Shenandoah Telecommunications Company (SHEN) 10-Year Financial Performance & Capital Metrics

SHEN • • Utilities

Communication ServicesTelecom ServicesIntegrated Telecommunications ProvidersRegional US Telecom Operators

AboutShenandoah 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 broadband, video, and voice services to residential and commercial customers in Virginia, West Virginia, Maryland, Pennsylvania, and Kentucky, via hybrid fiber coaxial cable under the Shentel brand, fiber optic services under the Glo Fiber brand, and fixed wireless network services under the Beam brand name. This segment leases fiber and provides Ethernet and wavelength fiber optic services. In addition, the company offers voice and digital subscriber line telephone services. The company's Tower segment owns 220 cell towers and leases colocation space on the towers. Shenandoah Telecommunications Company was founded in 1902 and is based in Edinburg, Virginia.Show more

Revenue $328M +14.2%
EBITDA $70M -7.7%
Net Income $190M +2268.6%
Free Cash Flow -$257M -79.7%
EBITDA Margin 21.3% -19.2%
Net Margin 58.03% +1974.9%
ROE 23.03% +1748.7%
Interest Coverage -1.80
Debt/Equity 0.43 -20.1%
Net Debt/EBITDA 5.53 +96.0%
CapEx / Revenue 97.26% +8.9%
CapEx Coverage 0.20 -55.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 28.0%
✓Trading at only 0.6x book value

✗Weaknesses

✗High leverage: 6.2x Debt/EBITDA

Price & Volume

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Growth Metrics

Revenue CAGR

10Y0.03%

5Y9.66%

3Y10.18%

TTM13.24%

Profit (Net Income) CAGR

10Y18.84%

5Y27.96%

3Y-42.45%

TTM-116.11%

EPS CAGR

10Y17.6%

5Y25.88%

3Y180.73%

TTM-91.4%

ROCE

10Y Avg2.24%

5Y Avg-0.73%

3Y Avg-1.06%

Latest-2.09%

Peer Comparison

Regional US Telecom Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TUTELUS Corporation	20.69B	13.34	19.91	0.67%	5.77%	9.37%	7.06%	1.77
GLIBAGCI Liberty, Inc.	153.5M	39.05	16.00	3.98%	69.32%	49.06%	20.2%	0.80
LBRDALiberty Broadband Corporation	837.16M	45.86	7.54	3.57%	99.75%	8.69%		0.39
SHENShenandoah Telecommunications Company	645.05M	11.75	3.32	14.16%	-9.05%	-3.25%		0.43
CCOICogent Communications Holdings, Inc.	1.12B	22.76	-5.29	10.12%	-20.11%	-49.03%		10.49
FYBRFrontier Communications Parent, Inc.	9.57B	38.23	-29.41	3.23%	-6.24%	-8.11%		2.44
UZEArray Digital Infrastructure, Inc. 5.500% Senior Notes due 2070	942.76M	18.13	-39.41	-3.48%	9.02%	10.04%	34.58%	0.83
UZFArray Digital Infrastructure, Inc. 5.500% Senior Notes due 2070	970.87M	18.19	-39.54	-3.48%	9.02%	10.04%	33.58%	0.83

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	342.49M	535.29M	611.99M	630.85M	206.86M	220.78M	245.24M	248.91M	287.38M	328.06M
Revenue Growth %	0.05%	0.56%	0.14%	0.03%	-0.67%	0.07%	0.11%	0.01%	0.15%	0.14%
Cost of Revenue	121.33M	193.52M	211.51M	257.98M	83.57M	89.66M	102.3M	102.28M	106.1M	128.11M
Gross Profit+	221.16M	341.77M	400.48M	372.87M	123.29M	131.12M	142.94M	146.63M	181.28M	199.95M
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	0.12%	0.55%	0.17%	-0.07%	-0.67%	0.06%	0.09%	0.03%	0.24%	0.1%
Operating Expenses+	147.07M	277.01M	342.94M	279.63M	124.63M	133.72M	145.37M	164.09M	171.65M	228.54M
Other Operating Expenses	-	-	-	-	-	-	-	-	-	-
EBITDA+	144.79M	180.97M	225.04M	259.99M	45.85M	46.44M	53.2M	41.63M	75.72M	69.86M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
EBITDA Growth %	0.13%	0.25%	0.24%	0.16%	-0.82%	0.01%	0.15%	-0.22%	0.82%	-0.08%
Depreciation & Amortization+	70.7M	158.44M	178.53M	166.75M	47.2M	49.04M	55.63M	59.08M	66.09M	98.45M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income (EBIT)+	74.09M	22.53M	46.51M	93.25M	-1.34M	-2.6M	-2.43M	-17.46M	9.62M	-28.59M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.2%	-0.7%	1.06%	1%	-1.01%	-0.94%	0.07%	-6.18%	1.55%	-3.97%
Interest Expense+	7.36M	25.1M	38.24M	34.85M	29.47M	0	0	9.18M	0	15.9M
Interest Coverage	10.07x	0.90x	1.22x	2.68x	-0.05x	-	-	-1.90x	-	-1.80x
Interest / Revenue %	-	-	-	-	-	-	-	-	-	-
Non-Operating Income	-1000K	-1000K	-1000K	1000K	1000K	1000K	1000K	-1000K	1000K	-1000K
Pretax Income+	68.59M	1.95M	13.26M	62.11M	1.94M	586K	6.24M	-18.82M	11.01M	-38.03M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	27.73M	2.84M	-53.13M	15.52M	6K	-990K	-1.69M	-3.4M	2.97M	-9.67M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	40.86M	-895K	66.39M	46.59M	55.5M	125.67M	998.83M	-8.38M	8.04M	190.39M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.21%	-1.02%	75.18%	-0.3%	0.19%	1.26%	6.95%	-1.01%	1.96%	22.69%
EPS (Diluted)+	0.83	-0.02	1.33	0.93	1.12	0.05	0.16	-0.17	0.16	3.54
EPS Growth %	0.19%	-1.02%	73.68%	-0.3%	0.2%	-0.95%	2.05%	-2.06%	1.94%	21.13%
EPS (Basic)	0.84	-0.02	1.35	0.94	1.12	0.05	0.16	-0.17	0.16	3.54
Diluted Shares Outstanding	49.02M	48.81M	50.03M	50.06M	50.1M	50.02M	50.15M	50.16M	50.72M	53.72M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	628.74M	1.48B	1.41B	1.48B	2.03B	2.02B	890.73M	977.72M	1.21B	1.74B
Asset Growth %	0.02%	1.36%	-0.05%	0.05%	0.37%	-0%	-0.56%	0.1%	0.24%	0.43%
PP&E (Net)+	410.02M	698.12M	686.33M	701.36M	405.65M	490.81M	610.58M	741.41M	930.14M	1.46B
PP&E / Total Assets %	-	-	-	-	-	-	-	-	-	-
Total Current Assets+	127.95M	161.47M	172.9M	210.2M	236.96M	1.41B	166.37M	128.56M	176.07M	94.52M
Cash & Equivalents	76.81M	36.19M	78.58M	85.09M	101.65M	195.4M	84.34M	44.06M	139.25M	46.27M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Inventory	4.18M	39.04M	5.7M	5.26M	0	0	0	0	0	0
Other Current Assets	907K	0	3.53M	6.98M	58.29M	1.14B	4.52M	26.69M	7.19M	9.85M
Long-Term Investments	10.68M	10.28M	11.47M	10.79M	13.64M	13.77M	13.66M	12.97M	11.71M	15.71M
Goodwill	10K	145.26M	146.5M	146.5M	2.69M	3.24M	3.24M	3.24M	3.24M	67.06M
Intangible Assets	66.99M	454.53M	380.98M	366.03M	85.55M	103.52M	86.59M	78.27M	77.88M	90.67M
Other Assets	-61.77M	-137.08M	-87.19M	-77.56M	1.15B	6.45M	10.3M	13.26M	15.19M	14.23M
Total Liabilities	338.8M	1.19B	1.06B	1.04B	1.56B	1.45B	248.46M	339.71M	561.56M	739.23M
Total Debt+	201.25M	797.22M	757.56M	749.62M	766.06M	738.02M	56.62M	129.76M	352.73M	432.3M
Net Debt	124.44M	761.03M	678.98M	664.54M	664.41M	542.62M	-27.72M	85.7M	213.48M	386.03M
Long-Term Debt	177.17M	797.22M	757.56M	749.62M	688.46M	0	0	74.31M	292.8M	407.68M
Short-Term Borrowings	1000K	1000K	1000K	1000K	1000K	1000K	0	648K	1000K	1000K
Capital Lease Obligations	0	0	0	0	44.22M	49.56M	56.62M	54.81M	52.83M	15.42M
Total Current Liabilities+	61.24M	164.26M	137.58M	88.54M	153.58M	1.21B	67.29M	96.42M	98.36M	114.57M
Accounts Payable	13.01M	72.81M	28.95M	35.99M	40.3M	19.6M	28.54M	49.17M	53.55M	57.82M
Accrued Expenses	7.64M	2.94M	2.81M	13.73M	10.07M	2.87M	4.84M	3.31M	11.75M	16.28M
Deferred Revenue	11.67M	20.43M	21.15M	7.92M	0	8.59M	11.13M	12.43M	0	16.1M
Other Current Liabilities	4.86M	28.98M	16.4M	18.2M	69.83M	478.54M	19.46M	28.04M	22.88M	12.1M
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Liabilities	12.15M	227.03M	166.49M	204.36M	390.2M	24.33M	22.1M	13.73M	14.31M	10.09M
Total Equity+	289.94M	295.89M	350.22M	442.25M	472.43M	577.05M	642.27M	638.01M	652.67M	1B
Equity Growth %	0.12%	0.02%	0.18%	0.26%	0.07%	0.22%	0.11%	-0.01%	0.02%	0.53%
Shareholders Equity	289.94M	295.89M	350.22M	442.25M	472.43M	577.05M	642.27M	638.01M	652.67M	918.58M
Minority Interest	0	0	0	0	0	0	0	0	0	82.46M
Common Stock	32.78M	45.48M	44.79M	0	0	0	0	0	0	0
Additional Paid-in Capital	0	0	44.79M	47.46M	42.11M	47.32M	49.35M	57.45M	66.93M	147.73M
Retained Earnings	256.75M	243.62M	297.2M	386.51M	430.01M	534.44M	592.92M	580.55M	584.07M	769M
Accumulated OCI	415K	6.79M	8.23M	8.28M	308K	-4.71M	0	0	1.67M	1.85M
Return on Assets (ROA)	0.07%	-0%	0.05%	0.03%	0.03%	0.06%	0.69%	-0.01%	0.01%	0.13%
Return on Equity (ROE)	0.15%	-0%	0.21%	0.12%	0.12%	0.24%	1.64%	-0.01%	0.01%	0.23%
Debt / Equity	0.69x	2.69x	2.16x	1.70x	1.62x	1.28x	0.09x	0.20x	0.54x	0.43x
Debt / Assets	0.32%	0.54%	0.54%	0.5%	0.38%	0.36%	0.06%	0.13%	0.29%	0.25%
Net Debt / EBITDA	0.86x	4.21x	3.02x	2.56x	14.49x	11.69x	-0.52x	2.06x	2.82x	5.53x
Book Value per Share	5.91	6.06	7	8.83	9.43	11.54	12.81	12.72	12.87	18.63

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	119.32M	161.53M	222.93M	265.65M	259.14M	302.87M	-250.93M	74.89M	113.77M	62.57M
Operating CF Growth %	0.04%	0.35%	0.38%	0.19%	-0.02%	0.17%	-1.83%	1.3%	0.52%	-0.45%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	40.86M	-895K	66.39M	46.59M	54.94M	2.63M	7.93M	-15.42M	8.04M	-31.79M
Depreciation & Amortization	70.7M	143.69M	177.01M	166.41M	160.08M	48.7M	55.21M	66.48M	65.47M	98.45M
Deferred Taxes	-451K	-52.88M	-54.05M	6.21M	11.64M	15.31M	22.26M	-1.41M	2.97M	-9.76M
Other Non-Cash Items	1.21M	27.77M	40.07M	38.95M	1.73M	249.75M	-304.74M	17.18M	4.24M	-243K
Working Capital Changes	4.66M	40.82M	-10.07M	2.53M	26.94M	-19.43M	-35M	-464K	23.02M	-3.94M
Capital Expenditures+	-69.68M	-820.01M	-146.49M	-136.64M	-155.53M	-136.57M	1.78B	-188.99M	-256.55M	-319.07M
CapEx / Revenue %	-	-	-	-	-	-	-	-	-	-
CapEx / D&A	-	-	-	-	-	-	-	-	-	-
CapEx Coverage (OCF/CapEx)	-	-	-	-	-	-	-	-	-	-
Cash from Investing+	-69.26M	-820.01M	-151.5M	-187.8M	-165.33M	-155.59M	1.78B	-184.18M	-236.69M	-339.41M
Acquisitions	363K	-657.35M	-6M	-52M	-10M	-1.89M	366K	0	0	-347.41M
Purchase of Investments	0	0	0	0	0	0	0	0	0	0
Sale of Investments	54K	1000K	14K	1K	0	0	0	0	0	0
Other Investing	363K	7.68M	980K	840K	200K	-17.13M	1.94B	4.81M	19.86M	327.07M
Cash from Financing+	-42.16M	617.87M	-29.04M	-71.35M	-77.25M	-53.53M	-1.64B	69M	218.11M	183.86M
Dividends Paid	-11.09M	-11.71M	-12.26M	-12.87M	-13.94M	-16.42M	-940.26M	-3.99M	-4.52M	-5.8M
Dividend Payout Ratio %	0.27%	-	0.18%	0.28%	0.25%	0.13%	0.94%	-	0.56%	0.03%
Debt Issuance (Net)	-1000K	1000K	-1000K	-1000K	-1000K	0	0	1000K	1000K	1000K
Stock Issued	1.01M	3.37M	0	0	0	0	0	0	0	0
Share Repurchases	-1.89M	-5.1M	-5.41M	-3.25M	-7.23M	-2.22M	-1.63M	0	-1.39M	-1.73M
Other Financing	-7.2M	-20.01M	0	-3.97M	35K	-34.89M	-702.59M	-2.01M	-979K	73.43M
Net Change in Cash+	7.89M	-40.62M	42.39M	6.5M	16.57M	93.75M	-111.05M	-40.28M	95.19M	-92.98M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	68.92M	76.81M	36.19M	78.58M	85.09M	101.65M	195.4M	84.34M	44.06M	139.25M
Cash at End	76.81M	36.19M	78.58M	85.09M	101.65M	195.4M	84.34M	44.06M	139.25M	46.27M
Free Cash Flow+	49.64M	-658.49M	76.44M	129.01M	103.61M	166.3M	1.53B	-114.09M	-142.78M	-256.5M
FCF Growth %	0.06%	-14.26%	1.12%	0.69%	-0.2%	0.61%	8.22%	-1.07%	-0.25%	-0.8%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF / Net Income %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	14.91%	-0.31%	20.55%	11.76%	12.14%	23.95%	163.83%	-1.31%	1.25%	23.03%
EBITDA Margin	42.28%	33.81%	36.77%	41.21%	22.17%	21.03%	21.69%	16.72%	26.35%	21.3%
Net Debt / EBITDA	0.86x	4.21x	3.02x	2.56x	14.49x	11.69x	-0.52x	2.06x	2.82x	5.53x
Interest Coverage	10.07x	0.90x	1.22x	2.68x	-0.05x	-	-	-1.90x	-	-1.80x
CapEx / Revenue	20.35%	153.19%	23.94%	21.66%	75.19%	61.86%	727.6%	75.93%	89.27%	97.26%
Dividend Payout Ratio	27.13%	-	18.46%	27.61%	25.12%	13.07%	94.14%	-	56.27%	3.05%
Debt / Equity	0.69x	2.69x	2.16x	1.70x	1.62x	1.28x	0.09x	0.20x	0.54x	0.43x
EPS Growth	18.57%	-102.2%	7367.76%	-30.08%	20.43%	-95.31%	204.76%	-206.25%	194.12%	2112.5%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Service	-	-	-	-	-	-	-	-	-	322.22M
Service Growth	-	-	-	-	-	-	-	-	-	-
Service and Other	-	-	-	-	565.06M	-	-	-	287.38M	-
Service and Other Growth	-	-	-	-	-	-	-	-	-	-
Tower Lease	-	-	-	-	6.96M	-	-	-	18.47M	-
Tower Lease Growth	-	-	-	-	-	-	-	-	-	-
Carrier Access Revenue	-	-	-	-	21.07M	-	-	-	14.79M	-
Carrier Access Revenue Growth	-	-	-	-	-	-	-	-	-	-
Broadband	-	-	-	-	-	204.35M	228.08M	249.01M	-	-
Broadband Growth	-	-	-	-	-	-	11.61%	9.18%	-	-
Tower	-	-	-	-	-	17.05M	17.7M	18.92M	-	-
Tower Growth	-	-	-	-	-	-	3.81%	6.86%	-	-
Corporate and Other	-	-	-	-	-	-627K	-545K	-563K	-	-
Corporate and Other Growth	-	-	-	-	-	-	13.08%	-3.30%	-	-
Postpaid	-	-	-	-	302.03M	-	-	-	-	-
Postpaid Growth	-	-	-	-	-	-	-	-	-	-
Cable Residential and SMB	-	-	-	-	134.19M	-	-	-	-	-
Cable Residential and SMB Growth	-	-	-	-	-	-	-	-	-	-
Equipment Product And Service	-	-	-	-	68.84M	-	-	-	-	-
Equipment Product And Service Growth	-	-	-	-	-	-	-	-	-	-
Prepaid	-	-	-	-	53.54M	-	-	-	-	-
Prepaid Growth	-	-	-	-	-	-	-	-	-	-
Product and Service, Other	-	-	-	-	27.08M	-	-	-	-	-
Product and Service, Other Growth	-	-	-	-	-	-	-	-	-	-
Fiber Enterprise and Wholesale	-	-	-	-	20.19M	-	-	-	-	-
Fiber Enterprise and Wholesale Growth	-	-	-	-	-	-	-	-	-	-
Wireless	413.16M	1.16B	-	457.64M	-	-	-	-	-	-
Wireless Growth	-	181.16%	-	-	-	-	-	-	-	-
Cable	194.4M	324.46M	-	124.2M	-	-	-	-	-	-
Cable Growth	-	66.91%	-	-	-	-	-	-	-	-
Wireline	108.77M	194.11M	-	49.02M	-	-	-	-	-	-
Wireline Growth	-	78.45%	-	-	-	-	-	-	-	-
Others	-	-	-	-	-	-	-	-	-	-
Others Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Shenandoah Telecommunications Company (SHEN) has a price-to-earnings (P/E) ratio of 3.3x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Shenandoah Telecommunications Company (SHEN) reported $351.7M in revenue for fiscal year 2024. This represents a 40% increase from $251.1M in 2011.

Shenandoah Telecommunications Company (SHEN) grew revenue by 14.2% over the past year. This is steady growth.

Shenandoah Telecommunications Company (SHEN) reported a net loss of $31.8M for fiscal year 2024.

Dividend & Returns

Yes, Shenandoah Telecommunications Company (SHEN) pays a dividend with a yield of 0.92%. This makes it attractive for income-focused investors.

Shenandoah Telecommunications Company (SHEN) has a return on equity (ROE) of 23.0%. This is excellent, indicating efficient use of shareholder capital.

Shenandoah Telecommunications Company (SHEN) had negative free cash flow of $251.4M in fiscal year 2024, likely due to heavy capital investments.

Industry Metrics

Shenandoah Telecommunications Company (SHEN) has a dividend payout ratio of 3%. This suggests the dividend is well-covered and sustainable.

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