TeraWulf (WULF)
Market Price (12/20/2025): $12.56 | Market Cap: $5.0 BilSector: Financials | Industry: Diversified Capital Markets
TeraWulf (WULF)
Market Price (12/20/2025): $12.56Market Cap: $5.0 BilSector: FinancialsIndustry: Diversified Capital Markets
Investment Highlights
Why It Matters
Which of these 2 stories sounds closer for this stock?
1. Generates cash flow
The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.
2. Riding a trend
Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 33% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -120 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -71% |
| Megatrend and thematic driversMegatrends include Crypto & Blockchain, and Datacenter Power. Themes include Cryptocurrency Mining, and Sustainable Datacenter Power. | Expensive valuation multiplesP/SPrice/Sales ratio is 30x |
| Stock price has recently run up significantly6M Rtn6 month market price return is 235% | |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 36% | |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -46%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -404% | |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 245% | |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -15% | |
| High stock price volatilityVol 12M is 120% | |
| Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 25% | |
| Key risksWULF key risks include [1] a highly leveraged financial structure with substantial debt and liquidity concerns, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 33% |
| Megatrend and thematic driversMegatrends include Crypto & Blockchain, and Datacenter Power. Themes include Cryptocurrency Mining, and Sustainable Datacenter Power. |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -120 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -71% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 30x |
| Stock price has recently run up significantly6M Rtn6 month market price return is 235% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 36% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -46%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -404% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 245% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -15% |
| High stock price volatilityVol 12M is 120% |
| Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 25% |
| Key risksWULF key risks include [1] a highly leveraged financial structure with substantial debt and liquidity concerns, Show more. |
Valuation, Metrics & Events
WULF Stock
Why The Stock Moved
Qualitative Assessment
AI Generated Analysis | Feedback
1. Major AI/HPC Hosting Contracts and Strategic Pivot
TeraWulf announced a significant 10-year agreement with AI cloud service provider Fluidstack on August 14, 2025, valued at an estimated $3.7 billion for over 200 megawatts (MW) of high-performance computing (HPC) capacity. This marked a strategic transition from primarily Bitcoin mining to AI infrastructure and HPC hosting, offering a more stable and higher-margin revenue stream, which substantially boosted investor confidence. Earlier, in December 2024, the company had already finalized data center lease agreements for over 70 MW of infrastructure, projecting over $1 billion in potential revenue over initial 10-year terms and signifying its entry into HPC hosting.
2. Robust Operational Expansion
The company continued to significantly expand its operational capacity throughout late 2024 and 2025. By December 31, 2024, TeraWulf's self-mining operating capacity reached 9.7 EH/s, representing a 94% year-over-year increase. This growth continued, with self-mining capacity increasing to 12.2 EH/s by March 31, 2025, up 52.5% year-over-year. By June 30, 2025, Bitcoin mining capacity further expanded to 12.8 EH/s, reflecting a 45.5% year-over-year increase.
Stock Movement Drivers
Return vs. Risk
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| WULF Return | 86% | 51% | -96% | 261% | 136% | 108% | 120% |
| Peers Return | � | � | � | � | -3% | 65% | � |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 16% | 112% |
Monthly Win Rates [3] | |||||||
| WULF Win Rate | 67% | 58% | 17% | 58% | 67% | 67% | |
| Peers Win Rate | � | � | � | � | 45% | 65% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| WULF Max Drawdown | -44% | -14% | -96% | -19% | -45% | -60% | |
| Peers Max Drawdown | � | � | � | � | -47% | -42% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: RIOT, MARA, CLSK, CIFR, HUT.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/19/2025 (YTD)
How Low Can It Go
| Event | WULF | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -98.7% | -25.4% |
| % Gain to Breakeven | 7726.5% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -59.0% | -33.9% |
| % Gain to Breakeven | 143.8% | 51.3% |
| Time to Breakeven | 287 days | 148 days |
| 2018 Correction | ||
| % Loss | -60.1% | -19.8% |
| % Gain to Breakeven | 150.8% | 24.7% |
| Time to Breakeven | 435 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -61.9% | -56.8% |
| % Gain to Breakeven | 162.5% | 131.3% |
| Time to Breakeven | 1,474 days | 1,480 days |
Compare to BTGO, DMNT, OMG, PURR, SIBO
In The Past
TeraWulf's stock fell -98.7% during the 2022 Inflation Shock from a high on 11/19/2021. A -98.7% loss requires a 7726.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth over time.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
Latest Trefis Analyses
Trade Ideas
Select past ideas related to WULF. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11212025 | WU | Western Union | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 13.5% | 13.5% | -0.4% |
| 11212025 | COIN | Coinbase Global | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 2.0% | 2.0% | -0.5% |
| 11142025 | PYPL | PayPal | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -4.8% | -4.8% | -7.5% |
| 11142025 | V | Visa | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 5.8% | 5.8% | -2.7% |
| 11072025 | WD | Walker & Dunlop | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -12.1% | -12.1% | -12.1% |
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11212025 | WU | Western Union | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 13.5% | 13.5% | -0.4% |
| 11212025 | COIN | Coinbase Global | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 2.0% | 2.0% | -0.5% |
| 11142025 | PYPL | PayPal | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -4.8% | -4.8% | -7.5% |
| 11142025 | V | Visa | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 5.8% | 5.8% | -2.7% |
| 11072025 | WD | Walker & Dunlop | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -12.1% | -12.1% | -12.1% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for TeraWulf
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 13.51 |
| Mkt Cap | 4.8 |
| Rev LTM | 653 |
| Op Inc LTM | -131 |
| FCF LTM | -888 |
| FCF 3Y Avg | -532 |
| CFO LTM | -322 |
| CFO 3Y Avg | -173 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 71.1% |
| Rev Chg 3Y Avg | 87.8% |
| Rev Chg Q | 131.5% |
| QoQ Delta Rev Chg LTM | 19.4% |
| Op Mgn LTM | -59.4% |
| Op Mgn 3Y Avg | -55.5% |
| QoQ Delta Op Mgn LTM | 10.1% |
| CFO/Rev LTM | -74.3% |
| CFO/Rev 3Y Avg | -43.4% |
| FCF/Rev LTM | -198.3% |
| FCF/Rev 3Y Avg | -200.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 4.8 |
| P/S | 7.4 |
| P/EBIT | 5.7 |
| P/E | 6.7 |
| P/CFO | -21.9 |
| Total Yield | 3.8% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | -18.9% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 9.7% |
| 3M Rtn | 1.2% |
| 6M Rtn | 107.9% |
| 12M Rtn | 57.5% |
| 3Y Rtn | 529.8% |
| 1M Excs Rtn | 6.8% |
| 3M Excs Rtn | -3.8% |
| 6M Excs Rtn | 103.6% |
| 12M Excs Rtn | 13.4% |
| 3Y Excs Rtn | 356.6% |
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/28/2025 | 16.9% | 18.0% | 2.2% |
| 8/8/2025 | 1.8% | 76.3% | 86.2% |
| 5/9/2025 | -8.8% | 6.7% | 37.3% |
| 2/28/2025 | 16.1% | -6.9% | -24.7% |
| 11/12/2024 | -13.9% | -13.5% | -11.7% |
| 8/12/2024 | -7.3% | 21.8% | 23.8% |
| 5/13/2024 | -9.2% | -4.7% | 71.4% |
| 11/13/2023 | -4.7% | 12.9% | 61.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 8 | 10 | 10 |
| # Negative | 10 | 8 | 8 |
| Median Positive | 6.0% | 11.5% | 32.9% |
| Median Negative | -6.0% | -10.2% | -18.3% |
| Max Positive | 18.3% | 76.3% | 110.6% |
| Max Negative | -13.9% | -28.2% | -44.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 11102025 | 10-Q 9/30/2025 |
| 6302025 | 8082025 | 10-Q 6/30/2025 |
| 3312025 | 5092025 | 10-Q 3/31/2025 |
| 12312024 | 3032025 | 10-K 12/31/2024 |
| 9302024 | 11122024 | 10-Q 9/30/2024 |
| 6302024 | 8132024 | 10-Q 6/30/2024 |
| 3312024 | 5132024 | 10-Q 3/31/2024 |
| 12312023 | 3202024 | 10-K 12/31/2023 |
| 9302023 | 11132023 | 10-Q 9/30/2023 |
| 6302023 | 8142023 | 10-Q 6/30/2023 |
| 3312023 | 5152023 | 10-Q 3/31/2023 |
| 12312022 | 3312023 | 10-K 12/31/2022 |
| 9302022 | 11142022 | 10-Q 9/30/2022 |
| 6302022 | 8162022 | 10-Q 6/30/2022 |
| 3312022 | 5162022 | 10-Q 3/31/2022 |
| 12312021 | 3312022 | 10-K 12/31/2021 |
External Quote Links
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| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |