Figure Technology Solutions, Inc. (FIGR) vs TeraWulf Inc. (WULF)

Figure Technology Solutions, Inc. and TeraWulf Inc. are both Capital Markets companies. TeraWulf Inc. is the larger, with a market value of $8.3B against $7.4B — 1.1× the size. TeraWulf Inc. has negative trailing earnings, so its P/E is not meaningful; Figure Technology Solutions, Inc. trades at 20.7×. Figure Technology Solutions, Inc. has the higher net margin (26.5% vs −1,179.9%) and the higher return on invested capital (14.9% vs −9.95%). Across the 16 metrics below, Figure Technology Solutions, Inc. leads on 15 and TeraWulf Inc. on 1.

Valuation

Metric FIGR WULF Capital Markets median
P/E 20.71 n/m 15.78
P/S 9.95 46.28 2.32
P/B 4.99 51.82 1.89
Price to free cash flow n/m n/m 6.25
EV/EBITDA 29.46 n/m 8.87
EV/Sales 9.14 61.12 2.28
Earnings yield 4.83% (27.76%) (3.77%)
Free cash flow yield (1.49%) (31.40%) (1.49%)

Profitability

Metric FIGR WULF Capital Markets median
Gross margin 87.54% 69.26% 62.80%
Operating margin 28.41% (250.37%) 0.00%
Net margin 26.49% (1,179.94%) (0.55%)
Free cash flow margin (14.84%) (1,453.34%) 0.00%
Return on equity 21.14% (1,247.13%) 0.00%
Return on assets 12.45% (43.71%) 0.00%
Return on invested capital 14.94% (9.95%) 0.00%

Growth

Metric FIGR WULF Capital Markets median
Revenue growth (TTM) — 14.65% 21.02%
EPS growth (last fiscal year) 60.47% (690.48%) —
Revenue growth, 5-year CAGR — 57.07% 18.16%
Net income growth, 5-year CAGR — 0.00% 0.00%

Health

Metric FIGR WULF Capital Markets median
Debt to equity 0.68 35.34 0.08
Current ratio 1.86 0.75 1.51
Net debt to EBITDA (5.26) (24.16) (0.24)

Dividend

Metric FIGR WULF Capital Markets median
Dividend yield — — 2.20%
Payout ratio — 0.00 0.00

Size

Metric FIGR WULF Capital Markets median
Market cap 7.40b 8.25b 724.58m

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