Shenandoah Telecommunications (SHEN) Financials

$16.21 +0.36 (+2.27%)

As of 02:13 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	41	-0.90	66	47	48	121	999	-8.38	8.04	190	-39
Consolidated Net Income / (Loss)	41	-0.90	66	47	56	126	999	-8.38	8.04	194	-33
Net Income / (Loss) Continuing Operations	41	-0.90	66	2.08	1.93	1.58	7.93	-15	1.02	-28	-33
Total Pre-Tax Income	69	1.95	13	0.73	1.94	0.59	6.24	-19	1.52	-38	-42
Total Operating Income	74	23	47	-2.97	-1.34	-2.60	-2.43	-17	0.14	-29	-23
Total Gross Profit	221	342	400	112	123	131	143	147	168	200	228
Total Revenue	342	535	612	193	207	221	245	249	269	328	358
Operating Revenue	342	535	612	193	207	221	245	249	269	328	358
Total Cost of Revenue	121	194	212	80	84	90	102	102	101	128	130
Operating Cost of Revenue	121	194	212	80	84	90	102	102	101	128	130
Total Operating Expenses	147	319	354	115	125	134	145	164	168	229	251
Selling, General & Admin Expense	73	133	166	71	78	85	82	91	99	115	118
Depreciation Expense	71	144	177	44	47	49	55	66	66	99	132
Restructuring Charge	3.55	42	11	-	0.00	0.00	1.73	1.25	2.92	15	1.17
Total Other Income / (Expense), net	-5.50	-21	-33	3.70	3.28	3.19	8.67	-1.36	1.38	-9.44	-19
Interest Expense	7.36	25	38	-	-	-	-	1.58	4.21	16	25
Other Income / (Expense), net	1.75	4.52	4.98	3.70	3.28	3.19	8.67	0.22	5.59	6.46	6.76
Income Tax Expense	28	2.84	-53	-1.34	0.01	-0.99	-1.69	-3.40	0.50	-9.67	-8.91
Net Income / (Loss) Discontinued Operations	-	-	-	45	54	124	991	7.04	7.02	222	0.00
Preferred Stock Dividends Declared	-	-	-	-	-	-	-	-	-	3.43	6.45
Basic Earnings per Share	$0.84	($0.02)	$1.35	$0.94	$1.11	$2.52	$19.97	($0.17)	$0.16	$3.54	($0.71)
Weighted Average Basic Shares Outstanding	48.39M	48.81M	49.15M	49.54M	49.81M	49.90M	50.03M	50.16M	50.40M	53.72M	55.10M
Diluted Earnings per Share	$0.83	($0.02)	$1.33	$0.93	$1.11	$2.51	$19.92	($0.17)	$0.16	$3.54	($0.71)
Weighted Average Diluted Shares Outstanding	49.02M	48.81M	50.03M	50.06M	50.10M	50.02M	50.15M	50.16M	50.72M	53.72M	55.10M
Weighted Average Basic & Diluted Shares Outstanding	48.60M	44.80M	49.20M	49.60M	49.78M	49.93M	50.05M	50.20M	50.27M	54.67M	55.30M
Cash Dividends to Common per Share	$0.24	$0.25	$0.26	$0.27	$0.29	$0.34	$18.82	$0.08	$0.09	$0.10	$0.11

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	1.59	2.59	215	-13	-6.90	-4.54	-11	-11	-11	-7.33	-17
Consolidated Net Income / (Loss)	1.59	2.59	215	-13	-5.26	-2.74	-9.13	-9.05	-9.39	-5.37	-16
Net Income / (Loss) Continuing Operations	-0.18	1.86	-4.09	-13	-5.30	-6.19	-9.13	-9.05	-9.39	-5.37	-16
Total Pre-Tax Income	0.22	-0.18	-5.12	-18	-6.85	-8.09	-10	-12	-12	-7.15	-20
Total Operating Income	-0.61	0.56	-2.78	-16	-4.18	-5.75	-6.09	-9.11	-7.16	-0.87	-10
Total Gross Profit	41	44	43	51	53	52	55	56	57	60	60
Total Revenue	67	68	69	86	88	85	88	89	90	92	92
Operating Revenue	67	68	69	86	88	85	88	89	90	92	92
Total Cost of Revenue	26	24	26	35	34	33	33	33	32	32	32
Operating Cost of Revenue	26	24	26	35	34	33	33	33	32	32	32
Total Operating Expenses	42	43	46	67	57	58	61	65	65	60	71
Selling, General & Admin Expense	23	25	28	30	28	28	31	30	30	28	33
Depreciation Expense	16	16	17	26	28	28	29	35	34	33	35
Restructuring Charge	1.15	-	0.62	11	1.67	-	0.51	0.21	0.29	0.16	2.44
Total Other Income / (Expense), net	0.83	-0.75	-2.34	-2.09	-2.67	-2.34	-4.16	-2.99	-5.20	-6.27	-9.39
Interest Expense	1.20	1.72	4.08	4.00	3.67	4.16	4.89	6.00	6.79	7.69	9.44
Other Income / (Expense), net	2.02	0.97	1.74	1.91	1.00	1.82	0.73	3.02	1.59	1.42	0.05
Income Tax Expense	0.40	-2.04	-1.03	-5.20	-1.54	-1.90	-1.12	-3.05	-2.97	-1.77	-4.11
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	-	0.00	-	1.64	-	1.47	-	1.52	-	1.58
Basic Earnings per Share	$0.03	$0.05	$4.25	($0.24)	($0.13)	($0.34)	($0.19)	($0.19)	($0.20)	($0.13)	($0.31)
Weighted Average Basic Shares Outstanding	50.38M	50.40M	50.52M	54.73M	54.78M	53.72M	54.96M	55.10M	55.15M	55.10M	55.55M
Diluted Earnings per Share	$0.03	$0.05	$4.25	($0.24)	($0.13)	($0.30)	($0.19)	($0.19)	($0.20)	($0.13)	($0.31)
Weighted Average Diluted Shares Outstanding	50.38M	50.72M	50.52M	54.73M	54.78M	53.72M	54.96M	55.10M	55.15M	55.10M	55.55M
Weighted Average Basic & Diluted Shares Outstanding	50.26M	50.27M	54.55M	54.57M	54.60M	54.67M	54.86M	54.90M	54.90M	55.30M	55.32M

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Net Change in Cash & Equivalents	7.90	-41	42	6.50	17	94	-111	-40	95	-93	1.93
Net Cash From Operating Activities	119	162	223	266	259	303	-251	75	114	63	101
Net Cash From Continuing Operating Activities	119	162	223	54	42	53	63	65	104	69	103
Net Income / (Loss) Continuing Operations	41	-0.90	66	2.08	1.93	1.58	7.93	-15	1.02	-28	-33
Consolidated Net Income / (Loss)	41	-0.90	66	47	56	126	999	-8.38	8.04	194	-33
Net Income / (Loss) Discontinued Operations	-	-	-	45	54	124	991	7.04	7.02	222	0.00
Depreciation Expense	69	124	151	44	46	48	54	66	63	97	130
Amortization Expense	1.98	24	31	0.18	0.47	0.74	0.82	0.72	0.49	1.55	1.94
Non-Cash Adjustments To Reconcile Net Income	2.98	26	38	3.94	8.34	11	16	16	14	12	11
Changes in Operating Assets and Liabilities, net	4.21	-12	-64	3.80	-15	-8.36	-15	-1.38	26	-13	-6.44
Net Cash From Discontinued Operating Activities	-	-	-	211	217	250	-314	9.47	9.44	-6.81	-2.27
Net Cash From Investing Activities	-69	-820	-151	-188	-165	-156	1,784	-184	-237	-339	-295
Net Cash From Continuing Investing Activities	-69	-820	-151	-56	-94	-138	-160	-184	-235	-645	-295
Purchase of Property, Plant & Equipment	-70	-173	-146	-57	-67	-120	-160	-189	-255	-319	-359
Acquisitions	0.00	-657	-6.00	0.00	-27	-1.89	-	0.00	0.00	-347	1.47
Sale of Property, Plant & Equipment	0.36	5.51	0.99	0.54	0.11	0.37	0.37	1.43	0.66	2.01	0.27
Divestitures	-	-	-	-	-	-	0.00	0.00	17	0.00	0.00
Other Investing Activities, net	0.00	2.17	-	-	-	-16	0.00	4.00	1.90	19	63
Net Cash From Discontinued Investing Activities	-	-	-	-132	-72	-18	1,944	-0.62	-1.48	306	0.00
Net Cash From Financing Activities	-42	618	-29	-71	-77	-54	-1,644	69	218	184	196
Net Cash From Continuing Financing Activities	-42	618	-29	-16	-24	-19	-944	69	218	184	196
Repayment of Debt	-31	-229	-36	-0.00	0.04	-0.77	-2.03	-0.93	-0.98	-13	-614
Payment of Dividends	-11	-12	-12	-13	-14	-16	-940	-3.99	-4.52	-5.81	-6.45
Issuance of Debt	0.00	860	25	-	-	0.00	0.00	75	225	125	817
Other Financing Activities, net	-1.21	-5.10	-5.41	-3.25	-2.91	-2.22	-1.63	-1.08	-1.39	78	-1.04
Cash Interest Paid	6.78	21	-	-	-	-	-	0.58	3.03	12	21

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	9.66	103	250	-346	-0.68	3.17	41	-58	-6.46	26	23
Net Cash From Operating Activities	22	22	15	2.54	24	21	21	21	31	29	24
Net Cash From Continuing Operating Activities	19	22	13	10	25	21	21	23	31	29	24
Net Income / (Loss) Continuing Operations	-0.18	1.86	-4.09	-13	-5.30	-6.19	-9.13	-9.05	-9.39	-5.37	-16
Consolidated Net Income / (Loss)	1.59	2.59	215	-13	-5.26	-2.74	-9.13	-9.05	-9.39	-5.37	-16
Depreciation Expense	16	16	17	26	28	26	29	35	34	32	35
Amortization Expense	-	-	0.12	-	-	-	0.47	0.47	0.49	0.49	0.43
Non-Cash Adjustments To Reconcile Net Income	2.94	2.68	4.72	2.78	1.87	2.98	4.01	2.70	2.74	1.59	5.23
Changes in Operating Assets and Liabilities, net	-0.09	1.18	-5.16	-5.33	0.96	-3.54	-3.81	-5.56	2.89	0.03	-0.08
Net Cash From Investing Activities	-37	-64	238	-422	-72	-84	-76	-76	-58	-85	-64
Net Cash From Continuing Investing Activities	-36	-64	-67	-422	-72	-84	-76	-76	-58	-85	-64
Purchase of Property, Plant & Equipment	-54	-66	-70	-81	-76	-93	-83	-86	-82	-107	-76
Sale of Property, Plant & Equipment	0.06	0.09	0.00	1.72	0.13	0.16	0.05	0.20	0.03	-0.01	0.16
Other Investing Activities, net	0.34	1.46	2.71	4.94	3.44	8.14	6.93	10	29	16	12
Net Cash From Financing Activities	25	145	-3.16	73	47	67	97	-3.77	21	82	63
Net Cash From Continuing Financing Activities	25	145	-3.16	73	47	67	97	-3.77	21	82	63
Repayment of Debt	-0.39	-	-1.71	-6.05	-2.99	-2.25	-2.20	-3.52	-4.19	-604	-0.91
Issuance of Debt	25	150	0.00	-	50	75	100	-	25	692	65
Other Financing Activities, net	-	-0.07	-1.46	79	-	-0.06	-0.79	-0.25	-	-	-1.48
Cash Interest Paid	0.79	1.39	3.96	1.26	2.41	3.14	4.26	5.63	6.38	4.53	9.74
Cash Income Taxes Paid	-	-	0.00	-7.09	0.43	-	0.16	-2.20	3.99	-	0.00

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Total Assets	627	1,484	1,412	1,485	1,899	2,024	891	978	1,214	1,740	1,911
Total Current Assets	128	161	173	210	242	1,407	166	129	176	95	97
Cash & Equivalents	77	36	79	85	102	195	84	44	139	46	27
Restricted Cash	-	-	-	-	-	-	-	-	-	0.00	21
Accounts Receivable	30	70	54	54	64	70	22	21	20	30	31
Prepaid Expenses	8.57	16	17	60	11	7.52	30	12	12	17	15
Current Deferred & Refundable Income Taxes	8.60	0.00	17	5.28	10	0.00	30	30	4.69	1.24	2.54
Plant, Property, & Equipment, net	410	698	686	701	363	440	554	688	850	1,439	1,602
Total Noncurrent Assets	89	625	553	573	1,294	177	170	162	188	207	212
Long-Term Investments	11	10	11	11	12	14	14	13	13	16	17
Goodwill	0.01	145	146	146	88	107	90	82	81	67	68
Intangible Assets	67	455	381	366	-	-	-	-	-	91	89
Other Noncurrent Operating Assets	12	15	14	50	52	57	67	67	25	34	38
Total Liabilities & Shareholders' Equity	627	1,484	1,412	1,485	1,899	2,024	891	978	1,214	1,740	1,911
Total Liabilities	337	1,189	1,062	1,043	1,426	1,447	248	340	562	739	941
Total Current Liabilities	61	164	138	89	154	1,208	67	96	98	115	108
Accounts Payable	13	73	29	36	40	20	29	49	54	58	61
Accrued Expenses	14	39	23	24	18	30	24	28	19	28	27
Current Deferred Revenue	12	20	21	7.92	8.36	8.59	11	12	12	16	17
Other Current Liabilities	-	-	-	-	1.73	1.97	3.32	2.83	2.22	3.06	2.82
Total Noncurrent Liabilities	276	1,024	924	954	1,273	239	181	243	463	625	833
Long-Term Debt	177	797	758	750	688	-	0.00	74	293	408	628
Noncurrent Deferred Revenue	8.14	18	16	22	43	46	52	50	7.19	11	11
Noncurrent Deferred & Payable Income Tax Liabilities	75	152	101	127	138	149	86	85	88	168	158
Noncurrent Employee Benefit Liabilities	2.65	18	13	12	13	15	8.22	3.76	3.94	4.95	4.15
Other Noncurrent Operating Liabilities	6.39	24	15	14	17	25	26	20	17	34	32
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	89
Total Equity & Noncontrolling Interests	290	296	350	442	472	577	642	638	653	919	881
Total Preferred & Common Equity	290	296	350	442	472	577	642	638	653	919	881
Total Common Equity	290	296	350	442	472	577	642	638	653	919	881
Common Stock	33	45	45	47	42	47	49	57	67	148	157
Retained Earnings	257	244	297	387	430	534	593	581	584	769	724

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	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	922	1,007	1,027	1,059	1,446	1,656	1,695	1,825	1,815	1,850	1,953
Total Current Assets	118	105	79	74	426	100	98	134	83	68	114
Cash & Equivalents	33	48	26	36	390	44	43	88	29	23	44
Restricted Cash	-	-	-	-	-	-	-	-	-	-	27
Accounts Receivable	24	16	15	19	18	30	33	30	35	25	25
Prepaid Expenses	12	13	13	14	15	21	17	16	16	17	16
Current Deferred & Refundable Income Taxes	29	5.08	4.65	4.65	2.62	5.54	4.70	1.08	3.28	3.31	2.54
Plant, Property, & Equipment, net	641	740	786	822	896	1,337	1,385	1,484	1,524	1,572	1,629
Total Noncurrent Assets	163	163	162	162	124	220	212	207	207	211	210
Long-Term Investments	13	13	13	13	13	15	15	16	16	16	16
Goodwill	82	81	81	81	81	169	163	157	157	157	68
Intangible Assets	-	-	-	-	-	-	-	-	-	-	89
Other Noncurrent Operating Assets	69	68	68	68	29	35	34	34	35	37	37
Total Liabilities & Shareholders' Equity	922	1,007	1,027	1,059	1,446	1,656	1,695	1,825	1,815	1,850	1,953
Total Liabilities	280	364	378	404	574	644	688	831	827	871	996
Total Current Liabilities	79	92	82	84	91	112	123	112	115	135	102
Accounts Payable	36	49	41	43	50	58	66	59	63	77	54
Accrued Expenses	25	23	20	22	18	28	30	23	22	29	27
Current Deferred Revenue	11	12	12	13	12	15	15	16	17	17	18
Other Current Liabilities	2.96	2.95	3.08	3.13	2.27	3.14	3.32	3.06	2.93	2.85	2.85
Total Noncurrent Liabilities	201	272	296	320	483	532	565	719	712	735	894
Long-Term Debt	25	99	124	147	291	289	336	504	502	524	694
Noncurrent Deferred Revenue	52	52	50	50	8.36	11	12	11	10	9.89	10
Noncurrent Deferred & Payable Income Tax Liabilities	85	86	88	89	164	186	182	166	163	160	154
Noncurrent Employee Benefit Liabilities	7.71	3.89	4.04	3.97	4.16	4.97	5.09	4.86	4.93	5.12	4.16
Other Noncurrent Operating Liabilities	22	21	20	20	16	41	31	33	32	36	33
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	-	-	-	-	-	79	81	84	85	87	90
Total Equity & Noncontrolling Interests	643	643	649	654	872	933	925	910	902	893	867
Total Preferred & Common Equity	643	643	649	654	872	933	925	910	902	893	867
Total Common Equity	643	643	649	654	872	933	925	910	902	893	867
Common Stock	56	60	63	65	70	144	145	151	153	155	161
Retained Earnings	586	583	584	586	799	786	779	758	748	737	706

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	4.75%	56.30%	14.33%	-68.52%	7.36%	6.73%	11.08%	1.50%	8.12%	21.90%	9.08%
EBITDA Growth	12.75%	19.21%	33.43%	-80.72%	7.98%	1.16%	24.65%	-19.85%	40.32%	10.46%	50.85%
EBIT Growth	18.55%	-64.34%	90.39%	-98.57%	164.03%	-69.76%	963.99%	-376.52%	133.23%	-486.28%	25.52%
NOPAT Growth	17.84%	-123.48%	2,347.07%	-103.61%	84.08%	-422.87%	55.82%	-295.42%	100.78%	-21,144.13%	18.73%
Net Income Growth	20.60%	-102.19%	7,517.88%	-29.82%	19.11%	126.44%	694.79%	-100.84%	195.93%	2,311.26%	-117.00%
EPS Growth	20.60%	-102.41%	6,750.00%	-30.08%	19.35%	126.13%	693.63%	-100.85%	194.12%	2,112.50%	-120.06%
Operating Cash Flow Growth	3.76%	35.37%	38.01%	19.16%	-2.45%	16.87%	-182.85%	129.85%	51.91%	-45.01%	61.42%
Free Cash Flow Firm Growth	-9.72%	-1,605.79%	133.41%	-118.69%	1,990.77%	-109.62%	-120.68%	38.94%	-43.92%	-288.49%	67.13%
Invested Capital Growth	-0.37%	168.26%	0.32%	3.19%	-72.75%	23.33%	45.04%	17.06%	23.75%	71.97%	13.04%
Revenue Q/Q Growth	1.32%	14.62%	-20.34%	-58.89%	122.71%	334,607.58%	1.86%	-4.25%	-0.77%	-0.23%	1.76%
EBITDA Q/Q Growth	4.06%	8.42%	4.53%	-82.71%	174.54%	3,040.87%	-0.82%	-3.67%	-1.78%	-1.23%	8.78%
EBIT Q/Q Growth	7.59%	-23.99%	12.07%	-99.17%	112.54%	101.16%	-29.08%	-80.21%	167.46%	-94.52%	21.37%
NOPAT Q/Q Growth	7.64%	-148.98%	819.95%	-105.53%	90.31%	81.35%	-141.54%	-32.35%	104.39%	-123.52%	17.36%
Net Income Q/Q Growth	9.25%	-107.85%	1,083.42%	-49.54%	-1.36%	37.30%	-4.48%	-62.57%	121.68%	-2.68%	-8.67%
EPS Q/Q Growth	9.25%	-108.70%	-36.97%	945.45%	-1.77%	37.16%	-4.51%	-70.00%	166.67%	-9.00%	22.83%
Operating Cash Flow Q/Q Growth	11.75%	22.70%	-0.83%	4.99%	-4.13%	3.37%	-209.96%	121.56%	3.08%	-2.32%	8.83%
Free Cash Flow Firm Q/Q Growth	-1.39%	-6.47%	435.31%	-169.96%	2,811.36%	-111.34%	-162.82%	79.48%	-0.02%	-7.48%	4.38%
Invested Capital Q/Q Growth	1.34%	1.47%	3.50%	-1.73%	-72.20%	1.60%	429.38%	5.18%	4.46%	4.91%	3.94%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	64.57%	63.85%	65.44%	58.26%	59.60%	59.39%	58.29%	58.91%	62.53%	60.95%	63.64%
EBITDA Margin	42.95%	32.76%	38.24%	23.42%	23.55%	22.33%	25.05%	19.78%	25.67%	23.27%	32.17%
Operating Margin	21.63%	4.21%	7.60%	-1.54%	-0.65%	-1.18%	-0.99%	-7.01%	0.05%	-8.72%	-6.49%
EBIT Margin	22.14%	5.05%	8.41%	0.38%	0.94%	0.27%	2.54%	-6.93%	2.13%	-6.75%	-4.61%
Profit (Net Income) Margin	11.93%	-0.17%	10.85%	24.18%	26.83%	56.92%	407.29%	-3.37%	2.99%	59.08%	-9.21%
Tax Burden Percent	59.58%	-46.02%	500.79%	6,348.09%	2,863.78%	21,445.90%	16,019.74%	44.53%	529.86%	-509.68%	78.71%
Interest Burden Percent	90.44%	7.19%	25.74%	100.00%	100.00%	100.00%	100.00%	109.15%	26.48%	171.83%	253.95%
Effective Tax Rate	40.42%	146.02%	-400.79%	-182.97%	0.31%	-168.94%	-27.17%	0.00%	33.03%	0.00%	0.00%
Return on Invested Capital (ROIC)	10.96%	-1.40%	21.56%	-0.76%	-0.19%	-2.06%	-0.67%	-2.07%	0.01%	-1.87%	-1.13%
ROIC Less NNEP Spread (ROIC-NNEP)	8.41%	0.72%	-0.43%	7.06%	22.27%	-73.78%	-669.07%	-9.84%	11.79%	85.29%	-4.76%
Return on Net Nonoperating Assets (RNNOA)	3.95%	1.09%	-1.01%	12.52%	12.32%	26.01%	164.51%	0.76%	1.23%	25.31%	-2.22%
Return on Equity (ROE)	14.91%	-0.31%	20.55%	11.76%	12.14%	23.95%	163.83%	-1.31%	1.25%	23.44%	-3.34%
Cash Return on Invested Capital (CROIC)	11.32%	-92.78%	21.24%	-3.90%	114.16%	-22.95%	-37.43%	-17.79%	-21.22%	-54.79%	-13.37%
Operating Return on Assets (OROA)	12.17%	2.56%	3.56%	0.05%	0.11%	0.03%	0.43%	-1.85%	0.52%	-1.50%	-0.90%
Return on Assets (ROA)	6.56%	-0.08%	4.58%	3.22%	3.28%	6.41%	68.53%	-0.90%	0.73%	13.12%	-1.80%
Return on Common Equity (ROCE)	14.91%	-0.31%	20.55%	11.76%	12.14%	23.95%	163.83%	-1.31%	1.25%	22.27%	-3.05%
Return on Equity Simple (ROE_SIMPLE)	14.09%	-0.30%	18.96%	10.54%	11.75%	21.78%	155.51%	-1.31%	1.23%	21.10%	0.00%
Net Operating Profit after Tax (NOPAT)	44	-10	233	-8.40	-1.34	-7.00	-3.09	-12	0.10	-20	-16
NOPAT Margin	12.89%	-1.94%	38.06%	-4.36%	-0.65%	-3.17%	-1.26%	-4.91%	0.04%	-6.10%	-4.55%
Net Nonoperating Expense Percent (NNEP)	2.54%	-2.12%	21.99%	-7.82%	-22.46%	71.72%	668.39%	7.77%	-11.78%	-87.16%	3.63%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-1.71%	0.01%	-1.50%	-1.08%
Cost of Revenue to Revenue	35.43%	36.15%	34.56%	41.74%	40.40%	40.61%	41.71%	41.09%	37.47%	39.05%	36.36%
SG&A Expenses to Revenue	21.26%	24.91%	27.11%	36.77%	37.63%	38.51%	33.62%	36.60%	36.90%	35.11%	33.03%
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	42.94%	59.64%	57.84%	59.81%	60.25%	60.57%	59.28%	65.92%	62.47%	69.66%	70.13%
Earnings before Interest and Taxes (EBIT)	76	27	51	0.73	1.94	0.59	6.24	-17	5.73	-22	-16
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	147	175	234	45	49	49	61	49	69	76	115
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.16	2.73	2.90	3.04	2.71	2.33	1.97	1.23	1.65	0.75	0.72
Price to Tangible Book Value (P/TBV)	2.80	0.00	0.00	0.00	3.34	2.85	2.29	1.41	1.89	0.90	0.88
Price to Revenue (P/Rev)	1.82	1.51	1.66	6.98	6.20	6.08	5.15	3.16	4.01	2.10	1.77
Price to Earnings (P/E)	15.29	0.00	15.28	28.86	26.98	11.13	1.27	0.00	134.25	3.62	0.00
Dividend Yield	1.86%	1.51%	1.26%	1.00%	1.13%	1.26%	74.40%	0.51%	0.42%	0.79%	0.95%
Earnings Yield	6.54%	0.00%	6.54%	3.46%	3.71%	8.99%	79.02%	0.00%	0.74%	27.65%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.83	1.47	1.61	1.81	6.21	4.86	2.14	1.26	1.56	0.83	0.84
Enterprise Value to Revenue (EV/Rev)	2.15	2.97	2.85	10.48	9.13	8.25	4.75	3.23	4.56	3.43	3.60
Enterprise Value to EBITDA (EV/EBITDA)	5.01	9.07	7.46	44.75	38.76	36.96	18.98	16.35	17.75	14.75	11.18
Enterprise Value to EBIT (EV/EBIT)	9.72	58.82	33.91	2,750.98	974.45	3,109.02	187.00	0.00	214.09	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	16.70	0.00	7.50	0.00	0.00	0.00	0.00	0.00	12,896.88	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	6.18	9.85	7.83	7.60	7.29	6.02	0.00	10.75	10.78	18.00	12.74
Enterprise Value to Free Cash Flow (EV/FCFF)	16.15	0.00	7.61	0.00	2.33	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.69	2.80	2.35	1.74	1.52	1.19	0.00	0.12	0.46	0.42	0.65
Long-Term Debt to Equity	0.61	2.69	2.16	1.70	1.46	0.00	0.00	0.12	0.45	0.41	0.65
Financial Leverage	0.47	1.53	2.34	1.77	0.55	-0.35	-0.25	-0.08	0.10	0.30	0.47
Leverage Ratio	2.27	3.60	4.48	3.66	3.70	3.74	2.39	1.46	1.70	1.79	1.85
Compound Leverage Factor	2.06	0.26	1.15	3.66	3.70	3.74	2.39	1.59	0.45	3.07	4.71
Debt to Total Capital	40.78%	73.70%	70.12%	63.53%	60.38%	54.40%	0.00%	10.51%	31.48%	29.40%	39.33%
Short-Term Debt to Total Capital	4.59%	2.85%	5.49%	1.70%	2.65%	54.40%	0.00%	0.09%	0.74%	0.65%	0.00%
Long-Term Debt to Total Capital	36.19%	70.85%	64.63%	61.83%	57.73%	0.00%	0.00%	10.42%	30.74%	28.75%	39.33%
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%	5.82%	5.54%
Common Equity to Total Capital	59.22%	26.30%	29.88%	36.47%	39.62%	45.60%	100.00%	89.49%	68.52%	64.78%	55.13%
Debt to EBITDA	1.36	4.73	3.51	17.07	14.78	13.97	0.00	1.52	4.34	5.46	5.46
Net Debt to EBITDA	0.76	4.46	3.13	14.95	12.44	9.72	0.00	0.36	2.13	4.65	4.89
Long-Term Debt to EBITDA	1.20	4.55	3.24	16.61	14.13	0.00	0.00	1.51	4.24	5.34	5.46
Debt to NOPAT	4.52	-80.00	3.53	-91.68	-538.26	-98.42	0.00	-6.13	3,153.40	-20.83	-38.62
Net Debt to NOPAT	2.54	-75.52	3.14	-80.27	-453.02	-68.52	0.00	-1.47	1,550.37	-17.73	-34.64
Long-Term Debt to NOPAT	4.01	-76.91	3.25	-89.23	-514.61	0.00	0.00	-6.08	3,078.79	-20.37	-38.62
Altman Z-Score	2.76	1.06	1.45	1.37	1.02	1.15	4.42	2.46	2.14	1.31	1.09
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	4.99%	8.68%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.11	0.98	1.26	2.37	1.57	1.16	2.47	1.33	1.79	0.83	0.90
Quick Ratio	1.76	0.65	0.97	1.58	1.08	0.22	1.58	0.67	1.62	0.66	0.54
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	46	-687	229	-43	811	-78	-172	-105	-151	-588	-193
Operating Cash Flow to CapEx	172.14%	96.31%	153.22%	473.61%	387.15%	252.22%	-157.09%	39.93%	44.72%	19.73%	28.16%
Free Cash Flow to Firm to Interest Expense	6.20	-27.37	6.00	0.00	0.00	0.00	0.00	-66.63	-35.90	-36.96	-7.61
Operating Cash Flow to Interest Expense	16.22	6.43	5.83	0.00	0.00	0.00	0.00	47.49	27.01	3.94	3.98
Operating Cash Flow Less CapEx to Interest Expense	6.80	-0.25	2.03	0.00	0.00	0.00	0.00	-71.44	-33.39	-16.01	-10.15
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.55	0.51	0.42	0.13	0.12	0.11	0.17	0.27	0.25	0.22	0.20
Accounts Receivable Turnover	11.39	10.75	9.87	3.55	3.50	3.29	5.31	11.68	13.32	13.25	11.69
Inventory Turnover	18.70	8.95	9.45	14.66	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.84	0.97	0.88	0.28	0.39	0.55	0.49	0.40	0.35	0.29	0.24
Accounts Payable Turnover	10.04	4.51	4.16	2.48	2.19	2.99	4.25	2.63	1.96	2.30	2.18
Days Sales Outstanding (DSO)	32.05	33.95	36.97	102.85	104.15	110.80	68.76	31.25	27.39	27.54	31.22
Days Inventory Outstanding (DIO)	19.52	40.76	38.61	24.89	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	36.34	80.93	87.81	147.37	166.58	121.92	85.88	138.67	185.88	158.64	167.15
Cash Conversion Cycle (CCC)	15.23	-6.22	-12.23	-19.63	-62.43	-11.12	-17.12	-107.42	-158.49	-131.11	-135.93
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	402	1,079	1,082	1,117	304	375	544	637	788	1,356	1,533
Invested Capital Turnover	0.85	0.72	0.57	0.18	0.29	0.65	0.53	0.42	0.38	0.31	0.25
Increase / (Decrease) in Invested Capital	-1.48	677	3.43	34	-812	71	169	93	151	567	177
Enterprise Value (EV)	737	1,591	1,746	2,019	1,888	1,822	1,166	805	1,227	1,126	1,287
Market Capitalization	625	808	1,015	1,345	1,282	1,343	1,264	787	1,079	689	635
Book Value per Share	$11.97	$6.05	$7.11	$8.92	$9.48	$11.58	$12.85	$12.74	$12.98	$16.82	$16.04
Tangible Book Value per Share	$9.20	($6.21)	($3.60)	($1.42)	$7.71	$9.43	$11.06	$11.11	$11.37	$13.93	$13.19
Total Capital	490	1,125	1,172	1,212	1,193	1,266	642	713	953	1,418	1,598
Total Debt	200	829	822	770	720	688	0.00	75	300	417	628
Total Long-Term Debt	177	797	758	750	688	0.00	0.00	74	293	408	628
Net Debt	112	783	732	674	606	479	-98	18	147	355	564
Capital Expenditures (CapEx)	69	168	145	56	67	120	160	188	254	317	359
Debt-free, Cash-free Net Working Capital (DFCFNWC)	13	-6.95	21	57	18	692	15	-11	-54	-57	-59
Debt-free Net Working Capital (DFNWC)	90	29	100	142	120	887	99	33	85	-11	-11
Net Working Capital (NWC)	67	-2.80	35	122	88	199	99	32	78	-20	-11
Net Nonoperating Expense (NNE)	3.27	-9.47	167	-55	-57	-133	-1,002	-3.84	-7.94	-214	17
Net Nonoperating Obligations (NNO)	112	783	732	674	-168	-202	-98	-0.88	136	355	564
Total Depreciation and Amortization (D&A)	71	148	183	44	47	49	55	66	63	98	132
Debt-free, Cash-free Net Working Capital to Revenue	3.77%	-1.30%	3.45%	29.68%	8.83%	313.27%	6.01%	-4.53%	-20.23%	-17.41%	-16.56%
Debt-free Net Working Capital to Revenue	26.19%	5.46%	16.29%	73.84%	57.97%	401.77%	40.40%	13.17%	31.51%	-3.31%	-3.09%
Net Working Capital to Revenue	19.63%	-0.52%	5.77%	63.14%	42.67%	89.93%	40.40%	12.91%	28.88%	-6.11%	-3.09%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.84	($0.02)	$1.35	$0.94	$1.10	$2.54	$19.97	($0.17)	$0.16	$3.54	($0.71)
Adjusted Weighted Average Basic Shares Outstanding	48.39M	48.81M	49.15M	49.54M	49.81M	49.90M	50.03M	50.16M	50.40M	53.72M	55.10M
Adjusted Diluted Earnings per Share	$0.83	($0.02)	$1.33	$0.93	$1.10	$2.53	$19.92	($0.17)	$0.16	$3.54	($0.71)
Adjusted Weighted Average Diluted Shares Outstanding	49.02M	48.81M	50.03M	50.06M	50.10M	50.02M	50.15M	50.16M	50.72M	53.72M	55.10M
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	48.54M	49.10M	49.53M	49.83M	49.78M	49.93M	50.05M	50.20M	50.27M	54.67M	55.30M
Normalized Net Operating Profit after Tax (NOPAT)	46	45	40	-2.08	-1.34	-1.82	3.70	-7.67	3.76	-9.59	-15
Normalized NOPAT Margin	13.50%	8.47%	6.58%	-1.08%	-0.65%	-0.82%	1.51%	-3.08%	1.40%	-2.92%	-4.32%
Pre Tax Income Margin	20.03%	0.36%	2.17%	0.38%	0.94%	0.27%	2.54%	-7.56%	0.56%	-11.59%	-11.70%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	10.31	1.08	1.35	0.00	0.00	0.00	0.00	-10.93	1.36	-1.39	-0.65
NOPAT to Interest Expense	6.00	-0.41	6.09	0.00	0.00	0.00	0.00	-7.75	0.02	-1.26	-0.64
EBIT Less CapEx to Interest Expense	0.89	-5.60	-2.46	0.00	0.00	0.00	0.00	-129.86	-59.04	-21.34	-14.78
NOPAT Less CapEx to Interest Expense	-3.42	-7.09	2.29	0.00	0.00	0.00	0.00	-126.68	-60.38	-21.20	-14.78
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	27.13%	-1,307.82%	18.46%	27.61%	25.12%	13.07%	94.14%	-47.63%	56.27%	3.00%	-19.56%
Augmented Payout Ratio	27.13%	-1,307.82%	18.46%	27.61%	38.15%	13.07%	94.14%	-47.63%	56.27%	3.00%	-19.56%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	54,897,070.00	-	55,301,648.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	54,897,070.00	-	55,301,648.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-0.20	-	-0.31
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.72%	31.74%	3.10%	28.74%	29.95%	25.77%	26.93%	3.23%	2.51%	7.24%	4.84%
EBITDA Growth	17.73%	98.25%	-3.99%	-30.15%	39.74%	28.16%	46.92%	150.04%	18.01%	39.01%	1.86%
EBIT Growth	147.47%	115.38%	-157.30%	-1,549.90%	-324.75%	-356.18%	-415.29%	56.41%	-75.42%	113.85%	-94.51%
NOPAT Growth	141.69%	104.64%	-1,319.50%	-497.13%	-665.63%	-1,120.21%	-119.45%	42.66%	-71.55%	84.83%	-71.85%
Net Income Growth	158.39%	242.02%	10,291.87%	-819.11%	-430.38%	-205.99%	-104.25%	29.71%	-78.42%	-95.81%	-72.48%
EPS Growth	160.00%	200.00%	10,425.00%	-700.00%	-533.33%	-700.00%	-104.47%	20.83%	-53.85%	61.76%	-63.16%
Operating Cash Flow Growth	25.22%	18.16%	-68.63%	-88.17%	10.89%	-6.74%	35.40%	724.32%	26.64%	39.78%	18.74%
Free Cash Flow Firm Growth	70.54%	-48.88%	-24.00%	-302.01%	-264.01%	-278.67%	-507.91%	61.38%	65.35%	68.95%	74.33%
Invested Capital Growth	24.60%	23.75%	15.68%	73.97%	71.24%	71.97%	83.41%	16.25%	14.11%	13.04%	11.23%
Revenue Q/Q Growth	1.15%	0.75%	-15.27%	23.90%	2.10%	-2.50%	2.91%	0.76%	1.39%	2.00%	0.61%
EBITDA Q/Q Growth	5.56%	-0.90%	-26.32%	-29.27%	111.20%	-9.11%	8.21%	20.38%	-0.32%	14.48%	-25.85%
EBIT Q/Q Growth	46.68%	8.63%	-117.57%	-1,243.94%	77.26%	-23.82%	-36.19%	-13.70%	8.50%	109.78%	-2,012.66%
NOPAT Q/Q Growth	-81.54%	-23.61%	-124.83%	-472.23%	73.71%	-37.79%	-5.87%	-49.51%	21.34%	87.81%	-1,099.20%
Net Income Q/Q Growth	-11.01%	62.52%	8,192.62%	-106.00%	59.11%	47.86%	-232.80%	0.92%	-3.78%	42.78%	-193.15%
EPS Q/Q Growth	-25.00%	66.67%	8,320.00%	-105.70%	45.83%	-130.77%	36.67%	0.00%	-5.26%	35.00%	-138.46%
Operating Cash Flow Q/Q Growth	1.92%	0.90%	-31.37%	-83.24%	855.21%	-15.15%	-0.35%	2.06%	46.75%	-6.34%	-15.35%
Free Cash Flow Firm Q/Q Growth	-9.96%	-1.63%	27.48%	-412.84%	0.43%	-5.72%	-12.61%	67.42%	10.67%	5.25%	6.92%
Invested Capital Q/Q Growth	4.98%	4.46%	-3.09%	63.18%	3.33%	4.91%	3.68%	3.43%	1.42%	3.94%	2.02%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	61.03%	64.07%	62.48%	59.74%	60.71%	61.16%	62.42%	63.17%	63.94%	64.98%	65.47%
EBITDA Margin	26.01%	25.59%	23.69%	13.52%	27.97%	26.07%	27.42%	32.75%	32.20%	36.14%	26.64%
Operating Margin	-0.90%	0.83%	-4.01%	-18.51%	-4.77%	-6.74%	-6.93%	-10.28%	-7.98%	-0.95%	-11.36%
EBIT Margin	2.10%	2.26%	-1.50%	-16.29%	-3.63%	-4.61%	-6.10%	-6.88%	-6.21%	0.60%	-11.31%
Profit (Net Income) Margin	2.36%	3.81%	310.04%	-15.00%	-6.01%	-3.21%	-10.39%	-10.22%	-10.46%	-5.87%	-17.09%
Tax Burden Percent	737.50%	-1,430.39%	-4,196.56%	71.62%	76.88%	33.91%	89.08%	74.80%	75.95%	75.20%	79.31%
Interest Burden Percent	15.28%	-11.78%	491.92%	128.59%	215.42%	205.64%	191.29%	198.52%	221.78%	-1,311.01%	190.51%
Effective Tax Rate	184.72%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.31%	0.22%	-1.14%	-4.06%	-1.07%	-1.44%	-1.55%	-1.86%	-1.42%	-0.17%	-1.94%
ROIC Less NNEP Spread (ROIC-NNEP)	3.69%	3.47%	-509.18%	-5.20%	-2.28%	-0.92%	-4.73%	-2.62%	-2.54%	-1.20%	-3.59%
Return on Net Nonoperating Assets (RNNOA)	0.18%	0.36%	28.67%	-0.96%	-0.53%	-0.27%	-0.78%	-0.92%	-1.00%	-0.56%	-1.88%
Return on Equity (ROE)	0.49%	0.58%	27.54%	-5.02%	-1.60%	-1.72%	-2.32%	-2.78%	-2.42%	-0.73%	-3.81%
Cash Return on Invested Capital (CROIC)	-22.23%	-21.22%	-13.89%	-54.65%	-53.40%	-54.79%	-60.92%	-16.33%	-14.60%	-13.37%	-11.93%
Operating Return on Assets (OROA)	0.57%	0.56%	-0.35%	-3.75%	-0.87%	-1.02%	-1.29%	-1.39%	-1.23%	0.12%	-2.17%
Return on Assets (ROA)	0.65%	0.94%	73.18%	-3.45%	-1.43%	-0.71%	-2.20%	-2.06%	-2.07%	-1.15%	-3.28%
Return on Common Equity (ROCE)	0.49%	0.58%	27.54%	-4.78%	-1.53%	-1.63%	-2.22%	-2.55%	-2.21%	-0.66%	-3.47%
Return on Equity Simple (ROE_SIMPLE)	0.55%	0.00%	25.32%	22.08%	21.52%	0.00%	-3.30%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	0.52	0.39	-1.94	-11	-2.92	-4.03	-4.26	-6.38	-5.01	-0.61	-7.33
NOPAT Margin	0.77%	0.58%	-2.81%	-12.96%	-3.34%	-4.72%	-4.85%	-7.20%	-5.58%	-0.67%	-7.95%
Net Nonoperating Expense Percent (NNEP)	-3.38%	-3.25%	508.05%	1.14%	1.21%	-0.52%	3.18%	0.76%	1.12%	1.04%	1.65%
Return On Investment Capital (ROIC_SIMPLE)	-	0.04%	-	-	-	-0.30%	-0.30%	-0.45%	-0.35%	-0.04%	-0.47%
Cost of Revenue to Revenue	38.97%	35.93%	37.52%	40.26%	39.29%	38.84%	37.58%	36.84%	36.06%	35.02%	34.53%
SG&A Expenses to Revenue	34.05%	37.04%	41.30%	35.24%	31.97%	33.19%	35.26%	33.58%	33.18%	30.20%	36.23%
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	61.94%	63.24%	66.48%	78.26%	65.48%	67.90%	69.35%	73.45%	71.91%	65.93%	76.83%
Earnings before Interest and Taxes (EBIT)	1.41	1.54	-1.04	-14	-3.18	-3.94	-5.36	-6.09	-5.58	0.55	-10
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	18	17	16	12	25	22	24	29	29	33	25
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.57	1.65	1.00	0.95	0.83	0.75	0.75	0.83	0.83	0.72	0.98
Price to Tangible Book Value (P/TBV)	1.79	1.89	1.10	1.17	1.00	0.90	0.91	1.01	1.00	0.88	1.20
Price to Revenue (P/Rev)	3.78	4.01	3.02	2.89	2.33	2.10	1.98	2.14	2.09	1.77	2.36
Price to Earnings (P/E)	282.66	134.25	3.96	4.32	3.87	3.62	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.39%	0.42%	0.52%	0.55%	0.64%	0.79%	0.80%	0.73%	0.75%	0.95%	0.71%
Earnings Yield	0.35%	0.74%	25.27%	23.13%	25.83%	27.65%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.49	1.56	1.00	0.97	0.88	0.83	0.84	0.90	0.89	0.84	0.99
Enterprise Value to Revenue (EV/Rev)	4.15	4.56	2.66	3.92	3.44	3.43	3.41	3.72	3.75	3.60	4.28
Enterprise Value to EBITDA (EV/EBITDA)	16.01	17.75	10.21	17.19	14.65	14.75	14.08	12.83	12.46	11.18	13.41
Enterprise Value to EBIT (EV/EBIT)	525.65	214.09	94.23	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	12,896.88	163.82	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	10.20	10.78	9.53	19.60	17.67	18.00	17.41	15.08	14.21	12.74	14.78
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	0.23	0.46	0.34	0.29	0.34	0.42	0.52	0.52	0.55	0.65	0.73
Long-Term Debt to Equity	0.23	0.45	0.33	0.29	0.33	0.41	0.51	0.51	0.53	0.65	0.73
Financial Leverage	0.05	0.10	-0.06	0.19	0.23	0.30	0.16	0.35	0.39	0.47	0.52
Leverage Ratio	1.53	1.70	1.62	1.61	1.66	1.79	1.75	1.74	1.79	1.85	1.94
Compound Leverage Factor	0.23	-0.20	7.97	2.08	3.57	3.67	3.35	3.45	3.96	-24.29	3.69
Debt to Total Capital	18.64%	31.48%	25.52%	22.70%	25.51%	29.40%	34.10%	34.14%	35.28%	39.33%	42.03%
Short-Term Debt to Total Capital	0.30%	0.74%	0.67%	0.67%	0.64%	0.65%	0.69%	0.68%	0.67%	0.00%	0.00%
Long-Term Debt to Total Capital	18.34%	30.74%	24.84%	22.03%	24.87%	28.75%	33.41%	33.46%	34.62%	39.33%	42.03%
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%	6.06%	6.00%	5.82%	5.56%	5.70%	5.74%	5.54%	5.46%
Common Equity to Total Capital	81.36%	68.52%	74.48%	71.24%	68.50%	64.78%	60.34%	60.16%	58.97%	55.13%	52.51%
Debt to EBITDA	2.13	4.34	3.96	4.23	4.46	5.46	6.12	5.05	5.05	5.46	6.00
Net Debt to EBITDA	1.44	2.13	-1.39	3.39	3.70	4.65	4.90	4.60	4.68	4.89	5.25
Long-Term Debt to EBITDA	2.10	4.24	3.86	4.10	4.35	5.34	6.00	4.95	4.95	5.46	6.00
Debt to NOPAT	-69.26	3,153.40	63.65	-46.04	-38.48	-20.83	-23.04	-29.10	-27.14	-38.62	-35.90
Net Debt to NOPAT	-46.67	1,550.37	-22.28	-36.92	-31.95	-17.73	-18.42	-26.53	-25.16	-34.64	-31.39
Long-Term Debt to NOPAT	-68.15	3,078.79	61.97	-44.69	-37.52	-20.37	-22.57	-28.52	-26.62	-38.62	-35.90
Altman Z-Score	2.55	2.13	2.16	1.64	1.48	1.34	1.27	1.28	1.20	1.12	1.20
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	4.78%	4.88%	4.99%	4.50%	8.24%	8.46%	8.68%	8.92%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.88	1.79	4.68	0.89	0.79	0.83	1.20	0.73	0.50	0.90	1.12
Quick Ratio	0.65	1.62	4.48	0.66	0.61	0.66	1.05	0.55	0.35	0.54	0.67
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-149	-151	-106	-543	-541	-572	-644	-210	-187	-177	-165
Operating Cash Flow to CapEx	40.52%	33.65%	21.64%	3.21%	32.19%	22.28%	24.67%	24.36%	37.45%	26.81%	32.21%
Free Cash Flow to Firm to Interest Expense	-123.97	-87.90	-25.97	-135.87	-147.38	-137.48	-131.56	-34.93	-27.59	-23.08	-17.51
Operating Cash Flow to Interest Expense	18.27	12.86	3.72	0.64	6.62	4.95	4.20	3.49	4.53	3.74	2.58
Operating Cash Flow Less CapEx to Interest Expense	-26.82	-25.37	-13.47	-19.17	-13.94	-17.29	-12.81	-10.84	-7.56	-10.22	-5.44
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.27	0.25	0.24	0.23	0.24	0.22	0.21	0.20	0.20	0.20	0.19
Accounts Receivable Turnover	12.78	13.32	16.99	13.72	12.80	13.25	14.45	10.89	12.16	11.69	13.29
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	0.37	0.35	0.35	0.29	0.30	0.29	0.29	0.24	0.24	0.24	0.23
Accounts Payable Turnover	2.61	1.96	2.15	2.35	2.28	2.30	2.47	2.22	1.84	2.18	2.27
Days Sales Outstanding (DSO)	28.56	27.39	21.49	26.60	28.52	27.54	25.25	33.52	30.01	31.22	27.47
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)	139.75	185.88	169.58	155.10	160.12	158.64	147.92	164.70	198.65	167.15	160.61
Cash Conversion Cycle (CCC)	-111.19	-158.49	-148.09	-128.50	-131.60	-131.11	-122.67	-131.17	-168.64	-135.93	-133.14
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	755	788	767	1,251	1,292	1,356	1,406	1,454	1,475	1,533	1,564
Invested Capital Turnover	0.40	0.38	0.41	0.31	0.32	0.31	0.32	0.26	0.25	0.25	0.24
Increase / (Decrease) in Invested Capital	149	151	104	532	538	567	639	203	182	177	158
Enterprise Value (EV)	1,126	1,227	769	1,209	1,132	1,126	1,183	1,302	1,319	1,287	1,550
Market Capitalization	1,025	1,079	873	891	765	689	687	749	737	635	853
Book Value per Share	$13.02	$12.98	$17.25	$17.11	$16.96	$16.82	$16.65	$16.44	$16.26	$16.04	$15.68
Tangible Book Value per Share	$11.40	$11.37	$15.65	$14.00	$13.97	$13.93	$13.78	$13.58	$13.39	$13.19	$12.85
Total Capital	804	953	1,170	1,310	1,351	1,418	1,509	1,499	1,514	1,598	1,651
Total Debt	150	300	299	297	345	417	515	512	534	628	694
Total Long-Term Debt	147	293	291	289	336	408	504	502	524	628	694
Net Debt	101	147	-105	238	286	355	411	467	495	564	607
Capital Expenditures (CapEx)	54	66	70	79	75	92	83	86	82	107	76
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-44	-54	-47	-48	-60	-57	-55	-50	-80	-59	-58
Debt-free Net Working Capital (DFNWC)	-7.56	85	343	-3.84	-17	-11	33	-21	-57	-11	13
Net Working Capital (NWC)	-9.97	78	335	-13	-26	-20	22	-32	-67	-11	13
Net Nonoperating Expense (NNE)	-1.08	-2.19	-217	1.75	2.34	-1.28	4.87	2.67	4.38	4.76	8.42
Net Nonoperating Obligations (NNO)	100	136	-105	238	286	355	411	467	495	564	607
Total Depreciation and Amortization (D&A)	16	16	17	26	28	26	29	35	34	33	35
Debt-free, Cash-free Net Working Capital to Revenue	-16.05%	-20.23%	-16.14%	-15.43%	-18.28%	-17.41%	-15.79%	-14.44%	-22.73%	-16.56%	-16.13%
Debt-free Net Working Capital to Revenue	-2.79%	31.51%	118.50%	-1.24%	-5.17%	-3.31%	9.47%	-6.12%	-16.30%	-3.09%	3.50%
Net Working Capital to Revenue	-3.67%	28.88%	115.78%	-4.07%	-7.79%	-6.11%	6.48%	-9.04%	-19.17%	-3.09%	3.50%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.03	$0.05	$4.25	($0.24)	($0.13)	($0.34)	($0.19)	($0.19)	($0.20)	($0.13)	($0.31)
Adjusted Weighted Average Basic Shares Outstanding	50.38M	50.40M	50.52M	54.73M	54.78M	53.72M	54.96M	55.10M	55.15M	55.10M	55.55M
Adjusted Diluted Earnings per Share	$0.03	$0.05	$4.21	($0.24)	($0.13)	($0.30)	($0.19)	($0.19)	($0.20)	($0.13)	($0.31)
Adjusted Weighted Average Diluted Shares Outstanding	50.84M	50.72M	51.01M	54.73M	54.78M	53.72M	54.96M	55.10M	55.15M	55.10M	55.55M
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	50.26M	50.27M	54.55M	54.57M	54.60M	54.67M	54.86M	54.90M	54.90M	55.30M	55.32M
Normalized Net Operating Profit after Tax (NOPAT)	1.45	0.39	-1.94	-3.19	-1.75	-4.03	-3.91	-6.23	-4.81	-0.50	-5.62
Normalized NOPAT Margin	2.15%	0.58%	-2.81%	-3.72%	-2.00%	-4.72%	-4.45%	-7.04%	-5.36%	-0.54%	-6.10%
Pre Tax Income Margin	0.32%	-0.27%	-7.39%	-20.95%	-7.82%	-9.47%	-11.66%	-13.66%	-13.77%	-7.80%	-21.55%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.18	0.89	-0.26	-3.50	-0.87	-0.95	-1.10	-1.02	-0.82	0.07	-1.10
NOPAT to Interest Expense	0.43	0.23	-0.48	-2.78	-0.80	-0.97	-0.87	-1.06	-0.74	-0.08	-0.78
EBIT Less CapEx to Interest Expense	-43.91	-37.33	-17.44	-23.30	-21.42	-23.19	-18.10	-15.34	-12.91	-13.89	-9.12
NOPAT Less CapEx to Interest Expense	-44.66	-38.00	-17.66	-22.59	-21.36	-23.21	-17.88	-15.39	-12.83	-14.04	-8.80
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	56.27%	0.00%	0.00%	0.00%	3.00%	0.00%	0.00%	0.00%	-19.56%	0.00%
Augmented Payout Ratio	0.00%	56.27%	0.00%	0.00%	0.00%	3.00%	0.00%	0.00%	0.00%	-19.56%	0.00%

Financials Breakdown Chart

Key Financial Trends

Shenandoah Telecommunications (SHEN) has shown a clear revenue uptrend over the last four years, but remains challenged by ongoing net losses, rising leverage, and shrinking liquidity in the near term. Below are the top trends drawn from quarterly statements (income, cash flow, and balance sheet) across 2022–2025, with the most important items listed first.

Top-line growth: Total revenue rose from about $51.6 million in 2022 Q4 to about $91.6 million in 2025 Q4, representing roughly a 79% increase over the period.
Positive operating cash flow in 2025 quarters: Net cash from continuing operating activities was roughly $23.2 million (2025 Q2), $30.7 million (2025 Q3), and $28.8 million (2025 Q4), indicating ongoing cash generation from core operations even as profitability fluctuates.
Debt financing activity provided liquidity in multiple quarters: Net cash from financing activities was around $97.0 million in 2025 Q1 and about $81.5 million in 2025 Q4, reflecting continued access to external funding to support financing needs.
Solid equity base around $0.9B: Total common equity sits in the $0.89–0.90 billion range in recent quarters (e.g., 2025 Q2: $901.96M; 2025 Q3: $892.68M), providing a cushion on the liability side.
Capex intensity persists: Quarterly purchases of property, plant & equipment (capex) have been high (e.g., 2025 Q1 about $83.2M; 2025 Q2 about $86.2M; 2025 Q3 about $82.1M; 2025 Q4 about $107.4M), indicating ongoing infrastructure investment that could drive future growth but weigh on near-term cash flow.
Depreciation remains a sizable non-cash expense: Quarterly depreciation expense ranges around $28–$35M, reflecting heavy PP&E and ongoing asset amortization.
Interest costs rise with leverage: Interest expense has trended higher in 2024–2025 as debt levels grew, contributing to tighter margins.
Earnings volatility: Net income attributable to common shareholders is often negative in 2024–2025 quarters (e.g., 2025 Q4: -$7.33M; 2025 Q3: -$10.91M; 2025 Q2: -$10.55M; 2025 Q1: -$10.60M), signaling ongoing profitability headwinds despite revenue gains.
Rising leverage and interest burden: Long-term debt increased from about $504.2M (2025 Q1) to $524.0M (2025 Q3), underscoring higher leverage and debt service costs over the period.
Near-term liquidity pressure: Cash balances declined meaningfully from about $87.5M in 2025 Q1 to about $22.6M in 2025 Q3, highlighting a tightening liquidity position despite positive operating cash flow in some quarters.

05/14/26 12:37 PM ETAI Generated. May Contain Errors.

Shenandoah Telecommunications Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Shenandoah Telecommunications' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Shenandoah Telecommunications' net income appears to be on an upward trend, with a most recent value of -$32.94 million in 2025, falling from $40.86 million in 2015. The previous period was $193.82 million in 2024. View Shenandoah Telecommunications' forecast to see where analysts expect Shenandoah Telecommunications to go next.

Shenandoah Telecommunications' total operating income in 2025 was -$23.24 million, based on the following breakdown:

Total Gross Profit: $227.74 million
Total Operating Expenses: $250.97 million

Over the last 10 years, Shenandoah Telecommunications' total revenue changed from $342.49 million in 2015 to $357.85 million in 2025, a change of 4.5%.

Shenandoah Telecommunications' total liabilities were at $941.47 million at the end of 2025, a 27.4% increase from 2024, and a 179.2% increase since 2015.

In the past 10 years, Shenandoah Telecommunications' cash and equivalents has ranged from $27.26 million in 2025 to $195.40 million in 2020, and is currently $27.26 million as of their latest financial filing in 2025.

Over the last 10 years, Shenandoah Telecommunications' book value per share changed from 11.97 in 2015 to 16.04 in 2025, a change of 34.0%.

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Financial statements for NASDAQ:SHEN last updated on 5/4/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Shenandoah Telecommunications (SHEN) Financials

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Shenandoah Telecommunications (SHEN) Financials

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