4.3% −3.0% 10.7%
Return on equity — — — 11.3% −4.4% −22.7% 68.4% 9.1% −10.0% 16.2%
Return on assets −13.0% −12.2% — 2.8% −1.1% −5.6% 21.7% 3.5% −3.6% 5.9%
Growth
Revenue growth — — — — 11.6% 115.7% 96.1% −56.9% −19.9% 77.0%
Net income growth — — — — −154.1% — — −81.2% −208.8% —
EPS growth — — — — −175.0% — — −81.5% −200.0% —
FCF growth — — — — — 157.4% 271.1% −164.7% — —
Share count change 27.2% 24.9% — — 14.8% 7.6% 19.8% −0.2% 3.7% 2.5%
Financial health
Net debt / EBITDA — 8.5x — 4.5x 4.3x 1.9x 0.8x 3.1x 4.7x 2.2x
Debt / equity — — 2.2x 2.2x 2.0x 2.6x 0.9x 1.1x 1.3x 1.1x
Interest coverage −1.4x 0.0x — 1.7x 0.7x 4.1x 13.3x 1.3x −0.8x 2.9x
Current ratio 1.0x 1.8x 0.8x 0.7x 0.5x 0.5x 0.9x 0.7x 0.5x 0.5x
Quick ratio 1.0x 1.8x 0.8x 0.7x 0.5x 0.5x 0.9x 0.7x 0.5x 0.5x
Capital allocation
Capex / revenue — 70.7% — 63.3% 59.4% 37.3% 29.4% 91.1% 87.5% 60.8%
Stock comp / revenue — 2.3% — 0.5% 0.8% 0.4% 0.2% 0.6% 1.2% 1.0%
Payouts / FCF — — — — 0.0% 0.0% 5.5% — — —
Quality scores
Piotroski F-score — — — — 3.0 4.0 7.0 4.0 2.0 7.0
Altman Z'' −4.6 −2.6 — 0.7 0.4 1.0 3.8 1.2 0.5 1.6
Accruals ratio −10.7% −31.4% — −10.4% −13.5% −24.1% −11.1% −13.5% −13.5% −7.5%

Source: SEC EDGAR XBRL filings (CIK 0000023194). Data updated October 21, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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