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SHENANDOAH TELECOMMUNICATIONS CO/VA/

SHEN Clue Score43
United States Fiscal year ends December CIK 0000354963
$10.41 -9.68% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $10.41 −66.53% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue535.3Operating income22.5Net income−0.9EPS, diluted−0.02Fiscal year 2017Revenue612.0 +14.3%Operating income46.5Net income66.4EPS, diluted1.33Fiscal year 2018Revenue192.7 −68.5%Operating income−3.0Net income46.6 −29.8%EPS, diluted0.93 −30.1%Fiscal year 2019Revenue206.9 +7.4%Operating income−1.3Net income55.5 +19.1%EPS, diluted1.11 +19.4%Fiscal year 2020Revenue220.8 +6.7%Operating income−2.6Net income125.7 +126.4%EPS, diluted2.51 +126.1%Fiscal year 2021Revenue245.2 +11.1%Operating income−2.4Net income998.8 +694.8%EPS, diluted19.92 +693.6%Fiscal year 2022Revenue248.9 +1.5%Operating income−17.5Net income−8.4 −100.8%EPS, diluted−0.17 −100.9%Fiscal year 2023Revenue269.1 +8.1%Operating income0.1Net income8.0EPS, diluted0.16Fiscal year 2024Revenue328.1 +21.9%Operating income−28.6Net income193.8 +2,311.3%EPS, diluted3.54 +2,112.5%Fiscal year 2025Revenue357.9 +9.1%Operating income−23.2Net income−32.9 −117.0%EPS, diluted−0.71 −120.1%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 535.3 612.0 192.7 206.9 220.8 245.2 248.9 269.1 328.1 357.9
Growth +14.3% −68.5% +7.4% +6.7% +11.1% +1.5% +8.1% +21.9% +9.1%
Operating income 22.5 46.5 −3.0 −1.3 −2.6 −2.4 −17.5 0.1 −28.6 −23.2
Net income −0.9 66.4 46.6 55.5 125.7 998.8 −8.4 8.0 193.8 −32.9
Growth −29.8% +19.1% +126.4% +694.8% −100.8% +2,311.3% −117.0%
EPS, diluted −0.02 1.33 0.93 1.11 2.51 19.92 −0.17 0.16 3.54 −0.71
Growth −30.1% +19.4% +126.1% +693.6% −100.9% +2,112.5% −120.1%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin4.2%Net margin−0.2%Free cash flow margin−2.2%Fiscal year 2017Operating margin7.6%Net margin10.8%Free cash flow margin12.5%Fiscal year 2018Operating margin−1.5%Net margin24.2%Free cash flow margin108.5%Fiscal year 2019Operating margin−0.6%Net margin26.8%Free cash flow margin92.9%Fiscal year 2020Operating margin−1.2%Net margin56.9%Free cash flow margin82.6%Fiscal year 2021Operating margin−1.0%Net margin407.3%Free cash flow margin−167.6%Fiscal year 2022Operating margin−7.0%Net margin−3.4%Free cash flow margin−45.8%Fiscal year 2023Operating margin0.1%Net margin3.0%Free cash flow margin−52.5%Fiscal year 2024Operating margin−8.7%Net margin59.1%Free cash flow margin−78.2%Fiscal year 2025Operating margin−6.5%Net margin−9.2%Free cash flow margin−72.1%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 4.2% 7.6% −1.5% −0.6% −1.2% −1.0% −7.0% 0.1% −8.7% −6.5%
Net margin −0.2% 10.8% 24.2% 26.8% 56.9% 407.3% −3.4% 3.0% 59.1% −9.2%
Free cash flow margin −2.2% 12.5% 108.5% 92.9% 82.6% −167.6% −45.8% −52.5% −78.2% −72.1%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow161.5Capital expenditure−173.2Free cash flow−11.7Buybacks−5.1Dividends paid−11.7Fiscal year 2017Operating cash flow222.9Capital expenditure−146.5Free cash flow76.4Buybacks0.0Dividends paid−12.3Fiscal year 2018Operating cash flow265.6Capital expenditure−56.6Free cash flow209.0 +173.4%Buybacks0.0Dividends paid−12.9Fiscal year 2019Operating cash flow259.1Capital expenditure−67.0Free cash flow192.1 −8.1%Buybacks−7.2Dividends paid−13.9Fiscal year 2020Operating cash flow302.9Capital expenditure−120.5Free cash flow182.4 −5.0%Buybacks0.0Dividends paid−16.4Fiscal year 2021Operating cash flow−250.9Capital expenditure−160.1Free cash flow−411.0 −325.3%Buybacks0.0Dividends paid−940.3Fiscal year 2022Operating cash flow74.9Capital expenditure−189.0Free cash flow−114.1Dividends paid−4.0Fiscal year 2023Operating cash flow113.8Capital expenditure−255.1Free cash flow−141.3Dividends paid−4.5Fiscal year 2024Operating cash flow62.6Capital expenditure−319.1Free cash flow−256.5Dividends paid−5.8Fiscal year 2025Operating cash flow101.0Capital expenditure−358.9Free cash flow−257.9Dividends paid−6.4
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 161.5 222.9 265.6 259.1 302.9 −250.9 74.9 113.8 62.6 101.0
Capital expenditure −173.2 −146.5 −56.6 −67.0 −120.5 −160.1 −189.0 −255.1 −319.1 −358.9
Free cash flow −11.7 76.4 209.0 192.1 182.4 −411.0 −114.1 −141.3 −256.5 −257.9
Growth +173.4% −8.1% −5.0% −325.3%
Buybacks −5.1 0.0 0.0 −7.2 0.0 0.0 n/a n/a n/a n/a
Dividends paid −11.7 −12.3 −12.9 −13.9 −16.4 −940.3 −4.0 −4.5 −5.8 −6.4

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash36.2Total debt829.3Net cash (debt)−793.1Shareholders’ equity295.9Debt to equity2.80Fiscal year 2017Cash78.6Total debt822.0Net cash (debt)−743.4Shareholders’ equity352.2Debt to equity2.33Fiscal year 2018Cash85.1Total debt770.2Net cash (debt)−685.2Shareholders’ equity440.4Debt to equity1.75Fiscal year 2019Cash101.7Total debt720.1Net cash (debt)−618.5Shareholders’ equity468.1Debt to equity1.54Fiscal year 2020Cash195.4Total debt688.5Net cash (debt)−493.1Shareholders’ equity577.1Debt to equity1.19Fiscal year 2021Cash84.3Total debt0.0Net cash (debt)84.3Shareholders’ equity642.3Debt to equity0.00Fiscal year 2022Cash44.1Total debt75.0Net cash (debt)−30.9Shareholders’ equity638.0Debt to equity0.12Fiscal year 2023Cash139.3Total debt299.9Net cash (debt)−160.6Shareholders’ equity652.7Debt to equity0.46Fiscal year 2024Cash46.3Total debt416.9Net cash (debt)−370.6Shareholders’ equity918.6Debt to equity0.45Fiscal year 2025Cash27.3Total debt628.2Net cash (debt)−601.0Shareholders’ equity880.8Debt to equity0.71
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 36.2 78.6 85.1 101.7 195.4 84.3 44.1 139.3 46.3 27.3
Total debt 829.3 822.0 770.2 720.1 688.5 0.0 75.0 299.9 416.9 628.2
Net cash (debt) −793.1 −743.4 −685.2 −618.5 −493.1 84.3 −30.9 −160.6 −370.6 −601.0
Shareholders’ equity 295.9 352.2 440.4 468.1 577.1 642.3 638.0 652.7 918.6 880.8
Debt to equity 2.80 2.33 1.75 1.54 1.19 0.00 0.12 0.46 0.45 0.71

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In millions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
535.3 612.0 192.7 206.9 220.8 245.2 248.9 269.1 328.1 357.9
Growth +14.3% −68.5% +7.4% +6.7% +11.1% +1.5% +8.1% +21.9% +9.1%
193.5 211.5 n/a n/a n/a n/a n/a n/a n/a n/a
133.3 165.9 70.8 77.8 85.0 82.5 91.1 99.3 115.2 118.2
22.5 46.5 −3.0 −1.3 −2.6 −2.4 −17.5 0.1 −28.6 −23.2
Growth +106.5% −106.4% −20,234.5%
1.9 13.3 0.7 1.9 0.6 6.2 −18.8 1.5 −38.0 −41.9
2.8 −53.1 −1.3 0.0 −1.0 −1.7 −3.4 0.5 −9.7 −8.9
−0.9 66.4 46.6 55.5 125.7 998.8 −8.4 8.0 193.8 −32.9
Growth −29.8% +19.1% +126.4% +694.8% −100.8% +2,311.3% −117.0%
Per share
−0.02 1.35 0.94 1.11 2.52 19.97 −0.17 0.16 3.54 −0.71
−0.02 1.33 0.93 1.11 2.51 19.92 −0.17 0.16 3.54 −0.71
Growth −30.1% +19.4% +126.1% +693.6% −100.9% +2,112.5% −120.1%
48.8 49.2 49.5 49.8 49.9 50.0 50.2 50.4 53.7 55.1
48.8 50.0 50.1 50.1 50.0 50.1 50.2 50.7 53.7 55.1
Growth +2.5% +0.1% +0.1% −0.2% +0.2% +0.0% +1.1% +5.9% +2.6%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 10.1% a year over five years.
  • The diluted share count rose 10.1% in five years, which is dilution.
  • Operating margin is down 5.3 points on five years ago, at -6.5%.
  • A net loss in 3 of 10 years on file.