Comstock Resources Inc (CRK)

Pretax margin

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Earnings before tax but after interest (EBT) (ttm)	US$ in thousands	246,212	733,665	1,173,743	1,719,208	1,401,943	1,246,645	523,909	-209,276	-230,322	-557,404	-465,689	-279,138	-61,627	-112,781	70,472	160,302	124,692	122,259	129,384	66,750
Revenue (ttm)	US$ in thousands	1,583,855	2,112,604	2,642,492	3,180,232	2,703,372	2,341,239	1,975,138	1,536,563	1,512,092	1,161,907	828,742	599,361	817,942	816,538	836,814	836,768	693,175	557,482	412,556	311,050
Pretax margin		15.55%	34.73%	44.42%	54.06%	51.86%	53.25%	26.53%	-13.62%	-15.23%	-47.97%	-56.19%	-46.57%	-7.53%	-13.81%	8.42%	19.16%	17.99%	21.93%	31.36%	21.46%

December 31, 2023 calculation

Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $246,212K ÷ $1,583,855K
= 15.55%

Comstock Resources, Inc.'s pretax margin has fluctuated significantly over the past eight quarters. The pretax margin was positive in all quarters except for Q1 2022 when it was negative at -10.28%. The highest pretax margin was observed in Q1 2023 at 47.85%, indicating strong profitability before accounting for taxes. However, there was a notable decline in pretax margin in Q4 2023 to 15.78%, which may raise concerns about the company's ability to maintain profitability. Overall, Comstock Resources, Inc. should monitor its pretax margin closely to ensure sustainable profitability in the future.