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. In the quarter to June 2026, revenue grew 5.53%, EPS grew 10.5%, free cash flow grew 30.3% and total debt rose 39.7%, each against the same quarter a year earlier. Dividend growth for three consecutive years, revenue growth for five; insiders bought in the last twelve months.
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Shenandoah Telecommunications Co (SHEN) Altman Z-score
Shenandoah Telecommunications Co's Altman Z-score for fiscal 2025 is 1.04, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.04 | (0.19) |
| FY2024 | 1.23 | (0.90) |
| FY2023 | 2.14 | (0.34) |
| FY2022 | 2.47 | (1.94) |
| FY2021 | 4.41 | 2.93 |
| FY2020 | 1.49 | 0.14 |
| FY2019 | 1.35 | (0.50) |
| FY2018 | 1.85 | 0.04 |
| FY2017 | 1.81 | 0.50 |
| FY2016 | 1.31 | (2.18) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.01) | — | −0.01 | |
| Retained earnings / total assets | 0.38 | — | 0.53 | |
| EBIT / total assets | (0.01) | — | −0.04 | |
| Market value of equity / total liabilities | 0.62 | — | 0.37 | |
| Sales / total assets | 0.19 | — | 0.19 | |
| Altman Z-score | Distress zone | 1.04 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 2.01 | ||
Z and Z″ put Shenandoah Telecommunications Co in different zones: distress zone by Z, grey zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| TV Grupo Televisa S.A. compare | 1.3× |
| SHEN Shenandoah Telecommunications Co | 1.0× |
| ATNI ATN International, Inc. compare | 1.0× |
| SIFY Sify Technologies Limited compare | 0.7× |
| GLIBK GCI Liberty, Inc. - Series C GCI Group compare | 0.3× |
| GLIBA Liberty Capital Corporation compare | 0.3× |
| GOGO Gogo Inc. compare | 0.2× |
| CCOI Cogent Communications Holdings, Inc. compare | 0.2× |
| OPTU Optimum Communications, Inc. compare | 0.1× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets