<ul>
<li>如果你在想 Comstock Resources 是否仍然是投資天然氣的明智選擇，或者市場是否已經將這個故事定價，你來對地方了。</li>
<li>該股票在過去一週回落了約 13.7%，過去一個月下跌了 2.2%，但年初至今仍上漲了 23.6%，過去一年上漲了 36.8%，五年內上漲了 438.2%。</li>
<li>最近天然氣價格的波動以及對美國生產紀律的預期變化使 Comstock 備受關注，投資者在權衡週期性天然氣市場如何影響未來現金流的同時，行業內關於基礎設施限制和政策發展的討論又為市場對天然氣相關公司的定價增加了複雜性。</li>
<li>儘管有這些噪音，Comstock 在我們的估值檢查中僅得分 0/6。這意味着市場目前並沒有將其標記為明顯低估。我們將通過幾種估值方法來解析這實際上意味着什麼，最後以一種更直觀的方式來思考價值，超越通常的數字。</li>
</ul>
<p>Comstock Resources 在我們的估值檢查中僅得分 0/6。查看我們在完整估值分析中發現的其他警示信號。</p>
<h3>方法 1：Comstock Resources 折現現金流（DCF）分析</h3>
<p>折現現金流模型關注 Comstock Resources 預計在未來產生的現金，然後將這些預測折現回今天的價值。它本質上是一種將未來自由現金流轉化為每股單一現值的方法。</p>
<p>Comstock 最近十二個月的自由現金流為負，約為 3.96 億美元，反映出重投資和較弱的天然氣定價期。分析師預計這將轉為正值，自由現金流預計到 2028 年將達到約 2.63 億美元。Simply Wall St 隨後推測在 2035 年之前將有適度增長。</p>
<p>將這些預測整合到一個兩階段自由現金流到股權模型中，估算出的內在價值約為每股 21.61 美元。與當前股價相比，這意味着該股票大約被高估了 6.9%，這是一個相對較小的差距，且在正常建模不確定性範圍內。</p>
<p><strong>結果：大致合理</strong></p>
<p>根據我們的折現現金流（DCF）分析，Comstock Resources 的估值是合理的，但這可能會隨時改變。請在你的觀察列表或投資組合中跟蹤該價值，並在需要採取行動時收到提醒。</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 折現現金流</p>
<p>前往我們公司報告的估值部分，瞭解我們如何得出 Comstock Resources 的公允價值的更多細節。</p>
<h3>方法 2：Comstock Resources 市盈率</h3>
<p>對於產生正收益的公司，市盈率通常是評估估值的最直觀方式，因為它直接將投資者今天支付的價格與企業產生的利潤聯繫起來。</p>
<p>一般來説，增長較快且風險較低的企業可以合理化更高的市盈率，而增長較慢或不確定性較高的企業通常需要較低的倍數。考慮到這一點，Comstock 當前的市盈率約為 100.4 倍，遠高於大宗石油和天然氣行業平均的約 13.6 倍及其同行約 24.6 倍，這表明市場正在考慮強勁的增長和相當程度的樂觀。</p>
<p>Simply Wall St 的公允比率框架通過估算 Comstock 應該交易的市盈率，考慮其特定的收益增長前景、盈利能力、規模、行業和風險特徵，來細化這種比較。這得出了約 26.6 倍的公允比率，這比簡單的同行或行業比較更具針對性，因為它調整了公司的基本面，而不是假設一刀切。與該基準相比，當前的 100.4 倍倍數顯得過高，暗示股票的定價超過了模型認為合理的水平。</p>
<p><strong>結果：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>市盈率講述了一個故事，但如果真正的機會在其他地方呢？發現 1446 家內部人士正在大舉押注爆炸性增長的公司。</p>
<h3>升級你的決策：選擇你的 Comstock Resources 故事</h3>
<p>我們之前提到過，還有一種更好的理解估值的方法。讓我們向你介紹 Narratives，這是一種通過設定你對 Comstock Resources 未來收入、收益、利潤率和公允價值的期望，將清晰的故事與數字相結合的簡單方法。然後，你可以將這個故事與預測和買入或賣出決策聯繫起來，基於你的公允價值與當前股價的比較，所有這些都在 Simply Wall St 的社區頁面上的 Narratives 工具中。數百萬投資者使用這個工具，它會在發佈新消息或收益時自動更新你的視圖。</p>
<p>例如，一位投資者可能圍繞當前公允價值和價格目標的高端建立一個看漲的 Comstock 故事，關注 Haynesville 的規模、LNG 需求和資本效率。另一位可能在目標範圍的低端建立一個更加謹慎的故事，強調集中風險、較弱的短期回報和較慢的天然氣價格復甦。每個故事都會產生自己的動態公允價值，使得決定何時股票看起來有吸引力或被高估變得更容易。</p>
<p>你認為 Comstock Resources 的故事還有更多內容嗎？前往我們的社區看看其他人怎麼説！</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 年股票價格走勢圖</p>
<p><em>這篇來自 Simply Wall St 的文章具有一般性。<strong>我們僅基於歷史數據和分析師預測提供評論，採用無偏見的方法，我們的文章並不意圖作為財務建議。</strong> 它不構成買賣任何股票的推薦，也未考慮您的目標或財務狀況。我們的目標是為您提供以基本數據驅動的長期分析。請注意，我們的分析可能未考慮最新的價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沒有持倉。</em></p>

康斯托克資源

<p>康斯托克資源在過去五年中取得了顯著的增長，但最近的估值檢查表明其可能被高估。折現現金流分析顯示該股票的估值合理，而市盈率則表明與行業平均水平相比存在高估。建議投資者考慮未來收入和盈利的敍述和預測，以做出明智的決策</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 是否仍然是投資天然氣的明智選擇，或者市場是否已經將這個故事定價，你來對地方了。</li>
<li>該股票在過去一週回落了約 13.7%，過去一個月下跌了 2.2%，但年初至今仍上漲了 23.6%，過去一年上漲了 36.8%，五年內上漲了 438.2%。</li>
<li>最近天然氣價格的波動以及對美國生產紀律的預期變化使 Comstock 備受關注，投資者在權衡週期性天然氣市場如何影響未來現金流的同時，行業內關於基礎設施限制和政策發展的討論又為市場對天然氣相關公司的定價增加了複雜性。</li>
<li>儘管有這些噪音，Comstock 在我們的估值檢查中僅得分 0/6。這意味着市場目前並沒有將其標記為明顯低估。我們將通過幾種估值方法來解析這實際上意味着什麼，最後以一種更直觀的方式來思考價值，超越通常的數字。</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 在我們的估值檢查中僅得分 0/6。查看我們在完整估值分析中發現的其他警示信號。</p>
</div><h3>Approach 1: Comstock Resources Discounted Cash Flow (DCF) Analysis</h3>
<div class="lb-trans"><h3>方法 1：Comstock Resources 折現現金流（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>折現現金流模型關注 Comstock Resources 預計在未來產生的現金，然後將這些預測折現回今天的價值。它本質上是一種將未來自由現金流轉化為每股單一現值的方法。</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 最近十二個月的自由現金流為負，約為 3.96 億美元，反映出重投資和較弱的天然氣定價期。分析師預計這將轉為正值，自由現金流預計到 2028 年將達到約 2.63 億美元。Simply Wall St 隨後推測在 2035 年之前將有適度增長。</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>將這些預測整合到一個兩階段自由現金流到股權模型中，估算出的內在價值約為每股 21.61 美元。與當前股價相比，這意味着該股票大約被高估了 6.9%，這是一個相對較小的差距，且在正常建模不確定性範圍內。</p>
</div><p><strong>Result: ABOUT RIGHT</strong></p>
<div class="lb-trans"><p><strong>結果：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>根據我們的折現現金流（DCF）分析，Comstock Resources 的估值是合理的，但這可能會隨時改變。請在你的觀察列表或投資組合中跟蹤該價值，並在需要採取行動時收到提醒。</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 折現現金流</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>前往我們公司報告的估值部分，瞭解我們如何得出 Comstock Resources 的公允價值的更多細節。</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>對於產生正收益的公司，市盈率通常是評估估值的最直觀方式，因為它直接將投資者今天支付的價格與企業產生的利潤聯繫起來。</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>一般來説，增長較快且風險較低的企業可以合理化更高的市盈率，而增長較慢或不確定性較高的企業通常需要較低的倍數。考慮到這一點，Comstock 當前的市盈率約為 100.4 倍，遠高於大宗石油和天然氣行業平均的約 13.6 倍及其同行約 24.6 倍，這表明市場正在考慮強勁的增長和相當程度的樂觀。</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 的公允比率框架通過估算 Comstock 應該交易的市盈率，考慮其特定的收益增長前景、盈利能力、規模、行業和風險特徵，來細化這種比較。這得出了約 26.6 倍的公允比率，這比簡單的同行或行業比較更具針對性，因為它調整了公司的基本面，而不是假設一刀切。與該基準相比，當前的 100.4 倍倍數顯得過高，暗示股票的定價超過了模型認為合理的水平。</p>
</div><p><strong>Result: OVERVALUED</strong></p>
<div class="lb-trans"><p><strong>結果：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>市盈率講述了一個故事，但如果真正的機會在其他地方呢？發現 1446 家內部人士正在大舉押注爆炸性增長的公司。</p>
</div><h3>Upgrade Your Decision Making: Choose your Comstock Resources Narrative</h3>
<div class="lb-trans"><h3>升級你的決策：選擇你的 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>我們之前提到過，還有一種更好的理解估值的方法。讓我們向你介紹 Narratives，這是一種通過設定你對 Comstock Resources 未來收入、收益、利潤率和公允價值的期望，將清晰的故事與數字相結合的簡單方法。然後，你可以將這個故事與預測和買入或賣出決策聯繫起來，基於你的公允價值與當前股價的比較，所有這些都在 Simply Wall St 的社區頁面上的 Narratives 工具中。數百萬投資者使用這個工具，它會在發佈新消息或收益時自動更新你的視圖。</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，一位投資者可能圍繞當前公允價值和價格目標的高端建立一個看漲的 Comstock 故事，關注 Haynesville 的規模、LNG 需求和資本效率。另一位可能在目標範圍的低端建立一個更加謹慎的故事，強調集中風險、較弱的短期回報和較慢的天然氣價格復甦。每個故事都會產生自己的動態公允價值，使得決定何時股票看起來有吸引力或被高估變得更容易。</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>你認為 Comstock Resources 的故事還有更多內容嗎？前往我們的社區看看其他人怎麼説！</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 年股票價格走勢圖</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>這篇來自 Simply Wall St 的文章具有一般性。<strong>我們僅基於歷史數據和分析師預測提供評論，採用無偏見的方法，我們的文章並不意圖作為財務建議。</strong> 它不構成買賣任何股票的推薦，也未考慮您的目標或財務狀況。我們的目標是為您提供以基本數據驅動的長期分析。請注意，我們的分析可能未考慮最新的價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沒有持倉。</em></p>
</div>

在康斯托克資源經歷了強勁的五年增長後，現在考慮投資是否為時已晚？