At a glance
Comstock Resources Inc is worth $4.37B, about 10 times its fiscal 2025 earnings. Revenue grew 77.0% to $2.22B in fiscal 2025, with 17.8% kept as profit; over 5 years it has grown 20.9% a year. It pays no dividend. The stock returned −13.8% over the past year with dividends reinvested and +9.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 38.9% in the 2020 crash (S&P 500: 33.7%) and 48.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month and 30 months after the lows.
The business in plain English
Comstock Resources is an independent natural gas producer. It drills for gas in the Haynesville and Bossier shale formations of North Louisiana and East Texas. As of December 31, 2025, substantially all of its proved reserves were there. Proved reserves are gas the company is reasonably certain it can recover profitably. Comstock operated 99% of those reserves. The region is close to Gulf Coast buyers, including LNG (liquefied natural gas) exporters, petrochemical plants and power plants serving data centers.
In fiscal 2025, revenue totaled $2.22 billion. Selling its own natural gas brought in $1.43 billion, or 64.2%. Gas services added $500.2 million (22.5%). Another $291.9 million (13.1%) was a gain on asset sales. During 2025 the company sold its Shelby Trough assets in Texas and its Cotton Valley assets. That gain will not necessarily repeat. Oil and condensate made up just 0.1%.
Growth depends on Western Haynesville, a deeper extension of the play. The company began exploratory drilling there in 2022 and had 30 wells selling gas by the end of 2025. Its Pinnacle Gas Services venture gathers and treats that gas, using 246 miles of high-pressure pipeline as of December 31, 2025. A partnership with NextEra Energy Resources aims to supply gas for new power plants serving data centers, starting at 2 gigawatts. The tradeoff: results rise and fall with natural gas prices.
Price history
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CRK -13.8% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Natural Gas Production | $1.43B | 64.2% |
| Gas Services | $500.2M | 22.5% |
| Gain On Sale Of Assets | $291.9M | 13.1% |
| Oil And Condensate | $2.3M | 0.1% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $353.3M, down 24.9% from a year earlier, and net income was $8.8M (-93.0%).
- For fiscal 2025, revenue was $2.22B (+77.0% year over year; +20.9% a year from FY2020 to FY2025) with a 17.8% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +20.9% good |
|---|---|
| Operating margin | 29.1% good |
| Free cash flow margin | -20.3% weak |
| Return on equity (FY2025) | 14.9% watch |
| Return on assets (FY2025) | 5.6% watch |
| Net cash (cash minus debt) | $-3.05B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $858.2M | $-52.4M | $66.0M |
| FY2021 | $1.85B | $-259.2M | $169.9M |
| FY2022 | $3.63B | $1.12B | $630.6M |
| FY2023 | $1.57B | $211.1M | $-408.2M |
| FY2024 | $1.25B | $-229.7M | $-477.1M |
| FY2025 | $2.22B | $395.6M | $-449.7M |
Valuation snapshot
| Market value | $4.37B |
|---|---|
| P/E ratio | 10.4 |
| Dividend yield | 0% |
Rank among 1514 US companies
Market value at each year end
Comstock Resources’s market value went from $479.6M at the end of 2018 to $4.37B on Oct 28, 2026, about 9.1 times as much; since the end of 2025 it is down 36%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $4.37B | -35.7% |
| 2025 | $6.79B | +27.6% |
| 2024 | $5.32B | +116.1% |
| 2023 | $2.46B | -23.1% |
| 2022 | $3.20B | +70.1% |
| 2021 | $1.88B | +126.9% |
| 2020 | $830.3M | -46.9% |
| 2019 | $1.56B | +226.1% |
| 2018 | $479.6M |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| CRK price data to Oct 28, 2026 | -35.8% | -13.8% | +7.1% | +9.2% | +4.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -35.9% |
| 2025 | +27.2% |
| 2024 | +105.9% |
| 2023 | -32.3% |
| 2022 | +70.7% |
| 2021 | +85.1% |
| 2020 | -46.9% |
| 2019 | +81.7% |
| 2018 | -46.5% |
| 2017 | -14.1% |
| 2016 | +5.3% |
| 2015 | -72.5% |
| 2014 | -61.5% |
| 2013 | +23.9% |
| 2012 | -1.2% |
| 2011 | -37.7% |
| 2010 | -39.5% |
| 2009 | -14.1% |
| 2008 | +39.0% |
| 2007 | +9.5% |
| 2006 | +1.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 20.3% over that stretch · deepest drop along the way 68.9%, not recovered by the end of the data |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 35.2% over that stretch · deepest drop along the way 38.9%, back to its old high 0.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 113.9% over that stretch · deepest drop along the way 48.1%, back to its old high 30.3 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 1 sales ($1.0M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Mar 5, 2026 | Patrick McGough Vice President of Operations | sell | $1.0M |
Who owns it
Large shareholders (13G filings)
| KEY GROUP LONG TERM INVESTMENTS LP | 5.1% | Nov 26, 2025 |
| BlackRock, Inc. | 4.7% | Mar 31, 2025 |
ETFs with the most weight in CRK
| DARP Grizzle Growth ETF | 3.93% |
| PSCE Invesco S&P SmallCap Energy ETF | 3.69% |
| PXI Invesco Dorsey Wright Energy Momentum ETF | 2.64% |
| OILT Texas Capital Texas Oil Index ETF | 1.83% |
| QSML WisdomTree U.S. SmallCap Quality Growth Fund | 0.9% |
| EBIT Harbor AlphaEdge Small Cap Earners ETF | 0.45% |
| DWAS Invesco Dorsey Wright SmallCap Momentum ETF | 0.38% |
| FLDZ RiverNorth Patriot ETF | 0.38% |
What could go wrong
- Nearly everything rides on one gas basin. Substantially all proved reserves sit in the Haynesville and Bossier shales. Pipeline bottlenecks or weak well results there would hit the whole company, with no other region to offset the damage.
- Western Haynesville is still being proven. A large share of spending goes to deep, high-pressure, high-temperature wells in this newer area. Only 30 had started production by the end of 2025. Weak results could miss return targets and leave paid-for pipeline capacity unused.
- Most reserves still need costly drilling. Only 41% of proved reserves could be produced from existing wells as of December 31, 2025. Producing the rest needs heavy spending, and some undeveloped leases expire unless wells start producing in time.
- Large debt load and little cash. Total debt was $3.10 billion against $45.0 million of cash as of June 30, 2026. Debt payments could limit growth, and a long stretch of low gas prices would make them harder to cover.
- Spending outruns cash flow, risking dilution. Free cash flow (cash left after capital spending) was negative from 2023 to 2025, by $449.7 million in 2025. Outside funding can dilute owners. The share count rose 26.1% between 2021 and 2026.
- Natural gas prices drive results. Results depend heavily on natural gas prices, which swing widely. Low prices shrink cash flow, reserve values and borrowing capacity. Revenue fell from $3.63 billion in 2022 to $1.25 billion in 2024.
Recent events
- Investor presentation or announcement
- Quarterly results released
- Other company announcement
- Shareholder vote results
- Quarterly results released
- Quarterly results released
- Quarterly results released
For income and retirement investors
Comstock Resources pays no dividend, and its yield was 0% as of October 28, 2026. It paid $0.125 per share in 2022 and $0.50 in 2023, an amount that appears to include a special dividend. It then paid nothing in 2024 or 2025. It made no buybacks from 2021 through 2025, and shares outstanding rose 26.1% from August 2021 to July 2026. An income investor would have to give up shares to raise cash.
In the 2008 financial crisis, the stock fell 68.9% from its July 2008 peak to March 2009. It had not recovered by October 28, 2026, and its deepest decline on record was 99.3%. In the 2020 COVID crash it fell 38.9% but recovered within about two weeks. During the 2022 bear market it gained 113.9% while stocks broadly fell. Even so, it slid 48.1% from June 7 to July 6, 2022, and took about 30 months to recover. A single stock like Comstock carries more risk than a diversified fund.
Questions investors ask
Does Comstock Resources pay a dividend?
No. Comstock's dividend yield was 0% as of October 28, 2026, and it paid no dividends in 2024 or 2025. It paid $0.125 per share in 2022 and $0.50 per share in 2023, an amount that appears to include a one-time special dividend. It also made no share buybacks from 2021 through 2025. Investors looking for regular cash income would get none from CRK. Any return depends on the share price.
How does Comstock Resources make money?
Mostly by producing and selling natural gas. In fiscal 2025, natural gas sales brought in 64.2% of its $2.22 billion revenue, and a line called gas services added 22.5%. Gains from selling assets added 13.1%, a source that may not repeat. Oil and condensate was just 0.1%. Its wells are in the Haynesville and Bossier shales of North Louisiana and East Texas, close to Gulf Coast markets where LNG exports, petrochemical plants and power generation for data centers drive demand.
How much debt does Comstock Resources have?
About $3.10 billion as of June 30, 2026, against $45.0 million in cash and $2.58 billion of shareholders' equity. The debt matters because spending has outrun cash generation. Free cash flow, the cash left after capital spending, was negative in 2023, 2024 and 2025, with a shortfall of $449.7 million in 2025. In January 2026, its Pinnacle pipeline venture also agreed to pay $440 million to redeem the stake held by its partner, Quantum Capital Solutions. Its annual report said it planned to fund drilling mainly from operating cash flow.
Does Comstock Resources supply natural gas to data centers?
That is the plan. Comstock is partnering with NextEra Energy Resources to supply natural gas for new power generation in its Western Haynesville area. The power is meant for hyperscaler data centers, which are built by the largest cloud computing companies. Initial capacity is 2 gigawatts, with potential to expand to 8 gigawatts. The company also cites LNG exports, exports to Mexico and petrochemical plants as drivers of Gulf Coast gas demand. How large the data-center business becomes, and when, is not yet known.
Why is Comstock Resources stock so volatile?
Mainly because its business depends heavily on natural gas prices, which have historically been volatile, and because it carries significant debt. In the year to October 28, 2026, its volatility (a measure of price swings) was 54.4%, and the stock fell 13.8%. Calendar returns show the pattern: down 32.3% in 2023, up 105.9% in 2024, up 27.2% in 2025 and down 35.8% in 2026 through October 28. Its five-year annualized return was 9.2% as of that date.