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Shenandoah Telecommunications

SHEN Nasdaq Wireless Telecommunication Services Financials FY2016–FY2025

Shenandoah Telecommunications' revenue rose 9.1% to $358 million in fiscal 2025. Its operating margin was −6.5%, up from −8.7% a year earlier. Free cash flow was −$258 million. It paid out $6 million in dividends and buybacks. The diluted share count rose 2.6%.

Last close · Oct 23, 2026

$10.35

0.5%
Value it Compare
Revenue Total sales reported in the income statement.
$358M
9.1% vs prior year
Operating margin Operating income as a share of revenue.
−6.5%
2.2 pts
Net income Profit after all expenses, interest and tax.
−$32.9M
117.0%
Free cash flow Cash from operations minus capital spending.
−$258M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−1.3%
0.8 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$575M
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
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What Shenandoah Telecommunications does

No business description yet.

Legal name
Shenandoah Telecommunications Company
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0000354963-26-000125
0000354963

Revenue and margins

Shenandoah Telecommunications had $358M of revenue in fiscal 2025, up 9.1% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was −$258M in fiscal 2025, −72.1% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Shenandoah Telecommunications returned $6.4M to shareholders in fiscal 2025. The diluted share count rose 2.6%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Shenandoah Telecommunications yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

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Adds net cash of −$617M and divides by 55.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Balance sheet

Cash, debt and the ratios that show how comfortably Shenandoah Telecommunications can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $84.3M$44.1M$139M$46.3M$27.3M
Debt incl. finance leases $1.7M$76.6M$302M$420M$645M
Net debt / EBITDA −1.6x0.7x2.6x5.5x5.8x
Debt / equity 0.0x0.1x0.5x0.5x0.7x
Interest coverage −0.9x−11.1x0.0x−1.8x−0.9x
Current ratio 2.5x1.3x1.8x0.8x0.9x
Quick ratio 2.5x1.3x1.8x0.8x0.9x
Total assets $891M$978M$1.2B$1.7B$1.9B
Total liabilities $249M$340M$562M$822M$1.0B
Shareholders' equity $642M$638M$653M$919M$881M
Net debt (− = net cash) −$82.6M$32.5M$162M$374M$617M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.1M

2 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

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$0.0M

DateInsiderTradeSharesPriceValueFiling
Jul 31, 2026 Edward H McKayPresident & CEO Bought 2,000 $12.14 $0.0M Form 4
Jul 31, 2026 James J VolkSVP Finance & CFO Bought 4,283 $11.67 $0.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✕
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✕
Cash from operations exceeds net income ✓ ✕ ✓
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose ✓ ✕ ✓
Share count didn't rise ✕ ✕ ✕
Gross margin rose — — —
Revenue rose relative to assets ✕ ✕ ✕
F-score 5 / 83 / 83 / 8
Accruals ratio −9.7%8.9%−7.3%
Altman Z'' 3.212.432.01

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Shenandoah Telecommunications SHEN $575M 9.1% −6.5% −72.1% −1.3% — 3
AST SpaceMobile ASTS $11.9B 1,511.8% — −1,602.2% — — 4 Compare →
EchoStar ECHO $31.3B −5.2% −118.1% −7.1% −39.9% — 1 Compare →
T-Mobile US TMUS $158.6B 8.5% 20.7% 20.4% 9.8% 15.3x 6 Compare →
IMAX IMAX $3.0B 16.5% 20.5% 29.0% — 74.1x — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $535M $612M $193M $207M $221M $245M $249M $269M $328M $358M
Gross profit $342M $401M — — — — — — — —
Operating income $22.5M $46.5M −$3.0M −$1.3M −$2.6M −$2.4M −$17.5M $0.1M −$28.6M −$23.2M
Interest expense $25.1M $38.2M $34.8M $29.5M $18.6M $2.6M $1.6M $4.2M $15.9M $25.4M
Pretax income $1.9M $13.3M $0.7M $1.9M $0.6M $6.2M −$18.8M $1.5M −$38.0M −$41.9M
Income tax $2.8M −$53.1M −$1.3M $0.0M −$1.0M −$1.7M −$3.4M $0.5M −$9.7M −$8.9M
Net income −$0.9M $66.4M $46.6M $55.5M $126M $999M −$8.4M $8.0M $194M −$32.9M
Diluted EPS −$0.02 $1.33 $0.93 $1.11 $2.51 $19.92 −$0.17 $0.16 $3.54 −$0.71
Diluted shares 0.05B 0.05B 0.05B 0.05B 0.05B 0.05B 0.05B 0.05B 0.05B 0.06B
Cash flow
Cash from operations $162M $223M $266M $259M $303M −$251M $74.9M $114M $62.6M $101M
Capital expenditure $173M $147M $56.6M $67.0M $120M $160M $189M $255M $319M $359M
Free cash flow −$11.7M $76.4M $209M $192M $182M −$411M −$114M −$141M −$257M −$258M
Depreciation and amortization $144M $177M $44.4M $46.8M $48.7M $55.2M $65.8M $62.9M $96.9M $130M
Stock-based compensation $3.0M $3.6M $4.7M $3.4M $5.9M $3.4M $8.5M $10.0M $9.8M $9.6M
Acquisitions $657M $6.0M $0.0M $10.0M $1.9M $0.0M $0.0M $0.0M $347M $5.0M
Share buybacks $5.1M $0.0M $0.0M $7.2M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $11.7M $12.3M $12.9M $13.9M $16.4M $940M $4.0M $4.5M $5.8M $6.4M
Dividends and buybacks $16.8M $12.3M $12.9M $21.2M $16.4M $940M $4.0M $4.5M $5.8M $6.4M
Balance sheet
Cash and short-term investments $36.2M $78.6M $85.1M $102M $195M $84.3M $44.1M $139M $46.3M $27.3M
Total debt $848M $837M $785M $732M $698M $0.0M $75.0M $300M $418M $642M
Finance lease liabilities $0.0M $0.0M $0.0M $1.7M $1.6M $1.7M $1.6M $1.5M $1.9M $2.2M
Current assets $162M $173M $210M $242M $1.4B $166M $129M $176M $94.5M $97.4M
Current liabilities $164M $138M $88.5M $154M $1.2B $67.3M $96.4M $98.4M $115M $109M
Inventory $39.0M $5.7M $5.3M $5.7M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $698M $686M $701M $363M $440M $554M $688M $850M $1.4B $1.6B
Total assets $1.5B $1.4B $1.5B $1.9B $2.0B $891M $978M $1.2B $1.7B $1.9B
Total liabilities $1.2B $1.1B $1.0B $1.4B $1.4B $249M $340M $562M $822M $1.0B
Shareholders' equity $296M $352M $440M $468M $577M $642M $638M $653M $919M $881M
Margins
Gross margin 63.9% 65.4% — — — — — — — —
Operating margin 4.2% 7.6% −1.5% −0.7% −1.2% −1.0% −7.0% 0.1% −8.7% −6.5%
EBITDA margin 31.1% 36.5% 21.5% 22.0% 20.9% 21.5% 19.4% 23.4% 20.8% 29.7%
Net margin −0.2% 10.9% 24.2% 26.8% 56.9% 407.3% −3.4% 3.0% 59.1% −9.2%
FCF margin −2.2% 12.5% 108.5% 92.9% 82.6% −167.6% −45.8% −52.5% −78.2% −72.1%
Returns
Return on capital 1.5% 4.2% −0.3% −0.1% −0.2% −0.3% −2.2% 0.0% −2.1% −1.3%
Return on capital employed 2.4% 3.6% −0.2% −0.1% −0.2% −0.3% −2.1% 0.0% −2.1% −1.4%
Return on equity −0.3% 20.5% 11.8% 12.2% 24.1% 163.8% −1.3% 1.3% 24.7% −3.7%
Return on assets −0.1% 4.6% 3.2% 3.3% 6.4% 68.5% −0.9% 0.7% 13.1% −1.8%
Growth
Revenue growth 56.3% 14.3% −68.5% 7.4% 6.7% 11.1% 1.5% 8.1% 21.9% 9.1%
Net income growth −102.2% — −29.8% 19.1% 126.4% 694.8% −100.8% — 2,311.3% −117.0%
EPS growth −102.4% — −30.1% 19.4% 126.1% 693.6% −100.9% — 2,112.5% −120.1%
FCF growth −123.6% — 173.4% −8.1% −5.0% −325.3% — — — —
Share count change −0.4% 2.5% 0.1% 0.1% −0.2% 0.3% 0.0% 1.1% 5.9% 2.6%
Financial health
Net debt / EBITDA 4.9x 3.4x 16.9x 13.9x 10.9x −1.6x 0.7x 2.6x 5.5x 5.8x
Debt / equity 2.9x 2.4x 1.8x 1.6x 1.2x 0.0x 0.1x 0.5x 0.5x 0.7x
Interest coverage 0.9x 1.2x −0.1x −0.1x −0.1x −0.9x −11.1x 0.0x −1.8x −0.9x
Current ratio 1.0x 1.3x 2.4x 1.6x 1.2x 2.5x 1.3x 1.8x 0.8x 0.9x
Quick ratio 0.8x 1.2x 2.3x 1.5x 1.2x 2.5x 1.3x 1.8x 0.8x 0.9x
Capital allocation
Capex / revenue 32.4% 23.9% 29.4% 32.4% 54.6% 65.3% 75.9% 94.8% 97.3% 100.3%
Stock comp / revenue 0.6% 0.6% 2.5% 1.6% 2.7% 1.4% 3.4% 3.7% 3.0% 2.7%
Payouts / FCF — 16.0% 6.2% 11.0% 9.0% — — — — —
Quality scores
Piotroski F-score 4.0 7.0 5.0 6.0 6.0 5.0 3.0 5.0 3.0 3.0
Altman Z'' 0.9 1.4 1.8 1.4 1.9 5.6 4.0 3.2 2.4 2.0
Accruals ratio −15.4% −10.8% −15.1% −12.0% −9.0% 85.7% −8.9% −9.7% 8.9% −7.3%

Source: SEC EDGAR XBRL filings (CIK 0000354963). Data updated October 19, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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