DLR vs FRMI vs WULF Stock Comparison

Digital Realty Trust, Fermi and Terawulf Prices as of Oct 23, 2026 Peers: Industry group
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FRMI Fermi Inc.
$2.55 -47.1% 1M -87.1% 1Y
Market cap
$1.62B
P/E
–
Revenue (TTM)
—
Div. yield
–
Data Center REITs Real Estate
WULF Terawulf Inc.
$11.32 -30.8% 1M -12.1% 1Y
Market cap
$5.80B
P/E
–
Revenue (TTM)
$165.19M
Div. yield
–
Data Centers Technology
1 win

Head to Head

9 decided of 12

Digital Realty Trust leads on 8 of the 12 questions below (Digital Realty Trust 8, Terawulf 1). Which ones matter depends on what you are buying for; a cheap multiple and slow growth often come together.

QuestionDLRFRMIWULFLeader
Larger companyMarket capitalisation $61.72B $1.62B $5.80B DLR
Cheaper on earningsLower P/E, profitable companies only 81.4x -2.2x -3.0x –
Cheaper on forward earningsLower price / next fiscal year consensus EPS 59.8x — — –
Faster revenue growthRevenue growth, trailing twelve months +17.4% — +4.1% DLR
More profitableNet margin, trailing twelve months 11.2% — -1,179.9% DLR
Better return on capitalReturn on invested capital 2.0% — -9.2% DLR
Less leveragedLower net debt / EBITDA 5.6x — -8.4x WULF
Higher dividend yieldTrailing dividend yield 0.00% 0.00% 0.00% –
Better 1-year returnPrice return, last 12 months -1.7% -87.1% -12.1% DLR
Better 5-year returnAnnualised price return, 5 years +1.9%/yr — -16.6%/yr DLR
Less volatileAnnualised volatility, 1 year 27.6% 122.0% 92.7% DLR
Higher overall scoreMean of the five percentile scores vs peers 45/100 — 11/100 DLR

Percentile Scorecard

DLRFRMIWULF

Each axis is the mean percentile of its metrics against the company's industry group. 100 is the best in the group, 50 the middle.

Scores by Axis

AxisDLRFRMIWULF
Valuation 10 #10 of 11 0 #11 of 11 3 #37 of 38
Growth 78 #3 of 10 – 6 #34 of 36
Profitability 11 #9 of 10 – 6 #32 of 34
Financial Health 80 #3 of 11 70 #4 of 11 24 #29 of 38
Shareholder Returns – – 14 #19 of 22
Overall 45 – 11
  • DLR ranked among 11 companies in Infrastructure REITs
  • FRMI ranked among 11 companies in Infrastructure REITs
  • WULF ranked among 39 companies in Cloud Computing

Price Performance

Price return, split-adjusted, before dividends. Click a name to hide or show it.

Returns

PeriodDLRFRMIWULFSPY
1 month -5.0%-47.1%-30.8% -1.0%
3 months -13.3%-65.5%-38.7% +2.9%
6 months -13.8%-52.8%-43.4% +6.4%
Year to date +11.4%-68.1%-1.5% +11.4%
1 year -1.7%-87.1%-12.1% +13.1%
3 years +44.3%—+805.6% +79.4%
3 years, per year +13.0%—+108.5% +21.5%
5 years +9.9%—-59.7% +67.7%
5 years, per year +1.9%—-16.6% +10.9%
10 years +80.1%—+5.2% +255.2%
10 years, per year +6.1%—+0.5% +13.5%

Risk

MeasureDLRFRMIWULFSPY
Volatility, 1Y 27.6%122.0%92.7% 12.7%
Downside volatility, 1Y 26.9%123.2%89.8% 12.7%
Beta vs S&P 500, 1Y 0.813.243.69 1.00
Return / volatility, 1Y -0.06-0.71-0.13 1.03
Max drawdown, 5Y -51.1%-92.2%-98.7% -25.4%
From 52-week high -15.5%-91.5%-60.9% -2.5%
52-week high $203.91$29.86$28.98 $779.14
52-week low $147.93$2.55$10.99 $631.97

Valuation History

Weekly multiples on trailing twelve-month fundamentals. Negative or extreme readings (a loss year, a collapsed denominator) are left out so the chart stays readable.

MultipleDLRFRMIWULF
P/E now vs peer median 80.5xmedian 24.1x -2.2xmedian 24.1x -2.8xmedian 29.1x
P/S now vs peer median 9.4xmedian 6.3x —median 6.3x 34.2xmedian 4.5x
EV/EBITDA now vs peer median 26.7xmedian 16.7x —median 16.7x -26.6xmedian 21.5x
P/FCF now vs peer median -125.8xmedian 18.0x -1.3xmedian 18.0x -2.1xmedian 17.3x
P/B now vs peer median 2.3xmedian 2.3x 1.6xmedian 2.3x 38.3xmedian 3.9x
PEG now vs peer median 4.36median 0.71 —median 0.71 0.03median 0.33

Financial History

Reported figures by fiscal period, placed on the calendar year (or quarter) each period ended in, so companies with different fiscal years line up.

Trailing twelve monthsDLRFRMIWULF
Revenue $6.77B – $165.19M
Gross profit – – $114.42M
Operating income $986.10M -$365.10M -$413.59M
Net income $792.24M -$694.51M -$1.95B
Free cash flow -$506.74M -$1.24B -$2.74B
EPS (diluted) $2.10 $-1.16 $-4.01
Cash & equivalents $1.86B $62.54M $2.62B
Total debt $73.26B $1.31B $5.21B
Shares (diluted) 361.54M 637.33M 485.73M
Enterprise value $50.68B $754.06M -$3.42B

All Metrics

58 metrics · best in bold

Bold marks the best reading: the lowest positive value for multiples, leverage and payout, the highest for everything else. The bar under each value is its percentile against that company's own peers. Hover a value for its rank and the peer median.

Valuation

12 metrics
MetricDLRFRMIWULF
P/E 80.5x -2.2x -2.8x
P/FCF -125.8x -1.3x -2.1x
P/Operating cash flow 21.5x -18.6x -20.2x
P/S 9.4x – 34.2x
P/B 2.3x 1.6x 38.3x
P/Tangible book 2.5x 1.6x 38.3x
EV/EBITDA 26.7x – -26.6x
EV/EBIT 81.7x -5.7x -19.9x
EV/Revenue 11.9x – 49.9x
EV/FCF -158.9x -1.7x -3.0x
EV/Operating cash flow 27.1x -23.8x -29.5x
PEG (3Y EPS CAGR) 4.36 – 0.03

Growth

14 metrics
MetricDLRFRMIWULF
Revenue growth (1Y) 17.4% – 4.1%
Revenue CAGR (3Y) 9.7% – 59.9%
Gross profit growth (1Y) – – 47.3%
Gross profit CAGR (3Y) – – 79.3%
Operating income growth (1Y) -40.3% – -190.5%
Operating income CAGR (3Y) 17.3% – -114.6%
Net income growth (1Y) -42.6% – -942.8%
Net income CAGR (3Y) 23.2% – -166.8%
EPS growth (1Y) -46.0% – -728.9%
EPS CAGR (3Y) 18.5% – -101.1%
Operating cash flow growth (1Y) 24.9% – -350.5%
Operating cash flow CAGR (3Y) 20.6% – -141.4%
Free cash flow growth (1Y) 19.9% – -508.0%
Free cash flow CAGR (3Y) 26.1% – -276.0%

Profitability

14 metrics
MetricDLRFRMIWULF
Gross margin – – 69.3%
EBITDA margin 44.5% – -187.4%
Operating margin 14.6% – -250.4%
Pretax margin 7.8% – -1,164%
Net margin 11.2% – -1,180%
FCF margin -7.5% – -1,656%
Operating cash flow margin 43.8% – -169.0%
Return on equity 3.1% -34.0% -5,567%
Return on assets 1.6% -20.2% -25.8%
Return on invested capital 2.0% – -9.2%
Return on capital employed – – -11.0%
Asset turnover 0.1x – 0.0x
Cash conversion (OCF / net income) 3.7x 0.1x 0.1x
Stock comp / revenue 1.5% – 118.8%

Financial Health

11 metrics
MetricDLRFRMIWULF
Debt / assets 34.2% 29.5% 64.8%
Debt / equity 0.7x 0.5x 35.3x
Net debt / EBITDA 5.6x – -8.4x
Debt / FCF -36.8x -0.4x -1.9x
Liabilities / assets 48.7% 41.5% 98.2%
Equity / assets 51.3% 58.5% 1.8%
Interest coverage 2.1x -47.3x -2.1x
Current ratio – – 0.7x
Quick ratio – – 0.7x
Cash ratio – – 0.7x
Altman Z-score – – -0.27

Shareholder Returns

7 metrics
MetricDLRFRMIWULF
Dividend yield 2.8% – –
Net buyback yield -4.7% – -21.5%
Shareholder yield -1.9% – -21.5%
Payout ratio (earnings) – – –
Payout ratio (FCF) – – –
Dividend growth (1Y) – – –
Dividend CAGR (3Y) – – –

Analyst Estimates

Solid lines are reported fiscal-year results; dashed lines are the consensus for the years ahead. Hover a year for the analysts' high and low, and how each result compared with its estimate.

ConsensusDLRFRMIWULF
Forward P/E 59.8xFY2026 – –
EPS, next fiscal year $2.88FY2026 $-0.40FY2026 $-2.93FY2026
EPS growth, next FY -19.6%FY2026 – –
EPS growth, the year after -11.1% – –
Revenue, next fiscal year $7.40BFY2026 $7.97MFY2026 $250.01MFY2026
Revenue growth, next FY +21.1%FY2026 – +48.4%FY2026
Revenue growth, the year after +0.6% +5,638.6% +254.4%

Institutional Ownership

13F filings, quarter ended Jun 30, 2026
HoldersDLRFRMIWULF
Held by institutions 100.0% 25.4% 79.4%
Institutions holding 1,325 293 495
Change in shares held, QoQ +18.3% +121.5% +25.2%
Institutions buying 745 233 307
Institutions selling 383 42 137
Buyers to sellers 1.95 5.55 2.24

Return Correlation

Daily returns, last 12 months

1.00 means two stocks move in lockstep, 0 that they move independently. Pairs below about 0.5 diversify each other.

DLRFRMIWULF
DLR 1.00 0.36 0.39
FRMI 0.36 1.00 0.53
WULF 0.39 0.53 1.00

Add a Peer

Largest companies in the same industry

Related Comparisons

Frequently Asked Questions

Which is bigger, DLR, FRMI and WULF?

Digital Realty Trust (DLR) is the largest by market capitalisation: Digital Realty Trust (DLR) $61.72B, Fermi (FRMI) $1.62B, Terawulf (WULF) $5.80B.

Which company is growing faster?

Digital Realty Trust (DLR) grew revenue fastest over the trailing twelve months: Digital Realty Trust (DLR) +17.4%, Terawulf (WULF) +4.1%.

Which company is more profitable?

Digital Realty Trust (DLR) has the highest net margin (Digital Realty Trust (DLR) 11.2%, Terawulf (WULF) -1,179.9%). On return on invested capital, Digital Realty Trust (DLR) leads (Digital Realty Trust (DLR) 2.0%, Terawulf (WULF) -9.2%).

Which stock has performed better?

Over the past year Digital Realty Trust (DLR) returned the most: Digital Realty Trust (DLR) -1.7%, Fermi (FRMI) -87.1%, Terawulf (WULF) -12.1%. Over five years, Digital Realty Trust (DLR) compounded fastest (Digital Realty Trust (DLR) +1.9%/yr, Terawulf (WULF) -16.6%/yr). Returns are price only, before dividends.

Which stock is riskier?

By one-year price volatility, Digital Realty Trust (DLR) has been the steadiest (Digital Realty Trust (DLR) 27.6%, Fermi (FRMI) 122.0%, Terawulf (WULF) 92.7%). Volatility measures how widely the price swings, not the risk of the business.

Which is the better stock, DLR, FRMI and WULF?

There is no single answer; it depends on what you are buying for. On the 12 head-to-head measures on this page, Digital Realty Trust (DLR) leads on 8. Business Quant does not give investment advice; use the comparison as a starting point for your own research.

Data from SEC filings, exchange prices and consensus estimates, via Business Quant. Percentile scores compare each company with its own peer group, so two companies' scores are each relative to different peers unless you rank against the whole market. Price returns exclude dividends. Nothing on this page is investment advice.