Latest Ratios: P/E Ratio -6.8x · EV/EBITDA N/A · ROE -343.7%. (2000–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.6B | $4.6B | $2.0B | $504M | $74M | $1.3B | $20M | $11M | $17M | $15M | $23M |
| Enterprise Value | $7.6B | $6.5B | $2.2B | $574M | $202M | $1.3B | $109M | $12M | $18M | $17M | $25M |
| P/E Ratio → | -6.85 | — | — | — | — | — | — | — | 119.91 | — | — |
| P/S Ratio | 1120.57 | 51.79 | 16.53 | 14.64 | — | — | 1.80 | 0.60 | 0.92 | 0.88 | 1.30 |
| P/B Ratio | 32.19 | 32.53 | 8.13 | 2.26 | 0.63 | 10.41 | 0.70 | 0.86 | 1.28 | 1.17 | 1.69 |
| P/FCF | — | — | — | — | — | — | — | — | 26.47 | — | — |
| P/OCF | — | — | — | 118.20 | — | — | — | — | 13.65 | 73.76 | 24.77 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 73.67 | 18.34 | 16.68 | — | — | 9.94 | 0.71 | 1.00 | 1.00 | 1.42 |
| EV / EBITDA | — | — | — | — | — | — | — | — | 17.68 | 42.01 | 32.19 |
| EV / EBIT | — | — | — | — | — | — | — | — | 65.38 | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | 28.57 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 97.3% | 97.3% | 64.4% | 121.8% | -40.9% | 2.3% | 35.6% | 30.8% | 34.5% | 33.4% | 35.6% |
| Operating Margin | -193.1% | -193.1% | -63.4% | -85.5% | 453.5% | 1924.6% | -13.0% | -4.9% | 1.2% | -2.7% | -0.1% |
| Net Profit Margin | -749.8% | -749.8% | -60.2% | -213.3% | 941.2% | 4243.1% | -4.0% | -4.6% | 0.8% | -1.3% | -0.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -343.7% | -343.7% | -31.0% | -43.2% | -75.4% | -126.4% | -2.2% | -6.4% | 1.1% | -1.7% | -0.5% |
| ROA | -18.0% | -18.0% | -12.4% | -21.1% | -31.2% | -64.9% | -1.9% | -4.7% | 0.8% | -1.3% | -0.4% |
| ROIC | -4.2% | -4.2% | -10.6% | -7.4% | -14.1% | -19.0% | -1.5% | -4.2% | 1.1% | -2.1% | -0.1% |
| ROCE | -6.1% | -6.1% | -15.9% | -14.2% | -21.3% | -35.1% | -6.6% | -5.6% | 1.4% | -2.8% | -0.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 36.99 | 36.99 | 2.01 | 0.56 | 1.10 | 0.78 | 3.39 | 0.23 | 0.23 | 0.24 | 0.24 |
| Debt / EBITDA | — | — | — | — | — | — | — | — | 2.89 | 7.50 | 4.15 |
| Net Debt / Equity | — | 13.74 | 0.89 | 0.31 | 1.09 | 0.40 | 3.16 | 0.15 | 0.10 | 0.17 | 0.16 |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — | 1.30 | 5.23 | 2.79 |
| Debt / FCF | — | — | — | — | — | — | — | — | 2.10 | — | — |
| Interest Coverage | -7.19 | -7.19 | -3.97 | -0.84 | -1.86 | -19.25 | -0.23 | -9.94 | 3.05 | -5.31 | -0.19 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.00 | 2.00 | 5.43 | 0.40 | 0.11 | 1.48 | 3.63 | 4.49 | 6.87 | 9.44 | 6.89 |
| Quick Ratio | 2.00 | 2.00 | 5.43 | 0.40 | 0.11 | 1.48 | 3.63 | 4.49 | 6.87 | 9.44 | 6.89 |
| Cash Ratio | 1.88 | 1.88 | 5.29 | 0.35 | 0.01 | 1.01 | 3.62 | 0.50 | 1.25 | 1.06 | 0.80 |
| Asset Turnover | — | 0.01 | 0.15 | 0.09 | -0.03 | -0.01 | 0.37 | 1.04 | 1.04 | 1.01 | 0.96 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | 0.8% | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | 3.8% | — | — |
| Buyback Yield | 0.6% | 0.7% | 5.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.5% | 0.0% | 2.0% | 0.0% |
| Total Shareholder Yield | 0.6% | 0.7% | 5.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.5% | 0.0% | 2.0% | 0.0% |
| Shares Outstanding | — | $398M | $351M | $210M | $111M | $85M | $2M | $2M | $2M | $2M | $2M |
Includes 30+ ratios · 21 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying WULF stock.
TeraWulf Inc.'s current P/E ratio is -6.8x. The historical average is 44.7x.
TeraWulf Inc.'s return on equity (ROE) is -343.7%. The historical average is -26.2%.
Based on historical data, TeraWulf Inc. is trading at a P/E of -6.8x. Compare with industry peers and growth rates for a complete picture.
TeraWulf Inc. has 97.3% gross margin and -193.1% operating margin.
Key Metrics
Top Statement Risk
Persistent negative net interest income
Metrics are mathematically derived from official filings.
Premium Priced, Negative Earnings
TeraWulf trades at 45.86 times book value despite negative earnings, implying the market prices in a dramatic turnaround. According to the latest quarterly data, the P/B multiple has expanded even as equity per share turned negative.
The P/B of 45.86 is extreme, especially when tangible book value per share is only $0.39 and equity is nearly depleted. This suggests the market is valuing the company on future growth prospects rather than current financials, likely reflecting its pivot to AI and high-performance computing. However, with negative ROE and persistent losses, the valuation implies an expectation of a rapid and substantial profitability recovery that has yet to materialize.
Negative Returns, Negative Spreads
ROE deteriorated to -11.4% in 2026Q2, with NIM at -0.3%, indicating funding costs exceed asset yields. As reported in the financial statements, the bank's core operations are unprofitable, and the efficiency ratio of 2.5% suggests minimal operating expenses relative to revenue.
The DuPont decomposition reveals that the negative ROE is driven by a negative net interest margin and a very low equity multiplier (equity/assets of 0.03), which amplifies losses. The efficiency ratio of 2.5% in 2026Q2 is misleadingly low because revenue is minimal, not because costs are well-controlled. The reliance on fee income (35.3% of revenue) and negative provisions (which added $44.0M to income) masks the underlying operating weakness.
Structural NIM Deficit Persists
Net interest margin has been negative for ten consecutive quarters, with the latest at -0.3%, indicating a persistent funding cost burden. According to the income statement data, this structural imbalance suggests the bank's asset yields are insufficient to cover its cost of funds.
The negative NIM is a core issue, as it means the bank is losing money on its core lending and investment activities. The efficiency ratio has been highly volatile, swinging from 2.5% to 190.9%, which indicates unstable operating leverage and poor cost alignment. This volatility suggests that non-interest expenses are not well controlled, and the bank's cost structure is not sustainable given its revenue generation.
Capital Cushion Nearly Exhausted
Equity-to-assets ratio fell to 0.03 in 2026Q2, and equity turned negative in 2026Q1, indicating a severely strained capital position. Based on the balance sheet data, the bank's capital adequacy is far below regulatory minimums, limiting its ability to absorb losses or support growth.
With equity at just 3% of assets and negative tangible book value per share in 2026Q1, the bank is effectively insolvent on a book value basis. This severely constrains its capacity for capital return, as there is no capital to return. The rapid asset growth from $395.4M to $8.0B was funded by liabilities, and the negative equity suggests that losses have eroded the capital base. Investors should monitor whether the bank can raise additional capital or restructure its balance sheet.
Provision Reversals Mask Credit Trends
Loan loss provisions were negative at -$44.0M in 2026Q2, acting as a source of income, yet the loan book's credit quality remains unclear. As per the financial statements, these reversals may indicate improving credit quality or prior over-provisioning, but the lack of detailed disclosures warrants caution.
The negative provisions are unusual and may be a result of prior over-provisioning or actual improvements in credit quality. However, given the bank's overall financial distress, it is more likely that the reversals are a one-time boost to earnings. The absence of detailed NPL and charge-off data makes it difficult to assess the true asset quality, and investors should be wary of relying on these reversals as a sustainable source of income.
Misapplied P/E on Volatile Earnings
The P/E ratio is commonly misapplied to TeraWulf because its earnings are distorted by negative provisions and volatile fee income. According to the income statement data, the P/E of -9.76 is meaningless given the non-recurring items, and investors should instead focus on P/B and tangible book value.
For banks, P/E is often misleading due to provision volatility and one-time items. TeraWulf's earnings are heavily influenced by negative provisions and fee income swings, making the P/E ratio unreliable. A more appropriate metric is P/TBV, which currently stands at 45.86, reflecting the market's premium for future growth. However, given the negative tangible book value in 2026Q1, even this metric is distorted. Investors should adjust for AOCI and other comprehensive income to get a clearer picture of the bank's true valuation.