# Comstock Resources, Inc. (CRK)

> Source: Nexqual · https://nexqual.com/CRK · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Comstock Resources, Inc. (CRK), nexqual.com/CRK" · informational, not investment advice.

**Price:** USD 13.97 (+1.45% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 13.77 · day 13.09–14.16 · 52w 12.12–28.1 · market cap $4.10B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.18B, net income $508M (23.3% margin), free cash flow -$735M (SEC filings).
- Valuation: P/E 8.1x (avg 14.4x at the last 2 fiscal year-ends), EV/EBITDA 5.7x, net debt $3.05B.
- 1 of 80 tracked superinvestors hold CRK (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Analysts: Hold (mean 3.19 on a 1–5 scale) (16 analysts), mean target USD 15.3 (range 11–21).
- Total return with dividends: 1Y -21.8% vs S&P 500 +14.9%; 5Y +51.0% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 0.04, revenue estimate $430M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.85B | $3.63B | $1.57B | $1.25B | $2.22B | $2.18B |
| Operating income | $901M | $2.28B | $227M | -$169M | $646M | $628M |
| Net income | -$259M | $1.12B | $211M | -$230M | $396M | $508M |
| EPS (diluted) | -$1.12 | $4.11 | $0.76 | -$0.76 | $1.43 | — |
| Free cash flow | $170M | $631M | -$408M | -$477M | -$450M | -$735M |
| Operating margin | 48.7% | 62.9% | 14.5% | -13.4% | 29.1% | 28.8% |
| Net margin | -14.0% | 31.0% | 13.5% | -18.3% | 17.8% | 23.3% |
| Revenue growth | +115.7% | +96.1% | -56.9% | -19.9% | +77.0% | — |
| Cash + short-term investments | $30.7M | $54.7M | $16.7M | $6.8M | $23.9M | — |
| Total debt | $2.62B | $2.15B | $2.64B | $2.95B | $2.81B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 8.1x · P/S 1.9x · EV/EBITDA 5.7x · EV/Sales 3.3x · P/B 1.6x · FCF yield -17.92% · Earnings yield 12.39% · Net debt $3.05B · EV $7.16B
P/E at fiscal year-ends: Dec 2025 17.2x, Dec 2023 11.6x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold CRK. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Van Den Berg Management I |  | 1.26% | $6.0M | Added +0.8% |

## Analysts
Consensus Hold (mean 3.19 on a 1–5 scale), 16 analysts; mean target USD 15.3 (low 11, high 21).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-16 | Mizuho | Target lowered | Neutral | $20 → $17 |
| 2026-10-15 | Scotiabank | Initiated | Sector Underperform | $11 |
| 2026-10-15 | Morgan Stanley | Target lowered | Equal-Weight | $15 → $13 |
| 2026-09-25 | Jefferies | Initiated | Hold | $14 |
| 2026-09-17 | Truist Securities | Initiated | Hold | $16 |
| 2026-09-09 | UBS | Target raised | Sell | $13 → $14 |
| 2026-09-02 | Goldman Sachs | Target raised | Sell | $9 → $15 |
| 2026-09-02 | BMO Capital | Target raised | Market Perform | $13 → $17 |
| 2026-09-01 | Mizuho | Target raised | Neutral | $19 → $20 |
| 2026-08-19 | Morgan Stanley | Target lowered | Equal-Weight | $16 → $15 |
| 2026-07-20 | Citigroup | Target lowered | Neutral | $19 → $16 |
| 2026-06-30 | Goldman Sachs | Target lowered | Sell | $13 → $10 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -21.8% | +51.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -21.9% | +8.6% |
| Volatility (annualized) | 54.8% | 60.8% |
| Max drawdown | -55.0% (Dec 2025→Sep 2026) | -62.4% (May 2022→Feb 2024) |

## Peers (Oil & Gas E&P)
BTE (Baytex Energy Corp) USD 5.32 -1.48% · CRC (California Resources Corporatio) USD 52.96 -1.08% · CRGY (Crescent Energy Company) USD 13.33 -1.26% · CNX (CNX Resources Corporation) USD 35.73 +1.62% · BSM (Black Stone Minerals, L.P.) USD 14.71 +0.82% · MUR (Murphy Oil Corporation) USD 42.37 -1.37%

## More
Full page: https://nexqual.com/CRK · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Natural Gas & Oil Sales | $288.2M | 81.6% | -15.2% |
| — Natural Gas Production (part of Natural Gas & Oil Sales) | $287.7M | 81.4% | -15.2% |
| — Oil & Condensate (part of Natural Gas & Oil Sales) | $476,000 | 0.1% | -35.8% |
| Gas Services | $63.5M | 18.0% | -51.3% |
| Gain On Sale Of Assets | $1.6M | 0.4% | — |
| Total revenue | $353.3M | 100% | — |

## Customer concentration

Period ended 2025-12-31: 18%, 11%, 10% of revenue from unnamed direct customers (10-K, filed 2026-02-19).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.04 | $0.10 | -57.2% | $430.4M | 14 |
| Next quarter (ends 2026-12-31) | $0.10 | $0.22 | -55.6% | $474.8M | 12 |
| Current fiscal year (ends 2026-12-31) | $0.32 | $0.48 | -33.6% | $1.84B | 13 |
| Next fiscal year (ends 2027-12-31) | $0.46 | $1.08 | -57.2% | $1.72B | 12 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-04): ±13.6%; last 8 reports averaged ±7.7%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 60.4% | ±13.6% |
| 2026-12-18 | 56 | 55.9% | ±17.5% |
| 2027-01-15 | 84 | 53.3% | ±20.4% |
| 2027-03-19 | 147 | 53.3% | ±26.8% |
| 2027-06-17 | 237 | 53.1% | ±33.6% |