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Held by 444 of 5,944 reporting institutions (96th percentile) — extremely crowded.
Data as of Q1 2026
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How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -21%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-08-05 · 15d old
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $168.5M 100.0% | $140.1M 100.0% | $69.2M 100.0% | $15.0M 100.0% | — | $13.4M 100.0% | $17.6M 100.0% | $18.2M 100.0% | $17.2M 100.0% | $17.6M 100.0% |
| Cost of Revenue | $82.7M 49.1% | $62.6M 44.7% | $27.3M 39.5% | $11.1M 73.7% | — | $9.5M 70.9% | $12.2M 69.4% | $12.0M 65.7% | $11.5M 66.8% | $11.3M 64.5% |
| Cost of Products | — | — | — | — | — | — | — | — | $11.5M 66.8% | $11.3M 64.5% |
| Gross Profit | $66.0M 39.2% | $69.8M 49.8% | $37.0M 53.5% | $4.0M 26.3% | — | $3.9M 29.1% | $5.4M 30.6% | $6.3M 34.3% | $5.7M 33.2% | $6.2M 35.5% |
| Research & Development | — | — | — | — | — | $671K 5.0% | $870K 4.9% | $677K 3.7% | $689K 4.0% | $647K 3.7% |
| Selling, General & Admin | — | — | — | $22.8M 151.5% | — | $5.0M 37.4% | $5.5M 31.1% | $5.4M 29.4% | $5.5M 31.9% | $5.6M 31.9% |
| Total Operating Expenses | $354.7M 210.5% | $216.3M 154.4% | $71.3M 103.0% | $47.7M 317.3% | — | — | — | — | — | — |
| Operating Income | -$186.2M -110.5% | -$76.2M -54.4% | -$29.4M -42.5% | -$43.7M -291.0% | — | -$1.8M -13.3% | -$957K -5.4% | $226K 1.2% | -$465K -2.7% | -$22K -0.1% |
| Interest Expense | $80.2M 47.6% | $19.8M 14.1% | $34.8M 50.3% | $24.7M 164.2% | — | $87K 0.6% | $90K 0.5% | $91K 0.5% | $83K 0.5% | $58K 0.3% |
| Interest & Investment Income | — | — | — | — | — | $1.2M 9.1% | $61K 0.3% | $50K 0.3% | $24K 0.1% | $11K 0.1% |
| Pretax Income | -$661.3M -392.6% | -$72.4M -51.7% | -$73.4M -106.1% | -$86.2M -573.3% | — | -$649K -4.8% | -$986K -5.6% | $185K 1.0% | -$524K -3.0% | -$69K -0.4% |
| Income Tax Expense | $76K 0.0% | $0 0.0% | $0 0.0% | -$256K -1.7% | — | -$210K -1.6% | -$172K -1.0% | $46K 0.3% | -$298K -1.7% | -$4K -0.0% |
| Net Income | -$661.4M -392.6% | -$72.4M -51.7% | -$73.4M -106.1% | -$90.8M -603.9% | -$95.7M | -$439K -3.3% | -$814K -4.6% | $139K 0.8% | -$226K -1.3% | -$65K -0.4% |
| Per Share | ||||||||||
| EPS (Basic) | $-1.66 | $-0.21 | $-0.35 | $-0.82 | — | $-0.22 | $-0.41 | $0.07 | $-0.11 | $-0.03 |
| EPS (Diluted) | $-1.66 | $-0.21 | $-0.35 | $-0.82 | — | $-0.22 | $-0.41 | $0.07 | $-0.11 | $-0.03 |
| Weighted Avg Shares (Basic) | 397.6M | 351.3M | 210.0M | 110.6M | — | 2.0M | 2.0M | 2.0M | 2.0M | 2.0M |
| Weighted Avg Shares (Diluted) | 397.6M | 351.3M | 210.0M | 110.6M | — | 2.0M | 2.0M | 2.0M | 2.0M | 2.0M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Solve the discounted cash flow backwards, then stress-test the assumptions.
This company doesn't have positive free cash flow, so a reverse DCF can't be run.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
Safe > 2.99 · grey 1.81–2.99 · distress < 1.81
Eight indices comparing this year to last (receivables, margins, asset quality, growth, accruals, leverage). Above −1.78 suggests possible manipulation; below −2.22 is clean.
A screen, not proof — high growth alone can raise it.
Cash-conversion data unavailable. Lower/negative accruals = higher quality (Sloan).
Interest coverage is thin — monitor; leverage falling year-over-year.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $33M buybacks = $33M returned on -$1.2B FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $3.3B covers all $3M of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2019-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~2.6% on $3.1B of debt.
Cash of $3.3B fully covers short-term debt of $0.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-08-05
Where each multiple sits in its own 14-yr range · 100th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Watch the leverage lever — a chunk of ROE comes from the balance sheet.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 7.1× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 65.7 | 69.4 | 70.9 | — | 73.7 | 39.5 | 44.7 | 49.1 |
| Gross Profit | 34.3 | 30.6 | 29.1 | — | 26.3 | 53.5 | 49.8 | 39.2 |
| R&D | 3.7 | 4.9 | 5.0 | — | — | — | — | — |
| SG&A | 29.4 | 31.1 | 37.4 | — | 151.5 | — | — | — |
| Operating Income | 1.2 | -5.4 | -13.3 | — | -291.0 | -42.5 | -54.4 | -110.5 |
| Income Tax | 0.3 | -1.0 | -1.6 | — | -1.7 | 0.0 | 0.0 | 0.0 |
| Net Income | 0.8 | -4.6 | -3.3 | — | -603.9 | -106.1 | -51.7 | -392.6 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on WULF: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Ranked against 878 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| BSAC | $6.64T | — | — | — | — | — | — | — | — | — | 141 |
| V | $688.1B | — | — | 17.2× | 11.3% | — | 50.1% | 52.9% | 34.9% | — | 4,229 |
| MA | $516.3B | 34.5× | — | 15.7× | 16.4% | — | 45.6% | 193% | 57.6% | — | 3,430 |
| HBCYF | $346.1B | — | — | — | — | — | — | — | — | — | 2 |
| AXP | $239.4B | 22.7× | — | 5.8× | 6.4% | — | 26.2% | 32.4% | 11.9% | — | 2,787 |
| MBFJF | $239.1B | 0.1× | 0.1× | 0.0× | 9.5% | — | 14.6% | 8.8% | 8.8% | — | 1 |
| USOI | $195.8B | — | — | 9.8× | 30.7% | — | -20.3% | -10.7% | -1.9% | — | 13 |
| HDB | $182.5B | 22.9× | — | 7.1× | -98.6% | — | 30.8% | 8.8% | 4.5% | — | 570 |
| UBS | $179.0B | — | — | — | — | — | — | — | — | — | 660 |
| USML | $178.1B | — | — | — | — | — | — | — | — | — | 2 |
| BLK | $175.8B | 32.1× | — | 7.3× | 89.3% | — | 22.9% | 9.9% | 8.1% | — | 2,196 |
| SMFNF | $158.8B | — | — | — | — | — | — | — | — | — | 1 |
| CB | $137.9B | 13.7× | — | 2.3× | 6.5% | — | 17.4% | 14.0% | 11.3% | — | 2,002 |
| GLD | $131.4B | — | — | — | — | — | — | — | — | — | 3,072 |
| MZHOF | $129.2B | 0.1× | — | 0.0× | 7.6% | — | 13.2% | 10.7% | 3.7% | — | 2 |
| PGR | $124.7B | 11.1× | — | 1.4× | 16.3% | — | 12.9% | 37.3% | 30.4% | — | 1,685 |
| SPGI | $122.5B | 28.0× | 17.5× | 8.0× | 7.9% | 70.2% | 29.2% | 14.4% | 10.1% | 1.7× | 2,005 |
| VXZ | $116.9B | — | — | — | — | — | — | — | — | — | 12 |
| BNS | $109.5B | — | — | — | — | — | — | — | — | — | 488 |
| BX | $101.8B | 35.1× | — | 7.0× | 9.2% | — | 20.9% | 34.8% | 14.2% | — | 2,037 |
| PNC | $101.1B | 15.4× | — | 4.4× | 7.2% | — | 30.3% | 11.5% | 5.9% | — | 1,839 |
| BCLYF | $97.9B | — | — | — | — | — | — | — | — | — | 5 |
| CME | $95.2B | 23.7× | — | 14.6× | 6.4% | — | 62.5% | 14.2% | 14.2% | — | 1,699 |
| MRSH | $92.9B | 22.7× | 16.5× | 3.4× | 10.3% | — | 15.4% | 27.2% | 12.4% | 2.8× | 1,471 |
| ICE | $85.0B | 26.0× | 20.2× | 6.7× | 7.5% | — | 26.2% | 11.5% | 6.8% | 3.8× | 1,641 |
| WULF | $7.6B | — | — | 45.1× | 20.3% | 39.2% | -393% | -471% | -20.7% | -31.3× | 444 |
Peers = companies sharing WULF's sector (Financial Services) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.