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Terawulf Inc. key statistics and ratios

In fiscal 2025, Terawulf Inc. had an operating margin of -110.5%, debt equal to 2522.0% of equity and a current ratio of 2.00. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Gross margin41.2%40.0%40.1%39.7%36.3%35.0%35.5%33.2%34.3%30.6%29.1%26.3%53.5%49.8%39.2%40.2%
Operating margin9.3%6.1%6.0%5.3%4.9%1.3%−0.1%−2.7%1.2%−5.4%−13.3%−291.0%−42.5%−54.4%−110.5%−250.4%
Net margin6.7%4.2%4.0%3.9%3.5%0.8%−0.4%−1.3%0.8%−4.6%−3.3%−603.9%−106.1%−51.7%−392.6%<−999%
Free-cash-flow margin8.5%1.0%3.6%4.0%2.6%−8.0%−6.5%−0.1%3.7%−5.4%−4.1%−633.2%−102.4%−208.8%−702.5%<−999%
Return on equity9.1%5.5%5.6%5.6%5.0%1.0%−0.5%−1.7%1.1%−6.4%−3.6%−140.1%−43.2%−31.0%——
Return on assets8.5%5.1%5.1%5.0%4.5%0.9%−0.4%−1.3%0.8%−4.7%−2.7%−54.5%−21.1%−12.4%−18.0%−26.7%
Asset turnover1.261.231.271.291.291.181.050.981.061.030.830.090.200.240.050.02
Current ratio10.0410.027.259.1911.905.926.899.446.874.492.170.110.405.432.000.75
Debt to equity0.0%0.0%0.0%0.0%0.0%0.0%23.8%23.7%23.3%23.8%26.7%124.0%62.7%199.4%>999%>999%
Interest cover (operating income ÷ interest)——————n/mn/m2.5xn/mn/mn/mn/mn/mn/mn/m
Effective tax rate28.3%33.1%33.6%26.4%29.4%40.0%——24.8%———————
R&D as % of revenue4.2%3.1%3.6%3.7%3.6%3.8%3.7%4.0%3.7%4.9%5.0%—————
SG&A as % of revenue27.7%30.8%30.5%30.7%27.7%30.0%31.9%31.9%29.4%31.1%37.4%151.5%————
Capital spending as % of revenue1.1%3.7%3.3%4.4%2.3%16.3%11.7%1.3%3.0%2.7%1.1%406.5%108.6%191.3%629.4%>999%
Free cash flow ÷ net income126.8%24.6%88.7%103.2%74.3%<−999%——488.7%———————
Dividends ÷ net income——288.0%—————————————
Dividends and buybacks ÷ free cash flow1.1%1.2%324.7%—————————————

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Moat

22 /100

Weak moat

How hard Terawulf's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -13.6% of total assets over 10 years.

  • Pricing power 6 / 20

    Gross margin has been a median 35.4%, moving by 8.4 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median -16.3%; its worst year was -250.4%.

  • Cash conversion 1 / 20

    Free cash flow was positive in 1 of 10 years, at a median -8.9% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 21765.8% over five years; stock-based pay has been a median 0.6% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (27 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Terawulf Inc.'s SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Terawulf Inc.