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what it is
Comstock drills for natural gas in Louisiana and Texas, then sells that fuel into Gulf Coast markets.
how it gets paid
Last year Comstock Resources made $2.2B in revenue. Natural gas sales was the main engine at $1.83B, or 83% of sales.
why it's growing
Revenue grew 77.0% last year. The 219% revenue jump mattered most because it shows how violently this business moves when commodity prices and volumes line up.
what just happened
Latest Revenue hit $1.4B, up 219% vs. prior year, while EPS came in positive across both reporting sources.
At a glance
B balance sheet — gets the job done, barely
10/100 earnings predictability — expect surprises
52.5x trailing p/e — you're paying up for this one
5.9% return on capital — nothing to write home about
-$0.76 fy2024 eps est
xvary composite: 46/100 — below average
What they do
Comstock drills for natural gas in Louisiana and Texas, then sells that fuel into Gulf Coast markets.
Comstock sits in the Haynesville, close to Gulf Coast demand. Distance matters because shorter haul gas usually means better netbacks (netbacks → cash left after transport and fees → more money per molecule). It has 2,658 drilling locations and an average lateral length of 9,603 feet as of December 31, 2024, so you are buying years of inventory, not a one-season well list.
How they make money
$2.2B
annual revenue · their business grew +77.0% last year
Natural gas sales
$1.83B
Oil sales
$0.18B
NGL sales
$0.09B
Other revenue
$0.10B
The products that matter
drills and sells natural gas
Haynesville natural gas
$2.2B annual revenue
it's effectively the whole business, and that $2.2B revenue base moved 77.0% last year. that's operating leverage with a commodity accent.
single-engine business
Key numbers
$3.2B
long-term debt
Debt is 34% of capital, which means a big slice of future cash is already promised before you get paid.
52.5x
trailing p/e
Price-to-earnings → what investors pay for each dollar of profit → you are paying a growth multiple for a company that lost $0.76 a share in 2024.
29.1%
operating margin
Operating margin → profit after running the business → the field economics are solid even while earnings swing with commodity prices.
5.9%
return on capital
Return on capital → profit on the money invested → 5.9% is a weak payoff for a cyclical, debt-heavy producer.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 10 / 100
- long-term debt $3.2B (34% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for CRK right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Latest Revenue hit $1.4B, up 219% vs. prior year, while EPS came in positive across both reporting sources.
EDGAR shows quarterly EPS of $0.45 on $1.4B of revenue. Yahoo Finance lists the last earnings EPS at $0.38, so the clean read is revenue strength is clear while the EPS print differs by source.
$1.4B
revenue
$0.45
eps
29.1%
operating margin
the number that mattered
The 219% revenue jump mattered most because it shows how violently this business moves when commodity prices and volumes line up.
source: EDGAR and Yahoo Finance consensus
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What could go wrong
the top risk here is Haynesville gas-price exposure carrying a $3.2B debt load.
high
balance sheet leverage
total debt is $3,169M against just $23.93M in cash. that's a very small cash cushion for a business tied to commodity pricing.
if gas prices weaken, the balance sheet gets louder fast.
high
natural gas price dependency
revenue jumped 77.0% last year, and q4 revenue rose 115.5% from the prior year. that kind of swing tells you pricing is driving the story.
when the commodity sets the pace, your earnings power can change faster than your well inventory.
med
low earnings visibility
earnings predictability is 10 / 100. in plain english: quarter-to-quarter results are hard to model with confidence.
that makes the stock harder to underwrite and easier for the market to reprice abruptly.
med
single-basin concentration
the snapshot frames CRK as a Haynesville shale operator. one basin means fewer places to hide if local economics or basin conditions deteriorate.
concentration can help when the basin works. it also concentrates the pain when it doesn't.
$3.2B of debt, $23.93M of cash, and revenue that swung 77.0% last year is the combined risk picture. you are underwriting leverage and gas prices at the same time.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
next earnings: april 29, 2026
you want to see whether q4's stronger pricing held into the next quarter. for this company, one report can reset the whole mood.
balance sheet
debt versus cash
$3,169M of debt against $23.93M of cash leaves very little room for a commodity wobble. that ratio deserves more attention than the headline EPS beat.
commodity
natural gas pricing
revenue rose 77.0% last year and 115.5% in the latest quarter from the prior year. that's the chart behind the chart.
quality
earnings predictability
10 / 100 is the market's way of saying this business is hard to forecast. if that doesn't improve, valuation stays hostage to the tape.
Analyst rankings
earnings predictability
10 / 100
10 / 100 means estimates can miss badly. in human-speak, analysts do not have a clean read on where earnings land from quarter to quarter.
risk rank
3
risk rank 3 reads as middle-of-the-pack on paper. the quiet part is that commodity exposure can still make the ride feel much rougher than that sounds.
source: institutional data
Institutional activity
institutional ownership data for CRK is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$24
current price
n/a
target midpoint · n/a from current
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