The company's financial leverage has escalated, with total debt rising to $706.8 million by 2026Q1, resulting in a debt-to-equity ratio of 0.74.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Total Current Assets | 114.22M | 97.44M | 94.52M | 176.07M | 128.56M | 166.37M | 1.41B | 236.96M | 210.2M | 172.9M | 161.47M | 127.95M | 128.32M | 97.97M | 116.44M | 64.46M | 79.89M | 52.63M | 72.42M | 41.14M | 30.86M | 20.8M | 34.52M | 40.96M | 20.49M | 16.03M | 14.28M | 16.71M | 13.93M | 17.19M | 14.55M |
| Cash & Short-Term Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cash Only | 71.08M | 27.26M | 46.27M | 139.25M | 44.06M | 84.34M | 195.4M | 101.65M | 85.09M | 78.58M | 36.19M | 76.81M | 68.92M | 38.32M | 71.09M | 15.87M | 27.45M | 12.05M | 5.24M | 17.25M | 13.44M | 2.57M | 14.17M | 28.7M | 2.21M | 2.17M | 3.13M | 7.16M | 4.89M | 5.2M | 4.91M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 801K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 9.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 499.58K | 1.62M | 2.15M |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.26M | 5.7M | 39.04M | 4.18M | 8.79M | 10.71M | 9.79M | 7.47M | 6.36M | 6.06M | 6.38M | 4.66M | 2.5M | 2.7M | 2.11M | 2.06M | 1.79M | 3M | 2.86M | 4.09M | 3.49M | 3.97M | 2.89M |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | 7.45 | 9.84 | 73.64 | 12.58 | 24.74 | 31.25 | 30.43 | 25.56 | 31.17 | 40.95 | 53.16 | 35.31 | 12.73 | 16.36 | 14.79 | 16.89 | 15.17 | 29.14 | 42.42 | 608.09 | 187.85 | 563.06 | 195.43 |
| Other Current Assets | 15.84M | 29.09M | 9.85M | 7.19M | 26.69M | 4.52M | 1.14B | 58.29M | 6.98M | 3.53M | 0 | 907K | 1.21M | 963K | 1.03M | 3.3M | 10.01M | 11.43M | 29.79M | 906K | 1.3M | 532K | 0 | 522K | 6.75M | 3.55M | 1.94M | 543K | 295.98K | 204.12K | 1.14M |
| Total Non-Current Assets | 1.84B | 1.81B | 1.65B | 1.04B | 849.16M | 724.37M | 617.79M | 1.8B | 1.27B | 1.24B | 1.32B | 500.79M | 490.92M | 499.03M | 454.31M | 415.51M | 386.55M | 219.09M | 193.56M | 180.39M | 176.86M | 184.12M | 176.73M | 144.4M | 143.51M | 150.76M | 136.08M | 116.34M | 79.52M | 72.22M | 64.82M |
| Property, Plant & Equipment | 1.65B | 1.62B | 1.46B | 930.14M | 741.41M | 610.58M | 490.81M | 405.65M | 701.36M | 686.33M | 698.12M | 410.02M | 405.91M | 408.96M | 365.47M | 310.75M | 280.05M | 202.3M | 175.62M | 155.42M | 155.64M | 162.24M | 156.25M | 127.69M | 132.15M | 128.1M | 111.81M | 74.55M | 65.03M | 57.06M | 49.19M |
| Fixed Asset Turnover | 0.17x | 0.22x | 0.22x | 0.31x | 0.34x | 0.40x | 0.45x | 0.51x | 0.90x | 0.89x | 0.77x | 0.84x | 0.81x | 0.76x | 0.79x | 0.81x | 0.70x | 0.79x | 0.82x | 0.91x | 1.09x | 0.90x | 0.77x | 0.83x | 0.70x | 0.69x | 0.53x | 0.57x | 0.55x | 0.54x | 0.52x |
| Goodwill | 67.54M | 67.54M | 67.06M | 3.24M | 3.24M | 3.24M | 3.24M | 2.69M | 146.5M | 146.5M | 145.26M | 10K | 0 | 0 | 10K | 10.96M | 10.96M | 4.42M | 4.55M | 9.85M | 9.85M | 10.1M | 8.86M | 5.11M | 5.11M | 0 | 0 | 0 | 0 | 5.68M | 0 |
| Intangible Assets | 88.96M | 89.35M | 90.67M | 77.88M | 78.27M | 86.59M | 103.52M | 85.55M | 366.03M | 380.98M | 454.53M | 66.99M | 68.26M | 70.82M | 74.93M | 81.35M | 90.39M | 2.42M | 3.16M | 2.33M | 2.8M | 3.35M | 3.4M | 0 | 0 | 5.63M | 5.63M | 5.98M | 653.14K | 0 | 0 |
| Long-Term Investments | 64.94M | 16.51M | 15.71M | 11.71M | 12.97M | 13.66M | 13.77M | 13.64M | 10.79M | 11.47M | 10.28M | 10.68M | 10.09M | 9.33M | 8.21M | 8.3M | 9.09M | 8.71M | 8.39M | -20.97M | -22.52M | -24.6M | 0 | 0 | 0 | 0 | 0 | 0 | 8.6M | 8.82M | 8.47M |
| Other Non-Current Assets | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Assets | 1.95B | 1.91B | 1.74B | 1.21B | 977.72M | 890.73M | 2.02B | 2.03B | 1.48B | 1.41B | 1.48B | 628.74M | 619.24M | 597.01M | 570.74M | 479.98M | 466.44M | 271.73M | 265.98M | 221.52M | 207.72M | 204.92M | 211.25M | 185.36M | 164M | 166.8M | 150.35M | 133.05M | 93.45M | 89.41M | 79.37M |
| Asset Turnover | 0.14x | 0.19x | 0.19x | 0.24x | 0.25x | 0.28x | 0.11x | 0.10x | 0.42x | 0.43x | 0.36x | 0.54x | 0.53x | 0.52x | 0.50x | 0.52x | 0.42x | 0.59x | 0.54x | 0.64x | 0.81x | 0.71x | 0.57x | 0.57x | 0.57x | 0.53x | 0.40x | 0.32x | 0.38x | 0.35x | 0.32x |
| Asset Growth % | 35.52% | 9.8% | 43.32% | 24.19% | 9.77% | -56% | -0.37% | 36.86% | 5.16% | -4.89% | 136.09% | 1.53% | 3.72% | 4.6% | 18.91% | 2.9% | 71.66% | 2.16% | 20.07% | 6.65% | 1.37% | -2.99% | 13.96% | 13.02% | -1.67% | 10.94% | 13% | 42.38% | 4.52% | 12.64% | 32.52% |
| Total Current Liabilities | 101.56M | 108.5M | 114.57M | 98.36M | 96.42M | 67.29M | 1.21B | 153.58M | 88.54M | 137.58M | 164.26M | 61.24M | 59.15M | 43.99M | 56.16M | 33.67M | 30.07M | 20.07M | 24.39M | 24.06M | 21.28M | 22.74M | 21.85M | 15.8M | 19.9M | 21.64M | 18.4M | 11.04M | 5.02M | 7.1M | 4.55M |
| Accounts Payable | 54.19M | 61.35M | 57.82M | 53.55M | 49.17M | 28.54M | 19.6M | 40.3M | 35.99M | 28.95M | 72.81M | 13.01M | 11.15M | 12.6M | 31.73M | 11.71M | 12.24M | 8.8M | 5.61M | 6.07M | 7.39M | 6.93M | 6M | 4.73M | 5M | 5.13M | 9.65M | 2.2M | 1.15M | 3.74M | 2.1M |
| Days Payables Outstanding | 116.9 | 85.56 | 164.73 | 184.2 | 175.48 | 101.84 | 79.79 | 175.99 | 50.92 | 49.96 | 137.33 | 39.14 | 31.37 | 36.76 | 98.64 | 40.07 | 59.97 | 59.47 | 46.75 | 45.98 | 37.63 | 41.94 | 42.13 | 38.72 | 42.47 | 49.83 | 143.37 | 326.49 | 61.88 | 531.13 | 141.88 |
| Short-Term Debt | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Revenue (Current) | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Liabilities | 21.51M | 24.18M | 12.1M | 22.88M | 28.04M | 19.46M | 478.54M | 69.83M | 18.2M | 16.4M | 28.98M | 4.86M | 5.47M | 4.19M | 21.76M | -19.55M | -263K | 2.65M | 1.01M | 0 | 7.81M | 7.99M | 8.23M | 3.33M | 6.91M | 5.93M | 6.34M | 7.5M | 2.11M | 2M | 1.8M |
| Current Ratio | 1.12x | 0.90x | 0.82x | 1.79x | 1.33x | 2.47x | 1.16x | 1.54x | 2.37x | 1.26x | 0.98x | 2.09x | 2.17x | 2.23x | 2.07x | 1.91x | 2.66x | 2.62x | 2.97x | 1.71x | 1.45x | 0.91x | 1.58x | 2.59x | 1.03x | 0.74x | 0.78x | 1.51x | 2.78x | 2.42x | 3.20x |
| Quick Ratio | 1.12x | 0.90x | 0.82x | 1.79x | 1.33x | 2.47x | 1.16x | 1.54x | 2.31x | 1.22x | 0.75x | 2.02x | 2.02x | 1.98x | 1.90x | 1.69x | 2.44x | 2.32x | 2.71x | 1.52x | 1.33x | 0.80x | 1.48x | 2.46x | 0.94x | 0.60x | 0.62x | 1.14x | 2.08x | 1.86x | 2.56x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 894.36M | 832.98M | 624.65M | 463.2M | 243.29M | 181.17M | 239.28M | 1.41B | 953.98M | 924.05M | 1.02B | 277.56M | 301.74M | 318.7M | 306.73M | 248.65M | 246.06M | 75.99M | 73.99M | 46.34M | 51.25M | 60.58M | 75.6M | 63.36M | 65.86M | 68.72M | 63.9M | 49.28M | 36.62M | 33.9M | 29.95M |
| Long-Term Debt | 693.89M | 628.24M | 407.68M | 292.8M | 74.31M | 0 | 0 | 688.46M | 749.62M | 757.56M | 797.22M | 177.17M | 201.25M | 224.25M | 232.18M | 180.57M | 195.11M | 32.96M | 36.96M | 17.66M | 21.91M | 31.39M | 47.92M | 39.12M | 47.56M | 52.05M | 53.08M | 31.69M | 28.4M | 26.82M | 24.18M |
| Capital Lease Obligations | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Deferred Tax Liabilities | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Non-Current Liabilities | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | 995.92M | 941.47M | 739.23M | 561.56M | 339.71M | 248.46M | 1.45B | 1.56B | 1.04B | 1.06B | 1.19B | 338.8M | 360.9M | 362.69M | 362.89M | 282.32M | 276.13M | 96.05M | 98.37M | 70.4M | 72.53M | 83.32M | 97.45M | 79.16M | 85.76M | 90.36M | 82.3M | 60.32M | 41.63M | 41M | 34.5M |
| Total Debt | 706.83M | 641.69M | 432.3M | 352.73M | 129.76M | 56.62M | 738.02M | 766.06M | 749.62M | 757.56M | 797.22M | 201.25M | 224.25M | 224.25M | 232.18M | 180.57M | 195.11M | 32.96M | 41.36M | 21.91M | 28.54M | 35.92M | 52.29M | 43.35M | 55.55M | 62.64M | 55.49M | 33.03M | 29.26M | 27.36M | 24.71M |
| Net Debt | 635.75M | 614.43M | 386.03M | 213.48M | 85.7M | -27.72M | 542.62M | 664.41M | 664.54M | 678.98M | 761.03M | 124.44M | 155.33M | 185.93M | 161.09M | 164.7M | 167.66M | 20.91M | 36.12M | 4.66M | 15.1M | 33.35M | 38.12M | 14.65M | 53.34M | 60.46M | 52.35M | 25.87M | 24.37M | 22.16M | 19.8M |
| Debt / Equity | 0.74x | 0.66x | 0.43x | 0.54x | 0.20x | 0.09x | 1.28x | 1.62x | 1.70x | 2.16x | 2.69x | 0.69x | 0.87x | 0.96x | 1.12x | 0.91x | 1.03x | 0.19x | 0.25x | 0.14x | 0.21x | 0.30x | 0.46x | 0.41x | 0.71x | 0.82x | 0.82x | 0.45x | 0.56x | 0.57x | 0.55x |
| Debt / EBITDA | 6.57x | 5.86x | 6.19x | 4.66x | 3.12x | 1.06x | 15.89x | 16.71x | 2.88x | 3.37x | 4.41x | 1.39x | 1.75x | 1.93x | 2.34x | 2.05x | 2.61x | 0.44x | 0.55x | 0.36x | 0.59x | 0.86x | 1.35x | 1.23x | 2.33x | 1.86x | 2.36x | 1.63x | 1.84x | 2.10x | 2.15x |
| Net Debt / EBITDA | 5.91x | 5.61x | 5.53x | 2.82x | 2.06x | -0.52x | 11.69x | 14.49x | 2.56x | 3.02x | 4.21x | 0.86x | 1.22x | 1.60x | 1.63x | 1.87x | 2.24x | 0.28x | 0.48x | 0.08x | 0.31x | 0.80x | 0.99x | 0.42x | 2.24x | 1.80x | 2.23x | 1.27x | 1.53x | 1.70x | 1.73x |
| Interest Coverage | - | -0.65x | -1.39x | - | -0.39x | - | - | -0.05x | -0.09x | 1.37x | 1.16x | 10.55x | 7.88x | 6.84x | 4.64x | 3.92x | 7.80x | 32.26x | 44.61x | 20.90x | 10.89x | 6.30x | 5.76x | 5.11x | 2.23x | 1.56x | 2.00x | - | 6.99x | - | 9.89x |
| Total Equity | 957.04M | 969.29M | 1B | 652.67M | 638.01M | 642.27M | 577.05M | 472.43M | 442.25M | 350.22M | 295.89M | 289.94M | 258.35M | 234.31M | 207.85M | 197.66M | 190.31M | 175.67M | 167.61M | 151.12M | 135.19M | 121.6M | 113.8M | 106.21M | 78.24M | 76.44M | 68.05M | 72.73M | 51.81M | 48.4M | 44.87M |
| Equity Growth % | -12.06% | -3.17% | 53.38% | 2.3% | -0.66% | 11.3% | 22.15% | 6.82% | 26.28% | 18.36% | 2.05% | 12.23% | 10.26% | 12.73% | 5.15% | 3.86% | 8.33% | 4.81% | 10.91% | 11.79% | 11.18% | 6.86% | 7.15% | 35.74% | 2.36% | 12.33% | -6.44% | 40.38% | 7.04% | 7.87% | 10.06% |
| Book Value per Share | 17.23 | 17.59 | 18.63 | 12.87 | 12.72 | 12.81 | 11.54 | 9.43 | 8.83 | 7.00 | 6.06 | 5.91 | 5.30 | 4.86 | 4.34 | 4.18 | 4.00 | 3.72 | 3.55 | 3.22 | 2.90 | 2.63 | 2.48 | 2.33 | 1.73 | 1.67 | 1.50 | 1.61 | 1.15 | 1.07 | 0.99 |
| Total Shareholders' Equity | 866.96M | 880.78M | 918.58M | 652.67M | 638.01M | 642.27M | 577.05M | 472.43M | 442.25M | 350.22M | 295.89M | 289.94M | 258.35M | 234.31M | 207.85M | 197.66M | 190.31M | 175.67M | 167.61M | 151.12M | 135.19M | 121.6M | 113.8M | 106.21M | 76.58M | 74.6M | 66.33M | 70.28M | 49.55M | 46.51M | 43.13M |
| Common Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 44.79M | 45.48M | 32.78M | 29.71M | 26.76M | 24.69M | 22.04M | 19.83M | 17.89M | 16.14M | 14.69M | 11.32M | 8.13M | 6.32M | 5.73M | 5.25M | 4.95M | 4.82M | 4.73M | 4.73M | 4.74M | 4.74M |
| Retained Earnings | 706.24M | 723.57M | 769M | 584.07M | 580.55M | 592.92M | 534.44M | 430.01M | 386.51M | 297.2M | 243.62M | 256.75M | 227.51M | 204.96M | 184.02M | 175.62M | 170.47M | 160.23M | 154M | 138.17M | 125.69M | 113.58M | 107.41M | 100.45M | 71.33M | 69.61M | 55.87M | 48.5M | 44.17M | 40.58M | 37.72M |
| Treasury Stock | 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 |
| Accumulated OCI | 0 | 0 | 1.85M | 1.67M | 0 | 0 | -4.71M | 308K | 8.28M | 8.23M | 6.79M | 415K | 1.12M | 2.59M | -863K | -237.9M | 0 | -2.45M | -2.53M | -1.74M | -1.82M | -104K | 65K | 26K | -4K | 42K | 5.64M | 17.04M | 638.62K | 1.19M | -21.65M |
| Minority Interest | 90.08M | 88.51M | 82.46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.67M | 1.84M | 1.72M | 2.46M | 2.27M | 1.89M | 1.74M |
Aggressive debt-funded fiber expansion
As reported in recent financial statements, SHEN's total debt has surged from $310.7 million in 2023Q4 to $706.8 million by 2026Q1, signaling a rapid shift toward a more leveraged capital structure to fund the company's aggressive fiber-to-the-home network expansion across its Mid-Atlantic footprint.
The consistent rise in total liabilities alongside stagnant equity growth suggests that the company is increasingly reliant on external financing to sustain its infrastructure build-out. Investors should monitor whether this trajectory leads to a permanent impairment of financial flexibility if subscriber penetration rates fail to accelerate in line with debt service obligations.
Based on SHEN's reported figures, the debt-to-equity ratio has climbed from 0.48 in 2023Q4 to 0.74 in 2026Q1, reflecting a strategic decision to utilize debt as the primary engine for funding capital-intensive fiber deployments in competitive Tier 3 and Tier 4 markets.
While this leverage appears to be a deliberate choice to capture market share, the rising debt burden increases the company's sensitivity to interest rate volatility. The reliance on debt to finance non-revenue-generating assets during the construction phase warrants further investigation into the long-term sustainability of the current interest coverage profile.
According to recent SEC filings, SHEN's net property, plant, and equipment has expanded to $1.6 billion as of 2026Q1, confirming an asset-heavy business model where the vast majority of the balance sheet is tied to long-lived, non-liquid fiber and tower infrastructure assets.
The concentration of value in physical network assets implies that the company's future success is entirely dependent on the utilization rates of these specific fiber routes. This asset-heavy profile limits the company's ability to pivot quickly if regional demand patterns shift or if competitive overbuilds erode the expected utility-like returns.
As indicated by quarterly data, SHEN's current ratio has fluctuated significantly, dropping from 1.79 in 2023Q4 to 1.12 in 2026Q1, which suggests a tightening of the company's short-term liquidity buffer as cash reserves are rapidly deployed into ongoing network construction projects.
The decline in cash from $139.3 million in 2023Q4 to $71.1 million in 2026Q1 highlights the burn rate associated with the Glo Fiber rollout. This trend suggests that the company may face future liquidity constraints if the timing of capital expenditures does not align perfectly with the realization of subscriber-driven cash inflows.
Quick answers to the most common questions about buying SHEN stock.
As of 2025, Shenandoah Telecommunications Company (SHEN) had total assets of $1.91B including $97.4M in current assets.
Shenandoah Telecommunications Company (SHEN) carries total debt of $641.7M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Shenandoah Telecommunications Company (SHEN) has total shareholders' equity (book value) of $880.8M ($17.59 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Shenandoah Telecommunications Company (SHEN) reported a current ratio of 0.90x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.