TeraWulf (WULF) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

TeraWulf

NasdaqCM•Financial Services•Capital Markets

$17.01+0.54(0.03%)Market closed

Market Cap

$8.26B

P/S

50.0x

P/B

56.1x

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.

How this company scores

WeakMetricSide Score: 38/100

Strongest: Growth (14/25); weakest: Balance Sheet & Red Flags (7/25).

Profitability9/25

Growth14/25

Balance Sheet & Red Flags7/25

Cash & Earnings Quality8/25

Strengths

Cash-backed earningsConsistent growthImproving margins

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/S · 50.0x5y range 3.3x – 98.4x

Currently above its 20-quarter median.

P/B · 56.1x5y range 0.6x – 56.1x

Currently above its 19-quarter median.

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 8 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $8.26B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $165.19M
Q. Revenue: $44.77M
TTM EBITDA: $-309.63M
TTM Op. Income: $-413.59M
Q. Op. Income: $-140.45M
TTM Net Income: $-1.95B
Q. Net Income: $-939.92M
EPS: $-1.94
Shares Out.: $485.73M

$165.19M in TTM revenue grew 14.6% YoY, reaching $44.77M last quarter. TTM EBITDA of $-309.63M and TTM operating income of $-413.59M show growth is flowing through to the bottom line. However, net income is negative at $1.95B — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has fallen for 2 consecutive quarters — a weakening trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 72.3%
EBITDA Margin: -266.3%
Op. Margin: -313.7%
Net Margin: -2099.6%

Op. margin of -313.7% is down 281.0% YoY — costs are rising relative to revenue. Net margin at -2099.6% and gross margin of 72.3% show how much of each revenue dollar survives to profit. Over the past year, operating margin is down 859% — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 50.0x
P/B Ratio: 56.1x

P/S of 50.0x and P/B of 56.1x. P/S is high, meaning growth expectations are priced in.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $8.05B
Cash: $2.62B
Long-Term Debt: $3.02B
Book Value: $147.28M
D/E Ratio: 20.5
Debt/EBITDA: N/A

With $8.05B in assets and $3.02B in long-term debt, D/E is 20.5and book value is $147.28M — elevated leverage, meaning significant financial risk in a downturn. Over the past year, debt/equity is up 616% — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-136.71M
TTM Free Cash Flow: $-2.50B
FCF Margin: -1515.9%
FCF / Net Income: 1.3

TTM FCF of $-2.50B on $-136.71M in operating cash flow. The FCF / Net Income ratio of 1.3x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has fallen for 7 consecutive quarters — a weakening trend.