Comstock Resources vs Texas Pacific Land

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KIRA’s take AI analyst

I put Comstock Resources and Texas Pacific Land side by side, using each one’s latest annual report. Here is what stands out:

Comstock Resources is the larger business, with $2.2B of revenue in fiscal 2025 against $798M for Texas Pacific Land, about 2.8 times as much.
Comstock Resources grew revenue faster (77.0%, against 13.1%).
Texas Pacific Land kept more of each dollar of sales as operating profit (74.2% operating margin, against 29.1%).
Texas Pacific Land earned a higher return on the capital invested in it (45.0%, against 9.7%).
Investors pay more for each dollar of Texas Pacific Land’s earnings: a P/E of 43.1x against 8.0x for Comstock Resources.

Who comes out ahead

Of the 9 measures where higher (or lower) is clearly better, how many each company leads.

Comstock Resources

CRK

2/9

Revenue growthPiotroski F-score

Texas Pacific Land

TPL

7/9

5-year growthOperating marginNet marginReturn on capitalReturn on equityNet debt / EBITDAShare count change

Side by side

Best in the row

Latest fiscal year	CRK FY25	TPL FY25
Size
Market cap	$4.2B	$23.3B
Revenue	$2.2B	$798M
Free cash flow	−$450M	—
Net income	$396M	$481M
Growth
Revenue growth	77.0%	13.1%
5-year growth	20.9%	21.4%
Share count change	2.5%	−0.1%
Profitability
Gross margin	—	—
Operating margin	29.1%	74.2%
Net margin	17.8%	60.3%
FCF margin	−20.3%	—
Return on capital	9.7%	45.0%
Return on equity	16.2%	37.2%
Balance sheet
Net debt	$2.8B	−$145M
Net debt / EBITDA	2.2x	−0.2x
Dividends and buybacks	$0.0M	$156M
Valuation & quality
P/E	8.0x	43.1x
Piotroski F-score	7	5

Ten years

Revenue

FY16

CRK —

TPL $59.9M

FY17

CRK $255M

TPL $132M

FY18

CRK —

TPL $300M

FY19

CRK $769M

TPL $491M

FY20

CRK $858M

TPL $303M

FY21

CRK $1.9B

TPL $451M

FY22

CRK $3.6B

TPL $667M

FY23

CRK $1.6B

TPL $632M

FY24

CRK $1.3B

TPL $706M

FY25

CRK $2.2B

TPL $798M

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

CRK TPL

Operating margin

FY16

CRK —

TPL 105.0%

FY17

CRK −0.1%

TPL 109.5%

FY18

CRK —

TPL 86.9%

FY19

CRK 35.8%

TPL 81.5%

FY20

CRK 19.0%

TPL 71.8%

FY21

CRK 48.7%

TPL 80.4%

FY22

CRK 62.9%

TPL 84.3%

FY23

CRK 14.5%

TPL 77.0%

FY24

CRK −13.4%

TPL 76.4%

FY25

CRK 29.1%

TPL 74.2%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

CRK TPL

Free cash flow

FY16

CRK −$81.2M

TPL $40.0M

FY17

CRK −$5.9M

TPL $75.1M

FY18

CRK —

TPL $148M

FY19

CRK −$35.5M

TPL $311M

FY20

CRK $66.0M

TPL $202M

FY21

CRK $170M

TPL $249M

FY22

CRK $631M

TPL $428M

FY23

CRK −$408M

TPL —

FY24

CRK −$477M

TPL —

FY25

CRK −$450M

TPL —

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

CRK TPL

Return on capital

FY16

CRK −17.6%

TPL —

FY17

CRK −0.0%

TPL 675.7%

FY18

CRK —

TPL 277.6%

FY19

CRK 7.9%

TPL 189.9%

FY20

CRK 3.5%

TPL 84.4%

FY21

CRK 19.4%

TPL 126.1%

FY22

CRK 46.6%

TPL 181.8%

FY23

CRK 4.1%

TPL 131.3%

FY24

CRK −2.6%

TPL 78.3%

FY25

CRK 9.7%

TPL 45.0%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

CRK TPL

Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.