What is TeraWulf's net debt / EBITDA?

TeraWulf (WULF) reported net debt / EBITDA of -1× in Q3 2024.

What does net debt / EBITDA mean?

How many years of operating earnings it would take to pay off the company's net debt.

How do you interpret net debt / EBITDA?

Lower is safer; lenders often covenant around 3–4×. A negative value means net cash (more cash than debt), a position of strength. Spikes can reflect a temporary EBITDA dip rather than new borrowing.

How does net debt / EBITDA compare across companies?

A standard leverage yardstick across non-financial sectors; covenant thresholds vary by industry cash-flow stability.

TeraWulf WULF Net debt / EBITDA

Net debt / EBITDA at other companies

Equinix, Inc.EQIX

5.4×+0.4×

Riot Platforms, Inc.RIOT

0.9×—

Digital RealtyDLR

-0.7×-0.2×

Cipher Digital, Inc. CIFR

1.5×—

Core Scientific, Inc.CORZ

6.5×—

Hut 8 Mining Corp.HUT

0×-1.1×

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

Debt / equity25.4×+25.4×

Current ratio1.2×-0.7×

Where this comes from

Calculated from TeraWulf’s reported figures.

net debt/ebitda=-1×

Based on the most recent quarter.

The official record: TeraWulf’s 10-Q, filed November 10, 2025, on SEC EDGAR. View the filing →

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Questions, answered.

What is TeraWulf's net debt / EBITDA?: TeraWulf (WULF) reported net debt / EBITDA of -1× in Q3 2024.
What does net debt / EBITDA mean?: How many years of operating earnings it would take to pay off the company's net debt.
How do you interpret net debt / EBITDA?: Lower is safer; lenders often covenant around 3–4×. A negative value means net cash (more cash than debt), a position of strength. Spikes can reflect a temporary EBITDA dip rather than new borrowing.
How does net debt / EBITDA compare across companies?: A standard leverage yardstick across non-financial sectors; covenant thresholds vary by industry cash-flow stability.