SHENANDOAH TELECOMMUNICATIONS CO/VA/ SHEN
Shenandoah Telecommunications Company and its subsidiaries ("Shentel", "we", "our", "us", or the "Company"), provide broadband services through its high speed, state-of-the-art fiber-optic and cable networks to customers in eight contiguous states in the eastern United States. The Company's services include: broadband internet, video and voice; high-speed Ethernet, dark fiber leasing; and managed network services. The Company owns an extensive regional network with approximately 19,000 route miles of fiber. For more information, please visit www.shentel.com.
Shentel provides broadband data, video and voice services to residential and commercial customers in portions of Virginia, West Virginia, Maryland, Pennsylvania, Kentucky, Delaware, Ohio and Indiana, via fiber optic and hybrid fiber coaxial ("HFC") cable networks. We also lease dark fiber and provide Ethernet and Wavelength fiber optic services to enterprise and wholesale customers throughout the entirety of our service area. Shentel's Broadband business also provides voice and digital subscriber line ("DSL") services as a Rural Local Exchange Carrier ("RLEC") to customers in Shenandoah County and portions of adjacent counties in Virginia, and in Ross County and portions of adjacent counties in Ohio. The Company served approximately 262,000 Revenue Generating Units ("RGUs") at December 31, 2025.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $357.9M | $328.1M | $269.1M | $248.9M | $245.2M | $220.8M | $206.9M | $192.7M | $612.0M | $535.3M |
| Cost of revenue | — | — | — | — | — | — | — | — | $211.5M | $193.5M |
| Gross profit | — | — | — | — | — | — | — | — | $400.5M | $341.8M |
| SG&A | $118.2M | $115.2M | $99.3M | $91.1M | $82.5M | $85.0M | $77.8M | $70.8M | $165.9M | $133.3M |
| Total operating expenses | $381.1M | $356.6M | $269.0M | $266.4M | $247.7M | $223.4M | $208.2M | $195.7M | $565.5M | $512.8M |
| Operating income | -$23.2M | -$28.6M | $142.0K | -$17.5M | -$2.4M | -$2.6M | -$1.3M | -$3.0M | $46.5M | $22.5M |
| Interest expense | $25.4M | $15.9M | $4.2M | $1.6M | $2.6M | — | $29.5M | $34.8M | $38.2M | $25.1M |
| Pre-tax income | -$41.9M | -$38.0M | $1.5M | -$18.8M | $6.2M | $586.0K | $1.9M | $734.0K | $13.3M | $1.9M |
| Income tax | $8.9M | $9.7M | $501.0K | $3.4M | $1.7M | $990.0K | $6.0K | $1.3M | $53.1M | $2.8M |
| Net income | -$32.9M | $193.8M | $8.0M | -$8.4M | $998.8M | $125.7M | $55.5M | $46.6M | $66.4M | -$895.0K |
| EPS, basic | -0.71 | 3.54 | 0.16 | -0.17 | 19.97 | 2.52 | 1.11 | 0.94 | 1.35 | -0.02 |
| EPS, diluted | -0.71 | 3.54 | 0.16 | -0.17 | 19.92 | 2.51 | 1.11 | 0.93 | 1.33 | -0.02 |
| Shares, diluted (wtd. avg.) | $55.1M | $53.7M | $50.7M | $50.2M | $50.1M | $50.0M | $50.1M | $50.1M | $50.0M | $48.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $27.3M | $46.3M | $139.3M | $44.1M | $84.3M | $195.4M | $101.7M | $85.1M | $78.6M | $36.2M |
| Receivables | $31.5M | $29.7M | $19.8M | $20.6M | $22.0M | $70.4M | $63.6M | $54.4M | $54.2M | $69.8M |
| Inventory | — | — | — | — | — | — | $5.7M | $5.3M | $5.7M | $39.0M |
| Total current assets | $97.4M | $94.5M | $176.1M | $128.6M | $166.4M | $1.41B | $241.9M | $210.2M | $172.9M | $161.5M |
| Property, plant and equipment | $1.60B | $1.44B | $850.3M | $687.6M | $554.2M | $440.4M | $363.1M | $701.4M | $686.3M | $698.1M |
| Goodwill | $67.5M | $67.1M | — | — | — | — | $149.1M | $146.5M | $146.5M | $145.3M |
| Other intangibles | $89.4M | $90.7M | $81.1M | $81.5M | $89.8M | $106.8M | $88.2M | $366.0M | $381.0M | $454.5M |
| Total assets | $1.91B | $1.74B | $1.21B | $977.7M | $890.7M | $2.02B | $1.90B | $1.48B | $1.41B | $1.48B |
| Accounts payable | $61.4M | $57.8M | $53.5M | $49.2M | $28.5M | $19.6M | $40.3M | $36.0M | $29.0M | $72.8M |
| Short-term debt | $0 | $9.2M | $7.1M | $648.0K | $0 | $688.5M | $31.6M | $20.6M | $64.4M | $32.0M |
| Total current liabilities | $108.5M | $114.6M | $98.4M | $96.4M | $67.3M | $1.21B | $153.6M | $88.5M | $137.6M | $164.3M |
| Long-term debt | $628.2M | $407.7M | $292.8M | $74.3M | $0 | $0 | $688.5M | $749.6M | $757.6M | $797.2M |
| Retained earnings | $723.6M | $769.0M | $584.1M | $580.6M | $592.9M | $534.4M | $425.7M | $384.7M | $297.2M | $243.6M |
| Total equity | $880.8M | $918.6M | $652.7M | $638.0M | $642.3M | $577.1M | $468.1M | $440.4M | $352.2M | $295.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $101.0M | $62.6M | $113.8M | $74.9M | -$250.9M | $302.9M | $259.1M | $265.6M | $222.9M | $161.5M |
| Depreciation and amortisation | $129.7M | $96.9M | $62.9M | $65.8M | $55.2M | $48.7M | $46.8M | $44.4M | $177.0M | $124.0M |
| Stock-based compensation | $9.6M | $9.8M | $10.0M | $8.5M | $3.4M | $5.9M | $3.4M | $4.7M | $3.6M | $3.0M |
| Capital expenditure | $358.9M | $319.1M | $255.1M | $189.0M | $160.1M | $120.5M | $67.0M | $56.6M | $146.5M | $173.2M |
| Investing cash flow | -$294.7M | -$339.4M | -$236.7M | -$184.2M | $1.78B | -$155.6M | -$165.3M | -$187.8M | -$151.5M | -$820.0M |
| Financing cash flow | $195.6M | $183.9M | $218.1M | $69.0M | -$1.64B | -$53.5M | -$77.2M | -$71.3M | -$29.0M | $617.9M |
| Dividends paid | $6.4M | $5.8M | $4.5M | $4.0M | $940.3M | $16.4M | $13.9M | $12.9M | $12.3M | $11.7M |
| Buybacks | — | — | — | — | $0 | $0 | $7.2M | $0 | $0 | $5.1M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000354963-26-000125.
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