Piper Sandler Companies (PIPR) vs TeraWulf Inc. (WULF)

Piper Sandler Companies and TeraWulf Inc. are both Capital Markets companies. TeraWulf Inc. is the larger, with a market value of $6.3B against $4.6B — 1.4× the size. TeraWulf Inc. has negative trailing earnings, so its P/E is not meaningful; Piper Sandler Companies trades at 14.2×. Piper Sandler Companies grew revenue faster over the last twelve months: 32.4% against 14.7%. Piper Sandler Companies has the higher net margin (14.5% vs −1,179.9%) and the higher return on invested capital (26.1% vs −9.95%). Across the 18 metrics below, Piper Sandler Companies leads on 16 and TeraWulf Inc. on 2.

Valuation

Metric PIPR WULF Capital Markets median
P/E 14.20 n/m 14.20
P/S 2.07 34.43 2.00
P/B 2.79 38.56 1.51
Price to free cash flow 8.99 n/m 6.36
EV/EBITDA — — —
EV/Sales — — —
Earnings yield 7.04% (37.32%) (3.94%)
Free cash flow yield 11.12% (42.21%) (1.62%)

Profitability

Metric PIPR WULF Capital Markets median
Gross margin 99.05% 69.26% 62.80%
Operating margin 24.96% (250.37%) 0.00%
Net margin 14.53% (1,179.94%) (0.55%)
Free cash flow margin 23.02% (1,453.34%) 0.00%
Return on equity 20.72% (1,247.13%) 0.00%
Return on assets 14.34% (43.71%) 0.00%
Return on invested capital 26.13% (9.95%) 0.00%

Growth

Metric PIPR WULF Capital Markets median
Revenue growth (TTM) 32.39% 14.65% 20.70%
EPS growth (last fiscal year) 54.49% (690.48%) 22.92%
Revenue growth, 5-year CAGR 8.93% 57.07% 18.16%
Net income growth, 5-year CAGR 47.35% 0.00% 0.00%

Health

Metric PIPR WULF Capital Markets median
Debt to equity 0.00 35.34 0.08
Current ratio 1.41 0.75 1.50
Net debt to EBITDA (1.72) (24.16) (0.24)

Dividend

Metric PIPR WULF Capital Markets median
Dividend yield 0.89% — 1.36%
Payout ratio 0.13 — 0.19

Size

Metric PIPR WULF Capital Markets median
Market cap 4.56b 6.30b 565.91m

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