Latest Ratios: P/E Ratio -13.0x · EV/EBITDA 10.0x · ROE -4.0%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $534M | $637M | $677M | $1.1B | $796M | $1.3B | $2.2B | $2.1B | $2.2B | $1.7B | $1.3B |
| Enterprise Value | $1.1B | $1.3B | $1.1B | $1.3B | $882M | $1.3B | $2.7B | $2.7B | $2.9B | $2.4B | $2.1B |
| P/E Ratio → | -12.97 | — | 3.56 | 135.13 | — | 159.38 | 823.81 | 37.15 | 47.58 | 25.41 | — |
| P/S Ratio | 1.91 | 1.78 | 2.06 | 3.82 | 3.20 | 5.21 | 9.80 | 10.08 | 3.51 | 2.76 | 2.49 |
| P/B Ratio | 0.55 | 0.66 | 0.68 | 1.68 | 1.25 | 1.99 | 3.75 | 4.41 | 5.01 | 4.83 | 4.50 |
| P/FCF | — | — | — | — | — | 0.83 | 13.01 | 20.12 | 17.17 | 22.12 | — |
| P/OCF | 5.29 | 6.31 | 10.83 | 9.64 | 10.63 | — | 7.14 | 8.04 | 8.34 | 7.58 | 8.25 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.50 | 3.24 | 4.56 | 3.54 | 5.10 | 12.26 | 13.29 | 4.56 | 3.87 | 3.91 |
| EV / EBITDA | 9.95 | 11.42 | 15.22 | 17.95 | 17.99 | 23.71 | 58.70 | 60.49 | 11.08 | 10.60 | 12.60 |
| EV / EBIT | — | — | — | 107.58 | — | 236.81 | — | — | — | 45.33 | 71.66 |
| EV / FCF | — | — | — | — | — | 0.82 | 16.27 | 26.53 | 22.32 | 31.00 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 26.9% | 26.9% | 60.9% | 63.1% | 58.9% | 58.3% | 59.4% | 59.6% | 59.1% | 65.4% | 63.8% |
| Operating Margin | -6.2% | -6.2% | -8.7% | 3.3% | -7.0% | -1.0% | -1.2% | -0.6% | 14.8% | 7.6% | 4.2% |
| Net Profit Margin | -11.0% | -11.0% | 58.0% | 2.8% | -3.4% | 407.3% | 56.9% | 26.8% | 7.4% | 10.8% | -0.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -4.0% | -4.0% | 23.0% | 1.2% | -1.3% | 163.8% | 23.9% | 12.1% | 11.8% | 20.6% | -0.3% |
| ROA | -2.2% | -2.2% | 12.9% | 0.7% | -0.9% | 68.5% | 6.2% | 3.2% | 3.2% | 4.6% | -0.1% |
| ROIC | -1.1% | -1.1% | -1.9% | 0.9% | -2.0% | -0.2% | -0.2% | -0.1% | 6.5% | 3.3% | 2.3% |
| ROCE | -1.3% | -1.3% | -2.1% | 1.0% | -2.0% | -0.3% | -0.2% | -0.1% | 7.0% | 3.6% | 2.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.66 | 0.66 | 0.43 | 0.54 | 0.20 | 0.09 | 1.28 | 1.62 | 1.70 | 2.16 | 2.69 |
| Debt / EBITDA | 5.86 | 5.86 | 6.19 | 4.83 | 2.65 | 1.07 | 16.01 | 16.86 | 2.88 | 3.39 | 4.80 |
| Net Debt / Equity | — | 0.63 | 0.39 | 0.33 | 0.13 | -0.04 | 0.94 | 1.41 | 1.50 | 1.94 | 2.57 |
| Net Debt / EBITDA | 5.61 | 5.61 | 5.53 | 2.92 | 1.75 | -0.53 | 11.77 | 14.62 | 2.56 | 3.04 | 4.58 |
| Debt / FCF | — | — | — | — | — | -0.02 | 3.26 | 6.41 | 5.15 | 8.88 | — |
| Interest Coverage | -0.65 | -0.65 | -1.39 | — | -0.39 | — | — | -0.05 | -0.09 | 1.37 | 1.16 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.90 | 0.90 | 0.82 | 1.79 | 1.33 | 2.47 | 1.16 | 1.54 | 2.37 | 1.26 | 0.98 |
| Quick Ratio | 0.90 | 0.90 | 0.82 | 1.79 | 1.33 | 2.47 | 1.16 | 1.54 | 2.31 | 1.22 | 0.75 |
| Cash Ratio | 0.25 | 0.25 | 0.40 | 1.42 | 0.46 | 1.27 | 0.16 | 0.66 | 0.96 | 0.57 | 0.22 |
| Asset Turnover | — | 0.19 | 0.19 | 0.24 | 0.25 | 0.28 | 0.11 | 0.10 | 0.42 | 0.43 | 0.36 |
| Inventory Turnover | — | — | — | — | — | — | — | — | 49.00 | 37.08 | 4.96 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.2% | 1.0% | 0.9% | 0.4% | 0.5% | 73.5% | 0.8% | 0.7% | 0.6% | 0.7% | 0.9% |
| Payout Ratio | — | — | 3.0% | 56.3% | — | 94.1% | 13.1% | 25.1% | 27.6% | 18.5% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 28.1% | 0.7% | — | 0.6% | 0.1% | 2.7% | 2.1% | 3.9% | — |
| FCF Yield | — | — | — | — | — | 119.9% | 7.7% | 5.0% | 5.8% | 4.5% | — |
| Buyback Yield | 0.0% | 0.0% | 0.3% | 0.1% | 0.0% | 0.1% | 0.1% | 0.3% | 0.1% | 0.3% | 0.4% |
| Total Shareholder Yield | 1.2% | 1.0% | 1.1% | 0.5% | 0.5% | 73.7% | 0.9% | 1.0% | 0.7% | 1.0% | 1.3% |
| Shares Outstanding | — | $55M | $54M | $51M | $50M | $50M | $50M | $50M | $50M | $50M | $49M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying SHEN stock.
Shenandoah Telecommunications Company's current P/E ratio is -13.0x. The historical average is 33.3x.
Shenandoah Telecommunications Company's current EV/EBITDA is 10.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.1x.
Shenandoah Telecommunications Company's return on equity (ROE) is -4.0%. The historical average is 16.9%.
Based on historical data, Shenandoah Telecommunications Company is trading at a P/E of -13.0x. Compare with industry peers and growth rates for a complete picture.
Shenandoah Telecommunications Company's current dividend yield is 1.21%.
Shenandoah Telecommunications Company has 26.9% gross margin and -6.2% operating margin.
Shenandoah Telecommunications Company's Debt/EBITDA ratio is 5.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Fiber build-phase leverage and losses
Metrics are mathematically derived from official filings.
Negative Earnings Distort Conventional Multiples
Based on EDBL's reported figures, SHEN trades at a trailing P/E of -13.59 and 0.55 times book value, a discount that reflects persistent losses rather than a clear signal of undervaluation at the 10.49 times EV/EBITDA level.
The negative P/E means earnings-based comparison is not meaningful, so the market is effectively pricing SHEN on enterprise value and asset base. A sub-1.0 price-to-book ratio suggests investors are discounting the equity relative to reported net assets, which may indicate skepticism about whether fiber capital deployed will earn adequate returns. The 1.2% dividend yield is modest and should be weighed against negative earnings and free cash flow, which raises questions about the payout's sustainability from internally generated cash.
Operating Losses Persist Through Build Phase
As reported in financial statements, SHEN's operating margin moved from -18.5% in Q2 2024 to -2.1% in Q3 2026, showing improvement but still no sustained move into positive operating territory.
The narrowing of operating losses suggests fixed-cost absorption is improving as the Glo Fiber base grows, though the margin is still negative after nearly two years. Net margin of -9.8% in the latest quarter indicates interest and depreciation burdens remain heavy relative to revenue. Investors should monitor whether margin recovery continues as subscriber penetration rises rather than assuming an inflection has occurred.
Debt Rising Faster Than Interest Coverage
Based on reported figures, SHEN's debt-to-capital rose from 0.24 to 0.45 between Q2 2024 and Q3 2026 while interest coverage remained negative at -0.16 in the latest quarter.
Rising debt-to-capital alongside negative interest coverage indicates earnings are not currently covering financing costs, which is a meaningful credit consideration. FFO-to-debt of 3.02 in the latest quarter is well below the 6.41 reported in Q3 2024, suggesting cash-based debt service capacity has compressed as borrowings expanded. This warrants further investigation into refinancing terms and the timing of build-phase cash flow conversion.
Dividend Funded by Debt, Not Cash Flow
Based on EDBL's reported figures, SHEN's free cash flow was negative in every quarter shown, with the most recent quarter at -$41.0M, making the 1.2% dividend yield dependent on external financing.
A dividend that is not covered by free cash flow reflects reliance on debt and asset-sale proceeds to fund both capital spending and shareholder distributions. The rising leverage profile suggests this structure may not be sustainable if credit conditions tighten. Investors should treat the dividend as a secondary return component and monitor whether the company prioritizes fiber capex over payout maintenance.
Price-to-Book Misleads on Asset Quality
The 0.55 price-to-book ratio is commonly read as a value signal for capital-intensive telecom, but book value includes build-phase fiber assets whose returns remain unproven given negative operating income.
Applying a book-value discount framework to SHEN assumes the carrying value of fiber plant reflects recoverable economic value, which the persistent losses do not yet confirm. The more appropriate adjustment is to evaluate EV/EBITDA alongside fiber passings, penetration, and churn, since these capture whether the network is generating returns. Relying on P/B alone may overstate the margin of safety in the equity.