Comstock Resources vs Northern Oil and Gas
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KIRA’s take AI analyst
I put Comstock Resources and Northern Oil and Gas side by side, using each one’s latest annual report. Here is what stands out:
- Northern Oil and Gas is the larger business, with $2.5B of revenue in fiscal 2025 against $2.2B for Comstock Resources.
- Comstock Resources grew revenue faster (77.0%, against 11.2%).
- Comstock Resources kept more of each dollar of sales as operating profit (29.1% operating margin, against 9.9%).
- Northern Oil and Gas turned more of its sales into free cash flow (60.8% FCF margin, against −20.3%).
- Comstock Resources earned a higher return on the capital invested in it (9.7%, against 3.3%).
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
Comstock Resources
CRK
5/9
Revenue growthOperating marginNet marginReturn on capitalReturn on equity
Northern Oil and Gas
NOG
3/9
5-year growthFCF marginShare count change
Side by side
Best in the row
| Latest fiscal year | CRK FY25 | NOG FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.1B | $3.1B |
| Revenue | $2.2B | $2.5B |
| Free cash flow | −$450M | $1.5B |
| Net income | $396M | $38.8M |
| Growth | ||
| Revenue growth | 77.0% | 11.2% |
| 5-year growth | 20.9% | 35.0% |
| Share count change | 2.5% | −1.9% |
| Profitability | ||
| Gross margin | — | 80.9% |
| Operating margin | 29.1% | 9.9% |
| Net margin | 17.8% | 1.6% |
| FCF margin | −20.3% | 60.8% |
| Return on capital | 9.7% | 3.3% |
| Return on equity | 16.2% | 1.7% |
| Balance sheet | ||
| Net debt | $2.8B | $2.4B |
| Net debt / EBITDA | 2.2x | — |
| Dividends and buybacks | $0.0M | $230M |
| Valuation & quality | ||
| P/E | 7.9x | — |
| Piotroski F-score | 7 | 7 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.