NASDAQ : SHEN
Shenandoah Telecommunications Company — Financial statements
Communication Services · Telecom Services · United States
Last price 10.32 USD (Oct 30, 2026, 2:33 PM EDT) · Market cap 571.37M
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Financial statements
Shenandoah Telecommunications Company (SHEN) reported revenue of 371.14M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 371.14M | 357.85M | 328.06M | 269.13M | 248.91M | 245.24M |
| Cost of Revenue | 129.53M | 130.12M | 128.11M | 100.85M | 102.28M | 102.30M |
| Gross Profit | 241.62M | 227.74M | 199.95M | 168.28M | 146.63M | 142.94M |
| Selling, General & Admin | 121.22M | 118.19M | 115.19M | 99.30M | 91.11M | 82.45M |
| Operating Expenses | 253.06M | 249.80M | 214.03M | 165.22M | 150.20M | 137.66M |
| Operating Income | -11.45M | -22.06M | -14.08M | 3.06M | -3.56M | 5.28M |
| Interest Expense | -37.32M | -25.37M | -15.90M | -4.21M | -1.58M | |
| Interest & Investment Income | 2.80M | 2.80M | 1.70M | 500.00K | 100.00K | 2.00M |
| Other Non Operating Income (Expenses) | -1.82M | 2.75M | 4.76M | 5.09M | 115.00K | 6.67M |
| EBT Excluding Unusual Items | -47.78M | -41.88M | -23.52M | 4.43M | -4.93M | 13.95M |
| Merger & Restructuring Charges | -2.89M | -1.17M | -14.51M | -2.92M | -12.75M | -1.73M |
| Asset Writedown | -1.14M | -5.99M | ||||
| Other Unusual Items | 1.20M | 1.20M | ||||
| Pretax Income | -49.47M | -41.86M | -38.03M | 1.52M | -18.82M | 6.24M |
| Income Tax Expense | -11.47M | -8.91M | -9.67M | 501.00K | -3.40M | -1.69M |
| Earnings From Continuing Operations | -38.00M | -32.94M | -28.36M | 1.02M | -15.42M | 7.93M |
| Earnings From Discontinued Operations | 222.17M | 7.02M | 7.04M | 990.90M | ||
| Net Income to Company | -38.00M | -32.94M | 193.82M | 8.04M | -8.38M | 998.83M |
| Minority Interest in Earnings | -6.77M | -6.45M | -3.43M | |||
| Net Income | -44.77M | -39.39M | 190.39M | 8.04M | -8.38M | 998.83M |
| Net Income to Common | -44.77M | -39.39M | 190.39M | 8.04M | -8.38M | 998.83M |
| Shares Outstanding (Basic) | 55.57M | 55.10M | 53.72M | 50.40M | 50.16M | 50.03M |
| Shares Outstanding (Diluted) | 55.57M | 55.10M | 53.72M | 50.72M | 50.16M | 50.15M |
| EPS (Basic) | -0.81 | -0.71 | 3.54 | 0.16 | -0.17 | 19.97 |
| EPS (Diluted) | -0.81 | -0.71 | 3.54 | 0.16 | -0.17 | 19.97 |
| Free Cash Flow | -216.95M | -257.92M | -256.50M | -141.30M | -114.09M | -411.04M |
| Free Cash Flow Per Share | -3.90 | -4.68 | -4.78 | -2.79 | -2.27 | -8.20 |
| Dividend Per Share | 0.11 | 0.11 | 0.10 | 0.09 | 0.08 | 0.07 |
| Gross Margin | 65.10% | 63.64% | 60.95% | 62.53% | 58.91% | 58.29% |
| Operating Margin | -3.08% | -6.17% | -4.29% | 1.14% | -1.43% | 2.15% |
| Profit Margin | -12.06% | -11.01% | 58.04% | 2.99% | -3.37% | 407.29% |
| Free Cash Flow Margin | -58.45% | -72.07% | -78.19% | -52.50% | -45.84% | -167.61% |
| EBITDA | 120.39M | 109.55M | 84.37M | 66.42M | 55.52M | 60.91M |
| EBITDA Margin | 32.44% | 30.61% | 25.72% | 24.68% | 22.30% | 24.84% |
| D&A For EBITDA | 131.84M | 131.61M | 98.45M | 63.37M | 59.08M | 55.63M |
| EBIT | -11.45M | -22.06M | -14.08M | 3.06M | -3.56M | 5.28M |
| EBIT Margin | -3.08% | -6.17% | -4.29% | 1.14% | -1.43% | 2.15% |
| Effective Tax Rate | 33.03% | |||||
| Advertising Expenses | 15.90M | 15.00M | 11.40M | 6.80M | 4.40M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 18.65M | 27.26M | 46.27M | 139.25M | 44.06M | 84.34M |
| Trading Asset Securities | 1.44M | |||||
| Cash & Short-Term Investments | 18.65M | 27.26M | 46.27M | 140.70M | 44.06M | 84.34M |
| Accounts Receivable | 22.39M | 31.50M | 29.72M | 19.78M | 20.61M | 22.00M |
| Other Receivables | 3.45M | 2.54M | 1.24M | 4.69M | 29.75M | 30.19M |
| Receivables | 25.83M | 34.04M | 30.97M | 24.47M | 50.37M | 52.19M |
| Prepaid Expenses | 7.44M | 7.05M | 7.44M | 5.16M | 7.44M | 8.39M |
| Restricted Cash | 27.01M | 20.95M | ||||
| Other Current Assets | 9.18M | 8.14M | 9.85M | 5.74M | 26.69M | 21.44M |
| Total Current Assets | 88.11M | 97.44M | 94.52M | 176.07M | 128.56M | 166.37M |
| Property, Plant & Equipment | 1.73B | 1.62B | 1.46B | 863.36M | 741.41M | 610.58M |
| Long-Term Investments | 13.01M | 13.45M | 13.04M | 11.71M | 11.08M | 11.34M |
| Goodwill | 67.54M | 67.54M | 67.06M | 3.24M | 3.24M | 3.24M |
| Other Intangible Assets | 88.17M | 89.35M | 90.67M | 77.88M | 78.27M | 86.59M |
| Long-Term Deferred Charges | 11.77M | 9.29M | 7.09M | 5.96M | 5.84M | 5.64M |
| Other Long-Term Assets | 10.50M | 12.42M | 9.82M | 76.01M | 9.31M | 6.97M |
| Total Assets | 2.01B | 1.91B | 1.74B | 1.21B | 977.72M | 890.73M |
| Accounts Payable | 68.22M | 61.35M | 57.82M | 53.55M | 49.17M | 28.54M |
| Accrued Expenses | 16.82M | 13.33M | 16.28M | 11.75M | 12.96M | 9.65M |
| Current Portion of Long-Term Debt | 9.20M | 7.09M | 648.00K | |||
| Current Portion of Leases | 5.00M | 3.26M | 3.06M | 2.22M | 2.83M | 3.32M |
| Current Unearned Revenue | 18.47M | 16.91M | 16.10M | 12.39M | 12.43M | 11.13M |
| Other Current Liabilities | 14.80M | 13.64M | 12.10M | 11.35M | 18.39M | 14.65M |
| Total Current Liabilities | 123.31M | 108.50M | 114.57M | 98.36M | 96.42M | 67.29M |
| Long-Term Debt | 747.09M | 628.24M | 407.68M | 292.80M | 74.31M | |
| Long-Term Leases | 13.52M | 12.43M | 10.79M | 8.58M | 51.98M | 53.31M |
| Long-Term Unearned Revenue | 26.44M | 27.25M | 26.81M | 14.67M | 18.68M | 19.75M |
| Pension & Post-Retirement Benefits | 4.44M | 4.15M | 4.95M | 3.94M | 3.76M | 8.22M |
| Long-Term Deferred Tax Liabilities | 147.92M | 157.62M | 167.72M | 88.15M | 84.60M | 86.01M |
| Other Long-Term Liabilities | 2.55M | 3.30M | 6.72M | 55.06M | 9.97M | 13.88M |
| Total Liabilities | 1.07B | 941.47M | 739.23M | 561.56M | 339.71M | 248.46M |
| Additional Paid-In Capital | 164.53M | 157.22M | 147.73M | 66.93M | 57.45M | 49.35M |
| Retained Earnings | 686.12M | 723.57M | 769.00M | 584.07M | 580.55M | 592.92M |
| Comprehensive Income & Other | 1.85M | 1.67M | ||||
| Total Common Equity | 850.65M | 880.78M | 918.58M | 652.67M | 638.01M | 642.27M |
| Minority Interest | 93.32M | 88.51M | 82.46M | |||
| Shareholders' Equity | 943.97M | 969.29M | 1.00B | 652.67M | 638.01M | 642.27M |
| Total Liabilities & Equity | 2.01B | 1.91B | 1.74B | 1.21B | 977.72M | 890.73M |
| Total Debt | 765.62M | 643.93M | 430.73M | 310.70M | 129.76M | 56.62M |
| Net Cash (Debt) | -746.97M | -616.67M | -384.46M | -170.00M | -85.70M | 27.72M |
| Net Cash Per Share | -13.44 | -11.19 | -7.16 | -3.35 | -1.71 | 0.55 |
| Filing Date Shares Outstanding | 55.37M | 55.30M | 54.67M | 50.27M | 50.20M | 50.05M |
| Total Common Shares Outstanding | 55.37M | 54.90M | 54.60M | 50.27M | 50.11M | 49.97M |
| Working Capital | -35.21M | -11.05M | -20.05M | 77.72M | 32.14M | 99.08M |
| Book Value Per Share | 15.36 | 16.04 | 16.82 | 12.98 | 12.73 | 12.85 |
| Tangible Book Value | 694.94M | 723.89M | 760.86M | 571.55M | 556.49M | 552.44M |
| Tangible Book Value Per Share | 12.55 | 13.19 | 13.93 | 11.37 | 11.11 | 11.06 |
| Land | 4.14M | 4.50M | 4.51M | 3.67M | 3.72M | 3.77M |
| Buildings | 52.56M | 54.56M | 52.71M | 42.87M | 93.46M | 96.32M |
| Machinery | 496.98M | 476.94M | 417.06M | 331.60M | 317.35M | 391.29M |
| Construction In Progress | 141.68M | 181.06M | 207.43M | 145.62M | 144.53M | 79.96M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -44.77M | -39.39M | 190.39M | 8.04M | -8.38M | 998.83M |
| Depreciation & Amortization | 131.84M | 131.61M | 98.45M | 63.37M | 59.08M | 55.63M |
| Loss (Gain) From Sale of Assets | -1.33M | |||||
| Asset Writedown & Restructuring Costs | 382.00K | 2.55M | 12.64M | 5.99M | ||
| Stock-Based Compensation | 10.05M | 9.59M | 9.84M | 10.03M | 8.53M | 3.41M |
| Provision & Write-off of Bad Debts | 1.37M | 1.45M | 2.13M | 2.85M | 1.97M | 1.03M |
| Other Operating Activities | -2.33M | -3.07M | -227.88M | -4.51M | -7.95M | -966.43M |
| Change in Accounts Receivable | -3.26M | 413.00K | -2.45M | -143.00K | -583.00K | 163.00K |
| Change in Accounts Payable | 2.85M | 1.03M | -2.24M | -2.96M | 79.00K | 2.98M |
| Change in Income Taxes | -117.00K | 973.00K | 1.38M | 25.53M | 1.05M | -25.15M |
| Change in Other Net Operating Assets | 9.84M | 659.00K | -625.00K | 896.00K | -1.01M | -12.99M |
| Operating Cash Flow | 105.44M | 101.00M | 62.57M | 113.77M | 74.89M | -250.93M |
| Capital Expenditures | -322.39M | -358.92M | -319.07M | -255.07M | -188.99M | -160.10M |
| Sale of Property, Plant & Equipment | 776.00K | 269.00K | 2.01M | 655.00K | 1.43M | 366.00K |
| Cash Acquisitions | -5.00M | -347.41M | ||||
| Sale (Purchase) of Intangibles | 17.30M | |||||
| Other Investing Activities | 44.74M | 68.99M | 325.06M | 424.00K | 3.38M | 1.94B |
| Investing Cash Flow | -276.87M | -294.66M | -339.41M | -236.69M | -184.18M | 1.78B |
| Long-Term Debt Issued | 816.74M | 125.00M | 225.00M | 75.00M | ||
| Long-Term Debt Repaid | -592.96M | -7.04M | ||||
| Net Debt Issued (Repaid) | 223.89M | 223.78M | 117.96M | 225.00M | 75.00M | |
| Repurchase of Common Stock | -1.80M | -1.03M | -1.73M | -1.39M | -1.08M | -1.63M |
| Common Dividends Paid | -6.45M | -6.45M | -5.80M | -4.52M | -3.99M | -940.26M |
| Other Financing Activities | -21.17M | -20.70M | 73.43M | -979.00K | -932.00K | -702.59M |
| Financing Cash Flow | 194.47M | 195.60M | 183.86M | 218.11M | 69.00M | -1.64B |
| Net Cash Flow | 23.04M | 1.93M | -92.98M | 95.19M | -40.28M | -111.05M |
| Free Cash Flow | -216.95M | -257.92M | -256.50M | -141.30M | -114.09M | -411.04M |
| Free Cash Flow Margin | -58.45% | -72.07% | -78.19% | -52.50% | -45.84% | -167.61% |
| Free Cash Flow Per Share | -3.90 | -4.68 | -4.78 | -2.79 | -2.27 | -8.20 |
| Levered Free Cash Flow | -239.15M | -266.37M | -229.12M | -119.87M | -98.10M | 581.81M |
| Unlevered Free Cash Flow | -215.83M | -250.51M | -219.19M | -117.24M | -97.11M | 581.81M |
| Cash Interest Paid | 10.79M | 10.40M | ||||
| Cash Income Tax Paid | 998.00K | 2.05M | 7.10M | -25.50M | 100.00K | 11.20M |
| Change in Working Capital | 9.31M | 3.07M | -3.94M | 23.33M | -464.00K | -35.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 549.23M | 634.62M | 688.53M | 1.09B | 795.56M | 1.27B |
| Enterprise Value | 1.30B | 1.25B | 1.09B | 1.25B | 844.06M | 797.68M |
| Last Close Price | 9.92 | 11.42 | 12.34 | 21.01 | 15.37 | 24.58 |
| PE Ratio | 3.62 | 135.20 | 1.28 | |||
| Forward PE | 293.57 | 293.57 | 293.57 | 293.57 | 120.97 | |
| PS Ratio | 1.48 | 1.77 | 2.10 | 4.04 | 3.20 | 5.20 |
| PB Ratio | 0.65 | 0.66 | 0.69 | 1.67 | 1.25 | 1.98 |
| P/TBV Ratio | 0.79 | 0.88 | 0.91 | 1.90 | 1.43 | 2.31 |
| P/OCF Ratio | 5.21 | 6.28 | 11.01 | 9.55 | 10.62 | |
| PEG Ratio | 12.07 | 12.07 | 12.07 | 12.07 | 12.07 | |
| EV/Sales Ratio | 3.49 | 3.49 | 3.31 | 4.66 | 3.39 | 3.25 |
| EV/EBITDA Ratio | 10.77 | 11.39 | 12.88 | 18.87 | 15.20 | 13.10 |
| EV/EBIT Ratio | 410.03 | 150.99 | ||||
| Debt / Equity Ratio | 0.81 | 0.66 | 0.43 | 0.48 | 0.20 | 0.09 |
| Debt / EBITDA Ratio | 6.16 | 5.65 | 4.86 | 4.47 | 2.21 | 0.83 |
| Net Debt / Equity Ratio | 0.79 | 0.64 | 0.38 | 0.26 | 0.13 | -0.04 |
| Net Debt / EBITDA Ratio | 6.20 | 5.63 | 4.56 | 2.56 | 1.54 | -0.46 |
| Net Debt / FCF Ratio | -3.44 | -2.39 | -1.50 | -1.20 | -0.75 | 0.07 |
| Asset Turnover | 0.19 | 0.20 | 0.22 | 0.25 | 0.27 | 0.17 |
| Quick Ratio | 0.36 | 0.56 | 0.67 | 1.68 | 0.98 | 2.03 |
| Current Ratio | 0.71 | 0.90 | 0.82 | 1.79 | 1.33 | 2.47 |
| Return on Equity (ROE) | -3.95% | -3.34% | -3.43% | 0.16% | -2.41% | 1.30% |
| Return on Assets (ROA) | -0.37% | -0.76% | -0.60% | 0.17% | -0.24% | 0.23% |
| Return on Invested Capital (ROIC) | -0.68% | -1.49% | -1.27% | 0.27% | -0.53% | 0.61% |
| Return on Capital Employed (ROCE) | -0.60% | -1.20% | -0.90% | 0.30% | -0.40% | 0.60% |
| Earnings Yield | -8.12% | -6.21% | 27.65% | 0.74% | -1.05% | 78.39% |
| FCF Yield | -39.50% | -40.64% | -37.25% | -13.00% | -14.34% | -32.26% |
| Dividend Yield | 1.11% | 0.95% | 0.79% | 0.42% | 0.50% | 0.27% |
| Payout Ratio | 3.05% | 56.27% | 94.14% | |||
| Buyback Yield / Dilution | -1.03% | -2.56% | -5.93% | -1.12% | -0.01% | -0.25% |
| Total Shareholder Return | 0.08% | -1.61% | -5.14% | -0.70% | 0.49% | 0.03% |