# Comstock Resources (CRK.US)

Canonical: https://gigainvestors.com/s/CRK

Analysis as of: 2026-10-16T07:27:44.414Z. Financial observations: FY2018–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $13.50 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 9 years

- Years with declining revenue: 3

- Years with a net loss: 4

- Operating margin variation: 0.96×

Chart: Operating margin; fiscal year observations.

- FY2018: -0.00×

- FY2019: 0.36×

- FY2020: 0.19×

- FY2021: 0.49×

- FY2022: 0.63×

- FY2023: 0.14×

- FY2024: -0.13×

- FY2025: 0.20×

- LTM to Jun 2026: 0.19×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 5.7%

- ROIC, second-lowest year: -0.0%

- Typical minus recent gross margin: 0.7 pp

- Typical gross margin (annual median): 23.6%

- Recent gross margin (lower of latest and 3-year median): 22.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 70.0%

- ROIC including acquisitions, ten-year median: -4.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: -0.0%

- FY2019: 6.5%

- FY2020: 3.8%

- FY2021: 21.8%

- FY2022: 44.9%

- FY2023: 4.1%

- FY2024: -2.7%

- FY2025: 6.0%

- LTM to Jun 2026: 5.7%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.15×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $193M

- Net income, five-year total: $1.3B

- Return on incremental invested capital: 11.8%

- Working capital / revenue, annual change: -1.3 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: -2.86×

- FY2024: 2.38×

- FY2025: 1.00×

### management: pass

- Historical market-dollar context (not the management verdict): 2018 to 2025 (7 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 3.8% vs 4.1%

- Per-share earnings: -0.24 to 0.77 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 6.4%

- Market cap gain: $6.3B

- Cumulative retained earnings: $1.1B

- Diluted shares, 5-year annual growth: 6.4%

- $1 test, starting fiscal year: FY2018

- $1 test, ending fiscal year: FY2025

- Per-share value change: $1.01

- Per-share value, starting three-year median: -$0.24

- Per-share value, ending three-year median: $0.77

- Buybacks concentrated in cheaper years (correlation): -0.10

- Average buyback yield: 4.4%

- Buyback history: 5 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 3.8%

- ROIC, last three-year median: 4.1%

Chart: Earnings per share; fiscal year observations.

- FY2018: -$1.06

- FY2019: $0.52

- FY2020: -$0.24

- FY2021: -$1.04

- FY2022: $4.11

- FY2023: $0.77

- FY2024: -$0.76

- FY2025: $1.43

### accounting: pass

- Sloan accruals: -6.8%

- Receivables to sales index (DSRI): 0.74×

- Restructuring years, last five: 1

- Stock compensation / operating cash flow: 2.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.14×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.13×

Chart: Sloan accruals; fiscal year observations.

- FY2018: -13.7%

- FY2019: -7.6%

- FY2020: -13.2%

- FY2021: -23.6%

- FY2022: -9.8%

- FY2023: -12.9%

- FY2024: -13.1%

- FY2025: -6.8%

## Holders

- [Arnold Van Den Berg](https://gigainvestors.com/VAN): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 51% since Jun 2025 · "CRK Q2 Earnings Beat Estimates, Revenues Miss on Weak Gas Prices" (finance.yahoo.com, Jul 2026) · sales -2.4%

Story as of 2026-10-16T09:58:34.368Z; price observation 2026-10-15.

- 2025-11-12: Comstock Q3 Earnings Beat Estimates on Higher Price Realizations ([finance.yahoo.com](https://finance.yahoo.com/news/comstock-q3-earnings-beat-estimates-172500917.html))

- 2025-12-12: Comstock Resources (CRK) Falls Following Pullback in Natural Gas Prices ([finance.yahoo.com](https://finance.yahoo.com/news/comstock-resources-crk-falls-following-111121081.html))

- 2026-05-07: Comstock Resources Q1 Earnings Miss Estimates on Lower Production ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/comstock-resources-q1-earnings-miss-125700404.html))

- 2026-07-30: CRK Q2 Earnings Beat Estimates, Revenues Miss on Weak Gas Prices ([finance.yahoo.com](https://finance.yahoo.com/energy/articles/crk-q2-earnings-beat-estimates-164600030.html))

### Sales · FY2025–2026

sales -2.4%; source https://www.sec.gov/Archives/edgar/data/23194/000119312526059001/crk-20251231.htm; observed 2026-02-19.

- FY2018: $255M 

- FY2019: $769M 

- FY2020: $858M 

- FY2021: $1.9B 

- FY2022: $3.6B 

- FY2023: $1.6B 

- FY2024: $1.3B 

- FY2025: $1.9B 

- FY2026: $1.9B 

### Gross margin · FY2026

gross margin 23.6%; source https://www.sec.gov/Archives/edgar/data/23194/000119312526059001/crk-20251231.htm; observed 2026-02-19.

- FY2018: 67.5% 

- FY2019: 39.6% 

- FY2020: 22.7% 

- FY2021: 59.3% 

- FY2022: 64.2% 

- FY2023: 17.0% 

- FY2025: 22.9% 

- FY2026: 23.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in oil & gas e&p; annual sales are USD 1.9 billion.

- Source: https://www.sec.gov/Archives/edgar/data/23194/000119312526059001/crk-20251231.htm (filed 2026-02-19); FY2025: revenue 1928351000; grossProfit 441741000; margin = grossProfit / revenue.

### Why customers stay

It earns 5.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2023: grossProfit / revenue = 17%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2024: grossProfit / revenue = -10.4%.

- Source: https://www.sec.gov/Archives/edgar/data/23194/000119312526059001/crk-20251231.htm (filed 2026-02-19); FY2025: grossProfit / revenue = 22.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); 9-year return on capital observations [[2018,-0.00010021093024883947],[2019,0.06480964556886289],[2020,0.037650884579731446],[2021,0.21761758453875815],[2022,0.4491637128999382],[2023,0.041185947755253895],[2024,-0.027037463510161133],[2025,0.06038822602490232],[2026,0.056730445411574536]]; median 0.056730445411574536. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Earns 11.8% on new investment; paid dividends in 6 of 8 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2019: growth capex 209608000; upkeep 277173000; owner earnings 96889000. Growth capex / owner earnings = 2.1633828401572934.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); FY2022: growth capex 578350000; upkeep 489450000; owner earnings 1140882000. Growth capex / owner earnings = 0.5069323558439873.

- Source: https://www.sec.gov/Archives/edgar/data/23194/000119312526059001/crk-20251231.htm (filed 2026-02-19); FY2025: growth capex 708117000; upkeep 641163000; owner earnings 420203000. Growth capex / owner earnings = 1.6851783542716259.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Incremental return on capital 0.1179360041416421, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Dividend observations: [[2018,17832000],[2019,17832000],[2020,25580000],[2021,17500000],[2022,50702000],[2023,138985000],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 73.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CRK.US SharesStats.PercentInsiders = 73.252 percentage points; cache date 2026-10-16.

### What the price says

The price is 2.1 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-19); Closing price 13.5 USD; reporting-to-trading FX 1; FY2025 annual sales per share 6.556095753252802; price multiple 2.0591523534875136. FY2025 cash earnings/share 1.4286253404095455. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $9.76 per share

- 2016-11: $9.46 per share

- 2016-12: $9.85 per share

- 2017-01: $12.45 per share

- 2017-02: $9.37 per share

- 2017-03: $9.23 per share

- 2017-04: $8.74 per share

- 2017-05: $6.56 per share

- 2017-06: $7.07 per share

- 2017-07: $7.09 per share

- 2017-08: $6.42 per share

- 2017-09: $6.08 per share

- 2017-10: $4.72 per share

- 2017-11: $6.10 per share

- 2017-12: $8.46 per share

- 2018-01: $9.74 per share

- 2018-02: $6.84 per share

- 2018-03: $7.31 per share

- 2018-04: $6.93 per share

- 2018-05: $11.50 per share

- 2018-06: $10.51 per share

- 2018-07: $9.10 per share

- 2018-08: $9.68 per share

- 2018-09: $8.38 per share

- 2018-10: $7.25 per share

- 2018-11: $7.62 per share

- 2018-12: $4.53 per share

- 2019-01: $6.01 per share

- 2019-02: $7.14 per share

- 2019-03: $6.93 per share

- 2019-04: $6.10 per share

- 2019-05: $4.38 per share

- 2019-06: $5.57 per share

- 2019-07: $6.83 per share

- 2019-08: $5.72 per share

- 2019-09: $7.79 per share

- 2019-10: $6.84 per share

- 2019-11: $6.35 per share

- 2019-12: $8.23 per share

- 2020-01: $5.53 per share

- 2020-02: $5.99 per share

- 2020-03: $5.39 per share

- 2020-04: $7.66 per share

- 2020-05: $5.36 per share

- 2020-06: $4.38 per share

- 2020-07: $5.36 per share

- 2020-08: $5.76 per share

- 2020-09: $4.38 per share

- 2020-10: $5.31 per share

- 2020-11: $4.87 per share

- 2020-12: $4.37 per share

- 2021-01: $4.55 per share

- 2021-02: $5.71 per share

- 2021-03: $5.54 per share

- 2021-04: $5.49 per share

- 2021-05: $5.63 per share

- 2021-06: $6.67 per share

- 2021-07: $6.08 per share

- 2021-08: $5.91 per share

- 2021-09: $10.35 per share

- 2021-10: $9.87 per share

- 2021-11: $8.09 per share

- 2021-12: $8.09 per share

- 2022-01: $7.78 per share

- 2022-02: $8.30 per share

- 2022-03: $13.05 per share

- 2022-04: $17.03 per share

- 2022-05: $19.30 per share

- 2022-06: $12.08 per share

- 2022-07: $15.93 per share

- 2022-08: $19.60 per share

- 2022-09: $17.29 per share

- 2022-10: $18.78 per share

- 2022-11: $18.35 per share

- 2022-12: $13.71 per share

- 2023-01: $12.15 per share

- 2023-02: $12.14 per share

- 2023-03: $10.79 per share

- 2023-04: $11.50 per share

- 2023-05: $9.32 per share

- 2023-06: $11.60 per share

- 2023-07: $12.75 per share

- 2023-08: $12.26 per share

- 2023-09: $11.03 per share

- 2023-10: $12.60 per share

- 2023-11: $9.87 per share

- 2023-12: $8.85 per share

- 2024-01: $7.81 per share

- 2024-02: $8.55 per share

- 2024-03: $9.28 per share

- 2024-04: $10.06 per share

- 2024-05: $11.71 per share

- 2024-06: $10.38 per share

- 2024-07: $9.47 per share

- 2024-08: $10.63 per share

- 2024-09: $11.13 per share

- 2024-10: $11.56 per share

- 2024-11: $15.57 per share

- 2024-12: $18.22 per share

- 2025-01: $18.56 per share

- 2025-02: $17.98 per share

- 2025-03: $20.34 per share

- 2025-04: $18.27 per share

- 2025-05: $23.30 per share

- 2025-06: $27.67 per share

- 2025-07: $17.87 per share

- 2025-08: $16.13 per share

- 2025-09: $19.83 per share

- 2025-10: $18.75 per share

- 2025-11: $26.86 per share

- 2025-12: $23.18 per share

- 2026-01: $24.35 per share

- 2026-02: $19.61 per share

- 2026-03: $21.08 per share

- 2026-04: $17.42 per share

- 2026-05: $13.33 per share

- 2026-06: $14.92 per share

- 2026-07: $13.26 per share

- 2026-08: $14.43 per share

- 2026-09: $12.32 per share

- 2026-10: $13.50 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/23194/000119312526059001/crk-20251231.htm); period 2025-12-31, filed 2026-02-19.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.