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Shenandoah Telecommunications Co

SHEN Communication Services Telecom Services

Shenandoah Telecommunications Co’s revenue for fiscal 2025 (year ended December 2025) was $357.9 million, up 9.08% from fiscal 2024.

Revenue
+4.61%
EPS
+17.8%
Free cash flow
+20.3%
Total debt
+39.9%

Quarter to September 2026, against a year earlier

9.69 0.70 −6.74%
Market cap
$538.2M
P/E
0.0×
Fwd P/E
−11.7×
Dividend yield
2.37%
F-score
4/9
Altman Z
1.04
Beneish M
−2.87
Dividend safety
12/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.09
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — 2 — — — 2
Sell — — — — — — — — — — — —
Insider Ownership 12.01%

Capital & Financial Ratios $m

Size
Market Cap 538.15
Revenue ttm 371.14
Net income ttm (38.00)
Free cash flow ttm (216.18)
Net debt Q 701.44
Valuation
P/E 0.00
Forward P/E (11.70) (negative: loss-making)
Price / sales 1.46
Forward P/S Powerpack
Price / FCF 0.00
Price / book 0.64
Financial health
Current ratio Q 0.71 (below 1: weak)
Debt / equity Q 0.88
Interest coverage Q (0.19)
Growth
Revenue growth Q +4.61% (above 0%: growing)
Operating income growth Q +72.40% (above 0%: growing)
EPS, this year −22.46% (below 0%: weak)
EPS, next year A +14.49%
Revenue, next year A +4.65%
EPS, past 5 yrs —
EPS, next 5 yrs A +18.10% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.4×, against a ten-year median of 4.3×; over the ten years it ranged from 2.1× in 2024 to 26.9× in 2019.
P/S against its own 10 years 0.04%
10-year low 10-year high
P/B against its own 10 years 0.55%
10-year low 10-year high
EV/Sales against its own 10 years 11.37%
10-year low 10-year high

Dividends raised 4 years running

Yield
2.37%
Annual rate
0.23
Payout ratio
—
Growth, 2018–26
−9.64%/yr
  1. 0.27 ’18
  2. 0.29 ’19 +7
  3. 0.34 ’20 +17
  4. 18.82 ’21 +5435
  5. 0.08 ’22 −100
  6. 0.09 ’23 +13
  7. 0.10 ’24 +11
  8. 0.11 ’25 +10
  9. 0.12 ’26 +9
paid change on the year, %

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 139 46 48 46
Receivables 24 31 34 26
Inventory — — — —
Other 1 — — —
176 95 97 88
2023 2024 2025 Q'26
Payables 54 58 61 68
ST’ Debt 7 9 — —
Other 16 16 17 18
98 115 108 123

Compound Annual Growth %

10y 5y 3y
Sales 0.44% 10.14% 12.86%
Cash Flow (1.65%) (19.72%) 10.48%
Earnings 0.00% 0.00% 0.00%
Book Value 11.75% 8.83% 11.35%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate −0.20 Actual −0.19

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 −0.20 −0.10 Beat by 0.10
Q1 FY26 −0.24 −0.31 Miss by 0.07
Q2 FY26 −0.28 −0.17 Beat by 0.11
Q3 FY26 −0.20 −0.19 Beat by 0.01
Q4 FY26 −0.17 — Reports 25 February 2027

EPS $

Mar Jun Sep Dec Year
’26 (0.31) (0.17) (0.16) — —
’25 (0.19) (0.19) (0.20) (0.10) (0.71)
’24 4.21 (0.24) (0.13) (0.05) 3.54
’23 0.04 0.04 0.03 0.05 0.16
’22 (0.01) (0.06) (0.05) (0.04) (0.17)
’21 1.03 1.07 17.81 0.03 19.92
’20 0.27 0.58 0.70 0.98 2.53
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 92 93 94 — —
’25 88 89 90 92 358
’24 69 86 88 85 328
’23 67 67 67 68 269
’22 64 66 67 52 249
’21 60 61 62 63 245
’20 53 54 55 58 221
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 24 24 28 — —
’25 21 21 31 29 101
’24 15 3 24 21 63
’23 48 21 22 22 114
’22 16 23 17 19 75
’21 85 69 (1) (404) (251)
’20 61 68 98 76 303
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (51) (45) (41) — —
’25 (63) (65) (51) (79) (258)
’24 (55) (77) (51) (72) (254)
’23 (19) (46) (15) (44) (123)
’22 (30) (20) (26) (37) (113)
’21 45 29 (40) (445) (411)
’20 38 38 68 38 183
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 535 612 193 207 221 245 249 269 328 358 371 (4.4%) 375 394 397 +3.5%
Gross margin, % 63.85 65.44 58.26 59.60 59.39 58.29 58.91 62.53 60.95 63.64 65.10 (0.2) pt
EBT 2 13 1 2 1 6 (19) 2 (38) (42) (49) n/m
EBT margin, % 0.36 2.17 0.38 0.94 0.27 2.54 (7.56) 0.56 (11.59) (11.70) (13.33) (12.1) pt
Net income (1) 66 47 56 126 999 (8) 8 194 (33) (38) +49.3%
Per share, $
Per share, $ Revenue 10.97 12.45 3.89 4.15 4.42 4.90 4.96 5.34 6.11 6.49 6.65 (5.7%)
Earnings (0.02) 1.35 0.94 1.10 2.54 19.97 (0.17) 0.16 3.54 (0.71) (0.74) +48.7%
Cash flow 3.31 4.54 5.36 5.20 6.07 (5.02) 1.49 2.26 1.16 1.83 1.89 (6.4%)
Capex (3.55) (2.98) (1.14) (1.35) (2.41) (3.19) (3.74) (4.70) (5.90) (6.51) (5.76) +7.0%
Free cash flow (0.24) 1.56 4.22 3.86 3.66 (8.21) (2.25) (2.45) (4.74) (4.68) (3.87) +39.1%
Book value 6.06 7.13 8.93 9.48 11.56 12.84 12.72 12.95 17.10 15.99 15.24 +11.4%
Shares, m 49 49 50 50 50 50 50 50 54 55 56 +1.4%
Valuation, ×
Valuation, × P/E 0.00 25.10 50.28 37.83 16.96 1.28 0.00 134.06 3.29 0.00 0.00 26.9
P/S 2.64 2.72 11.38 4.89 9.78 5.20 3.30 4.02 2.07 1.78 1.46 4.8
P/B 4.77 4.75 4.96 4.38 3.74 1.99 1.29 1.66 0.74 0.72 0.64 2.9
EV/Sales 4.12 3.93 14.93 6.35 12.23 5.09 3.42 4.61 3.19 3.43 3.37 6.1
EV/FCF (188.26) 31.49 13.77 14.00 14.77 (3.04) (7.56) (8.83) (4.12) (4.76) (5.79) (14.3)
Cash, $m
Cash, $m Operating cash flow 162 223 266 259 303 (251) 75 114 63 101 105 (5.1%)
Capex (173) (146) (57) (67) (120) (160) (188) (237) (317) (359) (322) +8.4%
Free cash flow (12) 76 209 192 183 (411) (113) (123) (254) (258) (216) +41.0%
Balance, $m
Balance, $m Working capital (3) 35 122 88 199 99 32 78 (20) (11) (35) +16.5%
Net debt 793 743 685 618 541 (28) 31 161 371 580 701 (3.4%)
Shareholders’ equity 296 350 442 472 577 642 638 653 919 881 851 +12.9%
Returns, %
Returns, % ROA (0.08) 4.58 3.22 3.28 6.41 68.53 (0.90) 0.73 12.89 (2.16) (2.32) (2.1) pt
ROIC 1.29 2.66 (0.16) (0.08) (0.15) (0.25) (1.63) 0.01 (1.39) (0.99) (0.58) (2.3) pt
ROE (0.31) 20.55 11.76 12.14 23.95 163.83 (1.31) 1.25 24.23 (4.38) (5.14) (4.1) pt
People
People Employees 1,236 1,066 1,029 1,130 1,139 860 842 845 1,089 1,041 — (1.9%)
Revenue/emp, $m 0.43 0.57 0.19 0.18 0.19 0.29 0.30 0.32 0.30 0.34 — (2.5%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Shenandoah Telecommunications Co vs peers in Telecom Services (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
TV Grupo Televisa S.A. $1.2B — (loss-making) — (loss-making) +3.77% (above 0%: growing) n/m +17,441.71% (above 0%: growing) 38.05% 4.84% Compare
GLIBA Liberty Capital Corporation $993.7M 12.0× 8.7× +3.89% (above 0%: growing) n/m −90.48% (below 0%: shrinking) 49.06% 13.48% Compare
GLIBK GCI Liberty, Inc. - Series C GCI Group $988.0M 12.3× — +3.89% (above 0%: growing) n/m −90.48% (below 0%: shrinking) 49.06% 13.48% Compare
SIFY Sify Technologies Limited $909.0M — (loss-making) 622× +21.75% (above 0%: growing) n/m +32.06% (above 0%: growing) 36.26% 8.58% Compare
SHEN Shenandoah Telecommunications Co $538.2M — (loss-making) — (loss-making) +4.61% (above 0%: growing) n/m +20.25% (above 0%: growing) 64.96% (2.10%)
ATNI ATN International, Inc. $409.6M 2.6× 2.1× +1.77% (above 0%: growing) n/m +71.51% (above 0%: growing) 56.94% 129.93% Compare
GOGO Gogo Inc. $306.9M 2,290× 52.4× −1.43% (below 0%: shrinking) n/m −34.40% (below 0%: shrinking) 42.01% 13.31% Compare
CCOI Cogent Communications Holdings, Inc. $240.2M — (loss-making) — (loss-making) −4.44% (below 0%: shrinking) n/m +111.41% (above 0%: growing) 47.51% (3.00%) Compare
OPTU Optimum Communications, Inc. $217.2M — (loss-making) — (loss-making) −5.75% (below 0%: shrinking) n/m −359.11% (below 0%: shrinking) 70.96% 8.21% Compare
Median of peers $659.3M 12.1× 30.6× +2.77% — −1.17% 48.29% 10.94%

All 55 Telecom Services stocks →

Pay and ownership Proxy statement filed 9 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2024 3.35m 941.23k 49.00
2023 3.42m 4.01m 83.00
2022 2.82m 2.21m 60.00
2021 2.42m 1.62m 97.00

Ownership

Directors and executive officers, together 5.01%
BlackRock, Inc. 12.83%
Energy Capital Partners Management, LP 12.25%
GCM Grosvenor Inc. 7.44%
The Vanguard Group 6.20%
Southeastern Asset Management, Inc. 5.32%
Barclays PLC 5.17%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Shenandoah Telecommunications Co (SHEN) Latest News

5 Nov

Impact 3 · · Insider Monkey

28 Oct

Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby
Impact 4 · · MarketBeat
Impact 4 · · GlobeNewswire
Impact 3 · · Simply Wall St.
Impact 3 · · Associated Press
Impact 3 · · Zacks

22 Oct

Impact 3 · · Insider Monkey

21 Oct

Impact 3 · · GlobeNewswire

6 Oct

Impact 3 · · GlobeNewswire

30 Sep

Impact 3 · · GlobeNewswire

10 Aug

Impact 3 · · MarketBeat

7 Aug

Impact 3 · · The Motley Fool transcript

29 Jul

Impact 4 ·
Impact 3 · · MarketBeat transcript
Impact 3 ·

30 Jun

Impact 3 ·

29 Jun

Impact 3 ·

2 May

Impact 4 · · GuruFocus.com

1 May

Impact 4 · · Moby
Impact 4 · · The Motley Fool transcript
Impact 4 · · GlobeNewswire
Impact 3 · · MarketBeat
Impact 3 · · Zacks

27 Apr

Impact 3 · · Simply Wall St.

12 Apr

Impact 4 · · Simply Wall St.

27 Feb

Impact 4 · · MarketBeat

26 Feb

Impact 4 · · Moby
Impact 4 · · GuruFocus.com
stockrow.com/SHEN · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com