WULF Financial ServicesBeta data

TeraWulf Inc.

$12.53+14.53%

Price as of close on Nov 3, 2026 · Financials updated Oct 1, 2026

Basics

Sector: Financial Services
Industry: Capital Markets
Country: United States
Market cap: 6.3B USD
Full-time employees: 141

Overall health

Not enough data: too little is reported yet for an overall view

Only 2 of 3 categories have enough reported data; an overall score needs at least 3.

Scored as a bank or insurer: cash-flow, EBITDA, gross margin and current ratio aren’t scored; they are under “Other data”.

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 243% from December 2022 to July 2026.
TeraWulf had 243% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.TeraWulf had 243% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Stock pay is large next to buybacks. Stock-based pay expense $88M vs $152M spent repurchasing shares over the 3 fiscal years to 2025.
Over three fiscal years TeraWulf recorded $88M of stock-based pay expense and spent $152M repurchasing shares (repurchases can include shares withheld to cover employees' taxes).Over three fiscal years TeraWulf recorded $88M of stock-based pay expense and spent $152M repurchasing shares.
Much more borrowing than peers. Debt is 35.5× equity vs a peer median of 0.4×.Debt is 35.5× equity vs peers 0.4×.
Debt is 35.5× shareholders' equity, against a peer median of 0.4×, among the highest 10% of its peer group.Debt is 35.5× shareholders' equity, vs peers 0.4×, among the highest 10% of its peer group.
Stock-based pay is a large cost. Stock pay was 30% of revenue in 2025.
TeraWulf paid employees $51M in stock in 2025, 30% of its $168M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

StockQuotient Score

—Fundamentals: Yahoo Finance, not primary filings

Valuation

Is the price right?

0/100

Weak

2/2 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ P/B
▼ Earnings yield

Compare with peers

Behind the score

Earnings yield (P/E) and book yield (P/B) versus other banks and insurers.

Book yield2.4%

Yahoo FinanceOutlier capped at sector 5th/95th percentile40% base weight · Z-score -2.06Sector median: 0.7950 · MAD: 0.2843

Earnings yield-35.6%

Yahoo Finance · trailing 12 monthsNegative (a loss or cash outflow), so it counts as zero whatever the share price60% base weight · Z-score -3.12Sector median: 0.0789 · MAD: 0.0253

Other data (not scored)

EBITDA yield-3.1%

Yahoo Finance · trailing 12 monthsNegative (a loss or cash outflow), so it counts as zero whatever the share priceInformational · 0% composite weightSector median: 0.1095 · MAD: 0.0527

Free cash flow yield-40.1%

Yahoo Finance · trailing 12 months · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share priceInformational · 0% composite weightSector median: 0.0796 · MAD: 0.0459

Growth

Is it growing?

Insufficient data

Insufficient data: 0 of 1 inputs reported (at least 1 needed). We leave it blank rather than fill the gap with a made-up middle value.

Profitability

Does it earn well?

0/100

Weak

2/2 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ ROA
▼ ROE

Compare with peers

Behind the score

Return on equity and return on assets versus other banks and insurers.

Return on assets-24.2%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile50% base weight · Z-score -2.09Sector median: 0.0117 · MAD: 0.0062

Return on equity-1211.8%

Yahoo Finance · trailing 12 monthsOutlier capped at sector 5th/95th percentile50% base weight · Z-score -2.86Sector median: 0.1074 · MAD: 0.0388

Other data (not scored)

Gross marginUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: Unavailable · MAD: Unavailable

Operating margin-250.4%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.1450 · MAD: 0.1678

Return on invested capitalUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: Unavailable · MAD: Unavailable

Risk

Debt, liquidity, price swings

Not rated

Not rated for banks and insurers: debt and share-price swings say little about their risk. We leave it blank rather than fill the gap with a made-up middle value.

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about TeraWulf

Is TeraWulf getting weaker?: Its latest SEC filing (Aug 5, 2026) showed no major changes.
How is TeraWulf valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 0/100 against 950 banks & insurance peers. Book yield 2.4% vs a peer median of 79.5% (weaker than 100% of peers).Book yield 2.4% vs peers 79.5% (weaker than 100% of peers).
Is TeraWulf growing?: Insufficient data: 0 of 1 inputs reported (at least 1 needed).
How profitable is TeraWulf?: Less profitable than most of its peers. Profitability scores 0/100 against 950 banks & insurance peers. Return on assets -24.2% vs a peer median of 1.2% (weaker than 100% of peers).Return on assets -24.2% vs peers 1.2% (weaker than 100% of peers).
How risky is TeraWulf?: Not rated for banks and insurers: debt and share-price swings say little about their risk.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 5, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

Worth watching: TeraWulf is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	168.1M USD	165.2M USD	−1.7%
Net income (12 months)	−1.0B USD	−1.9B USD	+89.7%
Operating margin	-171.8%	-250.4%	−78.6 pts
Free cash flow (12 months)	−1.7B USD	−2.5B USD	+48.5%
Debt	3.2B USD	3.2B USD	0.0%
Cash	2.6B USD	2.6B USD	−0.4%
Shares outstanding	495.5M	499.0M	+0.7%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Capital Markets · 24 companies

Valuations in Capital Markets are above their usual range since Nov 2016.

62% of months since Nov 2016 were valued lower than now.
56% of companies are in the most expensive fifth of their own price-to-book history.
Over 24 months, company values +34% and earnings +87% (medians): earnings grew faster than prices.
Median price-to-book is +21% vs the whole market, against a usual +28%.

Nov 2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2020	FY 2022	FY 2023	FY 2024	FY 2025	Change
Operating margin	-13.3%	-291.0%	-42.5%	-54.4%	-110.5%	▼ 56 pts
Net margin	-3.3%	-603.9%	-106.1%	-51.7%	-392.6%	▼ 341 pts
Return on assets (ROA)	-2.8%	-28.6%	-19.4%	-9.2%	-10.1%	▼ 0.9 pts
Return on equity (ROE)	-3.7%	-77.1%	-33.0%	-29.6%	-470.9%	▼ 441 pts
Debt to equity	0.23×	1.06×	0.56×	1.99×	22.06×	▲ >999%
Interest coverage	-20.63×	-1.77×	-0.85×	-3.85×	-2.32×	▲ 40%

WULF price history

Price history is added with the daily price update and will appear after the next one.

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Sector leaderboards

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Bringing the fundamentals into focus…

Overall health

Not enough data: too little is reported yet for an overall view

Only 2 of 3 categories have enough reported data; an overall score needs at least 3.

Scored as a bank or insurer: cash-flow, EBITDA, gross margin and current ratio aren’t scored; they are under “Other data”.

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 243% from December 2022 to July 2026.

TeraWulf had 243% more shares at July 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.TeraWulf had 243% more shares at July 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Stock pay is large next to buybacks. Stock-based pay expense $88M vs $152M spent repurchasing shares over the 3 fiscal years to 2025.

Over three fiscal years TeraWulf recorded $88M of stock-based pay expense and spent $152M repurchasing shares (repurchases can include shares withheld to cover employees' taxes).Over three fiscal years TeraWulf recorded $88M of stock-based pay expense and spent $152M repurchasing shares.

Much more borrowing than peers. Debt is 35.5× equity vs a peer median of 0.4×.Debt is 35.5× equity vs peers 0.4×.

Debt is 35.5× shareholders' equity, against a peer median of 0.4×, among the highest 10% of its peer group.Debt is 35.5× shareholders' equity, vs peers 0.4×, among the highest 10% of its peer group.

Stock-based pay is a large cost. Stock pay was 30% of revenue in 2025.

TeraWulf paid employees $51M in stock in 2025, 30% of its $168M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Questions investors ask about TeraWulf

Is TeraWulf getting weaker?

Its latest SEC filing (Aug 5, 2026) showed no major changes.

How is TeraWulf valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 0/100 against 950 banks & insurance peers. Book yield 2.4% vs a peer median of 79.5% (weaker than 100% of peers).Book yield 2.4% vs peers 79.5% (weaker than 100% of peers).

Is TeraWulf growing?

Insufficient data: 0 of 1 inputs reported (at least 1 needed).

How profitable is TeraWulf?

Less profitable than most of its peers. Profitability scores 0/100 against 950 banks & insurance peers. Return on assets -24.2% vs a peer median of 1.2% (weaker than 100% of peers).Return on assets -24.2% vs peers 1.2% (weaker than 100% of peers).

How risky is TeraWulf?

Not rated for banks and insurers: debt and share-price swings say little about their risk.

Previous quarter

Latest quarter

Change

Revenue (12 months)

168.1M USD

165.2M USD

−1.7%

Net income (12 months)

−1.0B USD

−1.9B USD

+89.7%

Operating margin

-171.8%

-250.4%

−78.6 pts

Free cash flow (12 months)

−1.7B USD

−2.5B USD

+48.5%

Debt

3.2B USD

3.2B USD

0.0%

Cash

2.6B USD

2.6B USD

−0.4%

Shares outstanding

495.5M

499.0M

+0.7%

Key ratios

FY 2020

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

-13.3%

-291.0%

-42.5%

-54.4%

-110.5%

▼ 56 pts

Net margin

-3.3%

-603.9%

-106.1%

-51.7%

-392.6%

▼ 341 pts

Return on assets (ROA)

-2.8%

-28.6%

-19.4%

-9.2%

-10.1%

▼ 0.9 pts

Return on equity (ROE)

-3.7%

-77.1%

-33.0%

-29.6%

-470.9%

▼ 441 pts

Debt to equity

0.23×

1.06×

0.56×

1.99×

22.06×

▲ >999%

Interest coverage

-20.63×

-1.77×

-0.85×

-3.85×

-2.32×

▲ 40%