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SHEN

Shenandoah Telecommunications Company

SHEN

Shenandoah Telecommunications Company • NASDAQ
$10.93 ▼ -0.55% (-0.06)
Market Cap $600.04 M
52w High $15.84
52w Low $9.67
Dividend Yield 0.11%
P/E -15.18
Volume 127.75K
Outstanding Shares 54.90M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $89.796M ▲ $64.576M ▲ $-9.39M ▲ -10.457% ▲ $-0.2 ▼ $28.917M ▼
Q2-2025 $88.568M ▲ $29.743M ▼ $-10.545M ▼ -11.906% ▼ $-0.19 $29.01M ▲
Q1-2025 $87.898M ▲ $60.96M ▲ $-9.132M ▼ -10.389% ▼ $-0.19 ▼ $24.099M ▲
Q4-2024 $85.412M ▼ $57.995M ▲ $-2.744M ▲ -3.213% ▲ $-0.11 ▲ $23.815M ▼
Q3-2024 $87.599M $57.36M $-6.901M -7.878% $-0.13 $24.503M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $22.621M ▼ $1.85B ▲ $870.79M ▲ $892.678M ▼
Q2-2025 $29.077M ▼ $1.815B ▼ $827.277M ▼ $901.964M ▼
Q1-2025 $87.547M ▲ $1.825B ▲ $831.044M ▲ $910.473M ▼
Q4-2024 $46.272M ▲ $1.74B ▲ $739.226M ▲ $918.583M ▼
Q3-2024 $43.099M $1.695B $688.433M $925.358M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-9.39M ▼ $30.738M ▲ $-58.007M ▲ $20.813M ▲ $-6.456M ▲ $-51.376M ▲
Q2-2025 $-9.048M ▲ $20.946M ▲ $-75.648M ▲ $-3.768M ▼ $-58.47M ▼ $-65.25M ▼
Q1-2025 $-10.604M ▼ $20.524M ▼ $-76.26M ▲ $97.011M ▲ $41.275M ▲ $-62.712M ▲
Q4-2024 $-7.981M ▼ $20.596M ▼ $-84.31M ▼ $66.887M ▲ $3.173M ▲ $-72.022M ▼
Q3-2024 $-5.304M $24.272M $-71.966M $47.014M $-680K $-51.266M

Revenue by Products

Product Q2-2023Q3-2023Q4-2023Q1-2024
Carrier Access Revenue
Carrier Access Revenue
 $0 ▲$0 ▲$10.00M ▲$0 ▼
Service and Other
Service and Other
 $0 ▲$70.00M ▲$220.00M ▲$0 ▼
Tower Lease
Tower Lease
 $0 ▲$0 ▲$10.00M ▲$0 ▼
Broadband Segment
Broadband Segment
 $70.00M ▲$0 ▼$0 ▲$0 ▲
Corporate and Other
Corporate and Other
 $0 ▲$0 ▲$0 ▲$0 ▲
Tower Segment
Tower Segment
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past five years, showing that the core business is expanding at a healthy pace. Profitability, however, has been choppy. Underlying operating profit has hovered around break-even and most recently slipped into a small loss, suggesting that higher spending—likely tied to growth and fiber build-out—is weighing on near-term margins. Net income in the latest year jumped sharply, which looks more like the result of one-time gains or accounting items than a reflection of stronger everyday operations. In short, the top line is trending well, but earnings quality and consistency deserve a closer look.

Balance Sheet

Balance Sheet The balance sheet shows a company in investment mode but still reasonably grounded. Total assets have risen meaningfully, reflecting heavy spending on network infrastructure and fiber expansion. Debt has also climbed but remains supported by a growing equity base, so leverage does not appear extreme. Cash on hand has come down from prior levels, which is normal for a build-out phase but does narrow the cushion if conditions tighten. Overall, the company looks asset-rich and increasingly fiber-heavy, with a moderate but rising reliance on borrowing to fund growth.

Cash Flow

Cash Flow Cash flow tells a clear story of “spend now for future growth.” Operating cash flow has been generally positive over time, but it is not yet strong enough to cover the very heavy capital spending on the fiber network. As a result, free cash flow has been consistently negative in recent years. This pattern is typical for a telecom aggressively expanding its footprint, but it means the company depends on external financing and balance sheet strength to keep funding its build. The key question going forward is when these large investments start translating into more stable and self-funding cash generation.

Competitive Edge

Competitive Edge Shenandoah is carving out a focused niche by bringing high-speed fiber to smaller cities, suburbs, and rural areas that larger national players often overlook. By being early with full fiber-to-the-home in these markets, it can lock in customers who previously had limited options and weaker service. Government grants and partnerships help lower the cost and risk of rural build-outs, raising barriers for would-be competitors who lack similar support. Simple pricing, no long-term contracts, and a local service feel further differentiate the brand. As its regional fiber network grows, scale and density should help strengthen its position and efficiency over time.

Innovation and R&D

Innovation and R&D The company’s main innovation is not flashy gadgets but the design and rollout of a modern, all-fiber network under the Glo Fiber brand. It is betting on high-capacity, symmetrical-speed internet as a long-lived, “future-proof” platform for homes and small businesses. Shentel is combining organic construction with targeted acquisitions of smaller fiber operators to speed its entry into new communities. It is also leaning on public funding programs and securitizing fiber assets to finance this expansion, which is a creative financial approach to a capital-heavy project. The innovation focus is practical and infrastructure-centric: build a high-quality network in places others have under-served, and then layer on simple, reliable services.

Summary

Shenandoah Telecommunications is in the middle of a major strategic shift from a traditional regional telecom toward a focused fiber infrastructure player in under-served markets. Revenue has grown steadily, but reported earnings are noisy and recent operating results reflect the strain of heavy investment. The balance sheet and cash flows both show a company leaning into large, long-dated projects, with rising assets, moderate but increasing debt, and consistently negative free cash flow as fiber build-outs accelerate. Competitively, its concentration on smaller markets, first-mover fiber advantage, government-backed expansion, and customer-friendly approach give it a potentially durable niche. The main opportunity is to turn today’s intensive build phase into a more stable, cash-generative fiber franchise; the main risk is execution and funding during a period of high spending and uneven profitability.

NEWS

November 20, 2025 · 8:15 AM UTC

Shenandoah Telecommunications Company Announces Pricing of $567.4 million Inaugural Fiber Network Asset Securitization Offering

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November 17, 2025 · 9:34 AM UTC

Shenandoah Telecommunications Company Announces Launch of Inaugural Fiber Network Asset Securitization Offering

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November 13, 2025 · 5:05 AM UTC

Glo Fiber Launches Lightning-Fast Fiber Internet in Greenfield, Ohio

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October 29, 2025 · 4:05 PM UTC

Shenandoah Telecommunications Company Reports Third Quarter 2025 Results

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October 7, 2025 · 6:35 AM UTC

Glo Fiber Opens New Retail Location in Winchester, Virginia

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