Keel Infrastructure vs TeraWulf
Keel Infrastructure reported revenue of $229 million in fiscal 2025, 1.4 times TeraWulf's $168 million in fiscal 2025. Keel Infrastructure's revenue grew 72.0% in its latest year, and TeraWulf's grew 20.3%. Keel Infrastructure had an operating margin of -65.2%, against -110.5% at TeraWulf. Free cash flow was −$327 million at Keel Infrastructure and −$1.2 billion at TeraWulf.
Side by side
| Keel Infrastructure | TeraWulf | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $229M | $168M |
| Revenue growth | 72.0% | 20.3% |
| Revenue growth a year, last 5 years | 45.9% | — |
| Gross margin | −8.2% | 39.2% |
| Operating margin | −65.2% | −110.5% |
| Net margin | −124.1% | −392.6% |
| Free cash flow | −$327M | −$1.2B |
| Free cash flow margin | −142.6% | −702.5% |
| Return on capital | −20.5% | — |
| Net debt to EBITDA | — | — |
| Dividends and buybacks | $0M | $33M |
| Change in diluted share count | 33.0% | 13.2% |
| Last close | $1.87 | $11.37 |
| P/E at the last close | — | — |
| Insider trades, last 12 months | bought $525,657, sold $0 | bought $440,531, sold $36.1 million |
| Piotroski F-score | 2 of 9 | 1 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
Keel InfrastructureTeraWulf
Operating margin
Percent of revenue
Keel InfrastructureTeraWulf
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Keel InfrastructureTeraWulf
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Keel Infrastructure and TeraWulf pages.