TeraWulf Valuation

Is WULF * undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

Below Fair Value
Significantly Below Fair Value
Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of WULF * when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: Insufficient data to calculate WULF *'s fair value for valuation analysis.

Significantly Below Fair Value: Insufficient data to calculate WULF *'s fair value for valuation analysis.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for WULF *?

Key metric: As WULF * is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for WULF *. This is calculated by dividing WULF *'s market cap by their current revenue.
What is WULF *'s PS Ratio?
PS Ratio	21x
Sales	US$128.35m
Market Cap	US$2.70b

WULF * key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	20.9x
Enterprise Value/EBITDA	89.7x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does WULF *'s PS Ratio compare to its peers?

The above table shows the PS ratio for WULF * vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	18.5x
CIFR Cipher Mining	12.8x	57.1%	US$2.2b
IREN Iris Energy	9.6x	37.2%	US$2.0b
CLSK CleanSpark	9.8x	37.2%	US$3.9b
SOUN SoundHound AI	41.8x	54.7%	US$3.0b
WULF * TeraWulf	21x	58.2%	Mex$2.7b

Price-To-Sales vs Peers: WULF * is expensive based on its Price-To-Sales Ratio (21x) compared to the peer average (20.1x).

Price to Sales Ratio vs Industry

How does WULF *'s PS Ratio compare vs other companies in the Global Software Industry?

246 Companies	Price / Sales	Estimated Growth	Market Cap

246 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: WULF * is expensive based on its Price-To-Sales Ratio (21x) compared to the Global Software industry average (3.2x).

Price to Sales Ratio vs Fair Ratio

What is WULF *'s PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

WULF * PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	21x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate WULF *'s Price-To-Sales Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst WULF * forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	Mex$147.16	Mex$198.41 +34.8%	10.0%	Mex$225.29	Mex$163.85	n/a	8
Nov ’25	n/a	Mex$141.99 0%	20.5%	Mex$201.73	Mex$100.86	n/a	8
Oct ’25	Mex$94.00	Mex$130.86 +39.2%	29.9%	Mex$199.41	Mex$59.82	n/a	8
Sep ’25	n/a	Mex$126.72 0%	31.3%	Mex$190.77	Mex$57.23	n/a	7
Aug ’25	Mex$74.50	Mex$126.08 +69.2%	31.8%	Mex$184.42	Mex$55.33	n/a	6
Jul ’25	n/a	Mex$111.08 0%	32.6%	Mex$165.70	Mex$55.23	n/a	6
Jun ’25	Mex$38.20	Mex$60.92 +59.5%	13.4%	Mex$70.74	Mex$50.53	n/a	6
May ’25	Mex$40.00	Mex$59.09 +47.7%	13.4%	Mex$68.62	Mex$49.01	n/a	6
Apr ’25	n/a	Mex$61.72 0%	10.8%	Mex$66.72	Mex$50.04	n/a	5
Mar ’25	n/a	Mex$66.56 0%	12.6%	Mex$76.80	Mex$51.20	n/a	5
Feb ’25	n/a	Mex$62.27 0%	16.2%	Mex$75.74	Mex$50.49	n/a	5
Jan ’25	n/a	Mex$57.73 0%	14.4%	Mex$67.92	Mex$50.94	n/a	5
Dec ’24	n/a	Mex$57.26 0%	12.1%	Mex$69.41	Mex$52.06	n/a	5
Nov ’24	n/a	Mex$65.76 0%	14.8%	Mex$76.57	Mex$54.05	n/a	5
Oct ’24	n/a	Mex$67.07 0%	12.6%	Mex$74.76	Mex$52.77	Mex$94.00	4
Sep ’24	n/a	Mex$69.59 0%	2.9%	Mex$72.43	Mex$68.17	n/a	3
Aug ’24	n/a	Mex$73.68 0%	9.6%	Mex$83.41	Mex$66.73	Mex$74.50	3

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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