Shenandoah Telecommunications Financials
This page shows Shenandoah Telecommunications (SHEN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Shenandoah Telecommunications has an operating margin of -6.5%, meaning the company retains $-6 of operating profit per $100 of revenue. This below-average margin results in a low score of 8/100, suggesting thin profitability after operating expenses. This is up from -8.7% the prior year.
Shenandoah Telecommunications's revenue grew 9.1% year-over-year to $357.9M, a solid pace of expansion. This earns a growth score of 48/100.
Shenandoah Telecommunications carries a low D/E ratio of 0.71, meaning only $0.71 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 87/100, indicating a strong balance sheet with room for future borrowing.
Shenandoah Telecommunications's current ratio of 0.90 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 13/100, which could limit financial flexibility.
While Shenandoah Telecommunications generated $101.0M in operating cash flow, capex of $358.9M consumed most of it, leaving -$257.9M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Shenandoah Telecommunications generates a -3.7% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 3/100. This is down from 21.1% the prior year.
Shenandoah Telecommunications passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Shenandoah Telecommunications generates $-3.07 in operating cash flow ($101.0M OCF vs -$32.9M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Shenandoah Telecommunications earns $-0.9 in operating income for every $1 of interest expense (-$23.2M vs $25.4M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Shenandoah Telecommunications generated $357.9M in revenue in fiscal year 2025. This represents an increase of 9.1% from the prior year.
Shenandoah Telecommunications's EBITDA was $106.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 55.8% from the prior year.
Shenandoah Telecommunications reported -$32.9M in net income in fiscal year 2025. This represents a decrease of 117.0% from the prior year.
Shenandoah Telecommunications earned $-0.71 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 120.1% from the prior year.
Cash & Balance Sheet
Shenandoah Telecommunications generated -$257.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 0.6% from the prior year.
Shenandoah Telecommunications held $27.3M in cash against $628.2M in long-term debt as of fiscal year 2025.
Shenandoah Telecommunications paid $0.11 per share in dividends in fiscal year 2025. This represents an increase of 10.0% from the prior year.
Shenandoah Telecommunications had 55M shares outstanding in fiscal year 2025. This represents an increase of 0.4% from the prior year.
Margins & Returns
Shenandoah Telecommunications's gross margin was 63.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 2.7 percentage points from the prior year.
Shenandoah Telecommunications's operating margin was -6.5% in fiscal year 2025, reflecting core business profitability. This is up 2.2 percentage points from the prior year.
Shenandoah Telecommunications's net profit margin was -9.2% in fiscal year 2025, showing the share of revenue converted to profit. This is down 68.3 percentage points from the prior year.
Shenandoah Telecommunications's ROE was -3.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 24.8 percentage points from the prior year.
Capital Allocation
Shenandoah Telecommunications invested $358.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 12.5% from the prior year.
SHEN Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $91.6M+2.0% | $89.8M+1.4% | $88.6M+0.8% | $87.9M+2.9% | $85.4M-2.5% | $87.6M+2.1% | $85.8M+23.9% | $69.2M |
| Cost of Revenue | $32.1M-0.9% | $32.4M-0.7% | $32.6M-1.2% | $33.0M-0.4% | $33.2M-3.6% | $34.4M-0.4% | $34.5M+32.9% | $26.0M |
| Gross Profit | $59.5M+3.7% | $57.4M+2.6% | $55.9M+2.0% | $54.9M+5.0% | $52.2M-1.8% | $53.2M+3.8% | $51.3M+18.5% | $43.3M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $27.7M-7.1% | $29.8M+0.2% | $29.7M-4.0% | $31.0M+7.0% | $29.0M+3.4% | $28.0M-7.4% | $30.2M+8.1% | $28.0M |
| Operating Income | -$873K+87.8% | -$7.2M+21.3% | -$9.1M-49.5% | -$6.1M-5.9% | -$5.8M-37.8% | -$4.2M+73.7% | -$15.9M-472.2% | -$2.8M |
| Interest Expense | $7.7M+13.3% | $6.8M+13.1% | $6.0M+22.7% | $4.9M+17.7% | $4.2M+13.3% | $3.7M-8.2% | $4.0M-2.0% | $4.1M |
| Income Tax | -$1.8M+40.4% | -$3.0M+2.4% | -$3.0M-172.4% | -$1.1M+41.2% | -$1.9M-23.3% | -$1.5M+70.3% | -$5.2M-406.8% | -$1.0M |
| Net Income | -$2.4M+78.4% | -$10.9M-3.5% | -$10.5M-15.5% | -$9.1M-725.7% | -$1.1M+84.0% | -$6.9M+46.4% | -$12.9M-106.0% | $214.7M |
| EPS (Diluted) | N/A | $-0.20-5.3% | $-0.190.0% | $-0.19 | N/A | $-0.13+45.8% | $-0.24-105.6% | $4.25 |
SHEN Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.9B+3.3% | $1.9B+2.0% | $1.8B-0.6% | $1.8B+4.9% | $1.7B+2.7% | $1.7B+2.3% | $1.7B+14.6% | $1.4B |
| Current Assets | $97.4M+43.3% | $68.0M-18.4% | $83.4M-38.0% | $134.5M+42.3% | $94.5M-3.1% | $97.5M-2.0% | $99.5M-76.6% | $426.2M |
| Cash & Equivalents | $27.3M+20.5% | $22.6M-22.2% | $29.1M-66.8% | $87.5M+89.2% | $46.3M+7.4% | $43.1M-1.6% | $43.8M-88.8% | $389.7M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $31.5M+24.4% | $25.3M-26.7% | $34.6M+16.1% | $29.7M+0.1% | $29.7M-8.6% | $32.5M+9.7% | $29.6M+62.6% | $18.2M |
| Goodwill | $67.5M | N/A | N/A | N/A | $67.1M | N/A | N/A | N/A |
| Total Liabilities | $1.0B+7.5% | $957.7M+4.9% | $912.7M-0.2% | $915.0M+11.4% | $821.7M+6.8% | $769.5M+6.4% | $723.3M+25.9% | $574.3M |
| Current Liabilities | $108.5M-19.9% | $135.4M+17.8% | $114.9M+2.6% | $112.0M-2.2% | $114.6M-7.0% | $123.1M+9.9% | $112.1M+23.1% | $91.0M |
| Long-Term Debt | $628.2M+19.9% | $524.0M+4.5% | $501.6M-0.5% | $504.2M+23.7% | $407.7M+21.4% | $335.9M+16.4% | $288.6M-0.7% | $290.7M |
| Total Equity | $880.8M-1.3% | $892.7M-1.0% | $902.0M-0.9% | $910.5M-0.9% | $918.6M-0.7% | $925.4M-0.8% | $933.1M+7.0% | $871.6M |
| Retained Earnings | $723.6M-1.8% | $736.9M-1.5% | $747.8M-1.4% | $758.4M-1.4% | $769.0M-1.3% | $779.0M-0.9% | $785.9M-1.6% | $798.8M |
SHEN Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $28.8M-6.3% | $30.7M+46.7% | $20.9M+2.1% | $20.5M-0.3% | $20.6M-15.1% | $24.3M+855.2% | $2.5M-83.2% | $15.2M |
| Capital Expenditures | $107.4M+30.8% | $82.1M-4.7% | $86.2M+3.6% | $83.2M-10.1% | $92.6M+22.6% | $75.5M-6.6% | $80.9M+15.4% | $70.1M |
| Free Cash Flow | -$78.6M-53.0% | -$51.4M+21.3% | -$65.3M-4.0% | -$62.7M+12.9% | -$72.0M-40.5% | -$51.3M+34.5% | -$78.3M-42.7% | -$54.9M |
| Investing Cash Flow | -$84.7M-46.1% | -$58.0M+23.3% | -$75.6M+0.8% | -$76.3M+9.5% | -$84.3M-17.2% | -$72.0M+82.9% | -$421.6M-276.8% | $238.5M |
| Financing Cash Flow | $81.5M+291.8% | $20.8M+652.4% | -$3.8M-103.9% | $97.0M+45.0% | $66.9M+42.3% | $47.0M-35.7% | $73.1M+2412.4% | -$3.2M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
SHEN Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 65.0%+1.0pp | 63.9%+0.8pp | 63.2%+0.8pp | 62.4%+1.3pp | 61.2%+0.5pp | 60.7%+1.0pp | 59.7%-2.7pp | 62.5% |
| Operating Margin | -0.9%+7.0pp | -8.0%+2.3pp | -10.3%-3.4pp | -6.9%-0.2pp | -6.7%-2.0pp | -4.8%+13.7pp | -18.5%-14.5pp | -4.0% |
| Net Margin | -2.6%+9.6pp | -12.2%-0.2pp | -11.9%-1.5pp | -10.4%-9.1pp | -1.3%+6.6pp | -7.9%+7.1pp | -15.0%-325.0pp | 310.0% |
| Return on Equity | -0.3%+1.0pp | -1.2%-0.1pp | -1.2%-0.2pp | -1.0%-0.9pp | -0.1%+0.6pp | -0.8%+0.6pp | -1.4%-26.0pp | 24.6% |
| Return on Assets | -0.1%+0.5pp | -0.6%-0.0pp | -0.6%-0.1pp | -0.5%-0.4pp | -0.1%+0.4pp | -0.4%+0.4pp | -0.8%-15.6pp | 14.8% |
| Current Ratio | 0.90+0.4 | 0.50-0.2 | 0.73-0.5 | 1.20+0.4 | 0.82+0.0 | 0.79-0.1 | 0.89-3.8 | 4.68 |
| Debt-to-Equity | 0.71+0.1 | 0.59+0.0 | 0.560.0 | 0.55+0.1 | 0.44+0.1 | 0.36+0.1 | 0.31-0.0 | 0.33 |
| FCF Margin | -85.8%-28.6pp | -57.2%+16.5pp | -73.7%-2.3pp | -71.4%+13.0pp | -84.3%-25.8pp | -58.5%+32.8pp | -91.3%-12.0pp | -79.3% |
Note: The current ratio is below 1.0 (0.90), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Shenandoah Telecommunications's annual revenue?
Shenandoah Telecommunications (SHEN) reported $357.9M in total revenue for fiscal year 2025. This represents a 9.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Shenandoah Telecommunications's revenue growing?
Shenandoah Telecommunications (SHEN) revenue grew by 9.1% year-over-year, from $328.1M to $357.9M in fiscal year 2025.
Is Shenandoah Telecommunications profitable?
No, Shenandoah Telecommunications (SHEN) reported a net income of -$32.9M in fiscal year 2025, with a net profit margin of -9.2%.
What is Shenandoah Telecommunications's EBITDA?
Shenandoah Telecommunications (SHEN) had EBITDA of $106.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Shenandoah Telecommunications have?
As of fiscal year 2025, Shenandoah Telecommunications (SHEN) had $27.3M in cash and equivalents against $628.2M in long-term debt.
What is Shenandoah Telecommunications's gross margin?
Shenandoah Telecommunications (SHEN) had a gross margin of 63.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Shenandoah Telecommunications's operating margin?
Shenandoah Telecommunications (SHEN) had an operating margin of -6.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Shenandoah Telecommunications's net profit margin?
Shenandoah Telecommunications (SHEN) had a net profit margin of -9.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Shenandoah Telecommunications pay dividends?
Yes, Shenandoah Telecommunications (SHEN) paid $0.11 per share in dividends during fiscal year 2025.
What is Shenandoah Telecommunications's return on equity (ROE)?
Shenandoah Telecommunications (SHEN) has a return on equity of -3.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Shenandoah Telecommunications's free cash flow?
Shenandoah Telecommunications (SHEN) generated -$257.9M in free cash flow during fiscal year 2025. This represents a -0.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Shenandoah Telecommunications's operating cash flow?
Shenandoah Telecommunications (SHEN) generated $101.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Shenandoah Telecommunications's total assets?
Shenandoah Telecommunications (SHEN) had $1.9B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Shenandoah Telecommunications's capital expenditures?
Shenandoah Telecommunications (SHEN) invested $358.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Shenandoah Telecommunications's current ratio?
Shenandoah Telecommunications (SHEN) had a current ratio of 0.90 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Shenandoah Telecommunications's debt-to-equity ratio?
Shenandoah Telecommunications (SHEN) had a debt-to-equity ratio of 0.71 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Shenandoah Telecommunications's return on assets (ROA)?
Shenandoah Telecommunications (SHEN) had a return on assets of -1.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Shenandoah Telecommunications's Piotroski F-Score?
Shenandoah Telecommunications (SHEN) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Shenandoah Telecommunications's earnings high quality?
Shenandoah Telecommunications (SHEN) has an earnings quality ratio of -3.07x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Shenandoah Telecommunications cover its interest payments?
Shenandoah Telecommunications (SHEN) has an interest coverage ratio of -0.9x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Shenandoah Telecommunications?
Shenandoah Telecommunications (SHEN) scores 27 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.