COMSTOCK RESOURCES INC CRK
We are a leading independent natural gas producer operating primarily in the Haynesville shale, a premier natural gas basin located in North Louisiana and East Texas with superior economics given its geographical proximity to the Gulf Coast natural gas markets. As of December 31, 2025, substantially all of our proved natural gas and oil reserves were in the Haynesville and Bossier shale plays. We are focused on creating value through the development of our substantial inventory of highly economic drilling opportunities in the Haynesville and Bossier shales and through our exploration activities in our Western Haynesville play. Our common stock is listed and traded on the New York Stock Exchange and New York Stock Exchange Texas under the symbol "CRK".
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.22B | $1.25B | $1.57B | $3.63B | $1.85B | $858.2M | $768.7M | — | $255.3M | — |
| SG&A | $48.7M | $39.4M | $38.0M | $39.4M | $34.9M | $32.0M | $29.2M | — | $26.1M | $24.0M |
| Total operating expenses | $1.57B | $1.42B | $1.34B | $1.35B | $950.0M | $695.2M | $493.8M | — | $255.5M | $359.5M |
| Operating income | $645.9M | -$168.6M | $226.6M | $2.28B | $900.8M | $163.0M | $274.9M | — | -$183.0K | -$183.8M |
| Interest expense | $222.8M | $210.6M | $169.0M | $171.1M | $218.5M | $234.8M | $161.5M | — | $146.4M | $128.7M |
| Pre-tax income | $508.7M | -$367.8M | $247.0M | $1.40B | -$230.3M | -$61.6M | $124.7M | — | -$129.3M | -$128.0M |
| Income tax | $88.5M | $149.1M | $35.1M | $261.1M | $11.4M | $9.2M | $27.8M | — | $17.9M | $7.2M |
| Net income | $420.2M | -$218.8M | $211.9M | $1.12B | -$259.2M | -$52.4M | $96.9M | — | -$111.4M | -$135.1M |
| EPS, basic | 1.43 | -0.76 | 0.76 | 4.75 | -1.12 | -0.39 | 0.52 | — | — | — |
| EPS, diluted | 1.43 | -0.76 | 0.76 | 4.11 | -1.12 | -0.39 | 0.52 | — | -7.61 | -11.52 |
| Shares, diluted (wtd. avg.) | $294.1M | $287.0M | $276.8M | $277.5M | $231.6M | $215.2M | $187.4M | — | $14.6M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $23.9M | $6.8M | $16.7M | $54.7M | $30.7M | $30.3M | $18.5M | $23.2M | $61.3M | $65.9M |
| Receivables | $203.5M | $145.4M | $166.6M | $415.1M | $217.1M | $125.0M | $120.1M | $87.6M | $26.7M | $19.3M |
| Total current assets | $360.9M | $284.0M | $461.5M | $645.0M | $318.7M | $199.8M | $289.7M | $159.4M | $302.5M | $90.2M |
| Property, plant and equipment | $6.22B | $5.69B | $5.38B | $4.62B | $4.01B | $4.08B | $4.01B | $1.67B | $607.9M | $798.7M |
| Goodwill | $335.9M | $335.9M | $335.9M | $335.9M | $335.9M | $335.9M | $335.9M | $335.9M | — | — |
| Total assets | $7.01B | $6.38B | $6.25B | $5.69B | $4.67B | $4.62B | $4.66B | $2.19B | $930.4M | $889.9M |
| Accounts payable | $501.7M | $421.8M | $523.3M | $530.2M | $314.6M | $259.3M | $253.0M | $138.8M | $126.0M | $45.3M |
| Total current liabilities | $729.5M | $612.9M | $681.5M | $756.1M | $634.0M | $441.6M | $392.4M | $206.9M | $168.5M | $91.7M |
| Long-term debt | $2.81B | $2.95B | $2.64B | $2.15B | $2.62B | $2.52B | $2.50B | $1.24B | $1.11B | $1.04B |
| Total liabilities | $4.04B | $4.05B | $3.87B | $3.42B | $3.48B | $3.18B | $3.13B | $1.62B | $1.30B | $1.16B |
| Retained earnings | $1.12B | $728.6M | $958.3M | $886.1M | -$204.0M | $55.2M | $138.6M | $64.1M | -$927.2M | -$815.8M |
| Total equity | $2.65B | $2.24B | $2.38B | $2.28B | $1.01B | $1.27B | $1.14B | $569.6M | -$369.3M | -$271.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $899.6M | $620.3M | $1.02B | $1.70B | $860.9M | $575.7M | $451.2M | — | $174.6M | -$23.7M |
| Depreciation and amortisation | $641.2M | $795.4M | $607.9M | $489.4M | $469.4M | $417.1M | $276.5M | — | $123.6M | $141.5M |
| Stock-based compensation | $21.2M | $15.3M | $9.9M | $6.6M | $6.8M | $6.5M | $4.0M | — | $5.9M | $4.7M |
| Capital expenditure | $1.35B | $1.10B | $1.43B | $1.07B | $691.0M | $509.7M | $486.8M | — | $180.5M | $57.4M |
| Investing cash flow | -$915.4M | -$1.08B | -$1.42B | -$1.10B | -$552.8M | -$511.2M | -$1.17B | — | -$179.0M | -$29.6M |
| Financing cash flow | $32.9M | $454.1M | $363.0M | -$576.7M | -$307.8M | -$52.8M | $714.9M | — | -$310.0K | -$14.8M |
| Dividends paid | $0 | $0 | $139.0M | $34.7M | $0 | $0 | — | — | — | — |
| Buybacks | — | — | — | — | — | — | — | — | — | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-170561.
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