Upside case
Bull case
—
The bull case requires both strong earnings delivery and the market pricing WULF more generously than it does today.
Analysis OverviewBuyUpdated May 1, 2026
TeraWulf Inc. (WULF) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Buy
Covering
12
analysts
12 bullish · 0 bearish · 12 covering WULF
Strong Buy
0
Buy
12
Hold
0
Sell
0
Strong Sell
0
Consensus Target
$32
+24.8% vs today
Scenario Range
— – —
Model bear to bull value window
Coverage
12
Published analyst ratings
Valuation Context
—
Forward P/E · Market cap $11.3B
WULF price targets
Three scenarios for where WULF stock could go
Current
~$26
Confidence
22 / 100
Updated
May 1, 2026
Market caseClosest to today
Base case
—
The base case reflects analyst consensus expectations — steady delivery without requiring a major catalyst or re-rating.
Stress case
Bear case
—
The bear case reflects a scenario where earnings shortfalls or multiple compression combine to materially reduce the stock from its current level.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
TeraWulf Inc.
WULF · NASDAQFinancial ServicesFinancial - Capital MarketsDecember year-end
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.
Market Cap
$11.3B
Net Income TTM
-$564M
WULF Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
0%Mixed
12 quarters tracked
Revenue Beat Rate
8%Exceptional
vs consensus estimates
Avg EPS Surprise
-109.7%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q2 2025
Q3 2025
Q4 2025
Q1 2026
Last 4 Quarters
EPS beats: 0 of 4Q2 2025
EPS
$-0.16/$-0.07
Revenue
$34M/$46M
Q3 2025
EPS
$-0.05/$-0.04
Revenue
$48M/$55M
Q4 2025
EPS
$-0.07/$-0.04
Revenue
$51M/$53M
Q1 2026
EPS
$-0.28/$-0.13
Revenue
$36M/$45M
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q2 2025 | $-0.16/$-0.07 | -128.6% | $34M/$46M | -25.0% |
| Q3 2025 | $-0.05/$-0.04 | -25.0% | $48M/$55M | -13.7% |
| Q4 2025 | $-0.07/$-0.04 | -60.4% | $51M/$53M | -4.6% |
| Q1 2026 | $-0.28/$-0.13 | -115.4% | $36M/$45M | -19.4% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$220M
+56.8% YoY
FY2
$354M
+61.3% YoY
EPS Outlook
FY1
$-0.32
+76.9% YoY
FY2
$-0.25
+22.4% YoY
Trailing FCF (TTM)-$677M
Next Earnings
May 8, 2026
Expected EPS
$-0.17
Expected Revenue
$35M
WULF beat EPS estimates in 0 of 4 tracked quarters. Mixed delivery makes the upcoming report a key data point for re-rating.
WULF Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2024
Total disclosed revenue $800000
Product Mix
Latest annual revenue by segment or product family
Data Center Hosting
100.0%
YoY unavailable
Tap, hover, or focus a slice to inspect segment detail.
Geographic Mix
Latest annual revenue by reported region
Segment breakdown not available for this company.
Data Center Hosting is the largest disclosed segment at 100.0% of FY 2024 revenue, with no year-over-year comparison yet.
WULF Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Significantly Overvalued
Fair value est. $2 — implies -91.8% from today's price.
Premium to Fair Value
91.8%
above fair value
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
WULF
-122.6x
vs
S&P 500
25.2x
586% discount
vs Financial Services Trailing P/E
WULF
-122.6x
vs
Financial Services
13.4x
1017% discount
vs WULF 5Y Avg P/E
Today
-122.6x
vs
5Y Average
—
Benchmark unavailable
Forward PE
—
S&P 500
19.1x
—
Financial Services
10.5x
—
5Y Avg
—
—
Trailing PE
-122.6x
S&P 500
25.2x
-586%
Financial Services
13.4x
-1017%
5Y Avg
—
—
PEG Ratio
—
S&P 500
1.75x
—
Financial Services
1.03x
—
5Y Avg
—
—
EV/EBITDA
—
S&P 500
15.3x
—
Financial Services
11.4x
—
5Y Avg
—
—
Price/FCF
—
S&P 500
21.3x
—
Financial Services
10.6x
—
5Y Avg
—
—
Price/Sales
80.7x
S&P 500
3.1x
+2477%
Financial Services
2.3x
+3484%
5Y Avg
7.0x
+1058%
Dividend Yield
—
S&P 500
1.88%
—
Financial Services
2.68%
—
5Y Avg
—
—
| Metric | WULF | S&P 500 | Financial Services | 5Y Avg WULF |
|---|---|---|---|---|
| Forward PE | — | 19.1x | 10.5x | — |
| Trailing PE | -122.6x | 25.2x-586% | 13.4x-1017% | — |
| PEG Ratio | — | 1.75x | 1.03x | — |
| EV/EBITDA | — | 15.3x | 11.4x | — |
| Price/FCF | — | 21.3x | 10.6x | — |
| Price/Sales | 80.7x | 3.1x+2477% | 2.3x+3484% | 7.0x+1058% |
| Dividend Yield | — | 1.88% | 2.68% | — |
WULF trades above S&P 500 benchmarks on 1 of 2 measured multiples — is elevated on some multiples, but competitive on others — a mixed valuation picture.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolWULF Financial Health
Verdict
Stressed
WULF generates -228.0% ROE and -23.0% return on assets — the two primary signals for banking profitability. FCF-based metrics are not applicable to financial companies.
Earnings Engine
Revenue, profitability, and return on capital
Revenue (TTM)
Trailing-twelve-month sales base
—
Revenue Growth
TTM vs prior year
—
Operating Margin
Operating income divided by revenue
—
Net Margin
Net income divided by revenue
—
EPS (TTM)
Diluted earnings per share, trailing twelve months
$-1.40
ROE
Return on equity — the primary profitability signal for banks
-228.0%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
-10.6%
ROA
Return on assets, trailing twelve months
-23.0%
Cash & Equivalents
Liquid assets on the balance sheet
$274M
Net Debt
Total debt minus cash
$217M
FCF Analysis
Traditional FCF and debt/FCF ratios are not meaningful for financial companies. Focus on ROE and ROA above.
ROE
Return on equity — the headline bank profitability metric
-228.0%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
1.0%
Dividend
—
Buyback
1.0%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$118M
Dividend / Share
Annualized trailing dividend per share
—
Payout Ratio
Share of earnings distributed as dividends
—
Shares Outstanding
Declining as buybacks retire shares
351M
All figures from the trailing twelve months. For financial companies, ROE and ROA are the primary health signals — FCF-based metrics are not applicable.
Open full ratios pageWULF Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated April 29, 2026
High Risk
Volatility and Dilution
WULF stock has exhibited significant price volatility, influenced by factors beyond the company's control. The issuance of new shares, convertible securities, and warrants may dilute existing stockholders' ownership, exacerbating volatility.
High Risk
Debt and Financing
TeraWulf has issued $3.2 billion in senior secured notes, increasing its fixed obligations and interest sensitivity. Although the company has no long-term debt, its rising debt-to-equity ratio due to growth investments poses a risk if adequate financing is not secured.
High Risk
Operating Losses and Cash Burn
TeraWulf has a history of operating losses and significant cash burn, with negative free cash flow reported. High interest expenses further complicate the company's financial challenges, increasing the risk of future losses.
Medium
Execution Risk
The company faces high execution risk due to ambitious timelines for data center buildouts and potential community pushback. Delays in these projects could hinder anticipated revenue growth from High-Performance Computing (HPC).
Medium
Dependence on Bitcoin Market
Despite shifting focus to HPC, TeraWulf remains exposed to the volatile bitcoin market. Fluctuations in bitcoin prices and network difficulty could significantly impact mining profitability.
Medium
Regulatory Uncertainty
The evolving regulatory landscape for digital assets presents uncertainty that could affect TeraWulf's operations. Compliance with changing regulations requires agility and resources, posing a risk to operational stability.
Lower
Market Volatility
The digital asset industry is characterized by rapid price fluctuations that can impact mining profitability and overall financial stability. WULF stock is subject to this inherent market volatility.
Lower
Competition
Increasing competition in the datacenter and HPC market poses a risk to TeraWulf's market position. The company's ability to maintain its competitive edge will be crucial for future growth.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why WULF Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated April 29, 2026
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.
Financial Projections
Some narratives project substantial revenue and earnings growth by 2028, with fair value estimates indicating significant upside potential.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
WULF Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$25.74
52W Range Position
100%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$2.89
+790.7% from the low
52-Week High
$25.75
-0.1% from the high
1 Month
+65.53%
3 Month
+80.13%
YTD
+102.0%
1 Year
+725.0%
3Y CAGR
+148.9%
5Y CAGR
+19.8%
10Y CAGR
+8.7%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
WULF vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
—
vs 149.3x median
Peer median unavailable
Revenue Growth
+56.8%
vs +40.2% median
+41% above peer median
Net Margin
—
vs -33.2% median
Peer median unavailable
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
WUL WULF TeraWulf Inc. | $11.3B | — | +56.8% | — | Buy | +24.8% |
MAR MARA Marathon Digital Holdings, Inc. | $5.0B | — | +29.5% | — | Buy | +23.8% |
RIO RIOT Riot Platforms, Inc. | $9.0B | — | +38.2% | — | Buy | +17.8% |
CLS CLSK CleanSpark, Inc. | $3.7B | — | +40.2% | -33.2% | Buy | +39.4% |
CIF CIFR Cipher Mining Inc. | $8.9B | — | +43.0% | — | Buy | +27.2% |
IRE IREN IREN Limited | $20.3B | 149.3x | +43.8% | — | Buy | +23.9% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
WULF Dividend and Capital Return
WULF returns 1.0% annually — null% through dividends and 1.0% through buybacks.
Dividend UnknownFCF Unknown
Total Shareholder Yield
1.0%
Dividend + buyback return per year
Buyback Yield
1.0%
Dividend Yield
—
Payout Ratio
—
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$0.00
Growth Streak
Consecutive years of dividend increases
1Y
3Y Div CAGR
—
5Y Div CAGR
—
Ex-Dividend Date
—
Payment Cadence
Annual
0 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$118M
Estimated Shares Retired
5M
Approx. Share Reduction
1.3%
Shares Outstanding
Current diluted share count from the screening snapshot
351M
At 1.3%/year, buybacks mechanically lift EPS even with flat earnings — each remaining share represents a slightly larger piece of the company.
| Year | Div / Share | YoY Grw | BB Yield | Total Yield |
|---|---|---|---|---|
| 2021 | $5.00 | — | 0.0% | 0.0% |
| 2012 | $1.00 | — | 0.0% | 12.5% |
FAQ
7 questionsWULF Investor Questions
Common questions answered from live analyst data and company financials.
01Is TeraWulf Inc. (WULF) stock a buy or sell in 2026?
TeraWulf Inc. (WULF) is rated Buy by Wall Street analysts as of 2026. Of 12 analysts covering the stock, 12 rate it Buy or Strong Buy, 0 rate it Hold, and 0 rate it Sell or Strong Sell. The consensus 12-month price target is $32, implying +24.8% from the current price of $26.
02What is the WULF stock price target for 2026?
The Wall Street consensus price target for WULF is $32 based on 12 analyst estimates. The high-end target is $42 (+61.2% from today), and the low-end target is $25 (-2.9%).
03Is TeraWulf Inc. (WULF) stock overvalued in 2026?
Forward earnings data for WULF is not currently available. Review the valuation table above for trailing P/E, EV/EBITDA, and price-to-sales comparisons against market and sector benchmarks.
04What are the main risks for TeraWulf Inc. (WULF) stock in 2026?
The primary risks for WULF in 2026 are: (1) Volatility and Dilution — WULF stock has exhibited significant price volatility, influenced by factors beyond the company's control. (2) Debt and Financing — TeraWulf has issued $3. (3) Operating Losses and Cash Burn — TeraWulf has a history of operating losses and significant cash burn, with negative free cash flow reported. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is TeraWulf Inc.'s revenue and earnings forecast?
Analyst consensus estimates WULF will report consensus revenue of $220M (+56.8% year-over-year) and EPS of $-0.32 (+76.9% year-over-year) for the upcoming fiscal year. The following year, analysts project $354M in revenue.
06When does TeraWulf Inc. (WULF) report its next earnings?
TeraWulf Inc. is expected to report its next earnings on approximately 2026-05-08. Consensus expects EPS of $-0.17 and revenue of $35M. Over recent quarters, WULF has beaten EPS estimates 0% of the time.
07How much free cash flow does TeraWulf Inc. generate?
TeraWulf Inc. (WULF) had a free cash outflow of $677M in free cash flow over the trailing twelve months. WULF returns capital to shareholders through and share repurchases ($118M TTM).