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TeraWulf WULF Debt-to-equity

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Other financials

Income statement

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Revenue$34.0M-1.1%
Gross profit$31.7M+221%
Operating income-$162.1M-172%
Net income-$427.6M-596%
EPS (diluted)-$1.01-531%

Balance sheet

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Cash & equivalents$3.1B+1,318%
Total debt$3.7B+959%
Total equity-$78.8M-146%
Total assets$7.0B+733%

Cash flow

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Operating cash flow-$17.6M-131%
CapEx$523.0M+458%
Free cash flow-$540.5M-1,353%

Valuation

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Market cap$14.36B+484%
Enterprise value$14.94B+470%
P/S85.5×+66.8×

Profitability

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Gross margin64%+19.1pp
Operating margin-171.8%+398pp
Net margin-611.5%-747pp
FCF margin-1,003.6%-1,433pp

Returns & leverage

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Return on equity-343.7%-382pp
Current ratio1.2×-0.7×

Where this comes from

Calculated from TeraWulf’s reported figures.

Based on the most recent quarter.

The official record: TeraWulf’s 10-Q, filed May 8, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is TeraWulf's debt-to-equity?
TeraWulf (WULF) reported debt-to-equity of 25.4× in Q4 2025.
How has TeraWulf's debt-to-equity changed year-over-year?
TeraWulf's debt-to-equity increased by 165881.7% year-over-year, from 0× to 25.4×.
What is the long-term trend for TeraWulf's debt-to-equity?
Over 5 years (2020 to 2025), TeraWulf's debt-to-equity has grown at a 156.9% compound annual growth rate (CAGR), from 0.2× to 25.4×.
What does debt-to-equity mean?
How much debt the company carries for every dollar of shareholder equity.
How do you interpret debt-to-equity?
Lower is generally safer, but moderate leverage can boost returns. Read in the context of cash-flow stability — a utility tolerates more debt than a cyclical. Negative equity makes the ratio meaningless and it is suppressed there.
How does debt-to-equity compare across companies?
Comparable within an industry; capital structures differ sharply across sectors. Not meaningful for banks.