Forensic Analysis · Energy / Oil & Gas · as of Aug 11, 2026

Comstock Resources Inc (CRK)

A forensic read on Comstock Resources Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

C · Mixed — selective

Forensic grade

Grey Zone

Financial health

1.9

Distress distance

Clean

Earnings quality

Forensic signals

7.8

P / E (ttm)

14.9%

ROE

$4.2B

Market cap

4.74%

Dividend yield

77.0%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Comstock Resources Inc earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 1.9, placing it in the Grey zone. 4 forensic signals were flagged in its latest SEC filings, led by share-count dilution.

What the filings flag

+2.0%/yr

FY2022–FY2025

Share-count dilution. Diluted share count changed +6% over the last 3 years to FY2025 (+2.0%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~2.0% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~6%.

stopped

FY2023→FY2025

Shareholder returns — halted. Capital returns have STOPPED — $139M of buybacks + dividends in FY2023, but ~$0 in FY2025. A halt usually means the company is conserving cash.

suspended

FY2023→FY2025

Dividend — suspended. The dividend has been SUSPENDED — $139M paid in FY2023, then $0 in FY2025. A suspension is a major signal the board is conserving cash; the prior payment history doesn't offset it.

8.5%

FY2025

Return on invested capital. Return on invested capital is 8.5% in the latest fiscal year and slipping from 38% — around its ~8% cost of capital, so growth is roughly value-neutral.

Key fundamentals

Latest Revenue$2.22B

Revenue Growth YoY+77.0%

Revenue CAGR (3yr)-15.1%

Net Margin17.8%

Free Cash Flow-$449.7M

Return on Equity14.9%

Debt / Equity1.06x

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Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.