At a glance
Shenandoah Telecommunications Co is worth $542.6M. Revenue grew 9.1% to $357.9M in fiscal 2025, at a loss; over 3 years it has grown 12.9% a year. It pays a 1.12% dividend yield, raised every year for at least 3 years, and returned $961.0M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −23.4% over the past year with dividends reinvested and −18.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 20.5% in the 2020 crash (S&P 500: 33.7%) and 39.5% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Shenandoah Telecommunications, known as Shentel, earns its money selling internet, TV and phone service over its own fiber and cable networks. Customers are households and businesses in parts of eight neighboring eastern states: Virginia, West Virginia, Maryland, Pennsylvania, Kentucky, Delaware, Ohio and Indiana. Shentel owns about 19,000 route miles of fiber. It served about 262,000 revenue generating units (each paid service, such as one internet subscription) at December 31, 2025.
Shentel has long been the established provider in its older cable areas. There, its network passes (runs close enough to connect) about 252,000 homes and businesses. Its newer Glo Fiber brand runs fiber all the way to the building. It passes about 427,000 homes and businesses near that network and competes with local cable companies. A commercial unit leases dark fiber (unused strands that customers light themselves) and sells high-speed Ethernet links to enterprise and wholesale customers. A small traditional phone company offers landline and DSL internet in Shenandoah County, Virginia, and Ross County, Ohio.
The annual report gives no clean revenue split by segment or region. Revenue was $357.9 million in fiscal 2025, up 9.1%. Government grants help pay for some construction. They include about $122.8 million to reach about 26,900 unserved homes in four states.
Price history
The interactive chart needs JavaScript.
SHEN -23.4% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $93.9M, up 4.6% from a year earlier, and net income was $-9.2M.
- For fiscal 2025, revenue was $357.9M (+9.1% year over year; +12.9% a year from FY2022 to FY2025) with a -9.2% net margin.
Financial health check
| Revenue growth a year (FY2022–FY2025) | +12.9% good |
|---|---|
| Operating margin | -6.5% weak |
| Free cash flow margin | -72.1% weak |
| Return on equity (FY2025) | -3.7% weak |
| Return on assets (FY2025) | -1.7% weak |
| Net cash (cash minus debt) | $-725.0M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $220.8M | $125.7M | $182.4M |
| FY2021 | $245.2M | $998.8M | $-411.0M |
| FY2022 | $248.9M | $-8.4M | $-114.1M |
| FY2023 | $269.1M | $8.0M | $-141.3M |
| FY2024 | $328.1M | $193.8M | $-256.5M |
| FY2025 | $357.9M | $-32.9M | $-257.9M |
Valuation snapshot
| Market value | $542.6M |
|---|---|
| P/E ratio | — |
| Dividend yield | 1.12% |
Rank among 1514 US companies
Market value at each year end
Shenandoah Telecommunications’s market value went from $1.27B at the end of 2021 to $542.6M on Oct 28, 2026, down 57%; since the end of 2025 it is down 15%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $542.6M | -14.5% |
| 2025 | $634.6M | -7.8% |
| 2024 | $688.5M | -36.6% |
| 2023 | $1.09B | +36.6% |
| 2022 | $795.6M | -37.6% |
| 2021 | $1.27B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| SHEN price data to Oct 28, 2026 | -15.2% | -23.4% | -24.3% | -18.1% | -4.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -15.2% |
| 2025 | -7.4% |
| 2024 | -41.3% |
| 2023 | +36.6% |
| 2022 | -37.5% |
| 2021 | -3.4% |
| 2020 | +4.7% |
| 2019 | -5.2% |
| 2018 | +31.7% |
| 2017 | +24.7% |
| 2016 | +28.1% |
| 2015 | +39.1% |
| 2014 | +23.7% |
| 2013 | +70.1% |
| 2012 | +49.7% |
| 2011 | -42.6% |
| 2010 | -6.4% |
| 2009 | -26.1% |
| 2008 | +18.5% |
| 2007 | +54.9% |
| 2006 | +19.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 25.5% over that stretch · deepest drop along the way 50.2%, back to its old high 5.2 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 9.4% over that stretch · deepest drop along the way 20.5%, back to its old high 0.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 37.1% over that stretch · deepest drop along the way 39.5%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 2 open-market purchases ($50K) and 0 sales ($0.00).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jul 31, 2026 | James J Volk SVP Finance & CFO | buy | $49K |
| Jul 31, 2026 | James J Volk SVP Finance & CFO | buy | $1K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 6.9% | Sep 30, 2026 |
| Dimensional Fund Advisors LP | 5.2% | Sep 30, 2026 |
| Southeastern Asset Management, Inc. | 4.7% | Jun 30, 2026 |
| Barclays PLC | 3.7% | Mar 31, 2026 |
ETFs with the most weight in SHEN
| RZV Invesco S&P SmallCap 600® Pure Value ETF | 0.59% |
| ISMD Inspire Small/Mid Cap ETF | 0.21% |
| JPSE JPMorgan Diversified Return U.S. Small Cap Equity ETF | 0.11% |
| IJS iShares S&P Small-Cap 600 Value ETF | 0.11% |
| AVSC Avantis U.S Small Cap Equity ETF | 0.1% |
| SLYV SPDR S&P 600 Small Cap Value ETF | 0.1% |
| DES WisdomTree U.S. SmallCap Dividend Fund | 0.09% |
| VIOV Vanguard S&P Small-Cap 600 Value ETF | 0.08% |
What could go wrong
- Fiber expansion may not pay off. Growth depends on building Glo Fiber in new communities. Capital spending is expected to exceed operating cash flow through 2026. After construction costs, cash flow was negative $257.9 million in fiscal 2025.
- Competition from fiber, cable and wireless rivals. About 30% of its older cable footprint faces a fiber or cable competitor. Every Glo Fiber area faces an established cable company. Wireless carriers teaming up with fiber providers could add pressure.
- Heavy debt and loan covenants. Total debt was $759.9 million against $35.0 million of cash as of September 30, 2026. Missing payments or breaking loan covenants (lender conditions) could restrict borrowing or force earlier repayment.
- Government grant timing and obligations. Grants such as about $122.8 million under the American Rescue Plan Act are paid as milestones are met. Late payments could strain cash. Missed obligations could bring penalties or canceled grants.
- Aging cable network and shrinking phone lines. The older cable network will need costly upgrades to keep pace with fiber rivals. In its rural phone markets, landline and DSL customers have been declining. Subsidized new competitors could speed that up.
- Cord-cutting and rising TV programming costs. Customers keep dropping cable TV for streaming services such as Netflix and YouTube TV. Meanwhile, fees for channels and local broadcast stations keep rising, and Shentel's small size limits its bargaining power.
Recent events
- Quarterly results released
- Executive or board change
- Quarterly results released
- Executive or board change
- Executive or board change
- Quarterly results released
- Shareholder vote results; Investor presentation or announcement
- Quarterly results released
- Executive or board change
- Major agreement signed; New debt or financial obligation; Investor presentation or announcement
For income and retirement investors
Shentel pays a small dividend. The regular payout rose from $0.08 per share in fiscal 2022 to $0.11 in fiscal 2025, three straight increases. That was still well below the $0.34 paid in fiscal 2020. The yield was 1.12% as of October 28, 2026. Fiscal 2025 brought a net loss and negative free cash flow (cash left after capital spending), so neither covered the dividend. The company bought back no shares from fiscal 2021 through 2025, and its share count rose 10.6% from February 2022 to October 2026.
In past downturns the stock fell hard. It dropped 50.2% around the 2008 financial crisis but regained its peak about five months after the low. It fell 20.5% in the 2020 COVID crash and bounced back in under a month. In the 2022 bear market it fell 39.5% and had not recovered as of October 28, 2026. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Shentel make money?
Shentel sells broadband internet, TV and phone service over its own fiber and cable networks. Its customers are homes and businesses in parts of eight eastern states, from Virginia and Maryland west to Ohio and Indiana. It also leases dark fiber (unused fiber strands) and sells high-speed Ethernet links to enterprise and wholesale customers. It runs a small rural phone company in parts of Virginia and Ohio too. Revenue was $357.9 million in fiscal 2025. A key part of its growth plan is Glo Fiber, a fiber-to-the-home service.
Is Shentel profitable?
No, based on its latest results. Shentel lost $32.9 million on revenue of $357.9 million in fiscal 2025. It lost another $9.2 million in the quarter ended September 30, 2026. Revenue grew 9.1% in fiscal 2025 and 4.6% from a year earlier in that quarter. Results have swung widely: net income was $8.0 million in fiscal 2023 and $193.8 million in fiscal 2024. Free cash flow (cash left after capital spending) was negative every year from fiscal 2022 through 2025.
Does Shenandoah Telecommunications pay a dividend?
Yes, but it is small. Shentel paid $0.11 per share in fiscal 2025, up from $0.10 the year before. That was its third straight annual increase. The yield was 1.12% as of October 28, 2026. The regular dividend was still well below the $0.34 paid in fiscal 2020, and fiscal 2021 included a large one-time special dividend. Fiscal 2025 brought a net loss and negative free cash flow, so neither earnings nor free cash flow covered the payout.
How much debt does Shentel have?
Total debt was $759.9 million as of September 30, 2026, against about $35.0 million of cash and investments. In December 2025 Shentel issued $567.4 million of notes backed by fiber network assets and customer contracts. They pay 5.64% and 6.03%, with anticipated repayment in December 2030. Those proceeds, plus a new $175.0 million revolving credit line, repaid its earlier debt. Breaking loan covenants (lender conditions) could restrict borrowing or speed up repayment.
How has Shentel stock performed?
The share price has fallen over the past one, three, five and ten years. As of October 28, 2026, it was down 23.4% over one year and about 57% over three years. It was down about 63% over five years and about 35% over ten years. It dropped 37.5% in 2022 and 41.3% in 2024, and was down 15.2% for 2026 through October 28. Its deepest fall from a peak across about 21 years of price history was 73.2%.