Terawulf (WULF) Return on Capital Employed [ROCE] (2011 - 2026)
Terawulf (WULF) recorded Return on Capital Employed [ROCE] of -10.99% in Q2 2026, up 9.24 percentage points from -20.22% a year earlier but down 4.42 percentage points from the prior quarter.
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Analysis
Terawulf (WULF) Return on Capital Employed [ROCE] (2011 - 2026) Analysis & Trends
For FY2025, Terawulf reported Return on Capital Employed [ROCE] of -9.61%, up 4.74 percentage points from FY2024.
- Annual Return on Capital Employed [ROCE] has increased for four straight years, with a five-year change of +4.60 percentage points (FY2020 to FY2025).
- Across earlier years, Return on Capital Employed [ROCE] came in at -14.35% in FY2024 (+0.87 pp), -15.23% in FY2023 (+11.24 pp), -26.47% in FY2022 (+19.55 pp) and -46.01% in FY2021 (-31.80 pp).
- Quarterly Return on Capital Employed [ROCE] has ranged from -76.74% in Q3 2021 to -6.56% in Q1 2026 over the past five years.
- On a year-over-year basis, Return on Capital Employed [ROCE] has increased for three consecutive quarters, with an average year-over-year change of +1.25 percentage points over the last eight quarters.
- Peak year-over-year performance for Return on Capital Employed [ROCE] in the last five years was a gain of 19.57 percentage points in Q4 2022, against a drop of 57.13 percentage points in Q3 2021 at the low end.
- Per Business Quant, the preceding three quarters came in at -6.56% (Q1 2026), -6.72% (Q4 2025) and -15.83% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | ROCE (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,961.51 Bn | 3,884.67 Bn | 60.48 Bn | 27.85% |
| 2 | International Business Machines | 215.03 Bn | 165.84 Bn | 9.91 Bn | 9.40% |
| 3 | Cloudflare | 114.69 Bn | 98.22 Bn | 499.52 Mn | -9.60% |
| 4 | Equinix | 98.17 Bn | 86.73 Bn | 1.40 Bn | 5.75% |
| 5 | Nebius | 44.92 Bn | 18.35 Bn | 448.70 Mn | -2.94% |
| 6 | CoreWeave | 36.20 Bn | 23.29 Bn | 1.70 Bn | -0.51% |
| 7 | Verisign | 27.35 Bn | 24.56 Bn | 384.60 Mn | - |
| 8 | Nutanix | 18.78 Bn | 10.46 Bn | 651.35 Mn | 10.69% |
| 9 | GoDaddy | 13.53 Bn | 9.11 Bn | 828.20 Mn | 25.57% |
| 10 | Terawulf | 5.64 Bn | -3.59 Bn | 32.37 Mn | -10.99% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | -10.99% |
| Mar 31, 2026 | -6.56% |
| Dec 31, 2025 | -6.72% |
| Sep 30, 2025 | -15.83% |
| Jun 30, 2025 | -20.22% |
| Mar 31, 2025 | -19.26% |
| Dec 31, 2024 | -13.99% |
| Sep 30, 2024 | -7.18% |
| Jun 30, 2024 | -6.79% |
| Mar 31, 2024 | -8.51% |
| Dec 31, 2023 | -15.46% |
| Sep 30, 2023 | -19.33% |
| Jun 30, 2023 | -18.46% |
| Mar 31, 2023 | -16.77% |
| Dec 31, 2022 | -23.30% |
| Mar 31, 2022 | -21.89% |
| Dec 31, 2021 | -42.87% |
| Sep 30, 2021 | -76.74% |
| Jun 30, 2021 | -11.71% |
| Mar 31, 2021 | -12.63% |
API Access
Terawulf Return on Capital Employed [ROCE] API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=return-on-capital-employed-%5Broce%5D&ticker=WULF&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "return-on-capital-employed-[roce]", "ticker": "WULF", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=return-on-capital-employed-%5Broce%5D&ticker=WULF&period=max&api_key=YOUR_API_KEY");
const data = await res.json();