TeraWulf

WULF · Nasdaq · Information Technology · Financials, fiscal 2022 to 2025

WULF · Last close · October 26, 2026

$11.98

TeraWulf's revenue rose 20.3% to $168 million in fiscal 2025. Its operating margin was −110.5%, down from −54.4% a year earlier. Free cash flow was −$1.2 billion. It paid out $33 million in dividends and buybacks. The diluted share count rose 13.2%.

TERAWULF INC. Latest fiscal year ended December 31, 2025 10-K filed February 27, 2026 · 0001083301-26-000031 Updated October 26, 2026

Revenue

$168M

20.3%

Operating margin

−110.5%

56.1 pts

Net income

−$661M

Free cash flow

−$1.2B

Return on equity

−343.7%

312.7 pts

Market cap

$5.8B

Oct 26 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on equity is net income as a share of shareholders' equity. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. TeraWulf took over this SEC registration when it merged with Telkonet, a different business, in late 2021. Filings before 2022 are Telkonet's, so the figures start in 2022, TeraWulf's first full year. Return on capital for fiscal 2025 is blank: invested capital is small next to total assets (cash nearly matches equity and debt), so the ratio isn't meaningful.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

TeraWulf lost money in fiscal 2025: a net loss of $661 million.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value TeraWulf yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from TeraWulf's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

The example scenarios need a positive starting cash flow. TeraWulf's free cash flow was negative in fiscal 2025 and over the last three years, and so is cash from operations minus depreciation. You can still enter your own figures in the calculator.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to TeraWulf's own revenue growth, as above. Cautious: growth of 10% then 6% a year, 2% after year 10, a 12% discount rate. Base: growth of 20% then 11% a year, 2.5% after year 10, a 11% discount rate. Optimistic: growth of 25% then 14% a year, 3% after year 10, a 10% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $11.98
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

The P/E method needs positive earnings, and TeraWulf's latest diluted earnings per share were negative or zero.

Balance sheet

Fiscal year end	FY22	FY23	FY24	FY25
Cash and short-term investments	1	54	274	3,266
Debt incl. finance leases	125	124	0	3,099
Net debt (negative means net cash)	124	69	−274	−168
Net debt to EBITDA	—	—	—	—
Debt to equity	1.1x	0.6x	0.0x	—
Interest coverage	−1.8x	−0.8x	−3.9x	−2.3x
Current ratio	0.1x	0.4x	5.4x	2.0x
Quick ratio	0.1x	0.4x	5.4x	2.0x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $440,531 of TeraWulf shares on the open market, and 4 insiders sold $36.1 million, $18.9 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 15, 2026	Michael C. BucellaDirector	Bought	6,085	$14.79	$89,997	Form 4
Sep 8, 2026	Catherine J. MotzDirector	Sold	56,023	$17.81	$997,770	Form 4
Aug 31, 2026	Walter E. CarterDirector	Sold	130,626	$15.14	$2.0 million	Form 4
Aug 27, 2026	Paul B. PragerChief Executive Officer, Director	Sold plan	137,500	$17.06	$2.3 million	Form 4
Aug 17, 2026	Michael C. BucellaDirector	Bought	2,860	$17.47	$49,964	Form 4
Aug 14, 2026	Michael C. BucellaDirector	Bought	3,023	$16.54	$50,000	Form 4
Jun 29, 2026	Paul B. PragerChief Executive Officer, Director	Sold plan	137,500	$26.60	$3.7 million	Form 4
May 27, 2026	Paul B. PragerChief Executive Officer, Director	Sold plan	166,650	$25.92	$4.3 million	Form 4
May 26, 2026	Paul B. PragerChief Executive Officer, Director	Sold plan	166,650	$24.43	$4.1 million	Form 4
Apr 28, 2026	Paul B. PragerChief Executive Officer, Director	Sold	79,200	$20.62	$1.6 million	Form 4
Apr 27, 2026	Paul B. PragerChief Executive Officer, Director	Sold	137,500	$20.80	$2.9 million	Form 4
Mar 25, 2026	Paul B. PragerChief Executive Officer, Director	Sold plan	137,500	$16.96	$2.3 million	Form 4

The latest 12 of 24 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Fail	Fail	Fail
Cash from operations is positive	Pass	Fail	Fail
Return on assets rose	—	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	—	Pass	Fail
Current ratio rose	Pass	Pass	Fail
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Pass	Fail	Fail
Revenue rose relative to assets	—	Pass	Fail
F-score	—	5 of 9	1 of 9
Accruals ratio	−22.3%	−8.2%	−14.7%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put TeraWulf side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
TeraWulf	FY25	20.3%	−110.5%	−702.5%	—	—	1
IREN	FY26	41.1%	−148.1%	−127.0%	−19.8%	—	3	Compare
DigitalOcean	FY25	15.5%	17.4%	20.0%	15.7%	4.0x	7	Compare
Verisign	FY25	6.4%	67.7%	64.5%	—	1.1x	8	Compare
Wix.com	FY25	13.2%	0.1%	29.2%	—	9.9x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

4 years of figures

Fiscal year	FY22	FY23	FY24	FY25
Income statement
Revenue	15	69	140	168
Revenue growth	—	360.5%	102.3%	20.3%
Gross profit	4	37	70	66
Research and development	—	—	—	—
Operating income	−44	−29	−76	−186
Net income	−91	−73	−72	−661
Diluted EPS (US$)	−0.82	−0.35	−0.21	−1.66
Diluted shares (millions)	111	210	351	398
Cash flow
Cash from operations	−34	4	−24	−123
Capital expenditure	61	75	268	1,060
Free cash flow	−95	−71	−292	−1,183
Dividends paid	0	0	0	0
Share buybacks	0	0	118	33
Acquisitions	0	0	0	22
Stock-based compensation	2	6	31	51
Balance sheet at fiscal year end
Cash and short-term investments	1	54	274	3,266
Debt incl. finance leases	125	124	0	3,099
Total assets	318	378	788	6,558
Total liabilities	200	156	543	6,418
Shareholders' equity	118	222	244	140
Margins and ratios
Gross margin	26.3%	53.5%	49.8%	39.2%
Operating margin	−291.0%	−42.5%	−54.4%	−110.5%
Net margin	−603.9%	−106.1%	−51.7%	−392.6%
Free cash flow margin	−633.1%	−102.4%	−208.8%	−702.5%
Return on capital	—	−8.7%	−45.9%	—
Return on equity	—	−43.2%	−31.0%	−343.7%
Return on assets	—	−21.1%	−12.4%	−18.0%
Net debt to EBITDA	—	—	—	—

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: TeraWulf's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with TeraWulf.