Comstock Resources, Inc.
CRK Energy Oil & Gas E&P
Comstock Resources, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.2 billion, up 77.0% from fiscal 2024. In the quarter to June 2026, revenue fell 24.9%, EPS fell 93.3%, free cash flow fell 7,691.9% and total debt rose 2.68%, each against the same quarter a year earlier.
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Comstock Resources, Inc. (CRK) Beneish M-score
Comstock Resources, Inc.'s Beneish M-score for fiscal 2025 is −2.18; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.18 | 1.22 |
| FY2024 | −3.40 | 0.51 |
| FY2023 | −3.91 | (1.98) |
| FY2022 | −1.93 | 0.72 |
| FY2021 | −2.65 | 0.73 |
| FY2020 | −3.37 | (1.12) |
| FY2019 | −2.25 | (3.60) |
| FY2018 | 1.34 | (2.09) |
| FY2017 | 3.43 | 5.87 |
| FY2016 | −2.43 | 5.50 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.78 | — | 0.72 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 0.96 | — | 0.39 | |
| Sales growth index | 1.77 | — | 1.58 | |
| Depreciation index | 1.31 | — | 0.15 | |
| SG&A index | 0.51 | — | −0.09 | |
| Total accruals to total assets | (0.07) | — | −0.32 | |
| Leverage index | 0.90 | — | −0.30 | |
| Beneish M-score | Elevated | −2.18 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| TALO Talos Energy Inc. compare | −3.9× |
| CRGY Crescent Energy Company compare | −2.9× |
| GPOR Gulfport Energy Corporation compare | −2.8× |
| NOG Northern Oil and Gas, Inc. compare | −2.8× |
| CRC California Resources Corporation compare | −2.7× |
| MUR Murphy Oil Corporation compare | −2.7× |
| BSM Black Stone Minerals, L.P. compare | −2.7× |
| CRK Comstock Resources, Inc. | −2.2× |
| CNX CNX Resources Corporation. compare | −2.2× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI