Free cash flow remains deeply negative with a -56.3% margin in 2026Q1, driven by a capital-intensive strategy where CapEx/Revenue ratios have frequently exceeded 80%.
Shenandoah Telecommunications Company (SHEN) cash flow statement — 30-year operating, investing & financing cash flows
| 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 |
|---|
| Cash from Operations | 108.79M | 101M | 62.57M | 113.77M | 74.89M | -250.93M | 302.87M | 259.14M | 265.65M | 222.93M | 161.53M | 119.32M | 114.99M | 94.26M | 96.97M | 80.93M | 75.2M | 74.07M | 50.07M | 43.74M | 34.35M | 37.25M | 34.42M | 53.61M | 30.77M | 16.76M | 15.2M | 16.01M | 11.02M | 8.47M | 8.74M |
| Operating CF Growth % | 103.98% | 61.42% | -45.01% | 51.91% | 129.85% | -182.85% | 16.87% | -2.45% | 19.16% | 38.01% | 35.37% | 3.76% | 21.99% | -2.79% | 19.83% | 7.61% | 1.53% | 47.93% | 14.47% | 27.35% | -7.78% | 8.23% | -35.8% | 74.23% | 83.63% | 10.22% | -5.02% | 45.19% | 30.15% | -3.08% | 7.09% |
| Operating CF / Revenue % | 39.5% | 28.22% | 19.07% | 39.59% | 30.09% | -102.32% | 137.18% | 125.27% | 42.11% | 36.43% | 30.18% | 34.84% | 35.17% | 30.51% | 33.66% | 32.22% | 38.59% | 46.12% | 34.67% | 30.98% | 20.3% | 25.44% | 28.45% | 50.64% | 33.1% | 18.89% | 25.45% | 37.89% | 30.97% | 27.35% | 34.37% |
| Net Income | -41.75M | -32.94M | -31.79M | 8.04M | -15.42M | 7.93M | 2.63M | 54.94M | 46.59M | 66.39M | -895K | 40.86M | 33.88M | 29.59M | 16.3M | 12.99M | 18.07M | 15.09M | 24.41M | 18.8M | 17.92M | 10.73M | 10.24M | 9.76M | -2.89M | 16.37M | 9.86M | 6.43M | 5.6M | 4.48M | 4.77M |
| Depreciation & Amortization | 132.64M | 131.61M | 98.45M | 65.47M | 66.48M | 55.21M | 48.7M | 160.08M | 166.41M | 177.01M | 143.69M | 70.7M | 65.89M | 60.72M | 64.41M | 55.77M | 42.63M | 32.63M | 29.9M | 29.2M | 27.29M | 22.38M | 19.02M | 16.63M | 14.48M | 11.83M | 7.32M | 6.71M | 5.43M | 4.65M | 3.53M |
| Deferred Taxes | -11.94M | -9.46M | -9.76M | 2.97M | -1.41M | 22.26M | 15.31M | 11.64M | 6.21M | -54.05M | -52.88M | -451K | 2.98M | 14.27M | 6.5M | 15.97M | 4.63M | 957K | 7.91M | -1.21M | -1.69M | -1.51M | 5.96M | 5.66M | 289K | 8.67M | 130K | -758K | 1.12M | 733.64K | 695.92K |
| Other Non-Cash Items | 6.62M | -873K | -243K | 4.24M | 17.18M | -304.74M | 249.75M | 1.73M | 38.95M | 40.07M | 27.77M | 1.21M | 4.58M | 3.72M | 15.3M | 3.17M | 3.87M | 20.59M | -1.6M | 2.25M | 199K | 4.69M | 363K | -4K | 18.35M | -11.76M | -6.62M | -1.03M | -797.05K | -177.77K | 552.6K |
| Working Capital Changes | 8.9M | 3.07M | -3.94M | 23.02M | -464K | -35M | -19.43M | 26.94M | 2.53M | -10.07M | 40.82M | 4.66M | 5.04M | -15.96M | -7.38M | -8.7M | 5.2M | 4.16M | -10.71M | -3.78M | -931K | 957K | -1.17M | -2.26M | 537K | -8.36M | 4.52M | 4.65M | -333.47K | -1.22M | -804.37K |
| Capital Expenditures | -335.68M | -358.92M | -319.07M | -255.07M | -188.99M | 1.78B | -136.57M | -155.53M | -136.64M | -146.49M | -820.01M | -69.68M | -68.23M | -117.03M | -89.05M | -74.66M | -210.74M | -53.21M | -65.57M | -29.08M | -21.2M | -29.53M | -34.09M | -12.48M | -22.61M | -28.39M | -44.27M | -15.73M | -13.66M | -10.69M | -23.59M |
| CapEx / Revenue % | 121.88% | 100.3% | 97.26% | 89.27% | 75.93% | 727.6% | 61.86% | 75.19% | 21.66% | 23.94% | 153.19% | 20.35% | 20.87% | 37.88% | 30.91% | 29.73% | 108.13% | 33.13% | 45.4% | 20.6% | 12.53% | 20.17% | 28.18% | 11.79% | 24.33% | 32.01% | 74.11% | 37.25% | 38.39% | 34.51% | 92.78% |
| CapEx / D&A | 2.53x | 2.73x | 3.24x | 3.92x | 2.84x | 32.32x | 2.80x | 0.97x | 0.82x | 0.83x | 5.71x | 0.99x | 1.04x | 1.93x | 1.38x | 1.34x | 4.94x | 1.63x | 2.19x | 1.00x | 0.78x | 1.32x | 1.79x | 0.75x | 1.56x | 2.40x | 6.05x | 2.34x | 2.52x | 2.30x | 6.68x |
| CapEx Coverage (OCF/CapEx) | 0.32x | 0.28x | 0.20x | 0.44x | 0.40x | -0.14x | 2.22x | 1.67x | 1.94x | 1.52x | 0.20x | 1.71x | 1.69x | 0.81x | 1.09x | 1.08x | 0.36x | 1.39x | 0.76x | 1.50x | 1.62x | 1.26x | 1.01x | 4.30x | 1.36x | 0.59x | 0.34x | 1.02x | 0.81x | 0.79x | 0.37x |
| Cash from Investing | -267.58M | -294.66M | -339.41M | -236.69M | -184.18M | 1.78B | -155.59M | -165.33M | -187.8M | -151.5M | -820.01M | -69.26M | -67.64M | -116.56M | -83.92M | -70.61M | -210.74M | -52.28M | -75.68M | -30.59M | -9.84M | -30.11M | -43.53M | -12.45M | -21.01M | -22.19M | -39.28M | -15.4M | -11.22M | -8.04M | -23.59M |
| Acquisitions | -5M | -5M | -347.41M | 0 | 0 | 366K | -1.89M | -10M | -52M | -6M | -657.35M | 363K | 0 | 331K | 0 | 675K | -159M | -601K | -10.89M | 0 | 0 | -600K | -9.15M | 0 | 0 | 482K | 0 | 0 | 0 | 397.96K | 0 |
| Purchase of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -12K | 0 | -84K | -127K | -608K | -551K | -2.87M | -453K | -536K | -736K | -796K | -1.77M | -1.25M | 0 | 0 | 0 | -2.44M | -1.13M |
| Sale of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1K | 14K | 2.9M | 54K | 43K | 121K | 1.23M | 475K | 62K | 611K | 712K | 959K | 11.49M | 403K | 416K | 714K | 3.3M | 5.84M | 4.83M | 921K | 0 | 3.37M | 0 |
| Other Investing | 73.1M | 69.25M | 327.07M | 19.86M | 4.81M | 1.94B | -17.13M | 200K | 840K | 980K | 7.68M | 363K | 551K | 25K | 3.9M | 2.99M | 4.26M | 1.52M | 611K | 403K | 323K | 147K | 39K | 109K | 77K | 1.13M | 154K | -593K | 2.44M | 1.31M | -7.24M |
| Cash from Financing | 184.97M | 195.6M | 183.86M | 218.11M | 69M | -1.64B | -53.53M | -77.25M | -71.35M | -29.04M | 617.87M | -42.16M | -16.75M | -10.47M | 42.16M | -21.89M | 150.94M | -14.98M | 13.6M | -9.34M | -13.65M | -18.74M | -5.41M | -14.67M | -9.59M | 4.47M | 20.06M | 1.66M | -113.75K | 1.01M | 12.51M |
| Dividends Paid | 0 | -6.45M | -5.8M | -4.52M | -3.99M | -940.26M | -16.42M | -13.94M | -12.87M | -12.26M | -11.71M | -11.09M | -10.76M | -8.19M | -7.4M | -7.32M | -7.31M | -7.01M | -6.52M | -5.8M | -5.33M | -3.53M | -3.28M | -2.96M | -2.79M | -2.63M | -2.48M | -2.1M | -1.92M | -1.62M | -1.58M |
| Dividend Payout Ratio % | - | - | 3.05% | 56.27% | - | 94.14% | 13.07% | 25.12% | 27.61% | 18.46% | - | 27.13% | 31.76% | 27.69% | 45.41% | 56.34% | 40.46% | 46.43% | 26.72% | 30.86% | 29.76% | 32.9% | 32.01% | 9.23% | 61.83% | 16.09% | 25.17% | 32.72% | 34.17% | 36.1% | 31.62% |
| Debt Issuance (Net) | 3M | 1000K | 1000K | 1000K | 1000K | 0 | 0 | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | 1000K | -1000K | 1000K | -1000K | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.37M | 1.01M | 1.15M | 1.2M | 414K | 0 | 0 | 0 | 0 | 1.05M | 1.37M | 1.17M | 586K | 487K | 296K | 133K | 83K | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -1.73M | -1.39M | 0 | -1.63M | -2.22M | -7.23M | -3.25M | -5.41M | -5.1M | -1.89M | -1.78M | -1.6M | -143K | -92K | 0 | 0 | 0 | -636K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -100K | 0 | 0 |
| Other Financing | -8.21M | -21.74M | 73.43M | -979K | -2.01M | -702.59M | -34.89M | 35K | -3.97M | 0 | -20.01M | -7.2M | 395K | 101K | -2.31M | 55K | -2.93M | 430K | 672K | 156K | 222K | 0 | 0 | 0 | 0 | -175K | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | 26.18M | 1.93M | -92.98M | 95.19M | -40.28M | -111.05M | 93.75M | 16.57M | 6.5M | 42.39M | -40.62M | 7.89M | 30.6M | -32.77M | 55.21M | -11.58M | 15.4M | 6.81M | -12.01M | 3.81M | 10.87M | -11.6M | -14.52M | 26.49M | 172K | -960K | -4.02M | 2.27M | -312.41K | 1.44M | -2.34M |
| Exchange Rate Effect | 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 |
| Cash at Beginning | 71.08M | 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 | 2.04M | 3.13M | 7.16M | 4.89M | 5.2M | 3.76M | 6.11M |
| Cash at End | 55.25M | 48.2M | 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 | 3.76M |
| Free Cash Flow | -226.89M | -257.92M | -256.5M | -141.3M | -114.09M | 1.53B | 166.3M | 103.61M | 129.01M | 76.44M | -658.49M | 49.64M | 46.76M | -22.76M | 7.92M | 6.26M | -135.54M | 20.86M | -15.49M | 14.66M | 13.15M | 7.72M | 321K | 41.13M | 8.16M | -11.64M | -29.06M | 273K | -2.64M | -2.22M | -14.85M |
| FCF Growth % | 9.7% | -0.55% | -81.54% | -23.84% | -107.44% | 822.09% | 60.5% | -19.69% | 68.77% | 111.61% | -1426.47% | 6.16% | 305.42% | -387.39% | 26.45% | 104.62% | -749.59% | 234.66% | -205.7% | 11.43% | 70.36% | 2305.61% | -99.22% | 404.27% | 170.08% | 59.95% | -10746.15% | 110.34% | -19.08% | 85.07% | -1142.61% |
| FCF Margin % | -82.38% | -72.07% | -78.19% | -49.17% | -45.84% | 625.28% | 75.33% | 50.09% | 20.45% | 12.49% | -123.02% | 14.49% | 14.3% | -7.37% | 2.75% | 2.49% | -69.55% | 12.99% | -10.73% | 10.38% | 7.78% | 5.27% | 0.27% | 38.86% | 8.78% | -13.12% | -48.66% | 0.65% | -7.42% | -7.16% | -58.42% |
| FCF / Net Income % | 543.48% | 654.75% | -134.73% | -1757.85% | 1361.67% | 153.52% | 132.33% | 186.69% | 276.87% | 115.14% | 73573.97% | 121.48% | 138.01% | -76.94% | 48.59% | 48.21% | -749.86% | 138.25% | -63.49% | 77.96% | 73.4% | 71.93% | 3.13% | 128.24% | 180.5% | -71.09% | -294.92% | 4.25% | -47.12% | -49.49% | -297.42% |
Quick answers to the most common questions about buying SHEN stock.
Shenandoah Telecommunications Company (SHEN) generated $101.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Shenandoah Telecommunications Company (SHEN) reported negative free cash flow of $257.9M in 2025, indicating capital requirements exceeded cash from operations.
Shenandoah Telecommunications Company (SHEN) spent $358.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Shenandoah Telecommunications Company (SHEN) returned $6.4M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Fiber build-out execution risk
Metrics are mathematically derived from official filings.
Earnings Disconnect and Cash Quality
As reported in recent financial filings, SHEN consistently generates positive operating cash flow despite persistent net losses, with the OCF/NI ratio frequently reaching negative values, such as -1.38 in 2026Q1, indicating that non-cash depreciation charges are the primary driver of the company's reported cash flow profile.
The significant gap between net income and operating cash flow suggests that the company's reported earnings are heavily impacted by non-cash depreciation and amortization expenses related to its fiber infrastructure. Investors should monitor whether this cash flow generation can eventually support the massive capital requirements without further external financing.
Persistent Free Cash Flow Deficits
Based on quarterly data, SHEN's free cash flow remains deeply negative, with a -56.3% FCF margin in 2026Q1, reflecting an aggressive investment cycle where capital expenditures consistently outpace the cash generated from operations, as the company prioritizes rapid fiber network expansion over immediate cash flow self-sufficiency.
The trajectory of free cash flow highlights the high-stakes nature of the current fiber-to-the-home build-out. The persistent negative FCF suggests that the company is currently in a capital-intensive phase that may require sustained access to capital markets until subscriber penetration reaches a critical mass.
Capital Intensity of Fiber Expansion
According to recent SEC filings, SHEN's capital intensity remains elevated, with CapEx/Revenue ratios frequently exceeding 80% and reaching as high as 97.3% in 2025Q2, underscoring the substantial financial commitment required to deploy fiber passings in its targeted Mid-Atlantic markets and maintain its existing tower infrastructure.
The high ratio of capital expenditure to revenue suggests that the company is aggressively reinvesting to build its competitive moat. This level of spending appears to be the primary driver of the company's cash burn, and its long-term success depends on the eventual conversion of these passings into high-margin recurring revenue.
Working Capital Dynamics and Efficiency
Data from financial statements indicates that SHEN's working capital changes have been relatively modest and inconsistent, with a $2.6 million contribution in 2026Q1, suggesting that the company's cash flow is not currently being driven by significant shifts in accounts receivable or inventory management practices.
The lack of a clear, sustained trend in working capital changes implies that the company's cash flow volatility is primarily structural rather than operational. Investors should watch for any signs of rising receivables, which could indicate difficulty in collecting from new fiber subscribers as the network footprint expands.