TeraWulf Inc. (WULF)
TeraWulf Inc., together with its subsidiaries, owns, develops, operates digital infrastructure in the United States. It also develops and operates bitcoin mining facilities for bitcoin mining and high-performance computing workloads, leveraging clean, cost-effective, and reliable energy. The company was founded in 2021 and is headquartered in Easton, Maryland.
- Symbol
- WULF
- Exchange
- Nasdaq
- Sector
- Financial Services
- Industry
- Capital Markets
- Market cap
- $8.65B
- 52 week range
- 10.43 - 29.84
Valuation
- Share price
- $16.35 (close of 2026-09-23)
- P/E (TTM)
- -3.94x
- Price to book
- 58.61x
- Price to free cash flow
- -3.45x
- Enterprise value
- $11.26B
- Book value per share
- $0.30
Price performance
| Period | Change |
|---|
| 1 day | -5.65% |
| 5 days | +6.24% |
| 1 month | +4.54% |
| 3 months | -43.19% |
| 6 months | +0.99% |
| Year to date | +42.30% |
| 1 year | +45.46% |
| 3 years | +1084.78% |
| 5 years | -41.04% |
| 10 years | +51.95% |
| All time | +1251.24% |
Profitability and growth
- Return on equity
- -470.94%
- Return on invested capital
- -9.00%
- Return on assets
- -10.09%
- Return on capital employed
- -3.86%
- Gross margin
- 39.21%
- Net margin
- -392.64%
- EBITDA margin
- -57.95%
- Revenue growth
- 20.28%
- Net income growth
- -813.33%
- Free cash flow growth
- -304.76%
Cash flow and balance sheet
- Free cash flow yield (TTM)
- -28.96%
- Current ratio
- 0.75x
- Net debt to EBITDA
- -1.62x
Latest reported year
- Period end
- 2025-12-31
- Fiscal year
- 2025
- Revenue
- $168.46M
- Cost of revenue
- $82.66M
- Gross profit
- $66.05M
- EBITDA
- $-97.62M
- Net income
- $-661.42M
- Earnings per share
- $-1.66
- Shares outstanding
- 397.61M
Income statement by year
| Period end | Revenue | Gross profit | Net income | EPS |
|---|
| 2025-12-31 | $168.46M | $66.05M | $-661.42M | $-1.66 |
| 2024-12-31 | $140.05M | $69.79M | $-72.42M | $-0.21 |
| 2023-12-31 | $69.23M | $37.02M | $-73.42M | $-0.35 |
| 2022-12-31 | $15.03M | $3.95M | $-90.79M | $-0.82 |
| 2020-12-31 | $13.43M | $3.91M | $-439.32K | $-0.22 |
| 2019-12-31 | $17.62M | $5.40M | $-813.56K | $-0.41 |
| 2018-12-31 | $18.21M | $6.25M | $139.47K | $0.07 |
| 2017-12-31 | $17.24M | $5.73M | $-226.15K | $-0.11 |
| 2016-12-31 | $17.57M | $6.24M | $-65.06K | $-0.03 |
| 2015-12-31 | $17.56M | $6.14M | $135.01K | $0.07 |
Margins and returns by year
| Period end | Gross margin | Net margin | Return on equity | Return on capital |
|---|
| 2025-12-31 | 39.21% | -392.64% | -470.94% | -9.00% |
| 2024-12-31 | 49.83% | -51.71% | -29.63% | -16.51% |
| 2023-12-31 | 53.48% | -106.06% | -33.00% | -10.06% |
| 2022-12-31 | 26.28% | -603.94% | -77.07% | -17.69% |
| 2020-12-31 | 29.07% | -3.27% | -3.71% | -14.55% |
| 2019-12-31 | 30.63% | -4.62% | -6.64% | -6.59% |
| 2018-12-31 | 34.34% | 0.77% | 1.06% | 1.53% |
| 2017-12-31 | 33.23% | -1.31% | -1.75% | -1.90% |
| 2016-12-31 | 35.50% | -0.37% | -0.48% | -0.15% |
| 2015-12-31 | 34.99% | 0.77% | 1.00% | 1.16% |
Cash and debt by year
| Period end | Cash | Debt |
|---|
| 2025-12-31 | $3.27B | $3.05B |
| 2024-12-31 | $274.06M | - |
| 2023-12-31 | $54.44M | $56.00K |
| 2022-12-31 | $1.28M | $72.97M |
| 2020-12-31 | $3.69M | - |
| 2019-12-31 | $3.17M | $2.69M |
| 2018-12-31 | $4.32M | $2.82M |
| 2017-12-31 | $3.82M | $2.95M |
| 2016-12-31 | $4.29M | $3.08M |
| 2015-12-31 | $2.25M | - |
Free cash flow by year
| Period end | Free cash flow | Stock-based compensation |
|---|
| 2025-12-31 | $-1.18B | $50.91M |
| 2024-12-31 | $-292.36M | $30.93M |
| 2023-12-31 | $-70.91M | $5.86M |
| 2022-12-31 | $-95.18M | $1.57M |
| 2020-12-31 | $-548.74K | $21.97K |
| 2019-12-31 | $-955.38K | $8.82K |
| 2018-12-31 | $681.62K | $13.63K |
| 2017-12-31 | $-25.40K | $23.56K |
| 2016-12-31 | $-1.15M | $25.01K |
| 2015-12-31 | $-1.40M | $21.74K |
Dividend history
- Most recent payment
- 2021-12-14
| Payment date | Dividend per share |
|---|
| 2021-12-14 | $5.00 |
| 2012-12-18 | $1.00 |
Investor relations
Next earnings report
- Next confirmed report
- 2026-11-09
Past earnings dates
| Reported | Fiscal period | EPS estimate |
|---|
| 2026-08-05 | Jun/2026 | - |
| 2026-05-08 | - | - |
| 2026-02-26 | - | - |
| 2025-11-10 | - | - |
| 2025-08-08 | - | - |
| 2025-05-09 | - | - |
| 2025-02-28 | - | - |
| 2024-11-12 | - | - |
Filings and sources
- Company website
- terawulf.com
- SEC filings
- 10-K, 10-Q and 8-K on EDGAR
- Earnings calendar
- All upcoming reports
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