# Shenandoah Telecommunications Company (SHEN)

> Source: Nexqual · https://nexqual.com/SHEN · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Shenandoah Telecommunications Company (SHEN), nexqual.com/SHEN" · informational, not investment advice.

**Price:** USD 10.3 (+5.53% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 9.76 · day 9.76–10.32 · 52w 9.54–17.35 · market cap $570M · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $367M, net income -$39.7M (-10.8% margin), free cash flow -$227M (SEC filings).
- 1 of 80 tracked superinvestors hold SHEN (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market purchases, last ~7 months: 2 Form 4 filings, $74K; 0 by opportunistic insiders, 0 by routine insiders.
- Total return with dividends: 1Y -18.6% vs S&P 500 +14.9%; 5Y -65.5% vs S&P 500 +80.3%.
- Next earnings: 2026-10-28, EPS estimate USD -0.23, revenue estimate $94.1M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $245M | $249M | $269M | $328M | $358M | $367M |
| Operating income | -$2.4M | -$17.5M | $142K | -$28.6M | -$23.2M | -$19.5M |
| Net income | $999M | -$8.4M | $8.0M | $194M | -$32.9M | -$39.7M |
| EPS (diluted) | $19.92 | -$0.17 | $0.16 | $3.54 | -$0.71 | — |
| Free cash flow | -$411M | -$114M | -$141M | -$257M | -$258M | -$227M |
| Operating margin | -1.0% | -7.0% | 0.1% | -8.7% | -6.5% | -5.3% |
| Net margin | 407.3% | -3.4% | 3.0% | 59.1% | -9.2% | -10.8% |
| Revenue growth | +11.1% | +1.5% | +8.1% | +21.9% | +9.1% | — |
| Cash + short-term investments | $84.3M | $44.1M | $139M | $46.3M | $27.3M | — |
| Total debt | $0K | $75.0M | $300M | $418M | $642M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 1.6x · EV/EBITDA 11.5x · EV/Sales 3.5x · P/B 0.7x · FCF yield -39.87% · Earnings yield -6.97% · Net debt $705M · EV $1.27B
P/E at fiscal year-ends: Dec 2024 3.5x, Dec 2023 136.4x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold SHEN. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Mason Hawkins | Southeastern Asset Management | 2.06% | $39.5M | Reduced -11.0% |

## Insider purchases (SEC Form 4, open-market, last ~7 months)
2 purchases, $74K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-07-31 | Volk James J | SVP Finance & CFO | 4,283 | $50K | 11.67 | Too little history (no open-market trades in 2023 or 2025) |
| 2026-07-31 | McKay Edward H | President & CEO | 2,000 | $24K | 12.14 | Too little history (no open-market trades in 2023 or 2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-07-30 | BWS Financial | Maintained | Buy | $26 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -18.6% | -65.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -18.6% | -19.1% |
| Volatility (annualized) | 41.1% | 42.0% |
| Max drawdown | -42.9% (Apr 2026→Oct 2026) | -65.5% (Oct 2021→Oct 2026) |

## Peers (Telecom Services)
TLK (PT Telekomunikasi Indonesia, Tb) USD 12.21 +3.65% · TIGO (Millicom International Cellular) USD 79.93 -2.11% · TU (Telus Corporation) USD 8.86 +5.73% · CHTR (Charter Communications, Inc.) USD 111.77 +4.20% · RCI (Rogers Communication, Inc.) USD 33.2 +4.57% · BCE (BCE, Inc.) USD 20.81 +4.15%

## More
Full page: https://nexqual.com/SHEN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in SHEN's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/354963/000035496326000125/shen-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Related party | Verizon (VZ) | "Mr. McKay began his telecommunications industry career in 1996, including previous management positions at UUNET and Verizon." |
| Competitor | Netflix (NFLX) | "Incumbent cable television companies, which have historically provided video service, also face competition from direct broadcast satellite providers such as Dish and DirecTV and online video services, such as Netflix, Y…" |
| Competitor | Walt Disney (DIS) | "Incumbent cable television companies, which have historically provided video service, also face competition from direct broadcast satellite providers such as Dish and DirecTV and online video services, such as Netflix, Y…" |
| Competitor | Amazon (AMZN) | "Incumbent cable television companies, which have historically provided video service, also face competition from direct broadcast satellite providers such as Dish and DirecTV and online video services, such as Netflix, Y…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Residential & SMB - Incumbent Broadband Markets | $40.3M | 43.1% | -6.0% |
| Residential & SMB - Glo Fiber Expansion Markets | $26.3M | 28.1% | +32.8% |
| Commercial Fiber | $21.4M | 22.9% | +9.8% |
| RLEC & Other | $5.5M | 5.9% | -14.7% |
| Total revenue | $93.5M | 100% | — |

## Company outlook (8-K filed 2026-07-29)

- "The Company reiterates its 2026 financial guidance."
- "The 2026 financial guidance presented above does not reflect any assumptions regarding the potential impacts of ongoing global geopolitical conflicts or the evolving tariff environment."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.23 | $-0.20 | +14.7% | $94.1M | 2 |
| Next quarter (ends 2026-12-31) | $-0.17 | $-0.15 | +14.7% | $95.1M | 2 |
| Current fiscal year (ends 2026-12-31) | $-0.88 | $-0.87 | +1.3% | $374.9M | 2 |
| Next fiscal year (ends 2027-12-31) | $-0.65 | $-0.62 | +4.8% | $394.2M | 2 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2027-01-15 (includes earnings 2026-10-28): ±18.7%; last 8 reports averaged ±6.5%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2027-01-15 | 84 | 50.0% | ±18.7% |
| 2027-04-16 | 175 | 50.5% | ±31.8% |