Forensic Analysis · Energy / Oil & Gas · as of Sep 24, 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
1.8
Distress distance
Clean
Earnings quality
4
Forensic signals
7.4
P / E (ttm)
14.9%
ROE
$3.9B
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, going concern, valuation). 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 1.8, 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
+3.1%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +6% over the last 2 years to FY2025 (+3.1%/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 ~3.1% 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 FY2023 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.
8.5%
FY2025
Return on invested capital.Return on invested capital is 8.5% in the latest fiscal year, against 3% in FY2023, having run between -2.3% and 8.5% across FY2023–FY2025 with no direction held. The capital base behind it grew +13% across FY2023–FY2025, from $5.6B to $6.3B, and the return did not fall doing it, so the dollars added over that window earned at least the 3% the older base was already earning.
1.0% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 1.0% of revenue in FY2025 — about $0.07 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 3.1% a year, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$2.22B
Revenue Growth YoY+77.0%
Revenue CAGR (2yr)+19.1%
Net Margin17.8%
Free Cash Flow-$449.7M
Return on Equity14.9%
Debt / Equity1.06x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Comstock Resources Inc's actual 10-K/10-Q/8-K filings?