MeritValue

TERAWULF INC.

WULFdata completeness 100%15 fiscal years on file
The thesis, from the filings

TERAWULF INC. earns about -10% on invested capital, but has diluted owners by 20018% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2020FY 2022FY 2023FY 2024FY 2025
Revenue$13.4M1$15M2$69.2M3$140.1M3$151.6M3
Net income−$439,3204−$90.8M5−$73.4M6−$72.4M6−$661.4M6
Operating cash flow−$398,8287−$34.1M8$4.26M9−$24.4M9−$123.2M9
Capital expenditure$149,91610$61.1M11$75.2M12$267.9M12$1.06B12
Free cash flow (derived)−$548,7447−$95.2M8−$70.9M9−$292.4M9−$1.18B9
Total debt$2.69M13$249.8M14$247M15$016$6.2B16
Cash & equivalents$3.69M17$1.28M18$54.4M19$274.1M20$3.27B20
Diluted shares2.0M110.6M210.0M351.3M397.6M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$3.53
your share of equity
Profit it earned you last year
−$16.63
Free cash flow it threw off
−$29.76
Debt you’d be carrying
$155.86

10 shares is a claim on $3.53 of net worth that earned you −$16.63 and generated −$29.76 of cash last year, against $155.86 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-10% avg · 5y
FY20 -4%FY22 -13%FY23 -7%FY24 —FY25 -17%

It earned an average -10% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+20018% shares · 5y

Share count is up 20018% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 230413% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2020-12-31 · accession 0001437749-21-004835 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0001083301-25-000018 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0001083301-26-000031 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2020-12-31 · accession 0001437749-21-004835 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0001083301-25-000018 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0001083301-26-000031 (NetIncomeLoss)
  7. 10-K · period ending 2020-12-31 · accession 0001437749-21-004835 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001083301-25-000018 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001083301-26-000031 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2020-12-31 · accession 0001437749-21-004835 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0001083301-25-000018 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0001083301-26-000031 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2020-12-31 · accession 0001437749-21-004835 (LongTermDebtCurrent)
  14. 10-K · period ending 2022-12-31 · accession 0001083301-24-000072 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0001083301-25-000018 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0001083301-26-000031 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2020-12-31 · accession 0001437749-21-004835 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0001083301-24-000072 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-31 · accession 0001083301-25-000018 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-12-31 · accession 0001083301-26-000031 (CashAndCashEquivalentsAtCarryingValue)