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CRK

Comstock Resources, Inc.

CRK

Comstock Resources, Inc. • NYSE
$26.86 ▲ 5.54% (+1.41)
Market Cap $7.87 B
52w High $31.17
52w Low $14.09
Dividend Yield 0%
P/E 116.78
Volume 1.18M
Outstanding Shares 293.05M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $449.852M ▼ $178.621M ▲ $111.128M ▼ 24.703% ▼ $0.38 ▼ $350.839M ▼
Q2-2025 $470.262M ▼ $12.3M ▼ $124.842M ▲ 26.547% ▲ $0.43 ▲ $485.772M ▲
Q1-2025 $512.854M ▲ $340.507M ▲ $-121.278M ▼ -23.648% ▼ $-0.42 ▼ $-145.615M ▼
Q4-2024 $366.506M ▲ $10.199M ▲ $-47.232M ▼ -12.887% ▼ $-0.19 ▼ $121.438M ▼
Q3-2024 $304.472M $9.013M $-28.891M -9.489% $-0.09 $222.452M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $19.215M ▼ $6.841B ▲ $4.223B ▼ $2.36B ▲
Q2-2025 $25.859M ▼ $6.695B ▲ $4.26B ▼ $2.244B ▲
Q1-2025 $32.875M ▲ $6.602B ▲ $4.324B ▲ $2.121B ▼
Q4-2024 $6.799M ▼ $6.382B ▲ $4.049B ▲ $2.241B ▼
Q3-2024 $13.772M $6.313B $3.951B $2.295B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $110.335M ▼ $153.093M ▼ $-259.957M ▲ $100.22M ▲ $-6.644M ▲ $-188.408M ▼
Q2-2025 $130.728M ▲ $347.564M ▲ $-341.006M ▼ $-13.574M ▼ $-7.016M ▼ $3.498M ▲
Q1-2025 $-115.393M ▼ $174.746M ▼ $-298.261M ▼ $149.591M ▲ $26.076M ▲ $-123.515M ▼
Q4-2024 $-55.313M ▼ $267.053M ▲ $-296.953M ▼ $22.927M ▼ $-6.973M ▼ $-12.899M ▲
Q3-2024 $-25.718M $98.17M $-211.599M $107.931M $-5.498M $-131.148M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Natural gas and Oil Sales
Natural gas and Oil Sales
 $290.00M ▲$410.00M ▲$340.00M ▼$310.00M ▼
Natural Gas Production
Natural Gas Production
 $290.00M ▲$410.00M ▲$340.00M ▼$310.00M ▼
Oil and Condensate
Oil and Condensate
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Comstock’s earnings profile is very tied to natural gas prices. The company went from losses in the pandemic period to very strong profits when gas prices spiked, then back to weaker results and a recent loss as prices and margins normalized. Profitability swung from very healthy in the boom year to much slimmer more recently, with operating income turning negative again. Overall, the pattern shows a lean, cost‑focused operator in a highly cyclical business: when gas prices are strong, profits can be impressive; when prices weaken, earnings compress quickly.

Balance Sheet

Balance Sheet The balance sheet shows a growing asset base funded by a mix of debt and equity, with leverage still meaningful. Debt has stayed sizable over time, while shareholders’ equity has improved, suggesting gradual strengthening of the capital base but not a debt‑free profile. Cash on hand is consistently very small, which means the company leans on ongoing cash generation and credit access rather than large cash reserves. In short, it has solid assets and improved equity, but it remains a leveraged, capital‑intensive balance sheet that depends on stable operations and capital markets.

Cash Flow

Cash Flow Operating cash flow has been consistently positive and quite strong in good gas markets, indicating that the core business generates solid cash when prices cooperate. However, heavy and ongoing spending on new wells and infrastructure means free cash flow swings around and has recently been negative, as growth investments outpaced cash coming in. This points to a strategy of reinvesting heavily in the resource base rather than building large cash cushions, which can pay off in future production but leaves less room for error if prices stay low for an extended period.

Competitive Edge

Competitive Edge Comstock’s edge comes from being a focused, low‑cost natural gas producer in the Haynesville Shale, close to Gulf Coast LNG export facilities. Its acreage is concentrated in a very productive, infrastructure‑rich basin, giving it cost and transportation advantages over many peers. Years of experience there, combined with scale and operational discipline, support its position as a cost leader that can stay active even when gas prices are soft. On the other hand, it is heavily concentrated in one region and one commodity, which increases exposure to regional bottlenecks, competition in the basin, and swings in global gas demand and policy.

Innovation and R&D

Innovation and R&D Innovation at Comstock is practical and field‑driven rather than lab‑style R&D. The company has pushed advanced horizontal drilling, long laterals, and its distinctive “horseshoe” well design to lower costs per unit of gas. It uses modern seismic imaging and data analytics to target higher‑quality drilling locations and de‑risk new areas, such as the Western Haynesville. Operationally, it is adopting dual‑fuel equipment, methane monitoring, and midstream integration to trim costs and improve environmental performance. Future value from these efforts will depend on how effectively Comstock scales its horseshoe designs, develops new acreage, and aligns its output with growing LNG and premium gas markets.

Summary

Comstock is a focused natural gas producer with a strong operational position in the Haynesville, a clear cost‑leadership mindset, and meaningful exposure to LNG‑linked demand. Financially, it shows the classic profile of a cyclical gas company: cash‑generative in strong price environments, pressured when prices fall, and willing to reinvest heavily in drilling rather than hoard cash. The balance sheet has improved over time but still carries notable leverage and very limited cash, which increases sensitivity to prolonged downturns. Its competitive and innovation strengths lie in execution, drilling technology, and location, while key risks center on commodity price volatility, regional and regulatory factors, and the company’s choice to prioritize growth spending over consistently harvesting free cash flow.

NEWS

November 3, 2025 · 4:15 PM UTC

COMSTOCK RESOURCES, INC. REPORTS THIRD QUARTER 2025 FINANCIAL AND OPERATING RESULTS

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September 24, 2025 · 8:00 AM UTC

COMSTOCK RESOURCES, INC. ANNOUNCES THIRD QUARTER 2025 EARNINGS DATE AND CONFERENCE CALL INFORMATION

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