SHENANDOAH TELECOMMUNICATIONS CO/VA/ financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data SHENANDOAH TELECOMMUNICATIONS CO/VA/ files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	535	612	193	207	221	245	249	269	328	358
Cost of revenue	194	212	80.4	83.6	89.7	102	102	101	128	130
Gross profit	342	400	112	123	131	143	147	168	200	228
Selling, general and administrative	133	166	70.8	77.8	85	82.5	91.1	99.3	115	118
Operating expenses	513	565	196	208	222	248	275	278
Operating income	22.5	46.5	-2.97	-1.34	-2.6	-2.43	-17.5	0.14	-28.6	-23.2
Interest expense	25.1	38.2	34.8	29.5		2.6	1.58	4.21	15.9	25.4
Interest income	0.11
Other non-operating income	4.25	4.98	3.7	3.28	3.19	8.67	0.22	5.59	6.46	6.76
Pre-tax income	1.95	13.3	0.73	1.94	0.59	6.24	-18.8	1.52	-38	-41.9
Income tax	2.84	-53.1	-1.34	0.01	-0.99	-1.69	-3.4	0.5	-9.67	-8.91
Income from continuing operations			2.08	1.93	1.58	7.93	-15.4	1.02	-28.4	-32.9
Net income	-0.9	66.4	46.6	55.5	126	999	-8.38	8.04	194	-32.9
EBITDA	166	224	41.4	45.4	46.1	52.8	48.3	63	68.3	106
EPS, basic	-0.02	1.35	0.94	1.11	2.52	19.97	-0.17	0.16	3.54	-0.71
EPS, diluted	-0.02	1.33	0.93	1.11	2.51	19.92	-0.17	0.16	3.54	-0.71
Shares, basic (weighted)	48.8	49.2	49.5	49.8	49.9	50	50.2	50.4	53.7	55.1
Shares, diluted (weighted)	48.8	50	50.1	50.1	50	50.1	50.2	50.7	53.7	55.1
Dividend per share	0.25	0.26	0.27	0.29	0.34	18.82	0.08	0.09	0.10	0.11

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	36.2	78.6	85.1	102	195	84.3	44.1	139	46.3	27.3
Receivables	69.8	54.2	54.4	63.6	70.4	22	20.6	19.8	29.7	31.5
Inventory	39	5.7	5.27	5.73
Other current assets	16.4	1.12	2.05	1.83	1.2	2.02	1.26	2.51	6.68	4.33
Total current assets	161	173	210	242	1,407	166	129	176	94.5	97.4
Property, plant and equipment	698	686	701	363	440	554	688	850	1,439	1,602
Lease right-of-use assets			0	42.6	50.4	56.4	53.9	13	19.5	19.7
Goodwill	145	146	146	149					67.1	67.5
Intangible assets	455	381	366	88.2	107	89.8	81.5	81.1	90.7	89.4
Long-term investments	10.3	11.5	10.8	12.4	13.8	13.7	13	13.2	15.7	16.5
Other non-current assets		2.91	3.76	1.91	1.4	4.65	7.42	4.81	7.15	9.36
Total assets	1,484	1,412	1,485	1,899	2,024	891	978	1,214	1,740	1,911
Accounts payable	72.8	29	36	40.3	19.6	28.5	49.2	53.5	57.8	61.4
Accrued liabilities	29.1	13.9	14.6	7.56	13.9	14.6	17.9	7.75	12.1	14.1
Deferred revenue		21.2	7.92	8.36	8.59	11.1	12.4	12.4	16.1	13.4
Short-term debt	32	64.4	20.6	31.7	688	0	0.65	7.1	9.2	0
Total current liabilities	164	138	88.5	154	1,208	67.3	96.4	98.4	115	108
Long-term debt	797	758	750	688	0	0	74.3	293	408	628
Lease liabilities			0	42.6	46.1	51.7	50.5	7.19	10.8	10.6
Other non-current liabilities	23.7	15.3	14.4	17	24.9	25.6	20.2	16.9	33.5	32.3
Total liabilities	1,189	1,060	1,044	1,431	1,447	248	340	562	822	1,030
Total debt	848	837	720	732	698	0	75	300	418	642
Paid-in capital		44.8	47.5	42.1	47.3	49.4	57.5	66.9	148	157
Retained earnings	244	297	385	426	534	593	581	584	769	724
Other comprehensive income	6.79	8.23	8.28	0.31	-4.71	0	0	1.67	1.85	0
Shareholders' equity	296	352	440	468	577	642	638	653	919	881
Total equity	296	352	440	468	577	642	638	653	919	881
Total liabilities and equity	1,484	1,412	1,485	1,899	2,024	891	978	1,214	1,740	1,911
Shares outstanding	48.9	49.3	49.6	49.7	49.9	50	50.1	50.3	54.6	54.9

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-0.9	66.4	46.6	55.5	126	999	-8.38	8.04	194	-32.9
Depreciation and amortization	144	177	44.4	46.8	48.7	55.2	65.8	62.9	96.9	130
Stock-based compensation	3.02	3.58	4.75	3.37	5.91	3.41	8.53	10	9.84	9.59
Deferred income tax	-52.9	-54.1	3.86	16.7	14.9	22.3	-1.63	3.89	-9.76	-9.46
Change in receivables	14.6	16.5	0.01	-0.07	-7.32	0.16	-0.58	-0.14	-2.45	0.41
Change in inventory	-30.3	33.3	0.44	-0.46
Change in payables	42.5	-36.7	12.2	-8.43	-0.66	2.98	0.08	-2.96	-2.24	1.03
Cash from operations	162	223	266	259	303	-251	74.9	114	62.6	101
Capital expenditures	-173	-146	-56.6	-67	-120	-160	-189	-255	-319	-359
Acquisitions	-657	-6	0	-10	-1.89	0	0	0	-347	-5
Sales and maturities of investments	2.9
Cash from investing	-820	-151	-188	-165	-156	1,784	-184	-237	-339	-295
Debt issued	860	25	0
Debt repaid	-214	-36.4	-51.3			-681	0	0	-7.04	-593
Share buybacks	-5.1	0	0	-7.23	0	0
Dividends paid	-11.7	-12.3	-12.9	-13.9	-16.4	-940	-3.99	-4.52	-5.81	-6.45
Cash from financing	618	-29	-71.3	-77.2	-53.5	-1,644	69	218	184	196
Net change in cash	-40.6	42.4	6.5	16.6	93.7	-111	-40.3	95.2	-93	1.93
Free cash flow	-11.7	76.4	209	192	182	-411	-114	-141	-257	-258
Interest paid	21.2	33.5	33	27.6	18.6	10.4	0.58	3.03	12.1	20.8
Income taxes paid	45	20.1	-2.72	9.5	11.2	-11.2	-0.1	0.1	8.4	2.05

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $11.76 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	64.4%	Gross profit / revenue.
Operating margin	-7.6%	Operating income / revenue.
EBITDA margin	29.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-14.2%	Pre-tax income / revenue.
Net margin	-10.9%	Net income / revenue.
FCF margin	-68.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	29.0%	Cash from operations / revenue.
Return on equity (ROE)	-4.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-2.0%	Net income / average total assets.
Return on invested capital (ROIC)	-1.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	33.3%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	2.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	97.1%	Capital expenditures / revenue.
D&A / revenue	37.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	9.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	12.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	10.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	13.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	15.8%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	11.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	55.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	30.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	18.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-117.0%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-120.1%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	61.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	10.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-19.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	10.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	11.2%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	-20.2%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-4.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	11.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	8.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	9.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	25.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-1.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	2.6%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	3.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	2.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.12x	Current assets / current liabilities.
Quick ratio	0.67x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.43x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.82x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	36.2%	Total debt / total assets.
Liabilities / assets	55.6%	Total liabilities / total assets.
Net debt	$663.6M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	6.17x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	-0.92x	Operating income / interest expense.
Working capital	$12.7M	Current assets - current liabilities.
Goodwill and intangibles / assets	8.0%	(Goodwill + intangible assets) / total assets.
Tangible book value	$710.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.19x	Revenue / average total assets.
Fixed asset turnover	0.22x	Revenue / average property, plant and equipment.
Receivables turnover	14.6x	Revenue / average receivables.
Days sales outstanding	25 days	365 x average receivables / revenue.
Days payables	153 days	365 x average accounts payable / cost of revenue.
Capex / operating cash flow	335.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.71	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$6.52	Revenue / diluted weighted shares.
FCF per share	-$4.44	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.89	Cash from operations / diluted weighted shares.
Book value per share	$15.68	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$12.85	Tangible book value / shares outstanding.
Cash per share	$0.79	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$627.6M	Share price x shares outstanding.
Enterprise value	$1.29B	Market cap + total debt - cash - short-term investments.
P/S	1.73x	Market cap / revenue.
P/B	0.72x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.88x	Market cap / tangible book value, when positive.
P/OCF	5.99x	Market cap / cash from operations, when positive.
EV/Sales	3.57x	Enterprise value / revenue.
EV/EBITDA	12.0x	Enterprise value / EBITDA, when both are positive.
FCF yield	-39.3%	Free cash flow / market cap.
Earnings yield	-6.3%	Net income / market cap (the inverse of P/E).

What was SHENANDOAH TELECOMMUNICATIONS CO/VA/'s revenue in fiscal 2025?

SHENANDOAH TELECOMMUNICATIONS CO/VA/ reported revenue of $357.9M for fiscal 2025, 9.1% higher than the year before.

Was SHENANDOAH TELECOMMUNICATIONS CO/VA/ profitable in fiscal 2025?

No. It reported a net loss of $32.9M.

How much free cash flow did SHENANDOAH TELECOMMUNICATIONS CO/VA/ generate in fiscal 2025?

Cash from operations of $101.0M minus capital expenditures of $358.9M left free cash flow of -$257.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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