Shenandoah Telecommunications Company (SHEN) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	-$0.24	-$0.17	+29.2%	—	$93.5M	—
Q1 26	-$0.25	-$0.31	-24.0%	—	$92.2M	—
Q4 25	-$0.15	-$0.13	+13.3%	—	$91.6M	—
Q3 25	-$0.27	-$0.19	+29.6%	—	$89.8M	—
Q2 25	-$0.2	-$0.13	+35.0%	—	$88.6M	—
Q1 25	-$0.15	-$0.18	-20.0%	—	$87.9M	—
Q4 24	-$0.13	-$0.13	0.0%	—	$85.4M	—
Q3 24	-$0.07	-$0.1	-42.9%	—	$87.6M	—
Q2 24	$0.02	-$0.09	-550.0%	—	$85.8M	—
Q1 24	-$0.01	-$0.07	-600.0%	—	$69.2M	—
Q4 23	-$0.02	$0.05	+350.0%	—	$72.5M	—
Q3 23	-$0.02	$0.05	+350.0%	—	$67.4M	—
Q2 23	-$0.04	$0.05	+225.0%	—	$66.6M	—
Q1 23	-$0.02	$0.04	+300.0%	—	$67.2M	—
Q4 22	-$0.01	-$0.03	-200.0%	—	$70M	—
Q3 22	$0.04	-$0.03	-175.0%	—	$66.9M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	-$0.71	—	—	$357.9M	—
FY24	—	$3.54	—	—	$328.1M	—
FY23	—	$0.16	—	—	$287.4M	—
FY22	—	-$0.17	—	—	$267.4M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$535.3M	$612M	$192.7M	$206.9M	$220.8M	$245.2M	$267.4M	$287.4M	$328.1M	$357.9M
YoY change	+56.3%	+14.3%	-68.5%	+7.36%	+6.73%	+11.1%	+9.02%	+7.48%	+14.2%	+9.08%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	535.3M	612M	192.7M	206.9M	220.8M	245.2M	267.4M	287.4M	328.1M	357.9M
Cost of revenue	193.5M	211.5M	80.4M	83.6M	89.7M	102.3M	107.5M	106.1M	128.1M	130.1M
Gross profit	341.8M	400.5M	112.3M	123.3M	131.1M	142.9M	159.8M	181.3M	199.9M	227.7M
Gross margin	63.8%	65.4%	58.3%	59.6%	59.4%	58.3%	59.8%	63.1%	60.9%	63.6%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	133.3M	165.9M	70.8M	77.8M	85M	82.5M	92.4M	103.6M	115.2M	118.2M
Operating expenses	133.3M	165.9M	70.8M	77.8M	85M	82.5M	92.4M	103.6M	115.2M	118.2M
Operating income	64.8M	57.5M	-3M	-1.3M	-2.6M	5.3M	-1.5M	12.2M	-13.7M	-22.1M
Operating margin	12.1%	9.4%	-1.54%	-0.65%	-1.18%	2.15%	-0.55%	4.24%	-4.18%	-6.17%
Non-operating income, net	-37.7M	-6M	3.7M	3.3M	3.2M	952K	-7.8M	-1.2M	-8.4M	5.6M
Pretax income	1.9M	13.3M	734K	1.9M	586K	6.2M	-9.3M	11M	-38M	-41.9M
Income tax	2.8M	-53.1M	-1.3M	6K	-990K	-1.7M	-927K	3M	-9.7M	-8.9M
Net income	-895K	66.4M	46.6M	55.5M	125.7M	998.8M	-8.4M	8M	193.8M	-32.9M
Net margin	-0.17%	10.8%	24.2%	26.8%	56.9%	407.3%	-3.13%	2.8%	59.1%	-9.21%
EBITDA	212.7M	239.5M	41.4M	45.4M	46.1M	68.2M	73.9M	80.2M	91.2M	116.3M
EPS	-0.02	1.35	0.94	1.1	2.54	20	-0.17	0.16	3.54	-0.71
Diluted EPS	-0.02	1.33	0.93	1.1	2.53	19.9	-0.17	0.16	3.54	-0.71

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	67.4M	72.5M	69.2M	85.8M	87.6M	85.4M	87.9M	88.6M	89.8M	91.6M	92.2M	93.5M
Cost of revenue	26.3M	25.7M	26M	34.5M	34.4M	33.2M	33M	32.6M	32.4M	32.1M	31.8M	32.7M
Gross profit	41.1M	46.8M	43.3M	51.3M	53.2M	52.2M	54.9M	55.9M	57.4M	59.5M	60.3M	60.8M
Gross margin	61%	64.5%	62.5%	59.7%	60.7%	61.2%	62.4%	63.2%	63.9%	65%	65.5%	65%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	23M	26.9M	28.6M	30.2M	28M	29M	31M	29.7M	29.8M	27.7M	33.4M	31M
Operating expenses	23M	26.9M	28.6M	30.2M	28M	29M	31M	29.7M	29.8M	27.7M	33.4M	31M
Operating income	2.1M	3M	-2.8M	-4.6M	-2.5M	-4.5M	-5.6M	-8.9M	-6.9M	-709K	-8M	-882K
Operating margin	3.07%	4.19%	-4.01%	-5.31%	-2.86%	-5.24%	-6.35%	-10.1%	-7.65%	-0.77%	-8.71%	-0.94%
Non-operating income, net	-654K	-733K	1.7M	-9.4M	-675K	544K	223K	2.8M	1.3M	1.3M	-2.4M	338K
Pretax income	216K	2.3M	-5.1M	-18M	-6.8M	-8.1M	-10.3M	-12.1M	-12.4M	-7.1M	-19.9M	-10.2M
Income tax	399K	-282K	-1M	-5.2M	-1.5M	-1.9M	-1.1M	-3M	-3M	-1.8M	-4.1M	-2.5M
Net income	1.6M	2.6M	214.7M	-12.9M	-5.3M	-2.7M	-9.1M	-9M	-9.4M	-5.4M	-15.8M	-7.7M
Net margin	2.36%	3.57%	310%	-15%	-6.01%	-3.21%	-10.4%	-10.2%	-10.5%	-5.87%	-17.1%	-8.24%
EBITDA	20.2M	19.9M	16.4M	22.9M	26.2M	25.1M	24.6M	29.2M	29.2M	33.3M	27M	30.2M
EPS	0.03	0.05	4.25	-0.24	-0.13	-0.05	-0.19	-0.19	-0.2	-0.1	-0.31	-0.17
Diluted EPS	0.03	0.05	4.21	-0.24	-0.13	-0.05	-0.19	-0.19	-0.2	-0.1	-0.31	-0.17

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	1.3B	1.7B	2.2B	2.1B	2.2B	1.3B	796.5M	1.1B	677.4M	637M	628.4M
Enterprise value	2.1B	2.4B	2.9B	2.7B	2.7B	1.2B	882.2M	1.3B	1.1B	1.3B	1.5B
Shares outstanding	48.8M	49.1M	49.5M	49.8M	49.9M	50M	50.2M	50.4M	53.7M	55.1M	55.1M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	25	47	37.3	17.2	1.28	—	135.6	3.5	—	263.7
P/S	2.49	2.71	11.4	10	9.78	5.2	2.98	3.79	2.06	1.78	1.76
P/B	4.5	4.74	4.96	4.39	3.74	1.99	1.25	1.67	0.68	0.66	0.75
EV/EBITDA	9.99	10	69.5	60.2	58.6	18.3	11.9	16.2	11.7	10.8	12.5
EV/Sales	3.97	3.93	14.9	13.2	12.2	5.09	3.3	4.53	3.24	3.5	3.96
Earnings yield	—	4%	2.13%	2.68%	5.82%	78.3%	—	0.74%	28.6%	—	0.38%
FCF yield	-0.88%	4.6%	9.53%	9.27%	8.45%	-32.2%	-14.4%	-13.1%	-37.9%	-40.5%	-37.6%
PEG	—	—	—	—	—	—	—	—	—	—	-25.1

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	63.8%	65.4%	58.3%	59.6%	59.4%	58.3%	59.8%	63.1%	60.9%	63.6%	65%
Operating margin	12.1%	9.4%	-1.54%	-0.65%	-1.18%	2.15%	-0.55%	4.24%	-4.18%	-6.17%	-0.94%
Net margin	-0.17%	10.8%	24.2%	26.8%	56.9%	407.3%	-3.13%	2.8%	59.1%	-9.21%	-12.2%
ROE	-0.3%	19%	10.5%	11.7%	21.8%	155.5%	-1.31%	1.23%	19.4%	-3.4%	-3.94%
ROA	-0.06%	4.7%	3.14%	2.92%	6.21%	112.1%	-0.86%	0.66%	11.1%	-1.72%	-0.54%
ROIC	0%	5.26%	-0.26%	-0.12%	-0.23%	0.86%	-0.2%	1.03%	-0.99%	-1.39%	-1%
Return on tangible assets	-0.31%	18.6%	10.1%	3.22%	6.94%	140.5%	-1.03%	0.76%	13.6%	-2.06%	-2.3%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.98	1.26	2.37	1.57	1.16	2.47	1.33	1.79	0.82	0.9	0.85
Quick ratio	0.75	1.22	2.31	1.54	1.16	2.47	1.33	1.79	0.82	0.9	0.85
Debt / equity	2.8	2.35	1.74	1.62	1.28	0.09	0.2	0.54	0.43	0.66	0.77
Debt / assets	0.56	0.58	0.52	0.4	0.36	0.06	0.13	0.29	0.25	0.34	0.37
Net debt / EBITDA	3.73	3.1	16.5	14.6	11.8	-0.42	1.16	2.66	4.23	5.28	5.88
Interest coverage	1.08	1.35	-0.09	-0.05	—	—	—	—	-1.39	-0.65	-0.48
Effective tax rate	100%	0%	0%	0.31%	0%	0%	0%	27%	0%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	11	12.5	3.89	4.15	4.42	4.9	5.33	5.7	6.11	6.49	6.62
EPS (basic)	-0.02	1.35	0.94	1.1	2.54	20	-0.17	0.16	3.54	-0.71	-0.71
EPS (diluted)	-0.02	1.33	0.93	1.1	2.53	19.9	-0.17	0.16	3.54	-0.71	-0.81
Book value per share	6.06	7.13	8.93	9.48	11.6	12.8	12.7	13	18.6	17.6	15.5
FCF per share	-0.24	1.56	4.22	3.86	3.66	-8.22	-2.29	-2.83	-4.77	-4.68	-4.08
Cash per share	0.74	1.6	1.72	2.04	3.92	1.7	0.88	2.76	0.86	0.49	0.43
Capex per share	3.55	2.98	2.76	—	—	—	—	—	—	6.51	6.02

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	32.4%	23.9%	70.9%	—	—	—	—	—	—	100.3%	91.5%
Capex / operating cash flow	105.6%	65.3%	245%	—	—	—	—	—	—	355.4%	309.9%
Payout ratio	-1.3K%	18.5%	27.6%	25.1%	13.1%	94.1%	-47.6%	56.3%	3%	-19.6%	128.6%
Dividend yield	0.88%	0.74%	0.59%	0.67%	0.76%	73.7%	0.5%	0.42%	0.86%	1.01%	3.87%

Yield

3.87%

trailing twelve months

Frequency

Annual

Last dividend

$0.11

ex-dividend Nov 7, 2025

Payout ratio

129%

of earnings

Dividend growth

3 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Nov 7, 2025	$0.11
Nov 5, 2024	$0.10
Nov 6, 2023	$0.09
Nov 4, 2022	$0.08
Nov 5, 2021	$0.07
Aug 3, 2021	$18.75
Nov 10, 2020	$0.34
Nov 13, 2019	$0.29

Split history

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$67.4M	$72.5M	$69.2M	$85.8M	$87.6M	$85.4M	$87.9M	$88.6M	$89.8M	$91.6M	$92.2M	$93.5M
YoY change	+0.72%	+3.57%	+3.1%	+28.7%	+30%	+17.8%	+26.9%	+3.23%	+2.51%	+7.24%	+4.84%	+5.53%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	36.2M	78.6M	85.1M	101.7M	195.4M	85.1M	44.1M	139.3M	46.3M	27.3M
Receivables	69.8M	54.2M	54.4M	63.6M	70.4M	22M	20.6M	19.8M	29.7M	31.5M
Inventory	39M	5.7M	5.3M	5.7M	—	—	—	—	—	—
Total current assets	161.5M	172.9M	210.2M	241.9M	1.4B	166.4M	128.6M	176.1M	94.5M	97.4M
Property, plant & equipment	582.2M	490.8M	487.7M	319.8M	399.5M	514.3M	648M	834.7M	1.4B	1.6B
Goodwill & intangibles	1.2B	1.1B	1B	176.5M	213.5M	179.7M	163M	162.2M	315.4M	313.8M
Total assets	1.5B	1.4B	1.5B	1.9B	2B	890.7M	977.7M	1.2B	1.7B	1.9B
Accounts payable	72.8M	29M	36M	40.3M	19.6M	28.5M	49.2M	53.5M	57.8M	61.4M
Short-term debt	32M	64.4M	20.6M	33.4M	690.4M	3.3M	3.5M	10.2M	12.3M	2.8M
Total current liabilities	164.3M	137.6M	88.5M	153.6M	1.2B	67.3M	96.4M	98.4M	114.6M	108.5M
Long-term debt	797.2M	757.6M	749.6M	732.7M	47.6M	53.3M	126.3M	342.6M	420M	638.9M
Total liabilities	1.2B	1.1B	1B	1.4B	1.4B	248.5M	339.7M	561.6M	739.2M	941.5M
Shareholders' equity	295.9M	350.2M	442.2M	472.4M	577.1M	642.3M	638M	652.7M	1B	969.3M
Total debt	829.3M	822M	770.2M	766.1M	738M	56.6M	129.8M	352.7M	432.3M	641.7M
Net debt	793.1M	743.4M	685.2M	664.4M	542.6M	-27.7M	85.7M	213.5M	386M	614.4M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	—	—	—	—	—	—	—	—	22.6M	27.3M	43.8M	23.9M
Receivables	—	—	—	—	—	—	—	—	25.3M	31.5M	24.8M	20.5M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	68M	97.4M	114.2M	93.4M
Property, plant & equipment	—	—	—	—	—	—	—	—	1.5B	1.6B	1.6B	1.6B
Goodwill & intangibles	3.2M	3.2M	3.2M	77.9M	71.7M	67.1M	67.1M	67.1M	314.8M	313.8M	313M	312.2M
Total assets	—	—	—	—	—	—	—	—	1.9B	1.9B	2B	2B
Accounts payable	—	—	—	—	—	—	—	—	76.9M	61.4M	54.2M	58.2M
Short-term debt	—	—	—	—	—	—	—	—	12.9M	2.8M	2.9M	2.8M
Total current liabilities	—	—	—	—	—	—	—	—	135.4M	108.5M	101.6M	109.7M
Long-term debt	—	—	—	—	—	—	—	—	533.9M	638.9M	704M	725.2M
Total liabilities	—	—	—	—	—	—	—	—	870.8M	941.5M	995.9M	1B
Shareholders' equity	—	—	—	—	—	—	—	—	979.6M	969.3M	957M	951.6M
Total debt	—	—	—	—	—	—	—	—	546.8M	641.7M	706.8M	727.9M
Net debt	—	—	—	—	—	—	—	—	524.2M	614.4M	663.1M	704M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-895K	66.4M	2.1M	1.9M	1.6M	7.9M	-8.4M	8M	-28.4M	-32.9M
Depreciation & amortization	143.7M	177M	44.4M	46.8M	48.7M	55.2M	68.9M	65.5M	98.5M	131.6M
Stock-based compensation	3M	3.6M	4.7M	3.4M	5.9M	3.4M	8.5M	10M	9.8M	9.6M
Change in working capital	40.4M	-10.3M	380K	-24.3M	-18M	-35M	-910K	23M	-3.9M	3.1M
Operating cash flow	164M	224.2M	55.8M	44.9M	53.5M	56.4M	67.7M	109.7M	66.9M	101M
Capital expenditure	-173.2M	-146.5M	-136.6M	—	—	—	—	—	—	-358.9M
Investing cash flow	-820M	-151.5M	-136.1M	-26.6M	-17.6M	366K	5.4M	2.6M	-326.2M	-294.7M
Dividends paid	-11.7M	-12.3M	-12.9M	-13.9M	-16.4M	-940.3M	-4M	-4.5M	-5.8M	-6.4M
Share repurchases	-5.1M	0	0	-7.2M	0	0	—	—	—	—
Financing cash flow	612.8M	-29M	-67.4M	-77.2M	-19.4M	-943.9M	144M	218.1M	183.9M	195.6M
Net change in cash	-43.3M	43.7M	-147.7M	-59M	16.4M	-887.1M	217.1M	330.3M	-75.4M	1.9M
Free cash flow	-11.7M	76.4M	209M	192.1M	182.4M	-411M	-114.7M	-142.8M	-256.5M	-257.9M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	-183K	2.6M	-4.1M	-12.8M	-5.3M	-6.2M	-9.1M	-9M	-9.4M	-5.4M	-15.8M	-7.7M
Depreciation & amortization	16.1M	16.8M	17.4M	25.6M	27.7M	27.8M	29.5M	35.1M	34.5M	32.6M	35M	30.6M
Stock-based compensation	2M	1.7M	4M	2.3M	1.4M	2.2M	3.7M	2.2M	2.1M	1.6M	4.8M	2.3M
Change in working capital	-760K	3.6M	-4M	-460K	1.7M	-1.3M	-3.2M	-2.2M	6.1M	2.3M	2.6M	702K
Operating cash flow	17.9M	24.1M	12.2M	9.8M	24.7M	20.2M	20.2M	22.7M	30.7M	28.8M	24.4M	24.4M
Capital expenditure	—	—	—	—	—	—	—	—	-82.1M	-107.4M	-75.8M	-70.4M
Investing cash flow	396K	2M	2.7M	6.7M	3.6M	8.3M	7M	10.5M	-58M	-84.7M	-64.1M	-60.7M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	24.6M	149.9M	-3.2M	73.1M	47M	-2.3M	97M	-3.8M	20.8M	-603.7M	62.6M	-28M
Net change in cash	42.9M	176M	11.7M	89.5M	75.3M	26.2M	124.2M	29.5M	-6.5M	-659.7M	22.9M	-64.3M
Free cash flow	-32.2M	-44.1M	-54.9M	-78.3M	-51.3M	-72M	-62.7M	-65.3M	-51.4M	-78.6M	-51.5M	-45.9M

Jan 5, 2016	2:1
Aug 20, 2007	3:1
Feb 23, 2004	2:1

Shenandoah Telecommunications Company Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Split history

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement