Shenandoah Telecommunications Co (SHEN)

Shenandoah Telecommunications Company, together with its subsidiaries, provides broadband services and video and voice services in the United States. The company offers broadband internet, video, and voice services; high-speed Ethernet and dark fiber leasing services; and managed network services to residential and commercial customers in Virginia, West Virginia, Maryland, Pennsylvania, Kentucky, Delaware, Ohio, and Indiana through fiber optics under the brand name of Glo Fiber and hybrid fiber coaxial cable under the Shentel brand name. It also provides Ethernet and wavelength fiber optic services to enterprise and wholesale customers under the Glo Fiber Business brand names; and DSL telephone services. The company was founded in 1902 and is based in Edinburg, Virginia.

Ticker: SHEN
Exchange: Nasdaq
Sector: Communication Services
Industry: Telecom Services
Market cap: $534.27M
52-week range: $9.13 - $17.35

Valuation

Share price: $9.65 (close of Nov 6, 2026)
P/E (TTM): -12.06x
Price to book: 0.63x
Price to free cash flow: -2.46x
Enterprise value: $1.28B
Book value per share: $15.36

Price performance

Period	Change
1 day	-0.72%
5 days	-5.11%
1 month	-16.09%
3 months	-28.04%
6 months	-40.51%
Year to date	-16.52%
1 year	-14.30%
3 years	-60.79%
5 years	-65.66%
10 years	-61.86%
All time	+426.36%

Short interest

As of: Oct 15, 2026
Short % of float: 7.63%
Shares short: 3.23M
Days to cover: 3.91
Change since prior report: +24.49%
Source: FINRA consolidated short interest

Profitability and growth

Return on equity: -3.74%
Return on invested capital: -0.94%
Return on assets: -1.72%
Return on capital employed: -1.29%
Gross margin: 26.53%
Net margin: -9.21%
EBITDA margin: 29.75%
Revenue growth: 9.08%
Net income growth: -117.00%

Cash flow and balance sheet

Free cash flow yield (TTM): -40.61%
Current ratio: 0.71x
Net debt to EBITDA: 6.19x

Latest reported year

Period end: Dec 31, 2025
Fiscal year: 2025
Revenue: $357.85M
Cost of revenue: $262.90M
Gross profit: $94.95M
EBITDA: $106.46M
Net income: -$32.94M
Earnings per share: $-0.71
Interest expense: $25.37M
Shares outstanding: 55.10M

Income statement by year

Period end	Revenue	Gross profit	Net income	EPS
2025-12-31	$357.85M	$94.95M	-$32.94M	-$0.71
2024-12-31	$328.06M	$86.60M	$193.82M	$3.54
2023-12-31	$269.13M	$99.45M	$8.04M	$0.16
2022-12-31	$248.91M	$73.66M	-$8.38M	-$0.17
2021-12-31	$245.24M	$80.02M	$998.83M	$19.97
2020-12-31	$220.78M	$82.42M	$125.67M	$2.52
2019-12-31	$206.86M	$76.50M	$55.50M	$1.11
2018-12-31	$192.68M	$67.88M	$46.59M	$0.94
2017-12-31	$611.99M	$212.45M	$66.39M	$1.35
2016-12-31	$535.29M	$155.85M	-$895.00K	-$0.02

Margins and returns by year

Period end	Gross margin	Net margin	Return on equity	Return on capital
2025-12-31	26.53%	-9.21%	-3.74%	-0.94%
2024-12-31	26.40%	59.08%	21.10%	-1.40%
2023-12-31	36.95%	2.99%	1.23%	0.01%
2022-12-31	29.59%	-3.37%	-1.31%	-1.83%
2021-12-31	32.63%	407.29%	155.51%	-0.17%
2020-12-31	37.33%	56.92%	21.78%	-0.08%
2019-12-31	36.98%	26.83%	11.86%	-0.11%
2018-12-31	35.23%	24.18%	10.58%	-0.10%
2017-12-31	34.71%	10.85%	18.85%	3.96%
2016-12-31	29.12%	-0.17%	-0.30%	1.75%

Cash and debt by year

Period end	Cash	Debt
2025-12-31	$27.26M	$628.24M
2024-12-31	$46.27M	$407.68M
2023-12-31	$139.25M	$292.80M
2022-12-31	$44.06M	$74.31M
2021-12-31	$84.34M	-
2020-12-31	$195.40M	$697.92M
2019-12-31	$101.65M	$688.46M
2018-12-31	$85.09M	$749.62M
2017-12-31	$78.58M	$757.56M
2016-12-31	$36.19M	$797.22M

Free cash flow by year

Period end	Free cash flow	Stock-based compensation
2025-12-31	-$257.92M	$9.59M
2024-12-31	-$256.50M	$9.84M
2023-12-31	-$141.30M	$10.03M
2022-12-31	-$114.09M	$8.53M
2021-12-31	-$411.04M	$3.41M
2020-12-31	$182.42M	$5.91M
2019-12-31	$192.10M	$3.37M
2018-12-31	$209.02M	$4.75M
2017-12-31	$76.44M	$3.58M
2016-12-31	-$11.71M	$3.02M

Dividend history

Most recent payment: Nov 2, 2026
Paid in the last twelve months: $0.23

Payment date	Dividend per share
2026-11-02	$0.12
2025-11-07	$0.11
2024-11-05	$0.10
2023-11-06	$0.09
2022-11-04	$0.08
2021-11-05	$0.07
2021-08-03	$18.75
2020-11-10	$0.34

Investor relations

Past earnings dates

Reported	Fiscal period	EPS estimate
2026-10-28	Sep 2026	-$0.20
2026-07-29	Jun 2026	-$0.28
2026-05-01	Mar 2026	-$0.24
2026-02-26	Dec 2025	-$0.20
2025-10-29	Sep 2025	-$0.22
2025-07-31	Jun 2025	-$0.20
2025-04-30	Mar 2025	-$0.14
2025-02-20	Dec 2024	-$0.15

Filings and sources

Company website: shentel.com
SEC filings: 10-K, 10-Q and 8-K on EDGAR
Earnings calendar: All upcoming reports

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