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WULF logoTeraWulf Inc.(WULF)Earnings, Financials & Key Ratios

WULF•NASDAQ•Banking & Credit
$23.49
$10.32B mkt cap·Price updated May 6, 2026
SectorFinancial ServicesIndustryCapital MarketsSub-IndustryBitcoin Mining and Data Centers
AboutTeraWulf Inc., together with its subsidiaries, operates as a digital asset technology company in the United States. It develops, owns, and operates bitcoin mining facility sites. The company operates two bitcoin mining facility sites located in New York and Pennsylvania. TeraWulf Inc. is based in Easton, Maryland.Show more
  • Net Interest Income-$20M+43.1%
  • Total Revenue$140M+102.3%
  • Net Income-$72M+1.4%
  • Return on Equity-31.02%+28.1%
  • Net Interest Margin-2.51%+72.7%
  • Efficiency Ratio109.72%+6.5%
  • ROA-12.43%+41.1%
  • Equity / Assets31.04%-47.2%
  • Book Value per Share0.70-34.3%
  • Tangible BV/Share0.70-34.3%
  • Debt/Equity2.01+259.2%
Analysis→Technical→

WULF Key Insights

TeraWulf Inc. (WULF) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Momentum leader: RS Rating 92 (top 8%)
  • ✓Well capitalized: 31.0% equity/assets
  • ✓Diversified revenue: 100.0% from non-interest income
  • ✓Trading near 52-week high

✗Weaknesses

  • ✗High debt to equity ratio of 2.0x
  • ✗Weak Piotroski F-Score: 3/9
  • ✗Weak NIM of -2.5%
  • ✗High cost structure: 109.7% efficiency ratio
  • ✗Shares diluted 67.3% in last year
  • ✗Expensive at 33.8x book value

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

WULF Price & Volume

TeraWulf Inc. (WULF) stock price & volume — 10-year historical chart

Loading chart...

WULF Growth Metrics

TeraWulf Inc. (WULF) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years22.44%
5 Years51.38%
3 Years-
TTM-

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM-949.42%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM-753.45%

Return on Capital

10 Years-9.63%
5 Years-18.61%
3 Years-17.12%
Last Year-15.89%

WULF Recent Earnings

TeraWulf Inc. (WULF) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 0/12 qtrs (0%)●Beat Revenue 1/12 qtrs (8%)
Q1 2026Latest
Feb 26, 2026
EPS
$0.28
Est $0.13
-115.4%
Revenue
$36M
Est $45M
-19.4%
Q4 2025
Nov 10, 2025
EPS
$0.07
Est $0.04
-60.4%
Revenue
$51M
Est $53M
-4.6%
Q3 2025
Aug 8, 2025
EPS
$0.05
Est $0.04
-25.0%
Revenue
$48M
Est $55M
-13.7%
Q2 2025
May 9, 2025
EPS
$0.16
Est $0.07
-128.6%
Revenue
$34M
Est $46M
-25.0%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q1 2026LatestFeb 26, 2026
$0.28vs $0.13-115.4%
$36Mvs $45M-19.4%
Q4 2025Nov 10, 2025
$0.07vs $0.04-60.4%
$51Mvs $53M-4.6%
Q3 2025Aug 8, 2025
$0.05vs $0.04-25.0%
$48Mvs $55M-13.7%
Q2 2025May 9, 2025
$0.16vs $0.07-128.6%
$34Mvs $46M-25.0%
Based on last 12 quarters of dataView full earnings history →

WULF Peer Comparison

TeraWulf Inc. (WULF) competitors in Bitcoin Mining and Data Centers — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
MARA logoMARAMarathon Digital Holdings, Inc.Direct Competitor4.62B12.16-3.3038.2%-144.58%-30.54%1.05
RIOT logoRIOTRiot Platforms, Inc.Direct Competitor7.71B20.35-10.4371.89%-102.43%-28.78%0.10
CLSK logoCLSKCleanSpark, Inc.Direct Competitor3.43B13.4111.97102.21%-33.25%-13.75%0.38
CIFR logoCIFRCipher Mining Inc.Direct Competitor8.97B22.10-10.2848.04%-367.17%-115.53%3.31
IREN logoIRENIREN LimitedDirect Competitor18.19B54.74140.36167.65%17.35%-0.64%0.53
HUT logoHUTHut 8 Corp.Direct Competitor8.86B80.50-37.6144.79%-96.19%-13.39%0.25
BTBT logoBTBTBit Digital, Inc.Direct Competitor576.6M1.798.95264.59%17.29%21.41%0.03
CORZ logoCORZCore Scientific, Inc.Product Competitor6.97B22.19-25.22-37.53%-90.47%

Compare WULF vs Peers

TeraWulf Inc. (WULF) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs MARA

Most directly comparable listed peer for WULF.

Scale Benchmark

vs NVDA

Larger-name benchmark to compare WULF against a more recognizable public peer.

Peer Set

Compare Top 5

vs MARA, RIOT, CLSK, CIFR

WULF Income Statement

TeraWulf Inc. (WULF) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24TTM
Net Interest Income000-90.06K-2.46M-2.25M-24.68M-34.81M-19.79M-14.55M
NII Growth %-----2631.57%8.33%-994.41%-41.06%43.14%-1127.26%
Net Interest Margin %0%0%0%-0.53%-8.2%-0.85%-7.77%-9.21%-2.51%-0.59%
Interest Income0000000006.35M
Interest Expense-58.22K-83.08K-90.58K90.06K2.46M2.25M24.68M34.81M19.79M20.91M
Loan Loss Provision11.39M11.6M12.05M12.13M7.07M-2.2M-13.6M-7.5M42.81M62.49M
Non-Interest Income17.57M17.24M18.21M17.62M13.43M015.03M69.23M140.05M161.25M
Non-Interest Income %100%100%100%100%100%-100%100%100%96.21%
Total Revenue
17.57M▲ 0%
17.24M▼ 1.9%
18.21M▲ 5.6%
17.62M▼ 3.3%
13.43M▼ 23.8%
0▼ 100.0%
15.03M▲ 0%
69.23M▲ 360.5%
140.05M▲ 102.3%
167.6M▲ 0%
Revenue Growth %0.04%-1.86%5.63%-3.27%-23.76%-100%-360.51%102.3%152.15%
Non-Interest Expense6.26M6.2M6.03M6.26M5.33M43.35M47.7M71.33M153.66M235.53M
Efficiency Ratio35.62%35.93%33.1%35.54%39.65%-317.27%103.04%109.72%140.53%
Operating Income
-22K▲ 0%
-464.61K▼ 2011.9%
225.82K▲ 148.6%
-863.68K▼ 482.5%
-1.42M▼ 64.5%
-43.4M▼ 2954.1%
-43.74M▼ 0.8%
-29.42M▲ 32.7%
-76.22M▼ 159.1%
-151.31M▲ 0%
Operating Margin %-0.13%-2.69%1.24%-4.9%-10.58%--290.99%-42.5%-54.42%-90.28%
Operating Income Growth %-108.25%-2011.86%148.6%-482.46%-64.53%-2954.07%-0.8%32.74%-159.05%-
Pretax Income
-69.06K▲ 0%
-524.15K▼ 659.0%
185.47K▲ 135.4%
-985.56K▼ 631.4%
-649.32K▲ 34.1%
-47.19M▼ 7167.9%
-86.19M▼ 82.6%
-73.29M▲ 15.0%
-98.38M▼ 34.2%
-586.64M▲ 0%
Pretax Margin %-0.39%-3.04%1.02%-5.59%-4.83%--573.34%-105.87%-70.25%-350.01%
Income Tax-4K-298K46K-172K-210K-615K-256K0-25.96M0
Effective Tax Rate %5.79%56.85%24.8%17.45%32.34%1.3%0.3%0%26.39%0%
Net Income
-65.06K▲ 0%
-226.15K▼ 247.6%
139.47K▲ 161.7%
-813.56K▼ 683.3%
-439.32K▲ 46.0%
-95.68M▼ 21679.8%
-90.79M▲ 5.1%
-73.42M▲ 19.1%
-72.42M▲ 1.4%
-564.03M▲ 0%
Net Margin %-0.37%-1.31%0.77%-4.62%-3.27%--603.94%-106.06%-51.71%-336.53%
Net Income Growth %-148.19%-247.6%161.67%-683.34%46%-21679.8%5.11%19.13%1.37%-949.42%
Net Income (Continuing)-65.06K-226.15K139.47K-813.56K-439.32K-46.58M-85.93M-73.29M-72.42M-586.64M
EPS (Diluted)
-0.03▲ 0%
-0.11▼ 241.6%
0.07▲ 163.9%
-0.41▼ 683.2%
-0.22▲ 46.3%
-1.12▼ 409.1%
-0.83▲ 25.9%
-0.35▲ 57.8%
-0.21▲ 40.0%
-1.40▲ 0%
EPS Growth %-148.13%-241.61%163.91%-683.21%46.34%-409.09%25.89%57.83%40%-753.45%
EPS (Basic)-0.03-0.110.07-0.41-0.22-1.12-0.83-0.35-0.21-
Diluted Shares Outstanding2.02M2.01M1.98M1.98M1.98M85.2M110.64M209.96M351.32M401.56M

WULF Balance Sheet

TeraWulf Inc. (WULF) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24TTM
Cash & Short Term Investments4.29M3.82M4.32M3.17M6.3M46.45M1.28M54.44M274.06M1.29B
Cash & Due from Banks1.05M929.7K1.62M963.65K6.3M46.45M1.28M54.44M274.06M711.32M
Short Term Investments3.25M2.9M2.69M2.21M00000492K
Total Investments3.25M2.9M2.69M2.21M104.28M104.28M98.74M98.61M01.93M
Investments Growth %--10.81%-6.91%-18.18%4629.25%0%-5.31%-0.13%-100%-395.91%
Long-Term Investments0000104.28M104.28M98.74M98.61M02.86M
Accounts Receivables2.34M2.19M2.22M2.43M000003.51M
Goodwill & Intangibles0351.19K376.41K271.37K0000055.46M
Goodwill00000000055.46M
Intangible Assets0351.19K376.41K271.37K000000
PP&E (Net)8.91M8.3M8.08M7.92M21.91M92.47M203.47M216.23M505.05M1.09B
Other Assets338.13K-144K-183K0-102.49M109K1.34M679K1.03M581.5M
Total Current Assets9.05M8.27M8.96M8.69M6.3M68.05M14.14M62.59M281.43M729.1M
Total Non-Current Assets9.25M8.65M8.46M8.19M23.7M196.86M303.54M315.52M506.08M1.73B
Total Assets
18.3M▲ 0%
16.92M▼ 7.5%
17.42M▲ 2.9%
16.88M▼ 3.1%
30M▲ 77.8%
264.91M▲ 782.9%
317.69M▲ 19.9%
378.11M▲ 19.0%
787.51M▲ 108.3%
2.45B▲ 0%
Asset Growth %21.85%-7.5%2.92%-3.1%77.76%782.89%19.92%19.02%108.28%807%
Return on Assets (ROA)-0.39%-1.28%0.81%-4.74%-1.87%-64.89%-31.17%-21.1%-12.43%-22.98%
Accounts Payable730.39K321.86K647.53K761.64K38K11.79M21.86M15.17M24.38M62.28M
Total Debt3.2M3.08M2.95M2.82M95.71M95.71M129.31M124.47M491.25M1.09B
Net Debt2.16M2.15M1.33M1.86M89.41M49.25M128.03M70.03M217.18M373.95M
Long-Term Debt3.08M2.95M2.82M2.69M94.63M94.63M72.97M56K487.5M1.06B
Short-Term Debt127.3K130.9K129.28K133.29K088K55.35M123.47M27K2M
Other Liabilities0144K183K0-95.62M0000417.69M
Total Current Liabilities1.31M875.78K1.3M1.93M1.74M45.86M126.02M154.66M51.84M705.85M
Total Non-Current Liabilities3.52M3.09M3M2.69M095.88M73.91M955K491.22M1.5B
Total Liabilities4.84M3.97M4.31M4.62M1.74M141.73M199.93M155.62M543.07M2.21B
Total Equity
13.46M▲ 0%
12.96M▼ 3.7%
13.11M▲ 1.2%
12.26M▼ 6.5%
28.27M▲ 130.6%
123.18M▲ 335.8%
117.75M▼ 4.4%
222.49M▲ 88.9%
244.44M▲ 9.9%
247.34M▲ 0%
Equity Growth %-0.27%-3.72%1.18%-6.52%130.62%335.79%-4.4%88.94%9.87%-116.06%
Equity / Assets (Capital Ratio)73.56%76.56%75.27%72.61%94.2%46.5%37.07%58.84%31.04%10.08%
Return on Equity (ROE)-0.48%-1.71%1.07%-6.41%-2.17%-126.36%-75.37%-43.16%-31.02%-228.04%
Book Value per Share6.676.456.616.1914.301.451.061.060.700.62
Tangible BV per Share6.676.286.426.0514.301.451.061.060.700.48
Common Stock201.88K198.35K198.35K197.63K50K100K145K277K404K439K
Additional Paid-in Capital000029.89M0294.81M472.83M685.26M1.26B
Retained Earnings10.53M10.05M10.19M9.34M-1.68M-95.68M-186.47M-259.89M-332.28M-867.11M
Accumulated OCI0000000000
Treasury Stock00000000-118.22M-151.51M
Preferred Stock0000009.27M9.27M9.27M9.27M

WULF Cash Flow Statement

TeraWulf Inc. (WULF) cash flow — operating, investing & free cash flow history

Line itemDec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24TTM
Cash from Operations916.95K204.69K1.22M-477.03K-398.83K-24.1M-34.07M4.26M-24.42M-24.42M
Operating CF Growth %-37.46%-77.68%498.35%-138.95%16.39%-5942.45%-41.36%112.51%-672.88%-854.81%
Net Income-65.06K-226.15K139.47K-813.56K-10.06M-46.58M-90.79M-73.42M-72.42M-564.03M
Depreciation & Amortization794.54K875.14K795.32K671.87K698.05K52K6.97M29.35M61.18M84.29M
Deferred Taxes61K-302K39K-183K-549.26K-615K-256K000
Other Non-Cash Items1.3M2.04M1.27M95.5K-4.65M12M35.28M53.08M-34.01M264.11M
Working Capital Changes107.21K-137.18K236.12K-256.66K520.39K11.04M13.16M-10.61M-10.1M74.46M
Cash from Investing-5.32M114.57K-393.12K7.58K2.06M-201.41M-94.05M-78.01M-91.16M-341.09M
Purchase of Investments-4.38M-3.88M-5.62M-5.63M0-149.97M0000
Sale/Maturity of Investments1000K1000K1000K1000K1000K1000K001000K3M
Net Investment Activity-3.38M-2.88M-4.62M-4.64M1000K-148.97M001000K3M
Acquisitions21K32.63K015.6K18.3K-10.28M-46.17M-2.85M23.32M-1000K
Other Investing-6.15K-6.34K-593.12K00024.98M0081.91M
Cash from Financing3.2M-438.27K-138.21K-190.03K1.07M271.97M89.98M119.87M335.21M1.11B
Dividends Paid0000000000
Share Repurchases0-300.47K0-49.59K0000-118.22M-134.81M
Stock Issued3.77K1.89K000153.69M47.33M135.92M188.72M3.13M
Net Stock Activity3.77K-298.58K0-49.59K0153.69M47.33M135.92M70.5M-131.68M
Debt Issuance (Net)1000K-139.69K0-140.44K1000K1000K1000K-1000K1000K2M
Other Financing00-138.21K0007.82M-10.7M-82M-93.65M
Net Change in Cash
-1.2M▲ 0%
-119.01K▲ 90.1%
693.44K▲ 682.7%
-659.49K▼ 195.1%
2.73M▲ 514.0%
42.76M▲ 1466.2%
-38.13M▼ 189.2%
46.12M▲ 220.9%
219.63M▲ 376.2%
688.8M▲ 0%
Exchange Rate Effect00000-1000K000-14K
Cash at Beginning2.25M1.05M929.7K1.62M963.65K3.69M46.45M8.32M54.44M89.99M
Cash at End1.05M929.7K1.62M963.65K3.69M46.45M8.32M54.44M274.06M711.32M
Interest Paid00000013.99M19.57M07.11M
Income Taxes Paid0000000000
Free Cash Flow
-1.17M▲ 0%
-64.38K▲ 94.5%
631.65K▲ 1081.2%
-975.05K▼ 254.4%
-563.65K▲ 42.2%
-133.17M▼ 23526.4%
-106.92M▲ 19.7%
-70.91M▲ 33.7%
-292.36M▼ 312.3%
-676.56M▲ 0%
FCF Growth %19.2%94.52%1081.17%-254.37%42.19%-23526.37%19.71%33.69%-312.33%-469.09%

WULF Banking Ratios

TeraWulf Inc. (WULF) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201620172018201920202021202220232024TTM
Return on Equity (ROE)-0.48%-1.71%1.07%-6.41%-2.17%-126.36%-75.37%-43.16%-31.02%-228.04%
Return on Assets (ROA)-0.39%-1.28%0.81%-4.74%-1.87%-64.89%-31.17%-21.1%-12.43%-22.98%
Net Interest Margin0%0%0%-0.53%-8.2%-0.85%-7.77%-9.21%-2.51%-0.59%
Efficiency Ratio35.62%35.93%33.1%35.54%39.65%-317.27%103.04%109.72%140.53%
Equity / Assets73.56%76.56%75.27%72.61%94.2%46.5%37.07%58.84%31.04%10.08%
Book Value / Share6.676.456.616.1914.31.451.061.060.70.62
NII Growth-----2631.57%8.33%-994.41%-41.06%43.14%43.05%
Dividend Payout---------0%

WULF SEC Filings & Documents

TeraWulf Inc. (WULF) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Apr 15, 2026·SEC

Material company update

Apr 14, 2026·SEC

Material company update

Mar 16, 2026·SEC

10-K Annual Reports

2
FY 2026

Feb 27, 2026·SEC

FY 2025

Mar 3, 2025·SEC

10-Q Quarterly Reports

4
FY 2025

Nov 10, 2025·SEC

FY 2025

Aug 8, 2025·SEC

FY 2025

May 9, 2025·SEC

WULF Frequently Asked Questions

TeraWulf Inc. (WULF) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

TeraWulf Inc. (WULF) grew revenue by 102.3% over the past year. This is strong growth.

TeraWulf Inc. (WULF) reported a net loss of $564.0M for fiscal year 2024.

Dividend & Returns

TeraWulf Inc. (WULF) has a return on equity (ROE) of -31.0%. Negative ROE indicates the company is unprofitable.

Industry Metrics

TeraWulf Inc. (WULF) has a net interest margin (NIM) of -2.5%. NIM has been under pressure due to interest rate environment.

TeraWulf Inc. (WULF) has an efficiency ratio of 109.7%. This is higher than peers, suggesting room for cost optimization.

Explore More WULF

TeraWulf Inc. (WULF) financial analysis — history, returns, DCA and operating performance tools

Full WULF Stock Analysis

Analyst verdict, bull/bear case, risk factors and peer comparison

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Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

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Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

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