<ul>
<li>如果你在想 Comstock Resources 是否仍然是投资天然气的明智选择，或者市场是否已经将这个故事定价，你来对地方了。</li>
<li>该股票在过去一周回落了约 13.7%，过去一个月下跌了 2.2%，但年初至今仍上涨了 23.6%，过去一年上涨了 36.8%，五年内上涨了 438.2%。</li>
<li>最近天然气价格的波动以及对美国生产纪律的预期变化使 Comstock 备受关注，投资者在权衡周期性天然气市场如何影响未来现金流的同时，行业内关于基础设施限制和政策发展的讨论又为市场对天然气相关公司的定价增加了复杂性。</li>
<li>尽管有这些噪音，Comstock 在我们的估值检查中仅得分 0/6。这意味着市场目前并没有将其标记为明显低估。我们将通过几种估值方法来解析这实际上意味着什么，最后以一种更直观的方式来思考价值，超越通常的数字。</li>
</ul>
<p>Comstock Resources 在我们的估值检查中仅得分 0/6。查看我们在完整估值分析中发现的其他警示信号。</p>
<h3>方法 1：Comstock Resources 折现现金流（DCF）分析</h3>
<p>折现现金流模型关注 Comstock Resources 预计在未来产生的现金，然后将这些预测折现回今天的价值。它本质上是一种将未来自由现金流转化为每股单一现值的方法。</p>
<p>Comstock 最近十二个月的自由现金流为负，约为 3.96 亿美元，反映出重投资和较弱的天然气定价期。分析师预计这将转为正值，自由现金流预计到 2028 年将达到约 2.63 亿美元。Simply Wall St 随后推测在 2035 年之前将有适度增长。</p>
<p>将这些预测整合到一个两阶段自由现金流到股权模型中，估算出的内在价值约为每股 21.61 美元。与当前股价相比，这意味着该股票大约被高估了 6.9%，这是一个相对较小的差距，且在正常建模不确定性范围内。</p>
<p><strong>结果：大致合理</strong></p>
<p>根据我们的折现现金流（DCF）分析，Comstock Resources 的估值是合理的，但这可能会随时改变。请在你的观察列表或投资组合中跟踪该价值，并在需要采取行动时收到提醒。</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/dcc20f07-a5c8-403f-8a24-21e155651bed/chart/dcf?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/dcc20f07-a5c8-403f-8a24-21e155651bed/chart/dcf"/></p>
<p>截至 2025 年 12 月的 CRK 折现现金流</p>
<p>前往我们公司报告的估值部分，了解我们如何得出 Comstock Resources 的公允价值的更多细节。</p>
<h3>方法 2：Comstock Resources 市盈率</h3>
<p>对于产生正收益的公司，市盈率通常是评估估值的最直观方式，因为它直接将投资者今天支付的价格与企业产生的利润联系起来。</p>
<p>一般来说，增长较快且风险较低的企业可以合理化更高的市盈率，而增长较慢或不确定性较高的企业通常需要较低的倍数。考虑到这一点，Comstock 当前的市盈率约为 100.4 倍，远高于大宗石油和天然气行业平均的约 13.6 倍及其同行约 24.6 倍，这表明市场正在考虑强劲的增长和相当程度的乐观。</p>
<p>Simply Wall St 的公允比率框架通过估算 Comstock 应该交易的市盈率，考虑其特定的收益增长前景、盈利能力、规模、行业和风险特征，来细化这种比较。这得出了约 26.6 倍的公允比率，这比简单的同行或行业比较更具针对性，因为它调整了公司的基本面，而不是假设一刀切。与该基准相比，当前的 100.4 倍倍数显得过高，暗示股票的定价超过了模型认为合理的水平。</p>
<p><strong>结果：被高估</strong></p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/dcc20f07-a5c8-403f-8a24-21e155651bed/chart/pe-multiple-vs-industry?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/dcc20f07-a5c8-403f-8a24-21e155651bed/chart/pe-multiple-vs-industry"/></p>
<p>截至 2025 年 12 月的 NYSE:CRK 市盈率</p>
<p>市盈率讲述了一个故事，但如果真正的机会在其他地方呢？发现 1446 家内部人士正在大举押注爆炸性增长的公司。</p>
<h3>升级你的决策：选择你的 Comstock Resources 故事</h3>
<p>我们之前提到过，还有一种更好的理解估值的方法。让我们向你介绍 Narratives，这是一种通过设定你对 Comstock Resources 未来收入、收益、利润率和公允价值的期望，将清晰的故事与数字相结合的简单方法。然后，你可以将这个故事与预测和买入或卖出决策联系起来，基于你的公允价值与当前股价的比较，所有这些都在 Simply Wall St 的社区页面上的 Narratives 工具中。数百万投资者使用这个工具，它会在发布新消息或收益时自动更新你的视图。</p>
<p>例如，一位投资者可能围绕当前公允价值和价格目标的高端建立一个看涨的 Comstock 故事，关注 Haynesville 的规模、LNG 需求和资本效率。另一位可能在目标范围的低端建立一个更加谨慎的故事，强调集中风险、较弱的短期回报和较慢的天然气价格复苏。每个故事都会产生自己的动态公允价值，使得决定何时股票看起来有吸引力或被高估变得更容易。</p>
<p>你认为 Comstock Resources 的故事还有更多内容吗？前往我们的社区看看其他人怎么说！</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/dcc20f07-a5c8-403f-8a24-21e155651bed/chart/quote-price?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/dcc20f07-a5c8-403f-8a24-21e155651bed/chart/quote-price"/></p>
<p>NYSE:CRK 1 年股票价格走势图</p>
<p><em>这篇来自 Simply Wall St 的文章具有一般性。<strong>我们仅基于历史数据和分析师预测提供评论，采用无偏见的方法，我们的文章并不意图作为财务建议。</strong> 它不构成买卖任何股票的推荐，也未考虑您的目标或财务状况。我们的目标是为您提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中均没有持仓。</em></p>

康斯托克资源

<p>康斯托克资源在过去五年中取得了显著的增长，但最近的估值检查表明其可能被高估。折现现金流分析显示该股票的估值合理，而市盈率则表明与行业平均水平相比存在高估。建议投资者考虑未来收入和盈利的叙述和预测，以做出明智的决策</p>

<ul>
<li>If you are wondering whether Comstock Resources is still a smart way to play natural gas or if the market has already priced in the story, you are in the right place.</li>
<li>The stock has pulled back about 13.7% over the last week and is down 2.2% over the past month, but it is still up 23.6% year to date and 36.8% over the last year, with a 438.2% gain over five years.</li>
<li>Recent moves in natural gas prices and shifting expectations around US production discipline have kept Comstock in the spotlight, as investors weigh how cyclical gas markets could impact future cash flows. At the same time, ongoing industry chatter about infrastructure constraints and policy developments has added another layer of complexity to how the market is pricing gas-focused names.</li>
<li>Despite all that noise, Comstock scores just 0/6 on our valuation checks. This means the market is not flagging it as clearly undervalued on any of our basic metrics right now. We will unpack what that actually means by walking through several valuation methods, before finishing with a more intuitive way to think about value that goes beyond the usual numbers.</li>
</ul>
<div class="lb-trans"><ul>
<li>如果你在想 Comstock Resources 是否仍然是投资天然气的明智选择，或者市场是否已经将这个故事定价，你来对地方了。</li>
<li>该股票在过去一周回落了约 13.7%，过去一个月下跌了 2.2%，但年初至今仍上涨了 23.6%，过去一年上涨了 36.8%，五年内上涨了 438.2%。</li>
<li>最近天然气价格的波动以及对美国生产纪律的预期变化使 Comstock 备受关注，投资者在权衡周期性天然气市场如何影响未来现金流的同时，行业内关于基础设施限制和政策发展的讨论又为市场对天然气相关公司的定价增加了复杂性。</li>
<li>尽管有这些噪音，Comstock 在我们的估值检查中仅得分 0/6。这意味着市场目前并没有将其标记为明显低估。我们将通过几种估值方法来解析这实际上意味着什么，最后以一种更直观的方式来思考价值，超越通常的数字。</li>
</ul>
</div><p>Comstock Resources scores just 0/6 on our valuation checks. See what other red flags we found in the full valuation breakdown.</p>
<div class="lb-trans"><p>Comstock Resources 在我们的估值检查中仅得分 0/6。查看我们在完整估值分析中发现的其他警示信号。</p>
</div><h3>Approach 1: Comstock Resources Discounted Cash Flow (DCF) Analysis</h3>
<div class="lb-trans"><h3>方法 1：Comstock Resources 折现现金流（DCF）分析</h3>
</div><p>A Discounted Cash Flow model looks at the cash Comstock Resources is expected to generate in the future, then discounts those projections back to what they are worth in $ today. It is essentially a way of translating future free cash flow into a single present value per share.</p>
<div class="lb-trans"><p>折现现金流模型关注 Comstock Resources 预计在未来产生的现金，然后将这些预测折现回今天的价值。它本质上是一种将未来自由现金流转化为每股单一现值的方法。</p>
</div><p>Comstock’s last twelve months Free Cash Flow was negative at around $396 million, reflecting a period of heavy investment and weaker gas pricing. Analysts expect this to flip into positive territory, with free cash flow projected to reach about $263 million by 2028. Simply Wall St then extrapolates modest growth thereafter through 2035.</p>
<div class="lb-trans"><p>Comstock 最近十二个月的自由现金流为负，约为 3.96 亿美元，反映出重投资和较弱的天然气定价期。分析师预计这将转为正值，自由现金流预计到 2028 年将达到约 2.63 亿美元。Simply Wall St 随后推测在 2035 年之前将有适度增长。</p>
</div><p>Pulling these forecasts together in a 2 Stage Free Cash Flow to Equity model yields an estimated intrinsic value of roughly $21.61 per share. Compared with the current share price, that implies the stock is about 6.9% overvalued, which is a relatively small gap and well within normal modeling uncertainty.</p>
<div class="lb-trans"><p>将这些预测整合到一个两阶段自由现金流到股权模型中，估算出的内在价值约为每股 21.61 美元。与当前股价相比，这意味着该股票大约被高估了 6.9%，这是一个相对较小的差距，且在正常建模不确定性范围内。</p>
</div><p><strong>Result: ABOUT RIGHT</strong></p>
<div class="lb-trans"><p><strong>结果：大致合理</strong></p>
</div><p>Comstock Resources is fairly valued according to our Discounted Cash Flow (DCF), but this can change at a moment's notice. Track the value in your watchlist or portfolio and be alerted on when to act.</p>
<div class="lb-trans"><p>根据我们的折现现金流（DCF）分析，Comstock Resources 的估值是合理的，但这可能会随时改变。请在你的观察列表或投资组合中跟踪该价值，并在需要采取行动时收到提醒。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/dcc20f07-a5c8-403f-8a24-21e155651bed/chart/dcf" alt="" original-src="https://images.simplywall.st/company/dcc20f07-a5c8-403f-8a24-21e155651bed/chart/dcf"/></p>
<p>CRK Discounted Cash Flow as at Dec 2025</p>
<div class="lb-trans"><p>截至 2025 年 12 月的 CRK 折现现金流</p>
</div><p>Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for Comstock Resources.</p>
<div class="lb-trans"><p>前往我们公司报告的估值部分，了解我们如何得出 Comstock Resources 的公允价值的更多细节。</p>
</div><h3>Approach 2: Comstock Resources Price vs Earnings</h3>
<div class="lb-trans"><h3>方法 2：Comstock Resources 市盈率</h3>
</div><p>For companies that are generating positive earnings, the Price to Earnings ratio is often the most intuitive way to gauge valuation because it directly links what investors pay today with the profits the business is producing.</p>
<div class="lb-trans"><p>对于产生正收益的公司，市盈率通常是评估估值的最直观方式，因为它直接将投资者今天支付的价格与企业产生的利润联系起来。</p>
</div><p>In general, faster growing and lower risk businesses can justify a higher PE, while slower growth or higher uncertainty usually warrants a lower multiple. With that in mind, Comstock currently trades on a rich PE of about 100.4x, well above both the broader Oil and Gas industry average of roughly 13.6x and its peer group around 24.6x, suggesting the market is baking in strong growth and a fair amount of optimism.</p>
<div class="lb-trans"><p>一般来说，增长较快且风险较低的企业可以合理化更高的市盈率，而增长较慢或不确定性较高的企业通常需要较低的倍数。考虑到这一点，Comstock 当前的市盈率约为 100.4 倍，远高于大宗石油和天然气行业平均的约 13.6 倍及其同行约 24.6 倍，这表明市场正在考虑强劲的增长和相当程度的乐观。</p>
</div><p>Simply Wall St’s Fair Ratio framework refines this comparison by estimating the PE Comstock should trade on given its specific earnings growth outlook, profitability, size, industry and risk profile. This yields a Fair Ratio of about 26.6x, which is more tailored than a simple peer or industry comparison because it adjusts for the company’s own fundamentals rather than assuming one size fits all. Against that benchmark, the current 100.4x multiple looks stretched, implying the shares are pricing in more than the model thinks is justified.</p>
<div class="lb-trans"><p>Simply Wall St 的公允比率框架通过估算 Comstock 应该交易的市盈率，考虑其特定的收益增长前景、盈利能力、规模、行业和风险特征，来细化这种比较。这得出了约 26.6 倍的公允比率，这比简单的同行或行业比较更具针对性，因为它调整了公司的基本面，而不是假设一刀切。与该基准相比，当前的 100.4 倍倍数显得过高，暗示股票的定价超过了模型认为合理的水平。</p>
</div><p><strong>Result: OVERVALUED</strong></p>
<div class="lb-trans"><p><strong>结果：被高估</strong></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/dcc20f07-a5c8-403f-8a24-21e155651bed/chart/pe-multiple-vs-industry" alt="" original-src="https://images.simplywall.st/company/dcc20f07-a5c8-403f-8a24-21e155651bed/chart/pe-multiple-vs-industry"/></p>
<p>NYSE:CRK PE Ratio as at Dec 2025</p>
<div class="lb-trans"><p>截至 2025 年 12 月的 NYSE:CRK 市盈率</p>
</div><p>PE ratios tell one story, but what if the real opportunity lies elsewhere? Discover 1446 companies where insiders are betting big on explosive growth.</p>
<div class="lb-trans"><p>市盈率讲述了一个故事，但如果真正的机会在其他地方呢？发现 1446 家内部人士正在大举押注爆炸性增长的公司。</p>
</div><h3>Upgrade Your Decision Making: Choose your Comstock Resources Narrative</h3>
<div class="lb-trans"><h3>升级你的决策：选择你的 Comstock Resources 故事</h3>
</div><p>Earlier we mentioned that there is an even better way to understand valuation. Let us introduce you to Narratives, a simple way to attach a clear story to your numbers by setting your own expectations for Comstock Resources future revenue, earnings, margins and fair value. You can then link that story to a forecast and a buy or sell decision based on how your Fair Value compares with the current share price, all within the Narratives tool on Simply Wall St’s Community page. Millions of investors use this tool, which automatically updates your view as new news or earnings are released.</p>
<div class="lb-trans"><p>我们之前提到过，还有一种更好的理解估值的方法。让我们向你介绍 Narratives，这是一种通过设定你对 Comstock Resources 未来收入、收益、利润率和公允价值的期望，将清晰的故事与数字相结合的简单方法。然后，你可以将这个故事与预测和买入或卖出决策联系起来，基于你的公允价值与当前股价的比较，所有这些都在 Simply Wall St 的社区页面上的 Narratives 工具中。数百万投资者使用这个工具，它会在发布新消息或收益时自动更新你的视图。</p>
</div><p>For example, one investor might build a bullish Comstock Narrative around the high end of current fair value and price targets, focusing on Haynesville scale, LNG demand and capital efficiency. Another might anchor a far more cautious Narrative on the low end of the target range, emphasizing concentration risk, weaker near term returns and slower gas price recovery. Each Narrative produces its own dynamic fair value that makes it easier to decide when the stock looks attractive or stretched.</p>
<div class="lb-trans"><p>例如，一位投资者可能围绕当前公允价值和价格目标的高端建立一个看涨的 Comstock 故事，关注 Haynesville 的规模、LNG 需求和资本效率。另一位可能在目标范围的低端建立一个更加谨慎的故事，强调集中风险、较弱的短期回报和较慢的天然气价格复苏。每个故事都会产生自己的动态公允价值，使得决定何时股票看起来有吸引力或被高估变得更容易。</p>
</div><p>Do you think there's more to the story for Comstock Resources? Head over to our Community to see what others are saying!</p>
<div class="lb-trans"><p>你认为 Comstock Resources 的故事还有更多内容吗？前往我们的社区看看其他人怎么说！</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/dcc20f07-a5c8-403f-8a24-21e155651bed/chart/quote-price" alt="" original-src="https://images.simplywall.st/company/dcc20f07-a5c8-403f-8a24-21e155651bed/chart/quote-price"/></p>
<p>NYSE:CRK 1-Year Stock Price Chart</p>
<div class="lb-trans"><p>NYSE:CRK 1 年股票价格走势图</p>
</div><p><em>This article by Simply Wall St is general in nature. <strong>We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice.</strong> It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.</em></p>
<div class="lb-trans"><p><em>这篇来自 Simply Wall St 的文章具有一般性。<strong>我们仅基于历史数据和分析师预测提供评论，采用无偏见的方法，我们的文章并不意图作为财务建议。</strong> 它不构成买卖任何股票的推荐，也未考虑您的目标或财务状况。我们的目标是为您提供以基本数据驱动的长期分析。请注意，我们的分析可能未考虑最新的价格敏感公司公告或定性材料。Simply Wall St 在提到的任何股票中均没有持仓。</em></p>
</div>

在康斯托克资源经历了强劲的五年增长后，现在考虑投资是否为时已晚？