Comstock Resources (CRK)
NYSE:CRK
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Comstock Resources
(NYSE:CRK)
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Rating:54Neutral
Price Target:
$21.50
▼(-3.72% Downside)
Action:ReiteratedDate:02/12/26
The score is driven primarily by improving but still risk-leaning fundamentals: a TTM earnings rebound and solid operating cash flow are tempered by elevated leverage and negative/free-cash-flow inconsistency. Technicals are weak with the stock trading below key moving averages, and valuation looks stretched with a very high P/E. The latest earnings call adds some support via liquidity/leverage progress and flexible 2026 plans, but near-term production and commodity-price risks remain.
Positive Factors
Cash generation & EBITDAX
Sustained 2025 operating cash flow ($861M) and strong EBITDAX ($1.10B) provide durable internal funding for drilling, efficiency projects and debt reduction. Over the next several quarters this reduces reliance on external capital, supports activity flexibility and underpins deleveraging plans.
Negative Factors
Elevated leverage
Debt near 1.36x equity and prior inconsistent free cash flow constrain financial flexibility in a cyclical E&P business. Over the next 2–6 months leverage limits ability to scale activity without reliance on asset sales or sustained high cash generation, raising refinancing and execution risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation & EBITDAX
Sustained 2025 operating cash flow ($861M) and strong EBITDAX ($1.10B) provide durable internal funding for drilling, efficiency projects and debt reduction. Over the next several quarters this reduces reliance on external capital, supports activity flexibility and underpins deleveraging plans.
Read all positive factors
Comstock Resources (CRK) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$6.57B
Dividend YieldN/A
Average Volume (3M)2.22M
Price to Earnings (P/E)17.0
Beta (1Y)1.21
Revenue Growth35.41%
EPS GrowthN/A
CountryUS
Employees256
SectorEnergy
Sector Strength52
IndustryOil & Gas Exploration & Production
Share Statistics
EPS (TTM)0.16
Shares Outstanding294,021,730
10 Day Avg. Volume2,315,872
30 Day Avg. Volume2,219,592
Financial Highlights & Ratios
PEG Ratio-0.06
Price to Book (P/B)2.55
Price to Sales (P/S)3.53
P/FCF Ratio-14.99
Enterprise Value/Market Cap1.45
Enterprise Value/Revenue4.92
Enterprise Value/Gross Profit10.23
Enterprise Value/Ebitda7.52
Forecast
1Y Price Target
$19.67Price Target Upside-11.91% Downside
Rating ConsensusModerate Sell
Number of Analyst Covering10
EPS Forecast (FY)0.88
Revenue Forecast (FY)$2.10B
Comstock Resources Business Overview & Revenue Model
Company Description
Comstock Resources, Inc., an independent energy company, engages in the acquisition, exploration, development, and production of oil and natural gas primarily in North Louisiana and East Texas, the United States. As of December 31, 2021, the compa...
How the Company Makes Money
Comstock Resources makes money primarily by producing and selling natural gas, crude oil, and natural gas liquids (NGLs) from its operated and non-operated wells. Revenue is recognized from hydrocarbon sales volumes multiplied by realized prices, ...
Comstock Resources Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down revenue by business segments, highlighting which areas are driving growth and which may need strategic adjustments. This insight helps assess the company's diversification and resilience in different market conditions.
Breaks down revenue by business segments, highlighting which areas are driving growth and which may need strategic adjustments. This insight helps assess the company's diversification and resilience in different market conditions.
Data provided by:
The Fly
The FlyComstock Resources Earnings Call Summary
Earnings Call Date:Feb 11, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 05, 2026
Earnings Call Sentiment Positive
Overall the call highlighted strong financial and operational progress: robust cash flow and EBITDAX, substantial reserve additions at a low finding cost, successful asset sales that materially improved liquidity and leverage, and strategic initiatives (NextEra data center JV and Pinnacle recapitalization) that support long-term growth. Key challenges include a meaningful production decline in 2025 (-14% YoY), some Q4 drilling/ completion cost increases and localized well underperformance (water handling), and near-term timing volatility tied to weather and gas prices. Management emphasized flexibility to scale activity with prices and multiple initiatives to lower future D&C costs, which supports a constructive outlook despite near-term operational headwinds.Positive Updates
Strong cash generation and profitability (Q4 and 2025)
Q4 oil & gas sales grew to ~$365M and operating cash flow was $222M ($0.75/share). Adjusted EBITDAX for Q4 was $277M and adjusted net income was $46M ($0.16/share). For full-year 2025, oil & gas sales rose 15% to $1.40B, EBITDAX totaled $1.10B and operating cash flow was $861M.
Negative Updates
Production decline (2025)
Average production for 2025 and Q4 was ~1.2 Bcfe/d, representing a 14% decline year-over-year versus 2024. Management expects production to be down in early 1Q 2026 with recovery and growth later in the year.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong cash generation and profitability (Q4 and 2025)
Q4 oil & gas sales grew to ~$365M and operating cash flow was $222M ($0.75/share). Adjusted EBITDAX for Q4 was $277M and adjusted net income was $46M ($0.16/share). For full-year 2025, oil & gas sales rose 15% to $1.40B, EBITDAX totaled $1.10B and operating cash flow was $861M.
Read all positive updates
Company Guidance
Comstock’s 2026 guidance centers on a nine‑rig program (four operated rigs in the Western Haynesville and five in the legacy Haynesville) to drill ~66 wells (19 Western, 47 legacy) and turn ~72 wells to sales (24 Western, 48 legacy), pacing roughly two Western wells and four legacy wells per month with production and EBITDAX growth skewed to the back half of the year; the company highlights financial flexibility with ~ $1.3B liquidity, $260M revolver borrowings outstanding, a $2.0B borrowing base ( $1.5B committed) and a LTM leverage of 2.6x that it expects to improve. It plans to commercialize the NextEra data‑center project in 2026 (initial 2 GW, expandable to 8 GW), recapitalize Pinnacle Gas Services with a new bank facility and an equity sale to redeem preferred units, run three full‑time frac fleets in the legacy play, upgrade a Western rig to 10,000‑psi by late summer and a frac fleet to 20,000‑psi, deploy rotary‑steerable tools, target drill‑time reductions of ~2 weeks and incremental drilling‑cost savings of ~$300/ft, and retain the ability to flex activity (can idle up to ~4 rigs on short notice) if gas prices or conditions change.Comstock Resources Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
55
Neutral
Cash Flow
49
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.91B | 1.25B | 1.57B | 3.63B | 1.85B |
| Gross Profit | 411.54M | -130.06M | 266.24M | 2.33B | 1.10B |
| EBITDA | 1.37B | 638.19M | 1.02B | 2.06B | 457.55M |
| Net Income | 395.61M | -218.75M | 211.89M | 1.14B | -241.72M |
Balance Sheet | |||||
| Total Assets | 7.01B | 6.38B | 6.25B | 5.69B | 4.67B |
| Cash, Cash Equivalents and Short-Term Investments | 23.93M | 6.80M | 16.67M | 54.65M | 30.66M |
| Total Debt | 2.95B | 3.03B | 2.71B | 2.25B | 2.62B |
| Total Liabilities | 4.04B | 4.05B | 3.87B | 3.42B | 3.48B |
| Stockholders Equity | 2.65B | 2.24B | 2.36B | 2.28B | 1.19B |
Cash Flow | |||||
| Free Cash Flow | -449.67M | -477.14M | -408.24M | 630.59M | 169.79M |
| Operating Cash Flow | 899.61M | 620.34M | 1.02B | 1.70B | 859.00M |
| Investing Cash Flow | -915.41M | -1.08B | -1.42B | -1.10B | -550.82M |
| Financing Cash Flow | 32.93M | 454.07M | 362.97M | -576.72M | -307.80M |
Comstock Resources Technical Analysis
Positive
22.33
Price Trends
21.06
Positive
22.23
Positive
21.07
Positive
Market Momentum
0.35
Negative
61.28
Neutral
71.52
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CRK, the sentiment is Positive. The current price of 22.33 is above the 20-day moving average (MA) of 20.87, above the 50-day MA of 21.06, and above the 200-day MA of 21.07, indicating a bullish trend. The MACD of 0.35 indicates Negative momentum. The RSI at 61.28 is Neutral, neither overbought nor oversold. The STOCH value of 71.52 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CRK.
Comstock Resources Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $7.98B | 6.96 | 13.92% | 3.14% | 14.77% | -17.38% | |
73 Outperform | $8.18B | 120.54 | 0.54% | 5.73% | 8.43% | -86.63% | |
72 Outperform | $15.12B | 6.12 | 24.51% | 3.80% | 4.88% | -41.34% | |
72 Outperform | $11.02B | 12.75 | 15.87% | 1.00% | 23.88% | 20.55% | |
66 Neutral | $5.70B | 6.35 | 15.52% | ― | 43.30% | -43.07% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
54 Neutral | $6.57B | 17.04 | 16.88% | ― | 35.41% | ― |
* Energy Sector Average
CRK
Comstock Resources
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2.50
12.61%
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.