Shenandoah Telecommunications (SHEN) Financials

$13.91 -0.24 (-1.70%)

Closing price 04:00 PM Eastern

Extended Trading

$13.91 0.00 (0.00%)

As of 04:20 PM Eastern

Annual Income Statements for Shenandoah Telecommunications

This table shows Shenandoah Telecommunications' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	34	41	-0.90	66	47	48	121	999	-8.38	8.04	190
Consolidated Net Income / (Loss)	34	41	-0.90	66	47	56	126	999	-8.38	8.04	194
Net Income / (Loss) Continuing Operations	34	41	-0.90	66	2.08	1.93	1.58	7.93	-15	1.02	-28
Total Pre-Tax Income	56	69	1.95	13	0.73	1.94	0.59	6.24	-19	1.52	-38
Total Operating Income	62	74	23	47	-2.97	-1.34	-2.60	-2.43	-17	0.14	-29
Total Gross Profit	197	221	342	400	112	123	131	143	147	168	200
Total Revenue	327	342	535	612	193	207	221	245	249	269	328
Operating Revenue	327	342	535	612	193	207	221	245	249	269	328
Total Cost of Revenue	130	121	194	212	80	84	90	102	102	101	128
Operating Cost of Revenue	130	121	194	212	80	84	90	102	102	101	128
Total Operating Expenses	135	147	319	354	115	125	134	145	164	168	229
Selling, General & Admin Expense	69	73	133	166	71	78	85	82	91	99	115
Depreciation Expense	66	71	144	177	44	47	49	55	66	63	98
Impairment Charge	-	-	-	-	-	-	0.00	5.99	5.24	2.55	0.38
Restructuring Charge	0.00	3.55	42	11	-	0.00	0.00	1.73	1.25	2.92	15
Total Other Income / (Expense), net	-5.91	-5.50	-21	-33	3.70	3.28	3.19	8.67	-1.36	1.38	-9.44
Interest Expense	8.15	7.36	25	38	-	-	-	-	1.58	4.21	16
Other Income / (Expense), net	2.03	1.75	4.52	4.98	3.70	3.28	3.19	8.67	0.22	5.59	6.46
Income Tax Expense	22	28	2.84	-53	-1.34	0.01	-0.99	-1.69	-3.40	0.50	-9.67
Net Income / (Loss) Discontinued Operations	-	-	-	-	45	54	124	991	7.04	7.02	222
Preferred Stock Dividends Declared	-	-	-	-	-	-	-	-	-	-	3.43
Basic Earnings per Share	$0.70	$0.84	($0.02)	$1.35	$0.94	$1.11	$2.52	$19.97	($0.17)	$0.16	$3.54
Weighted Average Basic Shares Outstanding	48.20M	48.39M	48.81M	49.15M	49.54M	49.81M	49.90M	50.03M	50.16M	50.40M	53.72M
Diluted Earnings per Share	$0.70	$0.83	($0.02)	$1.33	$0.93	$1.11	$2.51	$19.92	($0.17)	$0.16	$3.54
Weighted Average Diluted Shares Outstanding	48.72M	49.02M	48.81M	50.03M	50.06M	50.10M	50.02M	50.15M	50.16M	50.72M	53.72M
Weighted Average Basic & Diluted Shares Outstanding	48.40M	48.60M	44.80M	49.20M	49.60M	49.78M	49.93M	50.05M	50.20M	50.27M	54.67M
Cash Dividends to Common per Share	$0.71	$0.24	$0.25	$0.26	$0.27	$0.29	$0.34	$18.82	$0.08	$0.09	$0.10

This table shows Shenandoah Telecommunications' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-2.73	-1.82	2.07	1.79	1.59	2.59	215	-13	-6.90	-4.54	-11
Consolidated Net Income / (Loss)	-2.73	-1.82	2.07	1.79	1.59	2.59	215	-13	-5.26	-2.74	-9.13
Net Income / (Loss) Continuing Operations	-2.73	-8.86	0.74	-1.40	-0.18	1.86	-4.09	-13	-5.30	-6.19	-9.13
Total Pre-Tax Income	-2.98	-12	1.42	0.06	0.22	-0.18	-5.12	-18	-6.85	-8.09	-10
Total Operating Income	-1.77	-12	0.31	-0.12	-0.61	0.56	-2.78	-16	-4.18	-5.75	-6.09
Total Gross Profit	39	30	42	42	41	44	43	51	53	52	55
Total Revenue	67	52	67	67	67	68	69	86	88	85	88
Operating Revenue	67	52	67	67	67	68	69	86	88	85	88
Total Cost of Revenue	27	22	25	25	26	24	26	35	34	33	33
Operating Cost of Revenue	27	22	25	25	26	24	26	35	34	33	33
Total Operating Expenses	41	42	41	42	42	43	46	67	57	58	61
Selling, General & Admin Expense	22	22	26	25	23	25	28	30	28	28	31
Depreciation Expense	18	19	15	16	16	16	17	26	28	28	29
Restructuring Charge	0.64	-	-	0.30	1.15	-	0.62	11	1.67	-	0.51
Total Other Income / (Expense), net	-1.21	0.61	1.12	0.18	0.83	-0.75	-2.34	-2.09	-2.67	-2.34	-4.16
Interest Expense	-	-	0.39	0.91	1.20	1.72	4.08	4.00	3.67	4.16	4.89
Other Income / (Expense), net	-1.21	2.18	1.51	1.08	2.02	0.97	1.74	1.91	1.00	1.82	0.73
Income Tax Expense	-0.25	-2.70	0.68	1.46	0.40	-2.04	-1.03	-5.20	-1.54	-1.90	-1.12
Net Income / (Loss) Discontinued Operations	-	-	1.33	3.19	1.78	0.73	219	-0.10	0.04	3.45	0.00
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	-	0.00	-	0.00	-	1.64	-	1.47
Basic Earnings per Share	($0.05)	($0.05)	$0.04	$0.04	$0.03	$0.05	$4.25	($0.24)	($0.13)	($0.34)	($0.19)
Weighted Average Basic Shares Outstanding	50.18M	50.16M	50.29M	50.37M	50.38M	50.40M	50.52M	54.73M	54.78M	53.72M	54.96M
Diluted Earnings per Share	($0.05)	($0.05)	$0.04	$0.04	$0.03	$0.05	$4.25	($0.24)	($0.13)	($0.30)	($0.19)
Weighted Average Diluted Shares Outstanding	50.18M	50.16M	50.51M	50.37M	50.38M	50.72M	50.52M	54.73M	54.78M	53.72M	54.96M
Weighted Average Basic & Diluted Shares Outstanding	50.10M	50.20M	50.25M	50.26M	50.26M	50.27M	54.55M	54.57M	54.60M	54.67M	54.86M

This table details how cash moves in and out of Shenandoah Telecommunications' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	31	7.90	-41	42	6.50	17	94	-111	-40	95	-93
Net Cash From Operating Activities	115	119	162	223	266	259	303	-251	75	114	63
Net Cash From Continuing Operating Activities	115	119	162	223	54	42	53	63	65	104	69
Net Income / (Loss) Continuing Operations	34	41	-0.90	66	2.08	1.93	1.58	7.93	-15	1.02	-28
Consolidated Net Income / (Loss)	34	41	-0.90	66	47	56	126	999	-8.38	8.04	194
Net Income / (Loss) Discontinued Operations	-	-	-	-	45	54	124	991	7.04	7.02	222
Depreciation Expense	63	69	124	151	44	46	48	54	66	63	97
Amortization Expense	3.17	1.98	24	31	0.18	0.47	0.74	0.82	0.72	0.49	1.55
Non-Cash Adjustments To Reconcile Net Income	6.60	2.98	26	38	3.94	8.34	11	16	16	14	12
Changes in Operating Assets and Liabilities, net	8.02	4.21	-12	-64	3.80	-15	-8.36	-15	-1.38	26	-13
Net Cash From Discontinued Operating Activities	-	-	-	-	211	217	250	-314	9.47	9.44	-6.81
Net Cash From Investing Activities	-68	-69	-820	-151	-188	-165	-156	1,784	-184	-237	-339
Net Cash From Continuing Investing Activities	-68	-69	-820	-151	-56	-94	-138	-160	-184	-235	-645
Purchase of Property, Plant & Equipment	-68	-70	-173	-146	-57	-67	-120	-160	-189	-255	-319
Acquisitions	0.00	0.00	-657	-6.00	0.00	-27	-1.89	-	0.00	0.00	-347
Sale of Property, Plant & Equipment	0.55	0.36	5.51	0.99	0.54	0.11	0.37	0.37	1.43	0.66	2.01
Divestitures	-	-	-	-	-	-	-	0.00	0.00	17	0.00
Other Investing Activities, net	0.00	0.00	2.17	-	-	-	-16	0.00	4.00	1.90	19
Net Cash From Discontinued Investing Activities	-	-	-	-	-132	-72	-18	1,944	-0.62	-1.48	306
Net Cash From Financing Activities	-17	-42	618	-29	-71	-77	-54	-1,644	69	218	184
Net Cash From Continuing Financing Activities	-17	-42	618	-29	-16	-24	-19	-944	69	218	184
Repayment of Debt	-5.75	-31	-229	-36	-0.00	0.04	-0.77	-2.03	-0.93	-0.98	-13
Payment of Dividends	-11	-11	-12	-12	-13	-14	-16	-940	-3.99	-4.52	-5.81
Issuance of Debt	0.00	0.00	860	25	-	-	0.00	0.00	75	225	125
Other Financing Activities, net	0.40	-1.21	-5.10	-5.41	-3.25	-2.91	-2.22	-1.63	-1.08	-1.39	78
Cash Interest Paid	7.55	6.78	21	-	-	-	-	-	0.58	3.03	12

This table details how cash moves in and out of Shenandoah Telecommunications' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	-0.30	11	4.34	-22	9.66	103	250	-346	-0.68	3.17	41
Net Cash From Operating Activities	17	19	48	21	22	22	15	2.54	24	21	21
Net Cash From Continuing Operating Activities	17	9.22	46	18	19	22	13	10	25	21	21
Net Income / (Loss) Continuing Operations	-2.73	-8.86	0.74	-1.40	-0.18	1.86	-4.09	-13	-5.30	-6.19	-9.13
Consolidated Net Income / (Loss)	-2.73	-1.82	2.07	1.79	1.59	2.59	215	-13	-5.26	-2.74	-9.13
Net Income / (Loss) Discontinued Operations	-	-	1.33	3.19	1.78	0.73	219	-0.10	0.04	3.45	0.00
Depreciation Expense	18	19	15	16	16	16	17	26	28	26	29
Amortization Expense	-	-	-	-	-	-	0.12	-	-	-	0.47
Non-Cash Adjustments To Reconcile Net Income	3.50	2.31	4.10	4.38	2.94	2.68	4.72	2.78	1.87	2.98	4.01
Changes in Operating Assets and Liabilities, net	-1.16	-3.70	26	-0.82	-0.09	1.18	-5.16	-5.33	0.96	-3.54	-3.81
Net Cash From Discontinued Operating Activities	-	-	2.64	3.67	3.10	0.04	2.24	-7.72	-0.93	-0.41	0.00
Net Cash From Investing Activities	-42	-54	-68	-68	-37	-64	238	-422	-72	-84	-76
Net Cash From Continuing Investing Activities	-42	-53	-67	-67	-36	-64	-67	-422	-72	-84	-76
Purchase of Property, Plant & Equipment	-44	-57	-67	-68	-54	-66	-70	-81	-76	-93	-83
Sale of Property, Plant & Equipment	0.64	0.51	0.10	0.41	0.06	0.09	0.00	1.72	0.13	0.16	0.05
Other Investing Activities, net	-	-	0.00	0.11	0.34	1.46	2.71	4.94	3.44	8.14	6.93
Net Cash From Discontinued Investing Activities	-	-	-0.20	-0.80	-0.45	-0.02	306	-	-	-	0.00
Net Cash From Financing Activities	24	46	24	25	25	145	-3.16	73	47	67	97
Net Cash From Continuing Financing Activities	24	46	24	25	25	145	-3.16	73	47	67	97
Repayment of Debt	-0.42	-0.04	-0.26	-0.33	-0.39	-	-1.71	-6.05	-2.99	-2.25	-2.20
Issuance of Debt	25	50	25	25	25	150	0.00	-	50	75	100
Other Financing Activities, net	-0.15	-0.09	-1.16	-0.16	-	-0.07	-1.46	79	-	-0.06	-0.79
Cash Interest Paid	0.24	0.34	1.33	-0.49	0.79	1.39	3.96	1.26	2.41	3.14	4.26
Cash Income Taxes Paid	-	-	25	0.45	-	-	0.00	-7.09	0.43	-	0.16

This table presents Shenandoah Telecommunications' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	619	627	1,484	1,412	1,485	1,899	2,024	891	978	1,214	1,740
Total Current Assets	128	128	161	173	210	242	1,407	166	129	176	95
Cash & Equivalents	69	77	36	79	85	102	195	84	44	139	46
Accounts Receivable	30	30	70	54	54	64	70	22	21	20	30
Prepaid Expenses	4.28	8.57	16	17	60	11	7.52	30	12	12	17
Current Deferred & Refundable Income Taxes	16	8.60	0.00	17	5.28	10	0.00	30	30	4.69	1.24
Plant, Property, & Equipment, net	406	410	698	686	701	363	440	554	688	850	1,439
Total Noncurrent Assets	85	89	625	553	573	1,294	177	170	162	188	207
Long-Term Investments	10	11	10	11	11	12	14	14	13	13	16
Goodwill	-	0.01	145	146	146	88	107	90	82	81	158
Other Noncurrent Operating Assets	6.66	12	15	14	50	52	57	67	67	25	34
Total Liabilities & Shareholders' Equity	619	627	1,484	1,412	1,485	1,899	2,024	891	978	1,214	1,740
Total Liabilities	361	337	1,189	1,062	1,043	1,426	1,447	248	340	562	739
Total Current Liabilities	59	61	164	138	89	154	1,208	67	96	98	115
Short-Term Debt	23	22	32	64	21	32	688	0.00	0.65	7.10	9.20
Accounts Payable	11	13	73	29	36	40	20	29	49	54	58
Accrued Expenses	13	14	39	23	24	18	30	24	28	19	28
Current Deferred Revenue	12	12	20	21	7.92	8.36	8.59	11	12	12	16
Other Current Liabilities	-	-	-	-	-	1.73	1.97	3.32	2.83	2.22	3.06
Total Noncurrent Liabilities	302	276	1,024	924	954	1,273	239	181	243	463	625
Long-Term Debt	201	177	797	758	750	688	-	0.00	74	293	408
Noncurrent Deferred Revenue	7.18	8.14	18	16	22	43	46	52	50	7.19	11
Noncurrent Deferred & Payable Income Tax Liabilities	77	75	152	101	127	138	149	86	85	88	168
Noncurrent Employee Benefit Liabilities	-	2.65	18	13	12	13	15	8.22	3.76	3.94	4.95
Other Noncurrent Operating Liabilities	9.61	6.39	24	15	14	17	25	26	20	17	34
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	-	-	-	-	-	-	-	-	0.00	82
Total Equity & Noncontrolling Interests	258	290	296	350	442	472	577	642	638	653	919
Total Preferred & Common Equity	258	290	296	350	442	472	577	642	638	653	919
Total Common Equity	258	290	296	350	442	472	577	642	638	653	919
Common Stock	30	33	45	45	47	42	47	49	57	67	148
Retained Earnings	228	257	244	297	387	430	534	593	581	584	769
Accumulated Other Comprehensive Income / (Loss)	1.12	0.42	6.79	8.23	8.28	0.31	-4.71	-	0.00	1.67	1.85

This table presents Shenandoah Telecommunications' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2022	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	6/30/2022	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	891	922	1,007	1,027	1,059	1,446	1,656	1,695	1,825
Total Current Assets	130	118	105	79	74	426	100	98	134
Cash & Equivalents	33	33	48	26	36	390	44	43	88
Accounts Receivable	17	24	16	15	19	18	30	33	30
Prepaid Expenses	30	12	13	13	14	15	21	17	16
Current Deferred & Refundable Income Taxes	30	29	5.08	4.65	4.65	2.62	5.54	4.70	1.08
Plant, Property, & Equipment, net	610	641	740	786	822	896	1,337	1,385	1,484
Total Noncurrent Assets	152	163	163	162	162	124	220	212	207
Long-Term Investments	13	13	13	13	13	13	15	15	16
Goodwill	70	82	81	81	81	81	169	163	157
Other Noncurrent Operating Assets	69	69	68	68	68	29	35	34	34
Total Liabilities & Shareholders' Equity	891	922	1,007	1,027	1,059	1,446	1,656	1,695	1,825
Total Liabilities	248	280	364	378	404	574	644	688	831
Total Current Liabilities	71	79	92	82	84	91	112	123	112
Short-Term Debt	-	0.11	1.30	1.06	2.41	7.88	8.73	8.63	10
Accounts Payable	30	36	49	41	43	50	58	66	59
Accrued Expenses	23	25	23	20	22	18	28	30	23
Current Deferred Revenue	11	11	12	12	13	12	15	15	16
Other Current Liabilities	3.05	2.96	2.95	3.08	3.13	2.27	3.14	3.32	3.06
Total Noncurrent Liabilities	177	201	272	296	320	483	532	565	719
Long-Term Debt	-	25	99	124	147	291	289	336	504
Noncurrent Deferred Revenue	52	52	52	50	50	8.36	11	12	11
Noncurrent Deferred & Payable Income Tax Liabilities	86	85	86	88	89	164	186	182	166
Noncurrent Employee Benefit Liabilities	7.76	7.71	3.89	4.04	3.97	4.16	4.97	5.09	4.86
Other Noncurrent Operating Liabilities	22	22	21	20	20	16	41	31	33
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	-	-	-	-	-	79	81	84
Total Equity & Noncontrolling Interests	643	643	643	649	654	872	933	925	910
Total Preferred & Common Equity	643	643	643	649	654	872	933	925	910
Total Common Equity	643	643	643	649	654	872	933	925	910
Common Stock	54	56	60	63	65	70	144	145	151
Retained Earnings	589	586	583	584	586	799	786	779	758
Accumulated Other Comprehensive Income / (Loss)	-	-	-	2.13	3.24	3.26	3.41	1.00	1.22

This table displays calculated financial ratios and metrics derived from Shenandoah Telecommunications' official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.83%	4.75%	56.30%	14.33%	-68.52%	7.36%	6.73%	11.08%	1.50%	8.12%	21.90%
EBITDA Growth	10.09%	12.75%	19.21%	33.43%	-80.72%	7.98%	1.16%	24.65%	-19.85%	40.32%	10.46%
EBIT Growth	11.89%	18.55%	-64.34%	90.39%	-98.57%	164.03%	-69.76%	963.99%	-376.52%	133.23%	-486.28%
NOPAT Growth	13.02%	17.84%	-123.48%	2,347.07%	-103.61%	84.08%	-422.87%	55.82%	-295.42%	100.78%	-21,144.13%
Net Income Growth	14.52%	20.60%	-102.19%	7,517.88%	-29.82%	19.11%	126.44%	694.79%	-100.84%	195.93%	2,311.26%
EPS Growth	14.52%	20.60%	-102.41%	6,750.00%	-30.08%	19.35%	126.13%	693.63%	-100.85%	194.12%	2,112.50%
Operating Cash Flow Growth	21.99%	3.76%	35.37%	38.01%	19.16%	-2.45%	16.87%	-182.85%	129.85%	51.91%	-45.01%
Free Cash Flow Firm Growth	317.77%	-9.72%	-1,605.79%	133.41%	-118.69%	1,990.77%	-109.62%	-120.68%	38.94%	-43.92%	-288.49%
Invested Capital Growth	-3.14%	-0.37%	168.26%	0.32%	3.19%	-72.75%	23.33%	45.04%	17.06%	23.75%	71.97%
Revenue Q/Q Growth	1.50%	1.32%	14.62%	-20.34%	-58.89%	122.71%	334,607.58%	1.86%	-4.25%	-0.77%	-0.23%
EBITDA Q/Q Growth	4.02%	4.06%	8.42%	4.53%	-82.71%	174.54%	3,040.87%	-0.82%	-3.67%	-1.78%	-1.23%
EBIT Q/Q Growth	6.69%	7.59%	-23.99%	12.07%	-99.17%	112.54%	101.16%	-29.08%	-80.21%	167.46%	-94.52%
NOPAT Q/Q Growth	5.57%	7.64%	-148.98%	819.95%	-105.53%	90.31%	81.35%	-141.54%	-32.35%	104.39%	-123.52%
Net Income Q/Q Growth	6.18%	9.25%	-107.85%	1,083.42%	-49.54%	-1.36%	37.30%	-4.48%	-62.57%	121.68%	-2.68%
EPS Q/Q Growth	6.18%	9.25%	-108.70%	-36.97%	945.45%	-1.77%	37.16%	-4.51%	-70.00%	166.67%	-9.00%
Operating Cash Flow Q/Q Growth	2.60%	11.75%	22.70%	-0.83%	4.99%	-4.13%	3.37%	-209.96%	121.56%	3.08%	-2.32%
Free Cash Flow Firm Q/Q Growth	83.05%	-1.39%	-6.47%	435.31%	-169.96%	2,811.36%	-111.34%	-162.82%	79.48%	-0.02%	-7.48%
Invested Capital Q/Q Growth	0.39%	1.34%	1.47%	3.50%	-1.73%	-72.20%	1.60%	429.38%	5.18%	4.46%	4.91%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	60.32%	64.57%	63.85%	65.44%	58.26%	59.60%	59.39%	58.29%	58.91%	62.53%	60.95%
EBITDA Margin	39.91%	42.95%	32.76%	38.24%	23.42%	23.55%	22.33%	25.05%	19.78%	25.67%	23.27%
Operating Margin	18.95%	21.63%	4.21%	7.60%	-1.54%	-0.65%	-1.18%	-0.99%	-7.01%	0.05%	-8.72%
EBIT Margin	19.57%	22.14%	5.05%	8.41%	0.38%	0.94%	0.27%	2.54%	-6.93%	2.13%	-6.75%
Profit (Net Income) Margin	10.36%	11.93%	-0.17%	10.85%	24.18%	26.83%	56.92%	407.29%	-3.37%	2.99%	59.08%
Tax Burden Percent	60.47%	59.58%	-46.02%	500.79%	6,348.09%	2,863.78%	21,445.90%	16,019.74%	44.53%	529.86%	-509.68%
Interest Burden Percent	87.59%	90.44%	7.19%	25.74%	100.00%	100.00%	100.00%	100.00%	109.15%	26.48%	171.83%
Effective Tax Rate	39.53%	40.42%	146.02%	-400.79%	-182.97%	0.31%	-168.94%	-27.17%	0.00%	33.03%	0.00%
Return on Invested Capital (ROIC)	9.13%	10.96%	-1.40%	21.56%	-0.76%	-0.19%	-2.06%	-0.67%	-2.07%	0.01%	-1.87%
ROIC Less NNEP Spread (ROIC-NNEP)	6.95%	8.41%	0.72%	-0.43%	7.06%	22.27%	-73.78%	-669.07%	-9.84%	11.79%	85.29%
Return on Net Nonoperating Assets (RNNOA)	4.62%	3.95%	1.09%	-1.01%	12.52%	12.32%	26.01%	164.51%	0.76%	1.23%	25.31%
Return on Equity (ROE)	13.76%	14.91%	-0.31%	20.55%	11.76%	12.14%	23.95%	163.83%	-1.31%	1.25%	23.44%
Cash Return on Invested Capital (CROIC)	12.32%	11.32%	-92.78%	21.24%	-3.90%	114.16%	-22.95%	-37.43%	-17.79%	-21.22%	-54.79%
Operating Return on Assets (OROA)	10.52%	12.17%	2.56%	3.56%	0.05%	0.11%	0.03%	0.43%	-1.85%	0.52%	-1.50%
Return on Assets (ROA)	5.57%	6.56%	-0.08%	4.58%	3.22%	3.28%	6.41%	68.53%	-0.90%	0.73%	13.12%
Return on Common Equity (ROCE)	13.76%	14.91%	-0.31%	20.55%	11.76%	12.14%	23.95%	163.83%	-1.31%	1.25%	22.27%
Return on Equity Simple (ROE_SIMPLE)	13.12%	14.09%	-0.30%	18.96%	10.54%	11.75%	21.78%	155.51%	-1.31%	1.23%	21.10%
Net Operating Profit after Tax (NOPAT)	37	44	-10	233	-8.40	-1.34	-7.00	-3.09	-12	0.10	-20
NOPAT Margin	11.46%	12.89%	-1.94%	38.06%	-4.36%	-0.65%	-3.17%	-1.26%	-4.91%	0.04%	-6.10%
Net Nonoperating Expense Percent (NNEP)	2.18%	2.54%	-2.12%	21.99%	-7.82%	-22.46%	71.72%	668.39%	7.77%	-11.78%	-87.16%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-1.71%	0.01%	-1.50%
Cost of Revenue to Revenue	39.68%	35.43%	36.15%	34.56%	41.74%	40.40%	40.61%	41.71%	41.09%	37.47%	39.05%
SG&A Expenses to Revenue	21.22%	21.26%	24.91%	27.11%	36.77%	37.63%	38.51%	33.62%	36.60%	36.90%	35.11%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	41.37%	42.94%	59.64%	57.84%	59.81%	60.25%	60.57%	59.28%	65.92%	62.47%	69.66%
Earnings before Interest and Taxes (EBIT)	64	76	27	51	0.73	1.94	0.59	6.24	-17	5.73	-22
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	130	147	175	234	45	49	49	61	49	69	76
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.73	2.16	2.73	2.90	3.04	2.71	2.33	1.97	1.23	1.65	0.75
Price to Tangible Book Value (P/TBV)	2.35	2.80	0.00	0.00	0.00	3.34	2.85	2.29	1.41	1.89	0.90
Price to Revenue (P/Rev)	1.37	1.82	1.51	1.66	6.98	6.20	6.08	5.15	3.16	4.01	2.10
Price to Earnings (P/E)	13.19	15.29	0.00	15.28	28.86	26.98	11.13	1.27	0.00	134.25	3.62
Dividend Yield	2.54%	1.86%	1.51%	1.26%	1.00%	1.13%	1.26%	74.40%	0.51%	0.42%	0.79%
Earnings Yield	7.58%	6.54%	0.00%	6.54%	3.46%	3.71%	8.99%	79.02%	0.00%	0.74%	27.65%
Enterprise Value to Invested Capital (EV/IC)	1.47	1.83	1.47	1.61	1.81	6.21	4.86	2.14	1.26	1.56	0.83
Enterprise Value to Revenue (EV/Rev)	1.81	2.15	2.97	2.85	10.48	9.13	8.25	4.75	3.23	4.56	3.43
Enterprise Value to EBITDA (EV/EBITDA)	4.54	5.01	9.07	7.46	44.75	38.76	36.96	18.98	16.35	17.75	14.75
Enterprise Value to EBIT (EV/EBIT)	9.26	9.72	58.82	33.91	2,750.98	974.45	3,109.02	187.00	0.00	214.09	0.00
Enterprise Value to NOPAT (EV/NOPAT)	15.81	16.70	0.00	7.50	0.00	0.00	0.00	0.00	0.00	12,896.88	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	5.15	6.18	9.85	7.83	7.60	7.29	6.02	0.00	10.75	10.78	18.00
Enterprise Value to Free Cash Flow (EV/FCFF)	11.72	16.15	0.00	7.61	0.00	2.33	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.87	0.69	2.80	2.35	1.74	1.52	1.19	0.00	0.12	0.46	0.42
Long-Term Debt to Equity	0.78	0.61	2.69	2.16	1.70	1.46	0.00	0.00	0.12	0.45	0.41
Financial Leverage	0.67	0.47	1.53	2.34	1.77	0.55	-0.35	-0.25	-0.08	0.10	0.30
Leverage Ratio	2.47	2.27	3.60	4.48	3.66	3.70	3.74	2.39	1.46	1.70	1.79
Compound Leverage Factor	2.16	2.06	0.26	1.15	3.66	3.70	3.74	2.39	1.59	0.45	3.07
Debt to Total Capital	46.47%	40.78%	73.70%	70.12%	63.53%	60.38%	54.40%	0.00%	10.51%	31.48%	29.40%
Short-Term Debt to Total Capital	4.77%	4.59%	2.85%	5.49%	1.70%	2.65%	54.40%	0.00%	0.09%	0.74%	0.65%
Long-Term Debt to Total Capital	41.70%	36.19%	70.85%	64.63%	61.83%	57.73%	0.00%	0.00%	10.42%	30.74%	28.75%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.82%
Common Equity to Total Capital	53.53%	59.22%	26.30%	29.88%	36.47%	39.62%	45.60%	100.00%	89.49%	68.52%	64.78%
Debt to EBITDA	1.72	1.36	4.73	3.51	17.07	14.78	13.97	0.00	1.52	4.34	5.46
Net Debt to EBITDA	1.11	0.76	4.46	3.13	14.95	12.44	9.72	0.00	0.36	2.13	4.65
Long-Term Debt to EBITDA	1.54	1.20	4.55	3.24	16.61	14.13	0.00	0.00	1.51	4.24	5.34
Debt to NOPAT	5.99	4.52	-80.00	3.53	-91.68	-538.26	-98.42	0.00	-6.13	3,153.40	-20.83
Net Debt to NOPAT	3.88	2.54	-75.52	3.14	-80.27	-453.02	-68.52	0.00	-1.47	1,550.37	-17.73
Long-Term Debt to NOPAT	5.37	4.01	-76.91	3.25	-89.23	-514.61	0.00	0.00	-6.08	3,078.79	-20.37
Altman Z-Score	2.26	2.76	1.06	1.45	1.37	1.02	1.15	4.42	2.46	2.14	1.31
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.99%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.17	2.11	0.98	1.26	2.37	1.57	1.16	2.47	1.33	1.79	0.83
Quick Ratio	1.68	1.76	0.65	0.97	1.58	1.08	0.22	1.58	0.67	1.62	0.66
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	51	46	-687	229	-43	811	-78	-172	-105	-151	-588
Operating Cash Flow to CapEx	169.90%	172.14%	96.31%	153.22%	473.61%	387.15%	252.22%	-157.09%	39.93%	44.72%	19.73%
Free Cash Flow to Firm to Interest Expense	6.20	6.20	-27.37	6.00	0.00	0.00	0.00	0.00	-66.63	-35.90	-36.96
Operating Cash Flow to Interest Expense	14.11	16.22	6.43	5.83	0.00	0.00	0.00	0.00	47.49	27.01	3.94
Operating Cash Flow Less CapEx to Interest Expense	5.81	6.80	-0.25	2.03	0.00	0.00	0.00	0.00	-71.44	-33.39	-16.01
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.54	0.55	0.51	0.42	0.13	0.12	0.11	0.17	0.27	0.25	0.22
Accounts Receivable Turnover	11.64	11.39	10.75	9.87	3.55	3.50	3.29	5.31	11.68	13.32	13.25
Inventory Turnover	13.30	18.70	8.95	9.45	14.66	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.80	0.84	0.97	0.88	0.28	0.39	0.55	0.49	0.40	0.35	0.29
Accounts Payable Turnover	10.92	10.04	4.51	4.16	2.48	2.19	2.99	4.25	2.63	1.96	2.30
Days Sales Outstanding (DSO)	31.37	32.05	33.95	36.97	102.85	104.15	110.80	68.76	31.25	27.39	27.54
Days Inventory Outstanding (DIO)	27.44	19.52	40.76	38.61	24.89	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	33.41	36.34	80.93	87.81	147.37	166.58	121.92	85.88	138.67	185.88	158.64
Cash Conversion Cycle (CCC)	25.40	15.23	-6.22	-12.23	-19.63	-62.43	-11.12	-17.12	-107.42	-158.49	-131.11
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	404	402	1,079	1,082	1,117	304	375	544	637	788	1,356
Invested Capital Turnover	0.80	0.85	0.72	0.57	0.18	0.29	0.65	0.53	0.42	0.38	0.31
Increase / (Decrease) in Invested Capital	-13	-1.48	677	3.43	34	-812	71	169	93	151	567
Enterprise Value (EV)	592	737	1,591	1,746	2,019	1,888	1,822	1,166	805	1,227	1,126
Market Capitalization	447	625	808	1,015	1,345	1,282	1,343	1,264	787	1,079	689
Book Value per Share	$10.71	$11.97	$6.05	$7.11	$8.92	$9.48	$11.58	$12.85	$12.74	$12.98	$16.82
Tangible Book Value per Share	$7.88	$9.20	($6.21)	($3.60)	($1.42)	$7.71	$9.43	$11.06	$11.11	$11.37	$13.93
Total Capital	483	490	1,125	1,172	1,212	1,193	1,266	642	713	953	1,418
Total Debt	224	200	829	822	770	720	688	0.00	75	300	417
Total Long-Term Debt	201	177	797	758	750	688	0.00	0.00	74	293	408
Net Debt	145	112	783	732	674	606	479	-98	18	147	355
Capital Expenditures (CapEx)	68	69	168	145	56	67	120	160	188	254	317
Debt-free, Cash-free Net Working Capital (DFCFNWC)	23	13	-6.95	21	57	18	692	15	-11	-54	-57
Debt-free Net Working Capital (DFNWC)	92	90	29	100	142	120	887	99	33	85	-11
Net Working Capital (NWC)	69	67	-2.80	35	122	88	199	99	32	78	-20
Net Nonoperating Expense (NNE)	3.57	3.27	-9.47	167	-55	-57	-133	-1,002	-3.84	-7.94	-214
Net Nonoperating Obligations (NNO)	145	112	783	732	674	-168	-202	-98	-0.88	136	355
Total Depreciation and Amortization (D&A)	66	71	148	183	44	47	49	55	66	63	98
Debt-free, Cash-free Net Working Capital to Revenue	7.11%	3.77%	-1.30%	3.45%	29.68%	8.83%	313.27%	6.01%	-4.53%	-20.23%	-17.41%
Debt-free Net Working Capital to Revenue	28.19%	26.19%	5.46%	16.29%	73.84%	57.97%	401.77%	40.40%	13.17%	31.51%	-3.31%
Net Working Capital to Revenue	21.16%	19.63%	-0.52%	5.77%	63.14%	42.67%	89.93%	40.40%	12.91%	28.88%	-6.11%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.71	$0.84	($0.02)	$1.35	$0.94	$1.10	$2.54	$19.97	($0.17)	$0.16	$3.54
Adjusted Weighted Average Basic Shares Outstanding	48.20M	48.39M	48.81M	49.15M	49.54M	49.81M	49.90M	50.03M	50.16M	50.40M	53.72M
Adjusted Diluted Earnings per Share	$0.70	$0.83	($0.02)	$1.33	$0.93	$1.10	$2.53	$19.92	($0.17)	$0.16	$3.54
Adjusted Weighted Average Diluted Shares Outstanding	48.72M	49.02M	48.81M	50.03M	50.06M	50.10M	50.02M	50.15M	50.16M	50.72M	53.72M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	48.31M	48.54M	49.10M	49.53M	49.83M	49.78M	49.93M	50.05M	50.20M	50.27M	54.67M
Normalized Net Operating Profit after Tax (NOPAT)	37	46	45	40	-2.08	-1.34	-1.82	3.70	-7.67	3.76	-9.59
Normalized NOPAT Margin	11.46%	13.50%	8.47%	6.58%	-1.08%	-0.65%	-0.82%	1.51%	-3.08%	1.40%	-2.92%
Pre Tax Income Margin	17.14%	20.03%	0.36%	2.17%	0.38%	0.94%	0.27%	2.54%	-7.56%	0.56%	-11.59%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	7.85	10.31	1.08	1.35	0.00	0.00	0.00	0.00	-10.93	1.36	-1.39
NOPAT to Interest Expense	4.60	6.00	-0.41	6.09	0.00	0.00	0.00	0.00	-7.75	0.02	-1.26
EBIT Less CapEx to Interest Expense	-0.46	0.89	-5.60	-2.46	0.00	0.00	0.00	0.00	-129.86	-59.04	-21.34
NOPAT Less CapEx to Interest Expense	-3.71	-3.42	-7.09	2.29	0.00	0.00	0.00	0.00	-126.68	-60.38	-21.20
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	31.76%	27.13%	-1,307.82%	18.46%	27.61%	25.12%	13.07%	94.14%	-47.63%	56.27%	3.00%
Augmented Payout Ratio	37.03%	27.13%	-1,307.82%	18.46%	27.61%	38.15%	13.07%	94.14%	-47.63%	56.27%	3.00%

This table displays calculated financial ratios and metrics derived from Shenandoah Telecommunications' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.52%	-17.65%	4.27%	0.94%	0.72%	31.74%	3.10%	28.74%	29.95%	25.77%	26.93%
EBITDA Growth	-2.25%	-22.86%	20.87%	54.88%	17.73%	98.25%	-3.99%	-30.15%	39.74%	28.16%	46.92%
EBIT Growth	-401.21%	-331.92%	430.00%	125.87%	147.47%	115.38%	-157.30%	-1,549.90%	-324.75%	-356.18%	-415.29%
NOPAT Growth	-122.18%	-54.01%	159.90%	227.51%	141.69%	104.64%	-1,319.50%	-497.13%	-665.63%	-1,120.21%	-119.45%
Net Income Growth	-100.31%	-230.03%	442.62%	155.50%	158.39%	242.02%	10,291.87%	-819.11%	-430.38%	-205.99%	-104.25%
EPS Growth	-100.28%	-350.00%	500.00%	166.67%	160.00%	200.00%	10,425.00%	-700.00%	-533.33%	-700.00%	-104.47%
Operating Cash Flow Growth	3,301.65%	104.63%	200.78%	-5.22%	25.22%	18.16%	-68.63%	-88.17%	10.89%	-6.74%	35.40%
Free Cash Flow Firm Growth	-285.28%	41.92%	52.52%	17.51%	70.54%	-48.88%	-24.00%	-302.01%	-264.01%	-278.67%	-507.91%
Invested Capital Growth	489.19%	17.06%	14.82%	23.72%	24.60%	23.75%	15.68%	73.97%	71.24%	71.97%	83.41%
Revenue Q/Q Growth	1.37%	-22.97%	-4.07%	-0.78%	1.15%	0.75%	-15.27%	23.90%	2.10%	-2.50%	2.91%
EBITDA Q/Q Growth	38.87%	-41.15%	-10.63%	-2.77%	5.56%	-0.90%	-26.32%	-29.27%	111.20%	-9.11%	8.21%
EBIT Q/Q Growth	20.05%	-235.21%	188.49%	-46.89%	46.68%	8.63%	-117.57%	-1,243.94%	77.26%	-23.82%	-36.19%
NOPAT Q/Q Growth	43.54%	-587.07%	108.53%	1,657.21%	-81.54%	-23.61%	-124.83%	-472.23%	73.71%	-37.79%	-5.87%
Net Income Q/Q Growth	15.41%	33.17%	213.33%	-13.36%	-11.01%	62.52%	8,192.62%	-106.00%	59.11%	47.86%	-232.80%
EPS Q/Q Growth	16.67%	0.00%	180.00%	0.00%	-25.00%	66.67%	8,320.00%	-105.70%	45.83%	-130.77%	36.67%
Operating Cash Flow Q/Q Growth	-22.85%	6.92%	158.56%	-55.56%	1.92%	0.90%	-31.37%	-83.24%	855.21%	-15.15%	-0.35%
Free Cash Flow Firm Q/Q Growth	-207.93%	79.89%	9.87%	-58.18%	-9.96%	-1.63%	27.48%	-412.84%	0.43%	-5.72%	-12.61%
Invested Capital Q/Q Growth	4.23%	5.18%	4.00%	8.51%	4.98%	4.46%	-3.09%	63.18%	3.33%	4.91%	3.68%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	58.94%	57.89%	62.14%	62.86%	61.03%	64.07%	62.48%	59.74%	60.71%	61.16%	62.42%
EBITDA Margin	22.26%	17.00%	25.44%	24.93%	26.01%	25.59%	23.69%	13.52%	27.97%	26.07%	27.42%
Operating Margin	-2.65%	-23.60%	0.46%	-0.18%	-0.90%	0.83%	-4.01%	-18.51%	-4.77%	-6.74%	-6.93%
EBIT Margin	-4.45%	-19.37%	2.70%	1.45%	2.10%	2.26%	-1.50%	-16.29%	-3.63%	-4.61%	-6.10%
Profit (Net Income) Margin	-4.08%	-3.54%	3.08%	2.69%	2.36%	3.81%	310.04%	-15.00%	-6.01%	-3.21%	-10.39%
Tax Burden Percent	91.57%	15.77%	145.19%	3,033.90%	737.50%	-1,430.39%	-4,196.56%	71.62%	76.88%	33.91%	89.08%
Interest Burden Percent	100.00%	115.79%	78.40%	6.12%	15.28%	-11.78%	491.92%	128.59%	215.42%	205.64%	191.29%
Effective Tax Rate	0.00%	0.00%	47.93%	2,472.88%	184.72%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-1.36%	-6.96%	0.10%	1.75%	0.31%	0.22%	-1.14%	-4.06%	-1.07%	-1.44%	-1.55%
ROIC Less NNEP Spread (ROIC-NNEP)	-0.85%	-20.50%	-7.94%	-25.61%	3.69%	3.47%	-509.18%	-5.20%	-2.28%	-0.92%	-4.73%
Return on Net Nonoperating Assets (RNNOA)	0.38%	1.58%	0.29%	-0.15%	0.18%	0.36%	28.67%	-0.96%	-0.53%	-0.27%	-0.78%
Return on Equity (ROE)	-0.98%	-5.38%	0.40%	1.60%	0.49%	0.58%	27.54%	-5.02%	-1.60%	-1.72%	-2.32%
Cash Return on Invested Capital (CROIC)	-144.57%	-17.79%	-14.62%	-21.66%	-22.23%	-21.22%	-13.89%	-54.65%	-53.40%	-54.79%	-60.92%
Operating Return on Assets (OROA)	-1.04%	-5.16%	0.77%	0.41%	0.57%	0.56%	-0.35%	-3.75%	-0.87%	-1.02%	-1.29%
Return on Assets (ROA)	-0.96%	-0.94%	0.88%	0.76%	0.65%	0.94%	73.18%	-3.45%	-1.43%	-0.71%	-2.20%
Return on Common Equity (ROCE)	-0.98%	-5.38%	0.40%	1.60%	0.49%	0.58%	27.54%	-4.78%	-1.53%	-1.63%	-2.22%
Return on Equity Simple (ROE_SIMPLE)	-0.80%	0.00%	-0.89%	-0.11%	0.55%	0.00%	25.32%	22.08%	21.52%	0.00%	-3.30%
Net Operating Profit after Tax (NOPAT)	-1.24	-8.52	0.16	2.80	0.52	0.39	-1.94	-11	-2.92	-4.03	-4.26
NOPAT Margin	-1.85%	-16.52%	0.24%	4.20%	0.77%	0.58%	-2.81%	-12.96%	-3.34%	-4.72%	-4.85%
Net Nonoperating Expense Percent (NNEP)	-0.51%	13.54%	8.04%	27.36%	-3.38%	-3.25%	508.05%	1.14%	1.21%	-0.52%	3.18%
Return On Investment Capital (ROIC_SIMPLE)	-	-1.19%	-	-	-	0.04%	-	-	-	-0.30%	-0.30%
Cost of Revenue to Revenue	41.06%	42.11%	37.86%	37.14%	38.97%	35.93%	37.52%	40.26%	39.29%	38.84%	37.58%
SG&A Expenses to Revenue	33.21%	42.72%	38.95%	37.57%	34.05%	37.04%	41.30%	35.24%	31.97%	33.19%	35.26%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	61.59%	81.50%	61.68%	63.03%	61.94%	63.24%	66.48%	78.26%	65.48%	67.90%	69.35%
Earnings before Interest and Taxes (EBIT)	-2.98	-9.99	1.82	0.96	1.41	1.54	-1.04	-14	-3.18	-3.94	-5.36
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	15	8.77	17	17	18	17	16	12	25	22	24
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.32	1.23	1.48	1.50	1.57	1.65	1.00	0.95	0.83	0.75	0.75
Price to Tangible Book Value (P/TBV)	1.51	1.41	1.69	1.71	1.79	1.89	1.10	1.17	1.00	0.90	0.91
Price to Revenue (P/Rev)	3.25	3.16	3.52	3.59	3.78	4.01	3.02	2.89	2.33	2.10	1.98
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	282.66	134.25	3.96	4.32	3.87	3.62	0.00
Dividend Yield	111.47%	0.51%	0.42%	0.41%	0.39%	0.42%	0.52%	0.55%	0.64%	0.79%	0.80%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.35%	0.74%	25.27%	23.13%	25.83%	27.65%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.36	1.26	1.49	1.47	1.49	1.56	1.00	0.97	0.88	0.83	0.84
Enterprise Value to Revenue (EV/Rev)	3.17	3.23	3.66	3.91	4.15	4.56	2.66	3.92	3.44	3.43	3.41
Enterprise Value to EBITDA (EV/EBITDA)	16.13	16.35	16.01	15.63	16.01	17.75	10.21	17.19	14.65	14.75	14.08
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	525.65	214.09	94.23	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	12,896.88	163.82	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	10.75	9.24	9.99	10.20	10.78	9.53	19.60	17.67	18.00	17.41
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.04	0.12	0.16	0.19	0.23	0.46	0.34	0.29	0.34	0.42	0.52
Long-Term Debt to Equity	0.04	0.12	0.15	0.19	0.23	0.45	0.33	0.29	0.33	0.41	0.51
Financial Leverage	-0.45	-0.08	-0.04	0.01	0.05	0.10	-0.06	0.19	0.23	0.30	0.16
Leverage Ratio	1.72	1.46	1.47	1.48	1.53	1.70	1.62	1.61	1.66	1.79	1.75
Compound Leverage Factor	1.72	1.69	1.15	0.09	0.23	-0.20	7.97	2.08	3.57	3.67	3.35
Debt to Total Capital	3.74%	10.51%	13.46%	16.12%	18.64%	31.48%	25.52%	22.70%	25.51%	29.40%	34.10%
Short-Term Debt to Total Capital	0.02%	0.09%	0.18%	0.14%	0.30%	0.74%	0.67%	0.67%	0.64%	0.65%	0.69%
Long-Term Debt to Total Capital	3.73%	10.42%	13.28%	15.99%	18.34%	30.74%	24.84%	22.03%	24.87%	28.75%	33.41%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	6.06%	6.00%	5.82%	5.56%
Common Equity to Total Capital	96.26%	89.49%	86.54%	83.88%	81.36%	68.52%	74.48%	71.24%	68.50%	64.78%	60.34%
Debt to EBITDA	0.49	1.52	1.62	1.84	2.13	4.34	3.96	4.23	4.46	5.46	6.12
Net Debt to EBITDA	-0.41	0.36	0.62	1.26	1.44	2.13	-1.39	3.39	3.70	4.65	4.90
Long-Term Debt to EBITDA	0.49	1.51	1.60	1.83	2.10	4.24	3.86	4.10	4.35	5.34	6.00
Debt to NOPAT	-2.71	-6.13	-19.64	-41.94	-69.26	3,153.40	63.65	-46.04	-38.48	-20.83	-23.04
Net Debt to NOPAT	2.26	-1.47	-7.55	-28.73	-46.67	1,550.37	-22.28	-36.92	-31.95	-17.73	-18.42
Long-Term Debt to NOPAT	-2.69	-6.08	-19.38	-41.58	-68.15	3,078.79	61.97	-44.69	-37.52	-20.37	-22.57
Altman Z-Score	3.02	2.48	2.67	2.60	2.55	2.13	2.16	1.64	1.48	1.34	1.27
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.78%	4.88%	4.99%	4.50%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.49	1.33	1.13	0.96	0.88	1.79	4.68	0.89	0.79	0.83	1.20
Quick Ratio	0.72	0.67	0.70	0.51	0.65	1.62	4.48	0.66	0.61	0.66	1.05
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-504	-101	-85	-135	-149	-151	-106	-543	-541	-572	-644
Operating Cash Flow to CapEx	40.65%	33.30%	71.73%	31.87%	40.52%	33.65%	21.64%	3.21%	32.19%	22.28%	24.67%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	-217.81	-149.24	-123.97	-87.90	-25.97	-135.87	-147.38	-137.48	-131.56
Operating Cash Flow to Interest Expense	0.00	0.00	123.28	23.73	18.27	12.86	3.72	0.64	6.62	4.95	4.20
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	-48.58	-50.73	-26.82	-25.37	-13.47	-19.17	-13.94	-17.29	-12.81
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.23	0.27	0.29	0.28	0.27	0.25	0.24	0.23	0.24	0.22	0.21
Accounts Receivable Turnover	10.69	11.68	17.09	16.82	12.78	13.32	16.99	13.72	12.80	13.25	14.45
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.45	0.40	0.41	0.39	0.37	0.35	0.35	0.29	0.30	0.29	0.29
Accounts Payable Turnover	4.09	2.63	3.04	2.94	2.61	1.96	2.15	2.35	2.28	2.30	2.47
Days Sales Outstanding (DSO)	34.13	31.25	21.36	21.70	28.56	27.39	21.49	26.60	28.52	27.54	25.25
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	89.15	138.67	120.22	124.35	139.75	185.88	169.58	155.10	160.12	158.64	147.92
Cash Conversion Cycle (CCC)	-55.02	-107.42	-98.86	-102.64	-111.19	-158.49	-148.09	-128.50	-131.60	-131.11	-122.67
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	606	637	663	719	755	788	767	1,251	1,292	1,356	1,406
Invested Capital Turnover	0.73	0.42	0.44	0.42	0.40	0.38	0.41	0.31	0.32	0.31	0.32
Increase / (Decrease) in Invested Capital	503	93	86	138	149	151	104	532	538	567	639
Enterprise Value (EV)	825	805	990	1,058	1,126	1,227	769	1,209	1,132	1,126	1,183
Market Capitalization	846	787	951	973	1,025	1,079	873	891	765	689	687
Book Value per Share	$12.83	$12.74	$12.80	$12.92	$13.02	$12.98	$17.25	$17.11	$16.96	$16.82	$16.65
Tangible Book Value per Share	$11.20	$11.11	$11.18	$11.31	$11.40	$11.37	$15.65	$14.00	$13.97	$13.93	$13.78
Total Capital	667	713	743	774	804	953	1,170	1,310	1,351	1,418	1,509
Total Debt	25	75	100	125	150	300	299	297	345	417	515
Total Long-Term Debt	25	74	99	124	147	293	291	289	336	408	504
Net Debt	-21	18	38	86	101	147	-105	238	286	355	411
Capital Expenditures (CapEx)	43	56	67	67	54	66	70	79	75	92	83
Debt-free, Cash-free Net Working Capital (DFCFNWC)	5.87	-11	-35	-28	-44	-54	-47	-48	-60	-57	-55
Debt-free Net Working Capital (DFNWC)	39	33	14	-1.86	-7.56	85	343	-3.84	-17	-11	33
Net Working Capital (NWC)	39	32	12	-2.92	-9.97	78	335	-13	-26	-20	22
Net Nonoperating Expense (NNE)	1.49	-6.69	-1.91	1.01	-1.08	-2.19	-217	1.75	2.34	-1.28	4.87
Net Nonoperating Obligations (NNO)	-37	-0.88	20	70	100	136	-105	238	286	355	411
Total Depreciation and Amortization (D&A)	18	19	15	16	16	16	17	26	28	26	29
Debt-free, Cash-free Net Working Capital to Revenue	2.26%	-4.53%	-12.89%	-10.40%	-16.05%	-20.23%	-16.14%	-15.43%	-18.28%	-17.41%	-15.79%
Debt-free Net Working Capital to Revenue	14.96%	13.17%	5.03%	-0.69%	-2.79%	31.51%	118.50%	-1.24%	-5.17%	-3.31%	9.47%
Net Working Capital to Revenue	14.92%	12.91%	4.55%	-1.08%	-3.67%	28.88%	115.78%	-4.07%	-7.79%	-6.11%	6.48%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.05)	($0.05)	$0.04	$0.04	$0.03	$0.05	$4.25	($0.24)	($0.13)	($0.34)	($0.19)
Adjusted Weighted Average Basic Shares Outstanding	50.18M	50.16M	50.29M	50.37M	50.38M	50.40M	50.52M	54.73M	54.78M	53.72M	54.96M
Adjusted Diluted Earnings per Share	($0.05)	($0.05)	$0.04	$0.04	$0.03	$0.05	$4.21	($0.24)	($0.13)	($0.30)	($0.19)
Adjusted Weighted Average Diluted Shares Outstanding	50.18M	50.16M	50.51M	50.69M	50.84M	50.72M	51.01M	54.73M	54.78M	53.72M	54.96M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	50.10M	50.20M	50.25M	50.26M	50.26M	50.27M	54.55M	54.57M	54.60M	54.67M	54.86M
Normalized Net Operating Profit after Tax (NOPAT)	-0.46	-8.52	0.16	0.71	1.45	0.39	-1.94	-3.19	-1.75	-4.03	-3.91
Normalized NOPAT Margin	-0.68%	-16.52%	0.24%	1.07%	2.15%	0.58%	-2.81%	-3.72%	-2.00%	-4.72%	-4.45%
Pre Tax Income Margin	-4.45%	-22.43%	2.12%	0.09%	0.32%	-0.27%	-7.39%	-20.95%	-7.82%	-9.47%	-11.66%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	4.63	1.07	1.18	0.89	-0.26	-3.50	-0.87	-0.95	-1.10
NOPAT to Interest Expense	0.00	0.00	0.41	3.09	0.43	0.23	-0.48	-2.78	-0.80	-0.97	-0.87
EBIT Less CapEx to Interest Expense	0.00	0.00	-167.22	-73.39	-43.91	-37.33	-17.44	-23.30	-21.42	-23.19	-18.10
NOPAT Less CapEx to Interest Expense	0.00	0.00	-171.45	-71.37	-44.66	-38.00	-17.66	-22.59	-21.36	-23.21	-17.88
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	-47.63%	0.00%	0.00%	0.00%	56.27%	0.00%	0.00%	0.00%	3.00%	0.00%
Augmented Payout Ratio	0.00%	-47.63%	0.00%	0.00%	0.00%	56.27%	0.00%	0.00%	0.00%	3.00%	0.00%

Key Financial Trends

Shenandoah Telecommunications delivered strong top‐line momentum in Q1 2025, driven by continued network investments, while profitability metrics remained under pressure from heavy CapEx and elevated operating expenses. Despite robust revenue and EBITDA growth, the company reported a widening net loss and negative returns on invested capital, highlighting a need to balance growth spending with profitability.

Revenue jumped 26.9% year-over-year in Q1 2025 to $87.9 million, compared with just 3.1% growth in Q1 2024.
EBITDA rose 47% year-over-year to $24.1 million in Q1 2025, lifting the EBITDA margin from 23.7% to 27.4%.
Operating cash flow improved 35% to $20.5 million in Q1 2025, up from $15.0 million in Q1 2024.
Capital expenditures remained elevated at $83.2 million in Q1 2025 versus $70.1 million a year earlier, reflecting ongoing network build-out.
Net debt held near $411 million in Q1 2025, largely unchanged from prior quarters after new debt issuance and scheduled repayments.
Net loss widened to $9.1 million in Q1 2025, with NOPAT margin at –4.9%, indicating ongoing unprofitability.
Free cash flow to firm was deeply negative at –$643.6 million, driven by heavy investing outlays and working capital build.
Return on invested capital (ROIC) remained below zero at –1.5% in Q1 2025, underperforming the company’s cost of capital.
Altman Z-Score declined to 1.27 in Q1 2025, down from 2.16 in Q1 2024, suggesting elevated risk of financial distress if trends persist.

06/20/25 02:25 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Shenandoah Telecommunications' Financials

When does Shenandoah Telecommunications' fiscal year end?

According to the most recent income statement we have on file, Shenandoah Telecommunications' financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Shenandoah Telecommunications' net income changed over the last 10 years?

Shenandoah Telecommunications' net income appears to be on an upward trend, with a most recent value of $193.82 million in 2024, rising from $33.88 million in 2014. The previous period was $8.04 million in 2023. See Shenandoah Telecommunications' forecast for analyst expectations on what’s next for the company.

What is Shenandoah Telecommunications' operating income?

Shenandoah Telecommunications' total operating income in 2024 was -$28.59 million, based on the following breakdown:

Total Gross Profit: $199.95 million
Total Operating Expenses: $228.54 million

How has Shenandoah Telecommunications' revenue changed over the last 10 years?

Over the last 10 years, Shenandoah Telecommunications' total revenue changed from $326.95 million in 2014 to $328.06 million in 2024, a change of 0.3%.

How much debt does Shenandoah Telecommunications have?

Shenandoah Telecommunications' total liabilities were at $739.23 million at the end of 2024, a 31.6% increase from 2023, and a 104.8% increase since 2014.

How much cash does Shenandoah Telecommunications have?

In the past 10 years, Shenandoah Telecommunications' cash and equivalents has ranged from $36.19 million in 2016 to $195.40 million in 2020, and is currently $46.27 million as of their latest financial filing in 2024.

How has Shenandoah Telecommunications' book value per share changed over the last 10 years?

Over the last 10 years, Shenandoah Telecommunications' book value per share changed from 10.71 in 2014 to 16.82 in 2024, a change of 57.0%.

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This page (NASDAQ:SHEN) was last updated on 6/20/2025 by MarketBeat.com Staff

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