Comstock Resources Inc (CRK)

Return on total capital

		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 interest and tax (EBIT) (ttm)	US$ in thousands	415,230	893,635	1,331,482	1,882,079	1,573,035	1,426,689	712,514	-8,111	-11,837	-320,694	-215,043	-33,308	173,202	110,090	280,468	346,802	286,233	258,451	229,406	178,417
Long-term debt	US$ in thousands	2,640,390	2,503,410	2,176,420	2,154,420	2,152,570	2,261,700	2,510,250	2,534,460	2,615,240	2,801,310	2,847,310	2,800,480	2,517,150	2,507,670	2,501,800	2,507,280	2,500,130	2,508,070	1,267,390	1,265,850
Total stockholders’ equity	US$ in thousands	2,358,410	2,282,760	2,300,190	2,380,180	2,278,310	1,619,420	1,271,280	898,517	1,012,780	655,281	947,410	1,129,990	1,266,770	1,187,680	1,317,500	1,174,390	1,143,020	1,070,200	605,824	583,794
Return on total capital		8.31%	18.67%	29.74%	41.50%	35.50%	36.76%	18.84%	-0.24%	-0.33%	-9.28%	-5.67%	-0.85%	4.58%	2.98%	7.34%	9.42%	7.86%	7.22%	12.25%	9.65%

December 31, 2023 calculation

Return on total capital = EBIT (ttm) ÷ (Long-term debt + Total stockholders’ equity)
= $415,230K ÷ ($2,640,390K + $2,358,410K)
= 8.31%

Comstock Resources, Inc.'s return on total capital has shown fluctuations over the eight quarters analyzed. The return on total capital for the most recent quarter, Q4 2023, was 4.53%, significantly lower compared to the previous quarter. The trend in return on total capital indicates a general decline from the peak in Q4 2022, where it stood at 51.48%, to the current level. Despite the fluctuations, the company has generally maintained a positive return on total capital over the period analyzed. Further analysis of the factors influencing these fluctuations in return on total capital may provide insights into Comstock Resources, Inc.'s operational efficiency and profitability trends.