Comstock Resources, Inc. (CRK) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-376.7%

-$39.15

vs $14.15 price

Levered DCF

-$41.59

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.39

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	17.04×	-23.97×	11.64×	2.89×	-7.22×	-11.21×	15.83×	-16.78×
P/B	2.55×	2.33×	1.04×	1.42×	1.58×	0.65×	1.03×	0.84×
P/S	3.5×	4.17×	1.57×	0.89×	1.01×	1.1×	1.53×	1.87×
EV / EBITDA	7.04×	12.93×	5.03×	2.63×	9.76×	5.81×	7.18×	6.59×
Gross margin	22.9%	-10.4%	17.0%	64.2%	59.3%	22.7%	39.6%	67.5%
Operating margin	19.9%	-13.5%	14.5%	62.9%	48.7%	19.0%	35.8%	-0.1%
Net margin	21.8%	-17.5%	13.5%	31.4%	-13.1%	-6.1%	12.6%	-43.6%
Current ratio	0.49×	0.46×	0.68×	0.85×	0.5×	0.45×	0.74×	0.77×
Debt / equity	1.12×	1.35×	1.15×	0.99×	2.21×	1.75×	2.52×	2.19×
Interest coverage	1.72×	-0.8×	1.34×	13.33×	4.12×	0.69×	1.7×	0×
Dividend yield	0.0%	0.0%	5.7%	1.6%	0.9%	2.7%	1.5%	0.0%
Payout ratio	0.0%	0.0%	65.6%	4.4%	-7.2%	-48.8%	18.4%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	15.9%	-9.8%	9.0%	50.1%	-20.4%	-3.6%	8.5%	-19.6%
Return on invested capital	5.0%	-1.7%	3.5%	37.3%	22.3%	3.2%	5.0%	-0.0%
Return on assets	6.0%	-3.4%	3.4%	20.0%	-5.2%	-1.1%	2.1%	-5.1%
Free cash flow yield	-6.7%	-9.1%	-16.7%	19.5%	9.1%	6.8%	-3.0%	-27.6%
Earnings yield	6.2%	-4.2%	8.6%	35.3%	-12.9%	-5.6%	8.2%	-23.3%
Enterprise value	$9.7B	$8.3B	$5.1B	$5.4B	$4.5B	$3.4B	$4B	$1.7B
Net debt / EBITDA	2.13×	4.73×	2.63×	1.06×	5.67×	4.22×	5.09×	4.74×
Cash conversion cycle (days)	-77	-50	-90	-86	-96	-81	-111	-388