Terawulf (WULF)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
Fundamental grade
Five factors scored 1 to 9 from WULF's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from Terawulf's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2020 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $13M | $15M | $69M | $140M | $152M |
| Net income | -$439,320 | -$91M | -$73M | -$72M | -$661M |
| Free cash flow | -$548,744 | -$95M | -$71M | -$292M | -$1.2B |
| EPS (diluted) | -$0.22 | -$0.82 | -$0.35 | -$0.21 | -$1.66 |
| Operating margin | -13.3% | -291.0% | -42.5% | -54.4% | -122.9% |
Where the revenue comes from
Revenue by segments, fiscal 2020.
Superinvestors who own WULF
From each investor's latest 13F filing (what a 13F shows). 4 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Stephen Mandel Lone Pine Capital |
Added | $596M | 3.6% | Q2 2026 |
| Eric Marshall Hodges Capital Management |
Trimmed | $55M | 3.6% | Q2 2026 |
| Hersh Cohen ClearBridge Investments |
Trimmed | $12M | 0.01% | Q2 2026 |
| Cliff Asness AQR Capital Management |
Added | $11M | 0.00% | Q2 2026 |
Insider buying
Open-market purchases by Terawulf's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
| Date | Insider | Shares | Price | Value |
|---|---|---|---|---|
| Sep 15, 2026 | Michael C. Bucella Director |
6,085 | $14.79 | $89,967 |
| Mar 20, 2026 | Michael C Bucella |
1,665 | $15.04 | $25,042 |
| Mar 19, 2026 | Michael C Bucella |
1,670 | $14.96 | $24,983 |
| Mar 18, 2026 | Michael C Bucella |
1,581 | $15.79 | $24,964 |
| Mar 17, 2026 | Michael C Bucella |
1,584 | $16.00 | $25,344 |
| Mar 11, 2026 | Michael C Bucella |
1,338 | $14.91 | $19,950 |
| Mar 9, 2026 | Michael C Bucella |
752 | $13.31 | $10,009 |
| Mar 6, 2026 | Michael C Bucella |
679 | $14.80 | $10,049 |
| Mar 5, 2026 | Michael C Bucella |
654 | $15.31 | $10,013 |
| Mar 4, 2026 | Michael C Bucella |
3,171 | $15.78 | $50,038 |
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In the full deep dive
Questions
Are Terawulf insiders buying the stock?
10 open-market insider purchases of WULF in the last 12 months, from SEC Form 4 filings.
Which superinvestors own Terawulf?
4 of the superinvestors Investingly tracks hold WULF in their latest 13F, including Stephen Mandel, Eric Marshall, Hersh Cohen.
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.