15 years of revenue, profit, cash flow and balance-sheet history through FY2025,
from SEC filings — with a computed, factual read of the trend.
Updated Overview →
Growth & profitability
Revenue has grown 10.1% per year over the past 5 years.
Operating margin has contracted, at -6.5% in the latest year.
Financial health
Total debt ($642M) exceeds cash ($27M); net debt is $615M.
Total debt has grown slower than revenue (-1.6% vs 10.1% per year).
Operating income covered interest expense -0.9× in the latest year.
Total debt is 6.0× EBITDA.
The company is unprofitable and has less than a year of cash runway at its current free-cash-flow burn.
Shareholder returns
Dividends have been paid for 15 consecutive years.
The dividend has declined 17.1% per year over the past 5 years.
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key annual figures
FY
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
2025
$358M
-$33M
0.0%
-6.5%
-$258M
$642M
$27M
2024
$328M
$194M
0.0%
-8.7%
-$257M
$418M
$46M
2023
$269M
$8M
0.0%
0.1%
-$141M
$300M
$139M
2022
$249M
-$8M
0.0%
-7.0%
-$114M
$75M
$44M
2021
$245M
$999M
0.0%
-1.0%
-$411M
$0
$84M
2020
$221M
$126M
0.0%
-1.2%
$182M
$698M
$195M
2019
$207M
$56M
0.0%
-0.6%
$192M
$732M
$102M
2018
$193M
$47M
0.0%
-1.5%
$209M
$720M
$85M
2017
$612M
$66M
65.4%
7.6%
$76M
$837M
$79M
2016
$535M
-$895000
63.8%
4.2%
-$12M
$848M
$36M
2015
—
$41M
—
—
$50M
$201M
$77M
2014
—
$34M
—
—
$47M
$224M
$69M
2013
—
$30M
—
—
-$23M
$230M
$38M
2012
—
$16M
—
—
$8M
$232M
$71M
2011
—
$13M
—
—
$6M
$181M
$16M
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex, quarterly)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key quarterly figures
Quarter
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
Mar '26
$92M
-$16M
0.0%
-11.4%
-$51M
$707M
$44M
Dec '25
$92M
-$5M
0.0%
-1.0%
-$79M
$642M
$27M
Sep '25
$90M
-$9M
0.0%
-8.0%
-$51M
$535M
$23M
Jun '25
$89M
-$9M
0.0%
-10.3%
-$65M
$513M
$29M
Mar '25
$88M
-$9M
0.0%
-6.9%
-$63M
$516M
$88M
Dec '24
$85M
-$3M
0.0%
-6.7%
-$72M
$418M
$46M
Sep '24
$88M
-$5M
0.0%
-4.8%
-$51M
$345M
$43M
Jun '24
$86M
-$13M
0.0%
-18.5%
-$78M
$297M
$44M
Mar '24
$69M
$215M
0.0%
-4.0%
-$55M
$299M
$390M
Dec '23
$68M
$3M
0.0%
0.8%
-$44M
$300M
$139M
Sep '23
$67M
$2M
0.0%
-0.9%
-$32M
$150M
$36M
Jun '23
$67M
$2M
0.0%
-0.2%
-$46M
$125M
$26M
Mar '23
$67M
$2M
0.0%
0.5%
-$19M
$100M
$48M
Dec '22
$70M
-$2M
0.0%
-3.8%
-$39M
$75M
$44M
Sep '22
$67M
-$3M
0.0%
-2.6%
-$26M
$25M
$33M
Jun '22
$66M
-$3M
0.0%
-4.8%
-$20M
—
$33M
Mar '22
$64M
-$603000
0.0%
-0.6%
-$30M
—
$54M
Dec '21
$63M
$1M
0.0%
-12.6%
-$445M
$0
$84M
Sep '21
$62M
$893M
0.0%
1.4%
-$40M
—
$533M
Jun '21
$61M
$53M
0.0%
3.9%
$28M
$681M
$249M
Valuation over time
How the market has priced SHEN against its own fundamentals since 2023-03 —
each month-end's share price set against the most recent annual filing, so the multiple moves
as price runs ahead of (or behind) earnings. Split-adjusted.
The price-to-earnings ratio has fallen from 141.0× (Jan '24) to 3.1× (Nov '25).
The price-to-sales ratio has fallen from 4.2× (Mar '23) to 2.3× (Jun '26).
The dividend yield has risen from 0.4% (Mar '23) to 0.8% (Jun '26).
Price / earnings (P/E)
P/E
Price / sales (P/S)
P/S
Dividend yield (%)
Dividend yield %
Frequently asked questions
Is SHEN growing its revenue and profit?
Over the past 5 years, SHENANDOAH TELECOMMUNICATIONS CO/VA/'s revenue has grown 10.1% per year. These are computed facts, not advice.
How much debt does SHEN have?
As of FY2025, SHENANDOAH TELECOMMUNICATIONS CO/VA/ reported $642M of total debt against $27M of cash; operating income covered interest expense -0.9×.
What is SHEN's profit margin?
In FY2025, gross margin was —, operating margin -6.5%, and net margin -9.2%.
What is SHEN's P/E ratio?
As of Jun '26, SHENANDOAH TELECOMMUNICATIONS CO/VA/ traded at a price-to-earnings ratio of about 3.1× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.