Terawulf Inc (WULF) fair value: what the stock is really worth
As of Nov 10, 2026: fair value (intrinsic value) of Terawulf Inc stock $8.12, price $12.56, that is 35.4% below the price, quality 27 out of 100. Rating: strongly overvalued. The value is an estimate: none of our valuation models currently carries, it draws on revenue and assets compared with similar companies. Updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 11, 2026.
How to read this chart
60‑month range $0.5400 – $36.07 · fair‑value band $6.09 – $10.15 · the $12.56 price screens above the $8.12 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 11, 2026.
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TeraWulf Inc., together with its subsidiaries, owns, develops, operates digital infrastructure in the United States. It also develops and operates bitcoin mining facilities for bitcoin mining and high-performance computing workloads, leveraging clean, cost-effective, and reliable energy.
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The company was founded in 2021 and is headquartered in Easton, Maryland.
Stock analysis
Terawulf Inc (WULF) currently trades at $12.56, while our estimate is $8.12, 35% below the price, so the stock looks overvalued today.
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Valuation
None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.
Scenario range: $6.09 (bear) to $10.15 (bull), the price of $12.56 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 27/100 (below-average quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Terawulf Inc reported revenue of $168M in FY2025 versus $12.7M in FY2021, a compound +90.7%/yr. Reported net income was −$661M in FY2025.
Key figures
Market cap $6.1B Mid · P/S ratio 32.5 · EPS (TTM) $−1.69 · Return on equity −141% · Return on assets (EBIT) −10.0% (5-year average) · Operating margin −87.8% · Revenue (TTM) $191M · Revenue growth (YoY) +50.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 16 out of 100 (medium confidence).
What moves the price
The share trades about 57% below its 52-week high and 25% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −16% fair-value upside, at −35%, WULF screens richer than that median.
Fair Value
Bear$6.09Fair Value $8.12Bull$10.15
Price $12.56 · Downside -35.4%
Estimate. None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.
Quality Score breakdown
Overall quality27/100
It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.
Profitability0
How much profit the company makes from its sales and capital
Quality Growth25
Are margins and returns getting better?
Cashflow0
Do the profits arrive as real cash?
Financial strength100
Debt, balance sheet and risk of trouble
Investment23
Does it invest with discipline instead of growing at any price?
Low Volatility0
How calm the share price moves, does not count
Price momentum15
Price momentum of the last 3 to 12 months, does not count
In the last 6 months, one officer or director bought shares worth $189,962, on Sep 15, 2026. Over the same period, 3 people sold shares worth $17.4M.
BuyMichael C. BucellaDirector8× since Nov 13, 2025: 29,240 shares, avg. $15.07$440,531Sep 15, 2026
SaleCatherine J. MotzDirector56,023 shares at $17.81$997,770Sep 8, 2026
SaleWalter E. CarterDirector130,626 shares at $15.14$2.0MAug 31, 2026
SalePaul B. PragerChief Executive Officer, Director5× since Mar 24, 2026: 1,100,000 shares, avg. $21.30$23.4MAug 27, 2026
SaleNazar M. KhanChief Technology Officer, Director452,152 shares at ?Apr 24, 2026
SalePatrick FleuryChief Financial Officer600,000 shares at $16.14$9.7MMar 17, 2026
Plus 21 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.30/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+20.3%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+123.8%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+65.8%
Start year 2020 (pandemic). Over 10 years: +25.4% a year
Revenue growth 25 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.8%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−13.3% (2020) → −100.2% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
News mood ⓘNews mood, the average tone of recent news (99 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Neutral
Recent news coverage is roughly neutral, about typical for how stocks are covered.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Capital Markets · 455 stocks
Beats the industry median on 1/8 measures
Overall it trails its industry peers.
Valuation
Quality Score27 · Bottom 25%
Fair Value upside−35.4% · Bottom 25%
Profitability
Return on assets−10.1% · Bottom 25%
Operating margin (12 months)−87.8% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)50.7% · Top 25%
Balance sheet
Debt / equity33.00× · Highest 25%
Valuation Multiplesvs Capital Markets median · lower = cheaper
P/B43.44× · Priciest 25%
P/S (12 months)31.97× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 32
FUTURE (revenue growth)100· sector 58
PAST (return on equity)0· sector 31
HEALTH (low debt)–
DIVIDEND (yield)0· sector 46
VALUE 0: the price sits above our fair-value range.
HEALTH: for banks, insurers and similar financial firms borrowed money is part of the business, so we do not rate debt here.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Terawulf Inc Fair Value". https://www.fairvalue-calculator.com/stock/WULF
Frequently asked questions
Is Terawulf Inc (WULF) overvalued or undervalued?
As of Nov 11, 2026, our estimate of fair value is $8.12 versus a price of $12.56, about 35% lower (overvalued).
What is the fair value of WULF?
Our estimate for Terawulf Inc is $8.12 (as of Nov 11, 2026), built from audited fundamentals. The current price: $12.56.
What is the quality score of WULF?
Terawulf Inc has a Quality Score of 27/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Terawulf Inc (WULF)?
Our calculated price target is the estimate of $8.12 (as of Nov 11, 2026). Cautious scenario $6.09, optimistic scenario $10.15. It is an estimate from revenue and assets compared with similar companies, because none of our valuation models currently carries, not an analyst target.
What is the Terawulf Inc stock forecast for 2026?
Our estimate puts fair value at $8.12, about 35% lower versus a price of $12.56 (overvalued). Cautious scenario $6.09, optimistic scenario $10.15. The calculation is refreshed regularly with new filings.
What is the revenue of Terawulf Inc (WULF)?
Terawulf Inc reported trailing-twelve-month revenue of about $191M (latest available figure, as of Nov 11, 2026).
What is the intrinsic value of Terawulf Inc (WULF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Terawulf Inc it is $8.12 per share (as of Nov 11, 2026), against a price of $12.56.
Is Terawulf Inc stock overvalued or undervalued in 2026?
As of Nov 11, 2026, WULF trades above its calculated fair value: price $12.56, fair value $8.12, a gap of about −35% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of WULF?
No. The price is what the market pays today ($12.56); the fair value is what the company's own numbers justify ($8.12). For Terawulf Inc the two are $4.44 per share apart. That gap is exactly why we show both numbers side by side.
How much is Terawulf Inc worth?
The market values Terawulf Inc at about $6.1B (market capitalisation, as of Nov 11, 2026). Per share that is $12.56; our models calculate a fair value of $8.12 per share.
What do the bullish and bearish scenarios say about WULF?
Our models span a range for Terawulf Inc: cautious scenario $6.09, base $8.12, optimistic $10.15 per share (as of Nov 11, 2026, price $12.56). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Terawulf Inc (WULF)?
Balance-sheet figures for Terawulf Inc (as of Nov 11, 2026): return on equity −140.6%. They feed the Quality Score of 27/100, which measures business quality independently of the share price.
How far is WULF from its 52-week high?
Terawulf Inc trades at $12.56, about 57% below its 52-week high of $28.98 and 25% above the low of $10.08 (as of Nov 10, 2026). Distance from the high says nothing about value: that is what the fair value of $8.12 is for.
Which stocks are comparable to Terawulf Inc?
From the same area (Financial Services) we also value Morgan Stanley, The Goldman Sachs Group, The Charles Schwab Corporation, Interactive Brokers Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Terawulf Inc stock attractive at the current price?
The data as of Nov 11, 2026: price $12.56, calculated fair value $8.12 (−35%), Quality Score 27/100. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
Is it still worth investing in stocks now?
The global stock market currently sits 15.1% above its aggregate fair value. Terawulf Inc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Terawulf Inc (WULF)?
The closing price on Nov 10, 2026 was $12.56. Our estimate is $8.12, about 35% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Terawulf Inc right now?
The price sits above even our optimistic bull case ($10.15). The favourable scenario is already priced in. Weak quality (27/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Key figures of Terawulf Inc
How large is the market capitalisation of Terawulf Inc (WULF)?
The market capitalisation of Terawulf Inc is $6.1B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Terawulf Inc (WULF)?
The price-to-sales ratio of Terawulf Inc is 32.5 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Terawulf Inc (WULF)?
Earnings per share at Terawulf Inc are $−1.69. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Terawulf Inc (WULF)?
The return on equity (ROE) of Terawulf Inc is −141% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Terawulf Inc (WULF)?
On an EBIT basis the return on assets of Terawulf Inc is −10.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Terawulf Inc (WULF)?
The operating margin of Terawulf Inc is −87.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Terawulf Inc (WULF)?
Revenue at Terawulf Inc is growing +50.7% versus a year earlier (3y avg +124%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Terawulf Inc (WULF) generate?
The free cash flow of Terawulf Inc is −$1.2B (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Terawulf Inc (WULF) carry?
The net debt of Terawulf Inc is $1.9B (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Thin data
Nov 11, 2026
