SHEN

MKT CAP:$899M

Shenandoah Telecommunications Company

Market Cap

$899M

Communication Services·Telecommunications Services·🇺🇸 United States·NASDAQ

Communication·Telecommunications·🇺🇸·NASDAQ

Stock Price

$16.85+$5.54 (+48.98%)

Apr 22, 2026

Company Details

Shenandoah Telecommunications Company, together with its subsidiaries, provides a range of broadband communication services and cell tower colocation space in the Mid-Atlantic portion of the United States. Its Broadband segment offers broad...

CEO

Edward H. McKay

IPO Date

Apr 26, 1999

Website

www.shentel.com

Key Metrics TTM

Revenue

$311M

+13.4% YoY

Net Income

$194M

EPS (Diluted)

-$0.45

Free Cash Flow

-$231M

Revenue / Share

$5.65

Gross Margin

62.2%

Operating Margin

-8.3%

Net Margin

62.4%

FCF Margin

-74.1%

P/S

2.9x

P/E

4.6x

Earnings Reports

Q4 2025

Apr 29, 2026

PENDING

Q3 2025

Oct 29, 2025

$90MEPS -$0.20

Q2 2024

Aug 7, 2024

$86M+28.7%EPS -$0.24

Q1 2024

May 3, 2024

$69M-3.4%EPS -$0.04

FY 2023

Feb 21, 2024

$287MEPS $0.16

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 19	$159M	$95M	$25M
Q2 19	$159M	$94M	$24M
Q3 19	$155M	$89M	$25M
Q1 20	$53M	$33M	-$1M
Q2 20	$54M	$32M	-$2M
Q1 21	$60M	$36M	$2M
Q2 21	$61M	$36M	$2M
Q1 22	$64M	$38M	-$380.0K
Q2 22	$66M	$39M	-$3M
Q3 22	$67M	$39M	-$2M
Q4 22	$70M	$43M	-$3M
Q1 23	$72M	$45M	$3M
Q2 23	$67M	$42M	-$118.0K
Q1 24	$69M	$43M	-$3M
Q2 24	$86M	$51M	-$16M
Q3 25	$90M	$57M	-$7M

Valuation

Quarter	P/S	P/E
Q1 19	3.6x	54.0x
Q2 19	3.0x	38.4x
Q3 19	2.5x	28.1x
Q1 20	4.7x	45.2x
Q2 20	5.8x	35.1x
Q1 21	7.6x	22.5x
Q2 21	10.6x	16.5x
Q1 22	4.8x	8.7x
Q2 22	5.1x	12.7x
Q3 22	3.4x	18.8x
Q4 22	3.1x	—
Q1 23	3.5x	—
Q2 23	3.6x	—
Q1 24	3.3x	4.2x
Q2 24	3.2x	4.5x
Q3 25	2.4x	3.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 19	$62M	$17M
Q2 19	$68M	$33M
Q3 19	$64M	$19M
Q1 20	$61M	$29M
Q2 20	$68M	$34M
Q1 21	$85M	$45M
Q2 21	$69M	$28M
Q1 22	$16M	-$30M
Q2 22	$23M	-$20M
Q3 22	$17M	-$26M
Q4 22	$19M	-$39M
Q1 23	$48M	-$19M
Q2 23	$21M	-$46M
Q1 24	$15M	-$55M
Q2 24	$3M	-$78M
Q3 25	$31M	-$51M

Capital Expenditures

Quarter	CapEx
Q1 19	$44M
Q2 19	$35M
Q3 19	$45M
Q1 20	$32M
Q2 20	$34M
Q1 21	$39M
Q2 21	$40M
Q1 22	$46M
Q2 22	$43M
Q3 22	$44M
Q4 22	$57M
Q1 23	$67M
Q2 23	$68M
Q1 24	$70M
Q2 24	$81M
Q3 25	$82M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 19	+4.8%	+0.4%
Q2 19	+4.7%	-1.8%
Q3 19	+0.7%	-4.1%
Q1 20	-67.1%	-59.5%
Q2 20	-65.8%	-58.1%
Q1 21	-62.4%	-57.4%
Q2 21	-60.9%	-55.1%
Q1 22	+21.2%	+18.9%
Q2 22	+21.5%	+23.1%
Q3 22	+12.1%	+19.6%
Q4 22	+15.3%	+24.6%
Q1 23	+11.3%	+6.4%
Q2 23	+0.9%	-3.5%
Q1 24	+3.5%	+4.8%
Q2 24	+22.5%	+39.9%
Q3 25	+25.3%	+40.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 19	$2M	1.1%
Q2 19	$593.0K	0.4%
Q3 19	$851.0K	0.5%
Q1 20	$3M	5.5%
Q2 20	$2M	3.0%
Q1 21	$642.0K	1.1%
Q2 21	$200.0K	0.3%
Q1 22	$3M	4.9%
Q2 22	$2M	3.6%
Q3 22	$2M	2.6%
Q4 22	$1M	1.8%
Q1 23	$4M	5.2%
Q2 23	$3M	3.9%
Q1 24	$4M	5.7%
Q2 24	$2M	2.6%
Q3 25	$2M	2.3%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q1 19	—	—	$29M
Q2 19	—	—	$27M
Q3 19	—	—	$27M
Q1 20	—	—	$22M
Q2 20	—	—	$22M
Q1 22	—	—	$24M
Q3 22	—	—	$22M
Q4 22	$16M	$7M	—
Q1 23	—	—	$27M
Q1 24	—	—	$29M
Q2 24	—	—	$30M
Q3 25	—	—	$30M

Revenue Segments

Quarter	Equipment Revenue	Other Revenue	Services Revenue	Broadband Segment	Corporate and Other	Tower Segment
Q2 19	$17M	$10M	$131M	—	—	—
Q3 19	$16M	$10M	$127M	—	—	—
Q1 21	—	—	—	$55M	-$128.0K	$5M
Q2 21	—	—	—	$56M	-$141.0K	$5M
Q1 22	—	—	—	$60M	-$147.0K	$5M
Q2 22	—	—	—	$61M	-$93.0K	$5M
Q3 22	—	—	—	$62M	-$139.0K	$5M
Q4 22	—	—	—	$66M	-$184.0K	$5M
Q1 23	—	—	—	$67M	-$93.0K	$5M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$54M	$0	$54M
Q2 22	$33M	$0	$33M
Q3 22	$33M	$0	$33M
Q4 22	$44M	$0	$44M
Q1 23	$48M	$0	$48M
Q2 23	$26M	$0	$26M
Q3 23	$36M	$0	$36M
Q4 23	$139M	$0	$139M
Q1 24	$390M	$0	$390M
Q2 24	$44M	$0	$44M
Q3 24	$43M	$0	$43M
Q4 24	$46M	$0	$46M
Q1 25	$88M	$0	$88M
Q2 25	$29M	$0	$29M
Q3 25	$23M	$0	$23M
Q4 25	$48M	$0	$48M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 19	50M	+0.0%	+0.1%
Q2 19	50M	+0.1%	+0.2%
Q3 19	50M	-0.0%	+0.1%
Q1 20	50M	-0.2%	-0.2%
Q2 20	50M	-0.3%	-0.4%
Q1 21	50M	+0.4%	-0.1%
Q2 21	50M	-0.0%	-0.1%
Q1 22	50M	+0.1%	+0.2%
Q2 22	50M	+0.0%	+0.5%
Q3 22	50M	+0.1%	+0.2%
Q4 22	50M	+0.0%	+0.2%
Q1 23	51M	+0.6%	+0.7%
Q2 23	51M	+0.4%	+1.1%
Q1 24	51M	+0.6%	+1.6%
Q2 24	55M	+7.3%	+9.0%
Q3 25	55M	+0.8%	+9.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 19	$154.4K	1K
Q2 19	$154.4K	1K
Q3 19	$150.8K	1K
Q1 20	$47.0K	1K
Q2 20	$48.1K	1K
Q1 21	$52.4K	1K
Q2 21	$53.3K	1K
Q1 22	$74.9K	860
Q2 22	$76.8K	860
Q3 22	$77.8K	860
Q4 22	$83.1K	842
Q1 23	$85.1K	842
Q2 23	$79.1K	842
Q1 24	$82.0K	845
Q2 24	$101.5K	845
Q3 25	$82.5K	1K

Revenue / Employee