TeraWulf Inc. (WULF) AI Stock Analysis

TeraWulf Inc. is a digital asset technology company specializing in bitcoin mining operations in the United States. The company focuses on developing, owning, and operating bitcoin mining facility sites across strategic locations. TeraWulf currently manages two key mining sites in New York and Pennsylvania, utilizing these facilities to support operational efficiency and meet demand for digital currencies. Headquartered in Easton, Maryland, the firm participates in the physical infrastructure of mining and aligns its operations with the decentralized blockchain ecosystem. TeraWulf works to validate and secure blockchain transactions through its mining capacity while pursuing expansion within environmental and regulatory standards.

TeraWulf expanded its revenue from $12.7M in FY2021 to $168.5M in FY2025, registering a 5-year revenue CAGR of 65.8%. Gross margin reached 50.9% in FY2025, down from 55.3% in FY2024 and 60.5% in FY2023. Operating margin remained negative across all reported years, recording -101.1% in FY2025 alongside a net income of -$661.4M and EPS of -$0.51. In the trailing twelve months ended June 30, 2026, revenue stood at $165.2M with an operating margin of -307.0% and EPS of -$4.43. For the latest quarter ended June 30, 2026, quarterly revenue growth declined 6.0% year-over-year.

As of June 30, 2026, TeraWulf held $2.62B in cash and short-term investments against total debt of $5.24B, resulting in net debt of $2.62B. Shareholders' equity was $147.3M, yielding a debt-to-equity ratio of 35.56 and a current ratio of 0.75. In FY2025, operating cash flow was -$123.2M, and free cash flow stood at -$1.18B. The company deployed $1.06B toward capital expenditures and directed $33.3M toward share buybacks during FY2025, while its share count grew 385.9% over five years.

At a share price of $11.68 and market capitalization of $5.83B, TeraWulf carries an enterprise value of $10.78B. The stock trades at a forward P/E of 212.8x, a price-to-sales multiple of 35.3x, and an EV-to-EBITDA of 75.5x. These multiples compare to the median of its US-listed Financial Services peers, which trade at a forward P/E of 10.8x, price-to-sales of 3.2x, and EV-to-EBITDA of 11.7x. Over the past year, WULF fell 15.7% compared to a 16.8% gain for the S&P 500.

Wall Street analysts hold 19 Strong Buy, 5 Buy, and 1 Hold ratings on TeraWulf. The mean price target of $32.80 implies an upside of 180.8% over the last close of $11.68. For the current fiscal year ending December 31, 2026, consensus estimates project an EPS of -$0.56 on revenue of $262.7M. For the next fiscal year, 5 analysts expect revenue of $902.0M and EPS of -$0.67. Over the last four quarters, the company beat EPS estimates once. The next earnings date is November 6, 2026.

This page is an AI-written research summary of TeraWulf Inc. (WULF). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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