Latest Ratios: P/E Ratio 9.7x · EV/EBITDA 6.8x · ROE 14.9%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.9B | $6.8B | $5.2B | $2.4B | $3.8B | $1.9B | $940M | $1.5B | $478M | $124M | $116M |
| Enterprise Value | $6.8B | $9.7B | $8.3B | $5.1B | $6.0B | $4.5B | $3.4B | $4.4B | $1.7B | $1.2B | $1.1B |
| P/E Ratio → | 9.72 | 17.17 | — | 11.64 | 3.34 | — | — | 15.83 | — | — | — |
| P/S Ratio | 2.02 | 3.57 | 4.17 | 1.57 | 1.05 | 1.01 | 1.10 | 2.01 | 1.87 | 0.49 | 0.66 |
| P/B Ratio | 1.30 | 2.30 | 2.24 | 1.03 | 1.67 | 1.58 | 0.65 | 1.35 | 0.84 | — | — |
| P/FCF | — | — | — | — | 6.03 | 11.04 | 14.64 | — | — | — | — |
| P/OCF | 4.28 | 7.58 | 8.43 | 2.41 | 2.24 | 2.18 | 1.63 | 3.42 | 2.54 | 0.71 | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.11 | 6.58 | 3.29 | 1.65 | 2.41 | 4.00 | 5.73 | 6.66 | 4.59 | 6.23 |
| EV / EBITDA | 6.75 | 9.71 | 13.16 | 6.17 | 2.16 | 3.26 | 5.91 | 7.99 | 13.97 | 9.51 | — |
| EV / EBIT | 18.69 | 13.32 | — | 12.37 | 3.81 | — | 19.81 | 15.40 | 12.49 | 68.61 | 1406.34 |
| EV / FCF | — | — | — | — | 9.51 | 26.31 | 53.42 | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 21.6% | 21.6% | -10.4% | 17.0% | 64.2% | 59.3% | 22.7% | 39.6% | 67.5% | 27.8% | -19.5% |
| Operating Margin | 19.0% | 19.0% | -13.5% | 14.5% | 62.9% | 48.7% | 19.0% | 35.8% | -0.1% | -0.1% | -104.6% |
| Net Profit Margin | 20.7% | 20.7% | -17.5% | 13.5% | 31.4% | -13.1% | -6.1% | 12.6% | -43.6% | -43.6% | -76.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 14.9% | 14.9% | -9.3% | 9.1% | 65.8% | -18.4% | -4.1% | 11.3% | -111.2% | — | — |
| ROA | 5.9% | 5.9% | -3.5% | 3.5% | 22.0% | -5.1% | -1.1% | 2.8% | -7.1% | -12.2% | -13.0% |
| ROIC | 4.8% | 4.8% | -2.4% | 3.6% | 41.5% | 17.5% | 3.1% | 7.1% | -0.0% | -0.0% | -16.7% |
| ROCE | 6.0% | 6.0% | -3.0% | 4.3% | 50.9% | 21.6% | 3.8% | 8.8% | -0.0% | -0.0% | -19.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.00 | 1.00 | 1.30 | 1.14 | 0.99 | 2.21 | 1.75 | 2.52 | 2.19 | — | — |
| Debt / EBITDA | 2.94 | 2.94 | 4.83 | 3.25 | 0.81 | 1.91 | 4.34 | 5.23 | 10.23 | 9.00 | — |
| Net Debt / Equity | — | 0.99 | 1.29 | 1.13 | 0.96 | 2.18 | 1.73 | 2.51 | 2.15 | — | — |
| Net Debt / EBITDA | 2.92 | 2.92 | 4.82 | 3.23 | 0.79 | 1.89 | 4.29 | 5.20 | 10.04 | 8.50 | — |
| Debt / FCF | — | — | — | — | 3.47 | 15.27 | 38.77 | — | — | — | — |
| Interest Coverage | 3.28 | 3.28 | -0.75 | 2.46 | 9.19 | -0.05 | 0.74 | 1.77 | — | 0.12 | 0.01 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.49 | 0.49 | 0.46 | 0.68 | 0.85 | 0.50 | 0.45 | 0.74 | 0.77 | 1.80 | 0.98 |
| Quick Ratio | 0.49 | 0.49 | 0.46 | 0.68 | 0.81 | 0.49 | 0.45 | 0.74 | 0.70 | 1.79 | 0.97 |
| Cash Ratio | 0.03 | 0.03 | 0.01 | 0.02 | 0.07 | 0.05 | 0.07 | 0.05 | 0.11 | 0.36 | 0.72 |
| Asset Turnover | — | 0.27 | 0.20 | 0.25 | 0.64 | 0.40 | 0.18 | 0.17 | 0.12 | 0.27 | 0.20 |
| Inventory Turnover | — | — | — | — | 37.31 | 150.14 | — | — | 5.38 | 184.70 | 177.46 |
| Days Sales Outstanding | — | 46.39 | 61.69 | 57.25 | 52.76 | 54.36 | 62.00 | 88.06 | 155.04 | 57.15 | 46.62 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | 5.7% | 0.9% | 0.9% | 2.7% | 1.2% | — | — | — |
| Payout Ratio | — | — | — | 65.6% | 3.0% | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 10.3% | 5.8% | — | 8.6% | 30.0% | — | — | 6.3% | — | — | — |
| FCF Yield | — | — | — | — | 16.6% | 9.1% | 6.8% | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 0.0% | 0.1% | 0.0% | 1.1% | 0.3% | 0.3% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 5.7% | 1.1% | 0.9% | 2.8% | 1.2% | 1.1% | 0.3% | 0.3% |
| Shares Outstanding | — | $294M | $287M | $277M | $277M | $232M | $215M | $187M | $105M | $15M | $12M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying CRK stock.
Comstock Resources, Inc.'s current P/E ratio is 9.7x. The historical average is 15.0x. This places it at the 19th percentile of its historical range.
Comstock Resources, Inc.'s current EV/EBITDA is 6.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 7.1x.
Comstock Resources, Inc.'s return on equity (ROE) is 14.9%. The historical average is -6.5%.
Based on historical data, Comstock Resources, Inc. is trading at a P/E of 9.7x. This is at the 19th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Comstock Resources, Inc. has 21.6% gross margin and 19.0% operating margin. Operating margin between 10-20% is typical for established companies.
Comstock Resources, Inc.'s Debt/EBITDA ratio is 2.9x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
High leverage and negative FCF
Metrics are mathematically derived from official filings.
Margin Volatility Masks Underlying Earning Power
Comstock's gross margin swung from -33.3% in 2024Q2 to 93.4% in 2026Q1, while net margin ranged from -51.2% to 56.4%, reflecting extreme commodity price sensitivity, as reported in quarterly financials.
The wide swings in gross and net margins are primarily driven by natural gas price volatility and non-cash adjustments, as evidenced by the 2025Q4 net margin of 56.4% on a 23.5% operating margin, implying a significant non-operating gain. The 2026Q2 gross margin of 100% with zero COGS appears anomalous and warrants scrutiny, as it likely reflects a one-time benefit or data issue. Investors should focus on operating margin as a cleaner measure of core profitability, which has ranged from -37.5% to 29.8% over the past ten quarters, indicating high operating leverage but also potential for recovery when prices firm.
Returns on Capital Remain Thin and Volatile
ROIC has been negative or below 2.2% in most quarters, with 2026Q2 at 0.3%, while ROE swung from -5.3% to 10.1%, indicating that capital employed is not generating consistent returns, based on reported figures.
The low and volatile ROIC reflects the capital-intensive nature of the business and the impact of commodity price cycles. Even in the best quarter (2026Q1), ROIC was only 2.2%, which is below the cost of capital, suggesting that the company is not compounding shareholder value on a risk-adjusted basis. The improvement in 2025Q4 and 2026Q1 was driven by higher gas prices, but the sustainability is questionable given the persistent negative free cash flow and heavy capital spending. Investors should monitor whether ROIC can consistently exceed the weighted average cost of capital, which appears unlikely under current conditions.
Working Capital Efficiency Distorted by Commodity Cycles
Comstock's current ratio has deteriorated from 0.64 in 2024Q1 to 0.48 in 2026Q2, while DSO has improved from 56 to 45 days, but DPO data is sporadic, indicating unstable working capital management, as per quarterly data.
The current ratio below 0.5 indicates a tight liquidity position, but this is common in the E&P sector where companies rely on revolving credit facilities. DSO has improved from 56 days to 45 days, suggesting better receivables collection, but the erratic DPO figures (ranging from 95 to 1,226 days) are likely due to timing of payables and may not reflect true supplier leverage. The negative cash conversion cycle is not calculable due to missing inventory data, but the company's heavy capital expenditure program suggests that working capital efficiency is secondary to investment in growth. Investors should focus on the sustainability of DSO improvements and the impact of commodity price swings on working capital.
Leverage Elevated Despite Recent Decrease
Comstock's D/E ratio has declined from 1.38 in 2025Q1 to 1.00 in 2026Q2, but D/EBITDA remains high at 16.68, and interest coverage is thin at 1.22, indicating strained debt service capacity, based on reported figures.
The reduction in D/E from 1.38 to 1.00 is partly due to equity growth from retained earnings, but the absolute debt level of $3.2B remains substantial relative to the company's market cap. D/EBITDA of 16.68 in 2026Q2 is significantly higher than the peer average of around 8, reflecting the company's higher leverage and lower EBITDA due to weak gas prices. Interest coverage of 1.22 in 2026Q2 is barely above 1, meaning operating income is just sufficient to cover interest expenses, leaving little cushion for adverse price movements. This leverage profile suggests that Comstock is more vulnerable to commodity downturns than its peers, and refinancing risk could emerge if credit markets tighten.
Thin Liquidity Raises Vulnerability to Shocks
Comstock's current ratio of 0.48 and quick ratio of 0.48 in 2026Q2 indicate minimal short-term liquidity, with cash of $45M against $3.2B in debt, as reported in the latest balance sheet.
The current ratio below 0.5 suggests that current liabilities exceed current assets, which is typical for E&P companies that rely on revolving credit facilities for liquidity. However, the low cash balance and high debt load imply that the company has limited buffer to absorb operational shocks, such as a sudden drop in gas prices or an unplanned capital expenditure. The negative free cash flow in nine of the last ten quarters further strains liquidity, as the company must fund capital expenditures through debt or asset sales. Investors should monitor the availability and terms of the credit facility, as well as any potential covenant breaches, given the thin interest coverage.
Misapplied Metric: EV/EBITDA
EV/EBITDA is commonly used to value E&P companies, but for Comstock, it is misleading due to volatile EBITDA and heavy capital expenditures, as evidenced by the wide range of D/EBITDA from 9.59 to 29.00, based on reported figures.
EV/EBITDA is often misapplied to E&P companies because EBITDA does not account for the significant capital expenditures required to maintain and grow production. For Comstock, EBITDA has been highly volatile, swinging from negative to positive, making the multiple unstable and difficult to interpret. Additionally, the company's negative free cash flow indicates that EBITDA is not translating into cash generation, so EV/EBITDA overstates the company's value relative to its cash-generating ability. A more appropriate metric would be EV/EBITDAX (excluding exploration costs) or EV/DACF (debt-adjusted cash flow), which better captures the cash flow potential of the business. Investors should also consider the impact of hedging and commodity price cycles when using any multiple.