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Oil & gas E&P · Energy · Fiscal year ends Dec 31
Comstock Resources reported revenue of $2.2B in the fiscal year ended Dec 2025, up 77.0% from the year before. Operating income was $646M, an operating margin of 29.1%, and net income was $396M. Operating cash flow of $900M less capital expenditure of $1.3B left free cash flow of −$450M. Net debt was $2.8B.
Ranks among the 34 oil & gas e&p companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,851 | 3,628 | 1,565 | 1,254 | 2,220 |
| Operating income | 901 | 2,281 | 227 | −169 | 646 |
| Interest expense | 218 | 171 | 169 | 211 | 223 |
| Pre-tax income | −230 | 1,402 | 247 | −368 | 509 |
| Income tax | 11.4 | 261 | 35.1 | −149 | 88.5 |
| Net income | −259 | 1,125 | 211 | −230 | 396 |
| Diluted EPS | −1.12 | 4.11 | 0.76 | −0.76 | 1.43 |
| Diluted shares | 232 | 277 | 277 | 287 | 294 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 30.7 | 54.7 | 16.7 | 6.8 | 23.9 |
| Receivables | 217 | 415 | 167 | 145 | 204 |
| Current assets | 319 | 645 | 461 | 284 | 361 |
| Net PP&E | 4,007 | 4,623 | 5,385 | 5,688 | 6,215 |
| Goodwill | 336 | 336 | 336 | 336 | 336 |
| Total assets | 4,668 | 5,694 | 6,254 | 6,382 | 7,007 |
| Payables | 315 | 530 | 523 | 422 | 502 |
| Current liabilities | 634 | 756 | 681 | 613 | 730 |
| Long-term debt | 2,615 | 2,153 | 2,640 | 2,952 | 2,809 |
| Total liabilities | 3,480 | 3,416 | 3,870 | 4,049 | 4,044 |
| Shareholders' equity | 1,013 | 2,278 | 2,358 | 2,241 | 2,647 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 861 | 1,698 | 1,017 | 620 | 900 |
| Capital expenditure | 691 | 1,068 | 1,425 | 1,097 | 1,349 |
| Free cash flow | 170 | 631 | −408 | −477 | −450 |
| Depreciation & amortisation | 469 | 489 | 608 | 795 | 641 |
| Stock-based compensation | 6.8 | 6.6 | 9.9 | 15.3 | 21.2 |
| Dividends paid | 0.0 | 34.7 | 139 | 0.0 | 0.0 |
| Dividend per share | 0.00 | 0.13 | 0.50 | 0.00 | 0.00 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 96.1% | −56.9% | −19.9% | 77.0% |
| Operating income growth (YoY) | – | 153.3% | −90.1% | −174.4% | – |
| EPS growth (YoY) | – | – | −81.5% | −200.0% | – |
| Operating margin | 48.7% | 62.9% | 14.5% | −13.4% | 29.1% |
| Net margin | −14.0% | 31.0% | 13.5% | −18.3% | 17.8% |
| Return on equityBlank when equity is negative | −25.6% | 49.4% | 9.0% | −10.2% | 14.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 22.3% | 46.2% | 4.1% | −2.9% | 10.3% |
| Free cash flow margin | 9.2% | 17.4% | −26.1% | −38.0% | −20.3% |
| Cash conversion (CFO ÷ net income) | −3.32x | 1.51x | 4.82x | −2.70x | 2.27x |
| Receivable days | 43 | 42 | 39 | 42 | 33 |
| Interest cover | 4.12x | 13.3x | 1.34x | −0.80x | 2.90x |
| Debt ÷ equity | 2.58x | 0.94x | 1.12x | 1.32x | 1.06x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 2,585 | 2,098 | 2,624 | 2,945 | 2,785 |
| Current ratio | 0.50x | 0.85x | 0.68x | 0.46x | 0.49x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.