TeraWulf Inc. (WULF) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-256.7%

-$17.58

vs $11.22 price

Levered DCF

-$27.13

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

-0.5

Distress zone

Rating

D+

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-6.92×	-26.95×	-6.86×	-0.81×	-13.44×	-45.32×	-13.05×	119.91×
P/B	32.53×	8.13×	2.26×	0.63×	10.41×	0.7×	0.86×	1.28×
P/S	27.12×	14.2×	7.28×	4.93×	0×	1.47×	0.6×	0.92×
EV / EBITDA	-13.43×	-126.7×	3,564.75×	-5.21×	-30.72×	806.48×	-55.68×	16.85×
Gross margin	50.9%	55.3%	60.5%	26.3%	0.0%	29.1%	30.6%	34.3%
Operating margin	-101.1%	-54.4%	-42.5%	-291.0%	0.0%	-10.6%	-4.9%	1.2%
Net margin	-392.6%	-51.7%	-106.1%	-603.9%	0.0%	-3.3%	-4.6%	0.8%
Current ratio	2×	5.43×	0.4×	0.11×	1.48×	3.63×	4.49×	6.87×
Debt / equity	36.99×	2.01×	0.56×	1.1×	0.78×	3.39×	0.23×	0.23×
Interest coverage	-2.12×	-3.85×	-0.85×	-1.77×	-19.25×	-0.58×	-9.59×	2.49×
Dividend yield	0.0%	0.0%	0.0%	0.0%	33.2%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	-445.2%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-470.9%	-29.6%	-33.0%	-77.1%	-77.7%	-1.6%	-6.6%	1.1%
Return on invested capital	-3.2%	-7.6%	-8.5%	-17.7%	-19.5%	-3.4%	-4.7%	1.0%
Return on assets	-10.1%	-9.2%	-19.4%	-28.6%	-36.1%	-1.5%	-4.8%	0.8%
Free cash flow yield	-25.9%	-14.7%	-14.1%	-144.2%	-10.4%	-2.9%	-9.2%	3.8%
Earnings yield	-14.5%	-3.6%	-14.6%	-122.5%	-7.5%	-2.2%	-7.7%	0.8%
Enterprise value	$6.5B	$2.2B	$573.9M	$202.2M	$1.3B	$109.1M	$12.5M	$18M
Net debt / EBITDA	-3.99×	-12.48×	434.96×	-3.3×	-1.14×	660.83×	-8.31×	1.24×
Cash conversion cycle (days)	-278	-131	-197	-720	-82,764	-1	93	87