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Comstock Resources earnings quality score

How much of the reported profit is backed by cash, and how many markers of managed earnings the filings show

Score60 / 100 · grade C · rank 705 of 1027

Comstock Resources (CRK) scores 60 of 100 for earnings quality, grade C: rank 705 of 1027 companies and 32 of 34 in energy. It loses the most points on adjusted earnings 296% above GAAP, discretionary accruals of +9.4% of assets (modified Jones), larger than most, Montier C-score 2 of 5 checks failed. It earns full or near-full marks for Dechow F-score 0.14 (normal), profit about as variable as cash flow (smoothness 1.40).

What earned and lost points

ComponentWhat the filings showPointsOf
Accrualsaccruals of -7.5% of assets, lower than 75% of companies (profit backed by cash)2027
Dechow F-scoreDechow F-score 0.14 (normal)2020
Montier C-scoreMontier C-score 2 of 5 checks failed1220
Discretionary accrualsdiscretionary accruals of +9.4% of assets (modified Jones), larger than most213
Non-GAAP gapadjusted earnings 296% above GAAP013
Earnings smoothnessprofit about as variable as cash flow (smoothness 1.40)77
CRK: share of the available points, by componentCRK: share of the available points, by componentAccruals75%Discretionary accruals13%Dechow F-score100%Montier C-score60%Earnings smoothness100%

How the score is built

Eight published measures, each scored against the whole universe or on its own scale and weighted: accruals 20, discretionary accruals 10, Beneish M 15, Dechow F 15, Montier C 15, Piotroski F 10, the non-GAAP gap 10, smoothness 5. A measure that cannot be computed (Beneish for a bank, say) drops out and the rest is rescaled, so every company is scored on what applies to it.

Every company ranked → The full quality workbench, live → Comstock Resources: cash flow →

Computed from the companies’ own XBRL filings (latest fiscal year) by published formulas; a statistical screen, not an audit or an accusation. A low score means the reported profit shows more of the markers of managed or low-quality earnings than its peers. Not investment advice.