Comprehensive Stock Comparison
Compare Bitfarms Ltd. (BITF) vs TeraWulf Inc. (WULF) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | WULF | 102.3% revenue growth vs BITF's 31.8% |
| Quality / Margins | BITF | -28.0% net margin vs WULF's -51.7% |
| Stability / Safety | WULF | Beta 2.58 vs BITF's 2.61 |
| Dividends | Tie | Neither pays a meaningful dividend |
| Momentum (1Y) | WULF | +287.1% vs BITF's +89.7% |
| Efficiency (ROA) | BITF | -16.3% ROA vs WULF's -23.0%, ROIC -17.1% vs -10.6% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Bitfarms is a cryptocurrency mining company that operates large-scale data centers to validate blockchain transactions and earn digital assets. It generates revenue primarily from Bitcoin mining rewards — which account for the vast majority of its income — supplemented by hosting third-party mining hardware and providing electrical services. The company's competitive advantage lies in its vertically integrated operations, low-cost hydroelectric power access in Quebec, and industrial-scale mining infrastructure that provides cost efficiency.
TeraWulf is a bitcoin mining company that develops, owns, and operates large-scale mining facilities in the United States. It generates revenue primarily from bitcoin mining rewards — converting electricity into digital assets — with additional income from hosting services for other miners. The company's competitive advantage lies in its access to low-cost, sustainable energy sources — particularly nuclear and hydroelectric power — which gives it superior mining economics.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Segment breakdown not available.
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
WULF leads in 3 of 6 categories (Financial Metrics, Total Returns). BITF leads in 2 (Valuation Metrics, Profitability & Efficiency).
Financial Metrics (TTM)
BITF and WULF operate at a comparable scale, with $193M and $140M in trailing revenue. BITF is the more profitable business, keeping -28.0% of every revenue dollar as net income compared to WULF's -51.7%.
| Metric | BITFBitfarms Ltd. | WULFTeraWulf Inc. |
|---|---|---|
| RevenueTrailing 12 months | $193M | $140M |
| EBITDAEarnings before interest/tax | $7M | -$72M |
| Net IncomeAfter-tax profit | -$130M | -$564M |
| Free Cash FlowCash after capex | -$458M | -$677M |
| Gross MarginGross profit ÷ Revenue | -16.8% | +55.3% |
| Operating MarginEBIT ÷ Revenue | -55.8% | -54.4% |
| Net MarginNet income ÷ Revenue | -28.0% | -51.7% |
| FCF MarginFCF ÷ Revenue | -2.5% | -2.1% |
| Rev. Growth (YoY)Latest quarter vs prior year | — | — |
| EPS Growth (YoY)Latest quarter vs prior year | -71.4% | -17.7% |
Valuation Metrics
| Metric | BITFBitfarms Ltd. | WULFTeraWulf Inc. |
|---|---|---|
| Market CapShares × price | $1.3B | $7.1B |
| Enterprise ValueMkt cap + debt − cash | $1.3B | $7.3B |
| Trailing P/EPrice ÷ TTM EPS | -16.92x | -77.24x |
| Forward P/EPrice ÷ next-FY EPS est. | — | — |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | 38.30x | — |
| Price / SalesMarket cap ÷ Revenue | 6.82x | 50.87x |
| Price / BookPrice ÷ Book value/share | 1.50x | 23.31x |
| Price / FCFMarket cap ÷ FCF | — | — |
Profitability & Efficiency
BITF delivers a -21.3% return on equity — every $100 of shareholder capital generates $-21 in annual profit, vs $-2 for WULF. BITF carries lower financial leverage with a 0.04x debt-to-equity ratio, signaling a more conservative balance sheet compared to WULF's 2.01x.
| Metric | BITFBitfarms Ltd. | WULFTeraWulf Inc. |
|---|---|---|
| ROE (TTM)Return on equity | -21.3% | -2.3% |
| ROA (TTM)Return on assets | -16.3% | -23.0% |
| ROICReturn on invested capital | -17.1% | -10.6% |
| ROCEReturn on capital employed | -22.9% | -15.9% |
| Piotroski ScoreFundamental quality 0–9 | 3 | 3 |
| Debt / EquityFinancial leverage | 0.04x | 2.01x |
| Net DebtTotal debt minus cash | -$36M | $217M |
| Cash & Equiv.Liquid assets | $60M | $274M |
| Total DebtShort + long-term debt | $23M | $491M |
| Interest CoverageEBIT ÷ Interest expense | -24.35x | -27.06x |
Total Returns (with DRIP)
A $10,000 investment in WULF five years ago would be worth $21,413 today (with dividends reinvested), compared to $4,247 for BITF. Over the past 12 months, WULF leads with a +287.1% total return vs BITF's +89.7%. The 3-year compound annual growth rate (CAGR) favors WULF at 193.7% vs BITF's 32.3% — a key indicator of consistent wealth creation.
| Metric | BITFBitfarms Ltd. | WULFTeraWulf Inc. |
|---|---|---|
| YTD ReturnYear-to-date | -15.4% | +27.3% |
| 1-Year ReturnPast 12 months | +89.7% | +287.1% |
| 3-Year ReturnCumulative with dividends | +131.6% | +2434.4% |
| 5-Year ReturnCumulative with dividends | -57.5% | +114.1% |
| 10-Year ReturnCumulative with dividends | +143.1% | +77.6% |
| CAGR (3Y)Annualised 3-year return | +32.3% | +193.7% |
Risk & Volatility
WULF is the less volatile stock with a 2.58 beta — it tends to amplify market swings less than BITF's 2.61 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. WULF currently trades 87.6% from its 52-week high vs BITF's 33.3% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | BITFBitfarms Ltd. | WULFTeraWulf Inc. |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 2.61x | 2.58x |
| 52-Week HighHighest price in past year | $6.60 | $18.51 |
| 52-Week LowLowest price in past year | $0.67 | $2.06 |
| % of 52W HighCurrent price vs 52-week peak | +33.3% | +87.6% |
| RSI (14)Momentum oscillator 0–100 | 51.5 | 64.4 |
| Avg Volume (50D)Average daily shares traded | 32.2M | 24.9M |
Analyst Outlook
Wall Street rates BITF as "Buy" and WULF as "Buy". Consensus price targets imply 184.1% upside for BITF (target: $6) vs 38.7% for WULF (target: $23).
| Metric | BITFBitfarms Ltd. | WULFTeraWulf Inc. |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $6.25 | $22.50 |
| # AnalystsCovering analysts | 4 | 11 |
| Dividend YieldAnnual dividend ÷ price | — | — |
| Dividend StreakConsecutive years of raises | — | 1 |
| Dividend / ShareAnnual DPS | — | — |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | +1.7% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| Bitfarms Ltd. (BITF) | 100 | 526.81 | +426.8% |
| TeraWulf Inc. (WULF) | 100 | 257.97 | +158.0% |
TeraWulf Inc. (WULF) returned +114% over 5 years vs Bitfarms Ltd. (BITF)'s -58%. A $10,000 investment in WULF 5 years ago would be worth $21,413 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| Bitfarms Ltd. (BITF) | $9M | $193M | +2049.2% |
| TeraWulf Inc. (WULF) | $18M | $140M | +697.5% |
TeraWulf Inc.'s revenue grew from $18M (2015) to $140M (2024) — a 25.9% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| Bitfarms Ltd. (BITF) | 56.6% | -28.0% | -149.5% |
| TeraWulf Inc. (WULF) | 0.8% | -51.7% | -6826.7% |
TeraWulf Inc.'s net margin went from 1% (2015) to -52% (2024).
Chart 4EPS Growth — 10 Years
| Stock | 2015 | 2024 | Change |
|---|---|---|---|
| Bitfarms Ltd. (BITF) | 0.09 | -0.13 | -245.9% |
| TeraWulf Inc. (WULF) | 0.07 | -0.21 | -413.9% |
TeraWulf Inc.'s EPS grew from $0.07 (2015) to $-0.21 (2024) — a NaN% CAGR.
Chart 5Free Cash Flow — 5 Years
Bitfarms Ltd. generated $-480M FCF in 2024 (-108% vs 2021). TeraWulf Inc. generated $-292M FCF in 2024 (-120% vs 2021).
BITF vs WULF: Frequently Asked Questions
7 questions · data-driven answers · updated daily
01Is BITF or WULF a better buy right now?
Analysts rate Bitfarms Ltd. (BITF) a "Buy" — based on 4 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which is the better long-term investment — BITF or WULF?
Over the past 5 years, TeraWulf Inc. (WULF) delivered a total return of +114.1%, compared to -57.5% for Bitfarms Ltd. (BITF). A $10,000 investment in WULF five years ago would be worth approximately $21K today (assuming dividends reinvested). Over 10 years, the gap is even starker: BITF returned +143.1% versus WULF's +77.6%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
03Which is safer — BITF or WULF?
By beta (market sensitivity over 5 years), TeraWulf Inc. (WULF) is the lower-risk stock at 2.58β versus Bitfarms Ltd.'s 2.61β — meaning BITF is approximately 1% more volatile than WULF relative to the S&P 500. On balance sheet safety, Bitfarms Ltd. (BITF) carries a lower debt/equity ratio of 4% versus 2% for TeraWulf Inc. — giving it more financial flexibility in a downturn.
04Which has better profit margins — BITF or WULF?
Bitfarms Ltd. (BITF) is the more profitable company, earning -28.0% net margin versus -51.7% for TeraWulf Inc. — meaning it keeps -28.0% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: WULF leads at -54.4% versus -55.8% for BITF. At the gross margin level — before operating expenses — WULF leads at 55.3%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
05Which pays a better dividend — BITF or WULF?
None of the stocks in this comparison currently pay a material dividend. All are effectively zero-yield and should be held for capital appreciation rather than income.
06Is BITF or WULF better for a retirement portfolio?
For long-horizon retirement investors, Bitfarms Ltd. (BITF) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (+143.1% 10Y return). TeraWulf Inc. (WULF) carries a higher beta of 2.58 — meaning larger drawdowns in market downturns, which matters significantly when you cannot wait years for a recovery. Both have compounded well over 10 years (BITF: +143.1%, WULF: +77.6%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
07What are the main differences between BITF and WULF?
Both stocks operate in the Financial Services sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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