StoneX Group Inc. (SNEX) vs TeraWulf Inc. (WULF)

StoneX Group Inc. and TeraWulf Inc. are both Capital Markets companies. StoneX Group Inc. and TeraWulf Inc. are of similar size ($8.4B and $8.3B). TeraWulf Inc. has negative trailing earnings, so its P/E is not meaningful; StoneX Group Inc. trades at 15.0×. StoneX Group Inc. grew revenue faster over the last twelve months: 20.6% against 14.7%. StoneX Group Inc. has the higher net margin (0.32% vs −1,179.9%) and the higher return on invested capital (0.00% vs −9.95%). Across the 19 metrics below, StoneX Group Inc. leads on 16 and TeraWulf Inc. on 3.

Valuation

Metric SNEX WULF Capital Markets median
P/E 14.95 n/m 15.78
P/S 0.05 46.28 2.32
P/B 2.72 51.82 1.89
Price to free cash flow 2.05 n/m 6.25
EV/EBITDA n/m n/m 8.87
EV/Sales (0.10) 61.12 2.28
Earnings yield 6.69% (27.76%) (3.77%)
Free cash flow yield 48.87% (31.40%) (1.49%)

Profitability

Metric SNEX WULF Capital Markets median
Gross margin 3.03% 69.26% 62.80%
Operating margin 1.70% (250.37%) 0.00%
Net margin 0.32% (1,179.94%) (0.55%)
Free cash flow margin 2.40% (1,453.34%) 0.00%
Return on equity 21.15% (1,247.13%) 0.00%
Return on assets 1.16% (43.71%) 0.00%
Return on invested capital 0.00% (9.95%) 0.00%

Growth

Metric SNEX WULF Capital Markets median
Revenue growth (TTM) 20.58% 14.65% 21.02%
EPS growth (last fiscal year) 10.99% (690.48%) —
Revenue growth, 5-year CAGR 19.58% 57.07% 18.16%
Net income growth, 5-year CAGR 12.28% 0.00% 0.00%

Health

Metric SNEX WULF Capital Markets median
Debt to equity 1.45 35.34 0.08
Current ratio 1.82 0.75 1.51
Net debt to EBITDA (7.72) (24.16) (0.24)

Dividend

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

Size

Metric SNEX WULF Capital Markets median
Market cap 8.38b 8.25b 724.58m

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