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WULFTeraWulf Inc.
$17.33$8.1B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
Performance
P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
Discovery & Screens
Live BreakoutsStock ScreenerOwnership
WULF logo

TeraWulf Inc.

WULF
NASDAQ · Capital Markets
$17.33
At close - Sep 22, 4:00 PM EDT - USD
Market Cap$8.59B
P/E-10.4x
52W High$29.84
Volume21.46M
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q2

Persistent Negative NIM and Capital Erosion

TeraWulf's aggressive asset expansion to $8.0B by 2026Q2 has been funded by liabilities, driving equity negative in 2026Q1 and a 0.03 equity-to-assets ratio. Persistent negative net interest income (-$27.4M in 2026Q2) and a -0.3% NIM indicate structural fundin...

GrowthDecelerating
ProfitabilityWeak
ValuationExpensive
TechnicalsWeak
Explore valuation models
MARKET ACTION

WULF price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

0/12 Beats

EPS beat 0 of last 12 quarters

02

Valuation risk

-122% Peers

P/E is 122% below peer median

03

Market leadership

RS 56 · Avg

Average momentum (RS Rating: 56)

04

Weak Trend

Below 200DMA

Price < 200DMA

Next CatalystConfirmed earnings · Nov 9
01

Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis
Fundamental Trajectory

Revenue reached $44.8M in 2026Q2 but net income plunged to -$939.9M, with persistent negative NIM (-0.3%) and efficiency ratio volatility (2.5% to 190.9%) indicating unstable operating leverage.

Analyst Consensus+130.8% target
Buy(14 analysts)
14 Buy0 Hold0 Sell

The Bull Case

Upside Catalysts

Simplified Capital Structure and Insider Confidence

TeraWulf recently converted its preferred stock into common stock, simplifying its capital structure. This, combined with insider buying by a director, signals internal confidence and may improve the company's equity story as it seeks partners and capital.

Growth Potential in AI and HPC

The company's pivot towards high-performance computing (HPC) and artificial intelligence (AI) data center hosting is seen as a significant growth opportunity. A 25-year, $9.5 billion contract with Fluidstack HPC frames both the upside potential and funding risk of TeraWulf's expansion.

Competitive Advantages

The company's hydro-powered facility provides a competitive edge in energy costs and sustainability, which are crucial for modern data center operations.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 9/24/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
WULF+36.03%
S&P 500 (^GSPC)+13.20%
1-Year Return
WULF+50.83%
S&P 500 (^GSPC)+15.98%
3-Year Return
WULF+1155.80%
S&P 500 (^GSPC)+97.06%
5-Year Return
WULF-19.09%
S&P 500 (^GSPC)+66.95%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E
-9.8x
Forward P/E
N/A
EV/EBITDA
N/A
FCF YieldCash Flow
N/A

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
-9.8x
N/A
N/A
EV/EBITDA
N/A
N/A
N/A
Price/FCF
N/A
N/A
N/A
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$0.28-98.4%
Base (Fair)$11.76-30.9%
Bull$0.37-97.9%
$0.28 Bear$11.76 Base$0.37 Bull
Current Market Price: $17.33
Trades at a 47.4% premium to Base DCF ($11.76)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue
$88M-26.7% YoY
Net income
-$661M-813.3% YoY
Free cash flow
-$1.18B-304.8% YoY
Operating margin
-101.1%-46.7 pts YoY
ROIC (TTM)-4.2%
Avg ROIC 5Y-
ROE (TTM)-343.7%
Piotroski Score1 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate0/12 (0%)
Revenue Beat Rate2/12 (17%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q3 2026Latest
Aug 5, 2026
-$1.94-696.2%
vs -$0.24
$45M-2.7%
vs $46M
Q2 2026
May 8, 2026
-$1.01-429.0%
vs -$0.19
$34M-2.0%
vs $35M
Q1 2026
Feb 26, 2026
-$0.28-115.4%
vs -$0.13
$36M-19.4%
vs $45M
Q4 2025
Nov 10, 2025
-$1.13-2489.4%
vs -$0.04
$51M-4.6%
vs $53M
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

5 Stories
Proactive Investors·6h ago
UBS turns bullish on five AI data center stocks

UBS has initiated coverage on five AI data center colocation stocks with Buy ratings, citing constrained compute supply and favorable power access positioning the group for rapid growth as AI adoption accelerates.  The bank started coverage of Hut 8 Mining Corp (TSX:HUT, Unlisted (US):HUTMF), TeraWulf (NASDAQ:WULF), Applied Digital (NASDAQ:APLD), Core Scientific (NASDAQ:CORZ) and Cipher Digital (NASDAQ:CIFR), pointing to their cryptomining legacies and grid access as key advantages.

Benzinga·10h ago
Hut 8, TeraWulf, Applied Digital: UBS Sees at Least 30% Upside

UBS launched coverage of five AI data center operators with Buy ratings across the board, arguing that new lease signings and stronger tenants can keep driving value higher, according to CNBC.

Defense World·2d ago
Financial Analysis: SAP (NYSE:SAP) and TeraWulf (NASDAQ:WULF)

SAP (NYSE: SAP - Get Free Report) and TeraWulf (NASDAQ: WULF - Get Free Report) are both technology companies, but which is the superior stock? We will contrast the two companies based on the strength of their valuation, earnings, analyst recommendations, risk, dividends, institutional ownership and profitability. Analyst Ratings This is a summary of current ratings and

24/7 Wall Street·5d ago
Wolfspeed Climbs 6%, IREN Rises 4% as Buyers Pick Single Names Over the AI Infrastructure Sector; TeraWulf Sits Tight

The buying in artificial intelligence (AI) buildout names on Friday afternoon has a picky shape. Wolfspeed (NYSE:WOLF | WOLF Price Prediction) is running hard while the group it usually trades with barely moves.

Filtered for TeraWulf Inc.More Headlines
04

Compare before deciding

Benchmark WULF against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for TeraWulf Inc. (WULF)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
WULF logoWULFTeraWulf Inc.Current
$17.33$8.59B-10.44-26.65%-392.64%-343.69%—
MARA logoMARAMarathon Digital Holdings, Inc.
$13.63$5.2B-3.6933.47%-429.71%-125.83%—
RIOT logoRIOTRiot Platforms, Inc.
$24.93$9.43B-12.7866.36%-196.28%-48.36%—
CLSK logoCLSKCleanSpark, Inc.
$15.14$3.89B13.52102.21%-146.9%-75.24%—
CIFR logoCIFRCipher Mining Inc.
$19.09$7.81B-8.8825.29%-3663.46%-151.95%—
IREN logoIRENIREN Limited
$48.55$17.33B124.49161.89%-104.62%-20.13%—

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

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

WULF SEC Filings & Documents

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

8-K Announcements

6
Material company update

Aug 5, 2026·SEC

Material company update

Jul 6, 2026·SEC

Material company update

Jun 10, 2026·SEC

10-K Annual Reports

2
FY 2026

Feb 27, 2026·SEC

FY 2025

Mar 3, 2025·SEC

10-Q Quarterly Reports

5
FY 2026

Aug 5, 2026·SEC

FY 2026

May 8, 2026·SEC

FY 2025

Nov 10, 2025·SEC

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WULF Frequently Asked Questions

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

Growth & Financials
How fast is TeraWulf Inc. growing?

TeraWulf Inc. (WULF) saw revenue decline by 26.7% over the past year.

Is WULF profitable?

TeraWulf Inc. (WULF) reported a net loss of $1.95B for fiscal year 2025.

Dividend & Returns
What is WULF's return on equity?

TeraWulf Inc. (WULF) has a return on equity (ROE) of -343.7%. Negative ROE indicates the company is unprofitable.

Industry Metrics
What is TeraWulf Inc.'s net interest margin?

TeraWulf Inc. (WULF) has a net interest margin (NIM) of -1.2%. NIM has been under pressure due to interest rate environment.

What is TeraWulf Inc.'s efficiency ratio?

TeraWulf Inc. (WULF) has an efficiency ratio of 152.0%. This is higher than peers, suggesting room for cost optimization.

What if you invested $1,000 in WULF back in 2000?

Total return calculator · dividends reinvested · 26+ years of data

See returns →