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Flagship explainer

What drives TERAWULF INC.’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity−344%Tax burden100%net income ÷ pretax incomeInterest burden355%pretax ÷ operating incomeOperating margin−123%operating income ÷ revenueAsset turnover0.04×revenue ÷ average assetsEquity multiplier19.09×average assets ÷ average equityAs of 2025-12-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
−$661MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001083301-26-000031 · filed Feb 27, 2026
Income before tax−$661MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001083301-26-000031 · filed Feb 27, 2026
Operating income−$186MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001083301-26-000031 · filed Feb 27, 2026
$152MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001083301-26-000031 · filed Feb 27, 2026
Ending assets$6.6BFY2025
  • 10-K · FY 2025Filing detailsAccession 0001083301-26-000031 · filed Feb 27, 2026
Beginning assets$788MFY2024
  • 10-K · FY 2024Filing detailsAccession 0001083301-26-000031 · filed Feb 27, 2026
$140MFY2025
  • 10-K · FY 2025Filing detailsAccession 0001083301-26-000031 · filed Feb 27, 2026
$244MFY2024
  • 10-K · FY 2024Filing detailsAccession 0001083301-26-000031 · filed Feb 27, 2026
Source: · event Dec 31, 2025 · retrieved Oct 20, 2026 · annual-row source set
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WULF dupont explainer — Buy Like Buffett · Buy Like Buffett