Shenandoah Telecommunications Company logo SHEN - Shenandoah Telecommunications Company

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| PRICE TARGET: $29.00 DETAILS
HIGH: $29.00
LOW: $29.00
MEDIAN: $29.00
CONSENSUS: $29.00
UPSIDE: 82.62%
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993
Revenue
Revenue 357.9 328.1 287.4 248.9 245.2 220.8 206.9 630.9 612.0 535.3 342.5 326.9 308.9 288.1 251.1 194.9 160.6 144.4 141.2 169.2 146.4 121.0 105.9 93.0 88.7 59.7 42.2 35.6 31.0 25.4 21.9 20.2 18.3
Cost of Revenue 261.7 128.1 106.1 102.3 102.3 89.7 83.6 258.0 211.5 193.5 121.3 129.7 125.1 117.4 106.6 74.5 54.0 43.8 48.2 71.7 60.3 52.0 44.6 43.0 37.6 24.6 2.5 6.8 2.6 5.4 3.8 3.6 2.8
Gross Profit 96.1 199.9 181.3 146.6 142.9 131.1 123.3 372.9 400.5 341.8 221.2 197.2 183.8 170.7 144.5 120.4 106.6 100.7 93.0 97.5 86.1 69.0 61.3 50.0 51.2 35.2 39.8 28.8 28.4 20.0 18.1 16.7 15.5
Operating Expenses
R&D Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
SG&A Expenses 118.2 115.2 103.6 91.1 82.5 85.0 77.8 113.2 165.9 133.3 76.4 69.4 67.7 60.6 56.4 45.5 31.1 28.6 32.6 49.1 44.3 30.3 26.0 26.1 17.6 11.6 19.0 0 0 0 0 0 0
Other Expenses 0 113.3 68.0 73.0 62.9 48.7 46.8 4.0 4.4 4.2 1.8 2.0 1.8 1.8 55.8 42.6 32.6 26.4 29.2 27.3 22.4 19.0 16.6 14.5 11.8 7.3 7.2 18.3 20.0 12.1 9.3 8.2 8.7
Operating Expenses 118.2 228.5 171.7 164.1 145.4 133.7 124.6 279.6 342.9 277.0 147.1 135.3 128.4 125.1 112.2 88.2 63.8 55.0 61.8 76.4 66.7 49.3 42.7 40.6 29.4 19.0 26.2 18.3 20.0 12.1 9.3 8.2 8.7
Operating Income
Operating Income (22.1) (28.6) 9.6 (17.5) (2.4) (2.6) (1.3) 93.2 46.5 22.5 74.1 61.9 55.4 34.7 32.3 32.2 42.8 45.6 31.2 21.2 19.4 19.6 18.6 9.3 21.8 16.2 13.6 10.5 8.4 7.9 8.9 8.2 6.9
Interest Expense 25.4 15.9 0 9.2 0 0 29.5 34.8 38.2 25.1 7.4 8.1 8.5 7.8 8.3 4.7 1.4 1.0 1.9 2.4 3.1 3.1 3.5 4.2 4.1 2.7 0 1.5 0 0.8 0.7 0.7 (0.6)
Interest Income 0 0 0 0.1 2 4.2 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Profitability
EBITDA 115.1 76.3 78.3 55.5 60.9 46.4 45.9 263.6 230.8 187.7 148.3 127.8 120.3 100.6 88.3 79.4 76.5 74.9 57.9 36.9 41.8 37.0 34.6 23.8 17.7 12.1 19.3 15.9 13.0 11.5 11.8 11.2 9
EBIT (16.5) (22.1) 12.2 (3.6) 5.3 (2.6) (1.3) (3.0) 52.3 29.2 77.6 64.2 57.9 36.5 32.5 36.8 43.9 45.0 39.1 25.7 19.4 18.0 17.9 9.3 6.4 5.4 12.5 10.5 8.4 7.9 8.9 8.5 6.6
Income Before Tax (41.9) (38.0) 11.0 (18.8) 6.2 0.6 1.9 62.1 13.3 1.9 68.6 56.0 49.5 28.6 24.2 32.1 42.5 44.0 31.8 30.4 17.5 16.3 15.1 (5.0) 30.9 15.8 10.2 10.3 8.2 8.5 10.3 7.8 7.2
Income Tax Expense (8.9) (9.7) 3.0 (3.4) (1.7) (1.0) 0.0 15.5 (53.1) 2.8 27.7 22.2 19.9 12.0 10.7 13.4 17.5 17.7 13.0 12.4 6.7 6.1 5.3 (2.1) 10.0 6.0 3.8 3.6 2.6 2.8 3.6 2.6 2.5
Net Income (39.4) 190.4 8.0 (8.4) 998.8 125.7 55.5 46.6 66.4 (0.9) 40.9 33.9 29.6 16.3 13.0 18.1 15.1 24.4 18.8 17.9 10.7 10.2 32.1 4.5 16.4 9.9 6.4 5.6 4.5 5.0 6.2 4.9 4.6
Per Share Data
EPS (Basic) -0.71 3.54 0.16 -0.17 0.16 0.05 1.12 0.94 1.35 -0.02 0.84 0.70 0.62 0.00 0.28 0.38 0.32 0.52 0.40 0.39 0.23 0.22 0.70 0.10 0.36 0.22 0.14 0.12 0.10 0.11 0.14 0.11 0.10
EPS (Diluted) -0.71 3.54 0.16 -0.17 0.16 0.05 1.12 0.93 1.33 -0.02 0.83 0.70 0.62 0.00 0.28 0.38 0.32 0.52 0.40 0.39 0.23 0.22 0.70 0.10 0.36 0.22 0.14 0.12 0.10 0.11 0.14 0.11 0.10
Shares Outstanding 55.1 53.7 50.4 50.2 50.0 49.9 49.8 49.5 49.1 48.8 48.4 48.2 48.0 47.9 47.2 47.6 47.2 47.1 46.7 46.3 46.0 45.7 45.5 45.3 45.1 45.1 45.1 45.1 45.1 45.1 45.1 45.1 45.1
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2009 2008 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993
Current Assets
Cash & Cash Equivalents 27.3 46.3 139.3 44.1 84.3 195.4 101.7 85.1 78.6 36.2 12.1 5.2 14.2 28.7 2.2 2.2 3.1 7.2 4.9 5.2 4.9 7.3 7.2 5.7
Short-Term Investments 0 0 0 0 0.8 0 0 0 0 0 0 0 0 0 0 0 0 0 0.5 1.6 2.1 2.5 3.3 3.7
Net Receivables 34.0 31.0 24.5 50.4 52.2 70.4 73.9 93.0 71.5 69.8 20.6 28.7 16.4 8.0 7.5 6.9 7.4 4.9 4.3 5.7 4.2 3.1 2.9 2.3
Inventory 0 0 0 0 0 0 0 5.3 5.7 39.0 6.1 6.4 2.1 2.1 1.8 3.0 2.9 4.1 3.5 4.0 2.9 1.9 1.5 1.5
Other Current Assets 29.1 9.8 7.2 26.7 4.5 1,136.8 58.3 7.0 3.5 0 11.4 29.8 0 0.5 6.7 3.5 1.9 0.5 0.3 0.2 1.1 1.2 0.1 0.4
Total Current Assets 97.4 94.5 176.1 128.6 166.4 1,406.6 237.0 210.2 172.9 161.5 52.6 72.4 34.5 41.0 20.5 16.0 14.3 16.7 13.9 17.2 14.6 15.3 15.2 13.6
Non-Current Assets
Property, Plant & Equipment 1,621.3 1,458.1 930.1 741.4 610.6 490.8 405.7 701.4 686.3 698.1 202.3 175.6 156.3 127.7 132.2 128.1 111.8 74.5 65.0 57.1 49.2 36.8 31.9 31.5
Goodwill 67.5 67.1 3.2 3.2 3.2 3.2 2.7 146.5 146.5 145.3 4.4 4.5 8.9 5.1 5.1 0 0 0 0 5.7 0 0 0 0
Intangible Assets 89.4 90.7 77.9 78.3 86.6 103.5 85.6 366.0 381.0 454.5 2.4 3.2 3.4 0 0 5.6 5.6 6.0 0.7 0 0 0 0 0
Long-Term Investments 16.5 15.7 11.7 13.0 13.7 13.8 13.6 10.8 11.5 10.3 8.7 8.4 0 0 0 0 0 0 8.6 8.8 8.5 7.8 5.4 4.5
Other Non-Current Assets 18.7 14.2 15.2 13.3 10.3 6.4 1,154.4 (77.6) (87.2) (137.1) (28.4) (28.6) 8.2 11.6 6.3 17.0 18.6 35.8 5.2 5.6 7.2 0 0 (3.4)
Total Non-Current Assets 1,813.3 1,645.8 1,038.2 849.2 724.4 617.8 1,795.0 1,274.6 1,239.0 1,322.9 219.1 193.6 176.7 144.4 143.5 150.8 136.1 116.3 79.5 72.2 64.8 44.6 37.3 36.1
Total Assets 1,910.8 1,740.3 1,214.2 977.7 890.7 2,024.4 2,032.0 1,484.8 1,411.9 1,484.4 271.7 266.0 211.2 185.4 164.0 166.8 150.4 133.1 93.4 89.4 79.4 59.9 52.5 49.7
Current Liabilities
Account Payables 61.4 57.8 53.5 49.2 28.5 19.6 40.3 36.0 29.0 72.8 8.8 5.6 6.0 4.7 5.0 5.1 9.7 2.2 1.1 3.7 2.1 0.8 0.3 0.5
Short-Term Debt 0 9.2 7.1 0.6 0 688.5 33.4 20.6 64.4 32.0 4.6 4.4 4.4 4.2 8.0 10.6 2.4 1.3 0.9 0.5 0.5 0.5 0.4 0.9
Deferred Revenue 16.9 16.1 0 12.4 11.1 8.6 0 7.9 21.2 20.4 6.3 5.2 7.9 1.0 0 0 0 0 1.1 0.2 0.1 1.2 0.1 0
Other Current Liabilities 24.2 12.1 22.9 28.0 19.5 478.5 69.8 18.2 16.4 29.0 2.6 1.0 8.2 3.3 6.9 5.9 6.3 7.5 2.1 2.0 1.8 1.8 1.6 2.5
Total Current Liabilities 108.5 114.6 98.4 96.4 67.3 1,208.1 153.6 88.5 137.6 164.3 20.1 24.4 21.8 15.8 19.9 21.6 18.4 11.0 5.0 7.1 4.6 4.3 2.4 3.9
Non-Current Liabilities
Long-Term Debt 628.2 407.7 292.8 74.3 0 0 688.5 749.6 757.6 797.2 33.0 37.0 47.9 39.1 47.6 52.0 53.1 31.7 28.4 26.8 24.2 10.1 9.5 9.1
Deferred Tax Liabilities 157.6 167.7 88.1 84.6 86.0 148.7 270.7 127.5 100.9 151.8 29.6 30.4 24.8 20.8 15.9 14.4 9.2 16.1 6.7 6.0 4.9 4.0 3.5 0
Other Non-Current Liabilities 9.2 10.1 14.3 13.7 22.1 24.3 390.2 204.4 166.5 227.0 10.0 3.5 1.0 3.4 2.4 2.3 1.6 1.5 1.5 1.1 0.9 0.8 1.2 5.5
Total Non-Current Liabilities 833.0 624.7 463.2 243.3 181.2 239.3 1,406.0 954.0 924.1 1,024.2 76.0 74.0 75.6 63.4 65.9 68.7 63.9 49.3 36.6 33.9 30.0 14.9 14.2 14.6
Total Liabilities 941.5 739.2 561.6 339.7 248.5 1,447.3 1,559.6 1,042.5 1,061.6 1,188.5 96.1 98.4 97.5 79.2 85.8 90.4 82.3 60.3 41.6 41.0 34.5 19.1 16.6 18.5
Stockholders' Equity
Common Stock 0 0 0 0 0 0 0 0 44.8 45.5 17.9 16.1 6.3 5.7 5.2 5.0 4.8 4.7 4.7 4.7 4.7 4.7 4.7 4.7
Retained Earnings 723.6 769.0 584.1 580.6 592.9 534.4 430.0 386.5 297.2 243.6 160.2 154.0 107.4 100.4 71.3 69.6 55.9 48.5 44.2 40.6 37.7 34.3 29.9 26.4
Accumulated Other Comprehensive Income 0 1.9 1.7 0 0 (4.7) 0.3 8.3 8.2 6.8 (2.4) (2.5) 0.1 0.0 (0.0) 0.0 5.6 17.0 0.6 1.2 (21.6) 0.2 (17.5) (16.3)
Total Stockholders' Equity 880.8 918.6 652.7 638.0 642.3 577.1 472.4 442.2 350.2 295.9 175.7 167.6 113.8 106.2 76.6 74.6 66.3 70.3 49.5 46.5 43.1 39.3 34.6 31.2
Total Liabilities & Equity 1,910.8 1,740.3 1,214.2 977.7 890.7 2,024.4 2,032.0 1,484.8 1,411.9 1,484.4 271.7 266.0 211.2 185.4 164.0 166.8 150.4 133.1 93.4 89.4 79.4 59.9 52.5 49.7
Debt Metrics
Total Debt 641.7 432.3 352.7 129.8 56.6 738.0 766.1 749.6 757.6 797.2 33.0 41.4 52.3 43.3 55.5 62.6 55.5 33.0 29.3 27.4 24.7 10.6 9.9 10
Net Debt 614.4 386.0 213.5 85.7 (27.7) 542.6 664.4 664.5 679.0 761.0 20.9 36.1 38.1 14.7 53.3 60.5 52.4 25.9 24.4 22.2 19.8 3.2 2.7 4.3
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993
Operating Activities
Net Income (32.9) (31.8) 8.0 (15.4) 7.9 2.6 54.9 46.6 66.4 (0.9) 10.7 10.2 9.8 (2.9) 16.4 9.9 6.4 5.6 4.5 4.8 6.2 4.9 4.6
Depreciation & Amortization 131.6 98.5 65.5 66.5 55.2 48.7 160.1 166.4 177.0 143.7 22.4 19.0 16.6 14.5 11.8 7.3 6.7 5.4 4.7 3.5 2.9 2.7 2.5
Stock-Based Compensation 9.6 9.8 10.0 8.5 3.4 5.9 3.4 5.0 3.6 3.0 0 0 0 0 0 0 0 0 0 0 0 0 0
Change in Working Capital 3.1 (3.9) 23.0 (0.5) (35.0) (19.4) 26.9 2.5 (10.1) 40.8 1.0 (1.2) (2.3) 0.5 (8.4) 4.5 4.7 (0.3) (1.2) (0.8) (0.2) (0.5) 2.4
Other Non-Cash Items (0.9) (0.2) 4.2 17.2 (304.7) 249.8 1.7 39.0 40.1 27.8 4.7 0.4 (0.0) 18.4 (11.8) (6.6) (1.0) (0.8) (0.2) 0.6 (1.0) 0.6 (2.4)
Operating Cash Flow 101.0 62.6 113.8 74.9 (250.9) 302.9 259.1 265.6 222.9 161.5 37.2 34.4 53.6 30.8 16.8 15.2 16.0 11.0 8.5 8.7 8.2 7.6 6.6
Investing Activities
Capital Expenditure (358.9) (319.1) (255.1) (189.0) (160.1) (136.6) (155.5) (136.6) (146.5) (173.2) (29.5) (34.1) (12.5) (22.6) (28.4) (44.3) (15.7) (13.7) (10.7) (15.2) (6.7) (3.7) (3.8)
Acquisitions (5) (347.4) 0 0 0.4 (1.9) (10) (52) (6) (657.4) (0.6) (9.2) 0 0 0.5 0 0 0 0.4 0 0 0 0
Purchases of Investments 0 0 0 0 0 0 0 0 0 0 (0.5) (0.7) (0.8) (1.8) (1.2) 0 0 0 (2.4) (1.1) (1.3) 0 0
Sales/Maturities of Investments 0 0 0 0 0 0 0 0.0 0.0 2.9 0.4 0.4 0.7 3.3 5.8 4.8 0.9 0 3.4 0 0 1.5 0
Other Investing Activities 69.3 327.1 19.9 4.8 1,944.1 (17.1) 0.2 0.8 1.0 7.7 0.1 0.0 0.1 0.1 1.1 0.2 (0.6) 2.4 1.3 (7.2) (1.4) (3.0) 0.3
Investing Cash Flow (294.7) (339.4) (236.7) (184.2) 1,784.4 (155.6) (165.3) (187.8) (151.5) (820.0) (30.1) (43.5) (12.4) (21.0) (22.2) (39.3) (15.4) (11.2) (8.0) (23.6) (9.4) (5.2) (3.5)
Financing Activities
Net Debt Issuance 223.8 118.0 225 75 0 0 (53.2) (51.3) (11.4) 646.2 (16.4) (2.7) (12.2) (7.1) 7.1 22.5 3.8 1.9 2.6 14.1 0.6 (0.4) 0
Stock Repurchased 0 (1.7) (1.4) 0 (1.6) (2.2) (7.2) (3.2) (5.4) (5.1) 0 0 0 0 0 0 0 (0.1) 0 0 0 0 0
Dividends Paid (6.4) (5.8) (4.5) (4.0) (940.3) (16.4) (13.9) (12.9) (12.3) (11.7) (3.5) (3.3) (3.0) (2.8) (2.6) (2.5) (2.1) (1.9) (1.6) (1.6) (1.8) (1.4) 0
Other Financing Activities (21.7) 73.4 (1.0) (2.0) (702.6) (34.9) 0.0 (4.0) 0 (20.0) 0 0 0 0 (0.2) 0 0 0 0 0 0 0 0.3
Financing Cash Flow 195.6 183.9 218.1 69.0 (1,644.5) (53.5) (77.2) (71.3) (29.0) 617.9 (18.7) (5.4) (14.7) (9.6) 4.5 20.1 1.7 (0.1) 1.0 12.5 (1.2) (1.8) 0.3
Cash Position
Net Change in Cash 1.9 (93.0) 95.2 (40.3) (111.1) 93.7 16.6 6.5 42.4 (40.6) (11.6) (14.5) 26.5 0.2 (1.0) (4.0) 2.3 (0.3) 1.4 (2.3) (2.5) 0.6 3.4
Cash at Beginning 46.3 139.3 44.1 84.3 195.4 101.7 85.1 78.6 36.2 76.8 14.2 28.7 2.2 2.0 3.1 7.2 4.9 5.2 3.8 6.1 8.6 5.7 2.5
Cash at End 48.2 46.3 139.3 44.1 84.3 195.4 101.7 85.1 78.6 36.2 2.6 14.2 28.7 2.2 2.2 3.1 7.2 4.9 5.2 3.8 6.1 6.3 5.9
Free Cash Flow (257.9) (256.5) (141.3) (114.1) (411.0) 166.3 103.6 129.0 76.4 (11.7) 7.7 0.3 41.1 8.2 (11.6) (29.1) 0.3 (2.6) (2.2) (6.5) 1.4 3.9 2.8
Key Metrics 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993
Income Statement
Revenue 357.9 328.1 287.4 248.9 245.2 220.8 206.9 630.9 612.0 535.3 342.5 326.9 308.9 288.1 251.1 194.9 160.6 144.4 141.2 169.2 146.4 121.0 105.9 93.0 88.7 59.7 42.2 35.6 31.0 25.4 21.9 20.2 18.3
Gross Profit 96.1 199.9 181.3 146.6 142.9 131.1 123.3 372.9 400.5 341.8 221.2 197.2 183.8 170.7 144.5 120.4 106.6 100.7 93.0 97.5 86.1 69.0 61.3 50.0 51.2 35.2 39.8 28.8 28.4 20.0 18.1 16.7 15.5
Operating Income (22.1) (28.6) 9.6 (17.5) (2.4) (2.6) (1.3) 93.2 46.5 22.5 74.1 61.9 55.4 34.7 32.3 32.2 42.8 45.6 31.2 21.2 19.4 19.6 18.6 9.3 21.8 16.2 13.6 10.5 8.4 7.9 8.9 8.2 6.9
Net Income (39.4) 190.4 8.0 (8.4) 998.8 125.7 55.5 46.6 66.4 (0.9) 40.9 33.9 29.6 16.3 13.0 18.1 15.1 24.4 18.8 17.9 10.7 10.2 32.1 4.5 16.4 9.9 6.4 5.6 4.5 5.0 6.2 4.9 4.6
EPS (Diluted) -0.71 3.54 0.16 -0.17 0.16 0.05 1.12 0.93 1.33 -0.02 0.83 0.70 0.62 0.00 0.28 0.38 0.32 0.52 0.40 0.39 0.23 0.22 0.70 0.10 0.36 0.22 0.14 0.12 0.10 0.11 0.14 0.11 0.10
Balance Sheet
Cash & Equivalents 27.3 46.3 139.3 44.1 84.3 195.4 101.7 85.1 78.6 36.2 12.1 5.2 14.2 28.7 2.2 2.2 3.1 7.2 4.9 5.2 4.9 7.3 7.2 5.7
Total Assets 1,910.8 1,740.3 1,214.2 977.7 890.7 2,024.4 2,032.0 1,484.8 1,411.9 1,484.4 271.7 266.0 211.2 185.4 164.0 166.8 150.4 133.1 93.4 89.4 79.4 59.9 52.5 49.7
Total Debt 641.7 432.3 352.7 129.8 56.6 738.0 766.1 749.6 757.6 797.2 33.0 41.4 52.3 43.3 55.5 62.6 55.5 33.0 29.3 27.4 24.7 10.6 9.9 10
Stockholders' Equity 880.8 918.6 652.7 638.0 642.3 577.1 472.4 442.2 350.2 295.9 175.7 167.6 113.8 106.2 76.6 74.6 66.3 70.3 49.5 46.5 43.1 39.3 34.6 31.2
Cash Flow
Operating Cash Flow 101.0 62.6 113.8 74.9 (250.9) 302.9 259.1 265.6 222.9 161.5 37.2 34.4 53.6 30.8 16.8 15.2 16.0 11.0 8.5 8.7 8.2 7.6 6.6
Capital Expenditure (358.9) (319.1) (255.1) (189.0) (160.1) (136.6) (155.5) (136.6) (146.5) (173.2) (29.5) (34.1) (12.5) (22.6) (28.4) (44.3) (15.7) (13.7) (10.7) (15.2) (6.7) (3.7) (3.8)
Free Cash Flow (257.9) (256.5) (141.3) (114.1) (411.0) 166.3 103.6 129.0 76.4 (11.7) 7.7 0.3 41.1 8.2 (11.6) (29.1) 0.3 (2.6) (2.2) (6.5) 1.4 3.9 2.8