Comstock Resources

CRK

Oil & Gas Exploration & Production · Energy

Price

$14.22

+0.40 (+2.89%)

Market Cap

$4.18B

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Good

Stability

Mixed

Valuation

Good

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Share count rising — dilution

+27.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 231.6M (2021) → 294.1M (2025)

Winston Score History

The full picture

Comstock Resources is an oil and natural gas company focused almost entirely on natural gas production. It drills for and extracts natural gas from the Haynesville Shale, a large underground rock formation stretching across Louisiana and East Texas. The Haynesville is one of the largest natural gas producing regions in the United States, and Comstock is one of its biggest operators.

The company makes money by selling the natural gas it produces to utilities, industrial buyers, and energy marketers. It operates almost exclusively in the United States, generating roughly $1.5 billion in annual revenue. Comstock carries a significant amount of debt, which it took on partly through its 2019 merger with Covey Park Energy, and that debt load is a key financial risk. Natural gas prices are volatile and heavily influence the company's earnings, so its performance depends largely on where gas prices move in the years ahead.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-24.9% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-93.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

73.2%ownership

Insiders own a meaningful stake in the company

Cash Runway

~0 months

$45M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Comstock Resources has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

100.0%

Premium pricing power — 100.0% gross margin

Profit after running costs

Operating Margin

6.4%

Modest — 6.4% operating margin

Return on the money invested

ROCE

6.4%

Weak — 6.4% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+14.2%

Fast-growing sales (+14.2% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

203%

Turns 203% of profit into real cash

Spare cash per sale

FCF Margin

-46.6%

Burning cash (-46.6%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

1.20

Elevated debt (1.20)

Covers its interest

Interest Cover

3.18x

Tight — interest eats into profit (3.2x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

8.1x

Attractive valuation — P/E 8.1

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

-3.1

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Not applicable for this business.

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