Valuation, from the filing
| Public float | $600.00M | Market value of stock held by non-affiliates, as stated on the cover page for 2025-06-30 |
|---|---|---|
| Float per share | $10.85 | Float divided by shares outstanding in the same filing. A floor under the share price on that date, not the price itself. |
| Float / revenue | 1.7× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / equity | 0.7× | A lower bound on the multiple, because affiliate holdings are excluded. |
Every figure here is drawn from the 10-K cover page and the statements behind it, so each one traces to a filing. Public float counts only stock held by non-affiliates, which makes these floors rather than estimates: a high multiple is conclusive, a low one may mean cheap or may mean closely held. The float was measured on 2025-06-30, not today, and each multiple below it uses the figures for the fiscal year ending 2025-12-31 — the year that filing covered.
Valuation over time
3.6× earnings today, against a median of 22.6× across 7 years on record. Below its own history.
| Float measured | Public float | Float / net income | |
|---|---|---|---|
| 2024-06-30 | $700.00M | 3.6× | |
| 2023-06-30 | $700.00M | 87.1× | |
| 2021-06-30 | $1.70B | 1.7× | |
| 2020-06-30 | $2.40B | 19.1× | |
| 2019-06-30 | $1.80B | 32.4× | |
| 2018-06-30 | $1.60B | 34.3× | |
| 2017-06-30 | $1.50B | 22.6× |
Each float is paired with the fiscal year the filing that stated it covers. Only years where the company reported positive net income appear, because a multiple against a loss is not a multiple.
How this compares in its industry
Percentile among the Telephone Communications (No Radiotelephone) filers on this site, highest value first. A high percentile means a large figure, which is good for a margin and not for leverage — the ranking says where the company sits, not whether that is where it should be.
| Measure | Reported | Percentile | |
|---|---|---|---|
| CapEx / revenue | 100.3% | 100th | |
| FCF margin | -72.1% | 9th | |
| SBC / revenue | 2.7% | 78th | |
| Current ratio | 0.90x | 25th | |
| Net margin | -9.2% | 27th | |
| Revenue YoY growth | 9.1% | 69th | |
| Long-term debt / equity | 0.71x | 38th | |
| Operating margin | -6.5% | 44th |
SHENANDOAH TELECOMMUNICATIONS CO/VA/ (SHEN) reported revenue of $93.93M and net income of -$9.18M for the fiscal year ended 2026-09-30. This page shows 10 annual periods of income statement, balance sheet and cash flow figures normalized from SHENANDOAH TELECOMMUNICATIONS CO/VA/’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Telephone Communications (No Radiotelephone).
Income
| Metric | 2026-09-30 | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $93.93M | $93.46M | $92.15M | $91.59M | $89.80M | $88.57M | $87.90M | $85.41M | $87.60M | $85.80M |
| Cost of revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Gross profit | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Operating income | -$1.98M | -$1.02M | -$10.47M | -$873.00K | -$7.16M | -$9.11M | -$6.09M | -$5.75M | -$4.18M | -$15.88M |
| Net income | -$9.18M | -$7.70M | -$15.75M | -$5.37M | -$9.39M | -$9.05M | -$9.13M | -$2.74M | -$5.26M | -$12.87M |
| Research & development | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Weighted-average diluted shares | shares 55.81M | shares 55.78M | shares 55.55M | Unavailable | shares 55.15M | shares 55.10M | shares 54.96M | Unavailable | shares 54.78M | shares 54.73M |
| Pretax income | -$12.23M | -$10.24M | -$19.86M | -$7.14M | -$12.36M | -$12.10M | -$10.25M | -$8.09M | -$6.85M | -$17.97M |
| Income tax expense | -$3.05M | -$2.54M | -$4.11M | -$1.77M | -$2.97M | -$3.05M | -$1.12M | -$1.90M | -$1.54M | -$5.20M |
| Diluted EPS | $-0.19 | $-0.17 | $-0.31 | Unavailable | $-0.20 | $-0.19 | $-0.19 | Unavailable | $-0.13 | $-0.24 |
| Selling, general & administrative | $29.15M | $31.02M | $33.39M | $27.66M | $29.79M | $29.74M | $30.99M | $28.97M | $28.01M | $30.24M |
| General & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Selling & marketing | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Balance
| Metric | 2026-09-30 | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $18.65M | $23.90M | $43.77M | $27.26M | $22.62M | $29.08M | $87.55M | $46.27M | $43.10M | $43.78M |
| Total assets | $2.01B | $1.97B | $1.95B | $1.91B | $1.85B | $1.81B | $1.83B | $1.74B | $1.69B | $1.66B |
| Current assets | $88.10M | $93.43M | $114.22M | $97.44M | $67.99M | $83.35M | $134.46M | $94.52M | $97.51M | $99.52M |
| Total liabilities | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Current liabilities | $123.31M | $109.67M | $101.56M | $108.50M | $135.40M | $114.94M | $111.99M | $114.57M | $123.13M | $112.09M |
| Total equity incl. NCI | $850.65M | $859.94M | $866.96M | $880.78M | $892.68M | $901.96M | $910.47M | $918.58M | $925.36M | $933.08M |
| Temporary (mezzanine) equity | $93.32M | $91.69M | $90.08M | $88.51M | $86.96M | $85.43M | $83.94M | $82.46M | $81.02M | $79.38M |
| Inventory | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Accounts receivable | $22.38M | $20.53M | $24.76M | $31.50M | $25.31M | $34.55M | $29.75M | $29.72M | $32.53M | $29.64M |
| Goodwill | $67.54M | $67.54M | $67.54M | $67.54M | Unavailable | Unavailable | Unavailable | $67.06M | Unavailable | Unavailable |
| Long-term debt | $747.09M | $715.03M | $693.89M | $628.24M | $524.02M | $501.61M | $504.20M | $407.68M | $335.93M | $288.57M |
| Accounts payable | $68.22M | $58.22M | $54.19M | $61.36M | $76.87M | $62.52M | $59.27M | $57.82M | $65.95M | $57.72M |
Cash flow
| Metric | 2026-09-30 | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $27.84M | $24.44M | $24.37M | $28.79M | $30.74M | $20.95M | $20.52M | $20.60M | $24.27M | $2.54M |
| Capital expenditures | $68.82M | $70.37M | $75.82M | $107.37M | $82.11M | $86.20M | $83.24M | $92.62M | $75.54M | $80.86M |
| Investing cash flow | -$67.30M | -$60.72M | -$64.11M | -$84.75M | -$58.01M | -$75.65M | -$76.26M | -$84.31M | -$71.97M | -$421.61M |
| Financing cash flow | $30.32M | $20.00M | $62.61M | $81.54M | $20.81M | -$3.77M | $97.01M | $66.89M | $47.01M | $73.12M |
| Net change in cash | -$9.14M | -$16.28M | $22.87M | $25.58M | -$6.46M | -$58.47M | $41.28M | $3.17M | -$680.00K | -$345.96M |
| Stock-based compensation | $1.33M | $2.30M | $4.80M | $1.62M | $2.07M | $2.19M | $3.72M | $2.22M | $1.38M | $2.27M |
| Common dividends paid | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Common share repurchases | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Depreciation & amortization | $33.29M | $30.23M | $34.54M | $32.07M | $34.00M | $34.63M | $28.98M | $27.28M | $27.68M | $25.58M |
Derived
| Metric | 2026-09-30 | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|
| Free cash flow | -$40.98M | -$45.94M | -$51.45M | -$78.58M | -$51.38M | -$65.25M | -$62.71M | -$72.02M | -$51.27M | -$78.32M |
| Gross margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Operating margin | -2.1% | -1.1% | -11.4% | -1.0% | -8.0% | -10.3% | -6.9% | -6.7% | -4.8% | -18.5% |
| FCF margin | -43.6% | -49.2% | -55.8% | -85.8% | -57.2% | -73.7% | -71.3% | -84.3% | -58.5% | -91.3% |
| SBC / revenue | 1.4% | 2.5% | 5.2% | 1.8% | 2.3% | 2.5% | 4.2% | 2.6% | 1.6% | 2.6% |
| Current ratio | 0.71x | 0.85x | 1.12x | 0.90x | 0.50x | 0.73x | 1.20x | 0.82x | 0.79x | 0.89x |
| Revenue YoY growth | 4.6% | 5.5% | 4.8% | 7.2% | 2.5% | 3.2% | 26.9% | 25.8% | 30.0% | 28.7% |
| Net margin | -9.8% | -8.2% | -17.1% | -5.9% | -10.5% | -10.2% | -10.4% | -3.2% | -6.0% | Unavailable |
| R&D / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| CapEx / revenue | 73.3% | 75.3% | 82.3% | 117.2% | 91.4% | 97.3% | 94.7% | 108.4% | 86.2% | 94.2% |
| Long-term debt / equity | 0.88x | Unavailable | Unavailable | 0.71x | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open SHEN in the interactive workspace to inspect any figure back to its filing.
Source filings
Every accounting identity this site checks — the balance sheet, the gross profit bridge and the cash flow statement — reconciles in every period shown.