Terawulf Inc. (WULF) intrinsic value & 10-year financials
Terawulf Inc. (WULF) has a Graham intrinsic value of $2.33 per share. At $11.68 on Oct 17, 2026, the stock trades 401% above that value. Over the last 10 fiscal years revenue grew 27.1% a year to $151.6M, with an average return on invested capital of 123.2%.
- Graham intrinsic value
- $2.33
- Share price (Oct 17, 2026)
- $11.68
- Price vs Graham value
- 401% above
- Market cap
- $4.6B
- Revenue (FY2025)
- $151.6M
- Revenue growth (10-yr CAGR)
- 27.1%
- ROIC (10-yr avg)
- 123.2%
- Free cash flow (FY2025)
- -$1.2B
WULF 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $151.6M | -$661.4M | -$1.66 | -$1.2B | -122.9% | 1213.5% |
| FY2024 | $140.1M | -$72.4M | -$0.21 | -$292.4M | -54.4% | -57.2% |
| FY2023 | $69.2M | -$73.4M | -$0.35 | -$70.9M | -42.5% | -11.0% |
| FY2022 | $15.0M | -$90.8M | -$0.82 | -$95.2M | -291.0% | -20.9% |
| FY2021 | — | — | — | — | — | — |
| FY2020 | $13.4M | -$439.3K | -$0.22 | -$548.7K | -13.3% | -9.7% |
| FY2019 | $17.6M | -$813.6K | -$0.41 | -$955.4K | -5.4% | -5.5% |
| FY2018 | $18.2M | $139.5K | $0.07 | $681.6K | 1.2% | 1.1% |
| FY2017 | $17.2M | -$226.1K | -$0.11 | -$25.4K | -2.7% | -1.5% |
| FY2016 | $17.6M | -$65.1K | -$0.03 | -$1.1M | -0.1% | -0.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
TERAWULF INC. is a consistent compounder, expanding top-line revenue at 27.1% annually over the past decade.
TERAWULF INC. has historically struggled to out-earn its cost of capital, averaging just -10.3% ROIC.
TERAWULF INC. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, TERAWULF INC. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $2.33 per share.