Shenandoah Telecommunications
SHEN on Nasdaq. Shenandoah Telecommunications sells broadband and cable services to homes and businesses. Market value $620m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Media & telecom stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-35.71 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns -1 cents a year. Above 10 is good.
Quality score: 40 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$11.50 a share, 19% above its 1-year low
Over the past year the price has ranged from $9.67 to $17.35.
Dividend: 1.0% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $245m | $249m | $269m | $328m | $358m |
| Operating margin | |||||
| Operating margin | -1.0% | -7.0% | 0.1% | -8.7% | -6.5% |
| Debt to equity | |||||
| Debt to equity | 0.00 | 0.12 | 0.46 | 0.46 | 0.73 |
| Shares outstanding | |||||
| Shares outstanding | 0.05bn | 0.05bn | 0.05bn | 0.05bn | 0.06bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)4 of 9
- Profit backed by cash (accruals)Yes
- Debt0.73× equity
- Revenue growth, five yearsStrong, 10.1% a year
- Buying back its own sharesNo, 10% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $93 million last quarter, up 6% on a year ago.
- A loss of $8 million, compared with a loss of $9 million a year ago.
- It loses 5 cents on each $1 of sales, compared with 7 cents a year earlier.
- Over the past 12 months it spent $227 million more cash than it brought in, compared with $251 million a year earlier.
- 1% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $710 million more than cash, up from $486 million a year ago.
| Quarter to | Amount |
|---|---|
| September 2024 | $88m |
| December 2024 | Not reported |
| March 2025 | $88m |
| June 2025 | $89m |
| September 2025 | $90m |
| December 2025 | $92m |
| March 2026 | $92m |
| June 2026 | $93m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$5m |
| December 2024 | -$3m |
| March 2025 | -$9m |
| June 2025 | -$9m |
| September 2025 | -$9m |
| December 2025 | -$5m |
| March 2026 | -$16m |
| June 2026 | -$8m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 26 February 2026
- Next quarterly (estimated, 10-Q)
- 28 October 2026
Who owns it
4 long-term investors we follow own it, unchanged from 4 last quarter. 184 funds in all.
- GAMCO InvestorsMario Gabelli
- Value
- $4m
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Southeastern Asset Management (Longleaf)Mason Hawkins | $39m | 2.1% | Cut |
| Broad Run Investment ManagementDavid Firestone | $10m | 1.5% | Cut |
| Royce & AssociatesChuck Royce | $10m | <0.1% | Added |
| GAMCO InvestorsMario Gabelli | $4m | <0.1% |
Largest holders overall
- BlackRock$107m
- GCM Grosvenor Holdings$62m
- ECP ControlCo$52m
- Southeastern Asset Management (Longleaf)$39mCut
- Dimensional Fund Advisors LP$39mAdded
- State Street$32mAdded
- Vanguard Capital Management$31mCut
- American Century Companies$22mAdded
- Geode Capital Management$20mAdded
- Cooper Investors PTY$14m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- ECP ControlCo, LLCPassive investorat least 11.6%+1.0 pts(filed with 12 related holders)Since 8 August 2025
- at least 7.4%(filed with 8 related holders)Since 8 June 2026
What they said
Item 4 is hereby amended to add the following: Effective June 8, 2026, James DiMola resigned from the Board and Matthew Rinklin was appointed to the Board to serve as a Class 3 director to fill the vacancy created by Mr. DiMola's resignation. Mr. Rinklin's appointment was made…
Read the filing - BlackRock, Inc.Passive investor6.9%Since 30 September 2026
- Southeastern Asset Management (Longleaf)Passive investorat least 4.7%−0.7 pts(filed with 2 related holders)Since 30 June 2026
- Barclays PLCPassive investorSold down below 5%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
ECP ControlCo, LLC Passive investor | at least 11.6%+1.0 pts (filed with 12 related holders) | 8 August 2025 | |
at least 7.4% (filed with 8 related holders) | 8 June 2026 | What they saidItem 4 is hereby amended to add the following: Effective June 8, 2026, James DiMola resigned from the Board and Matthew Rinklin was appointed to the Board to serve as a Class 3 director to fill the vacancy created by Mr. DiMola's resignation. Mr. Rinklin's appointment was made… Read the filing | |
BlackRock, Inc. Passive investor | 6.9% | 30 September 2026 | |
Southeastern Asset Management (Longleaf) Passive investor | at least 4.7%−0.7 pts (filed with 2 related holders) | 30 June 2026 | |
Barclays PLC Passive investor | Sold down below 5% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 2 insiders bought $74,280 of shares on the open market.
- VOLK JAMES JSVP Finance & CFOBought
- Date
- 31 July 2026
- Shares
- 4,283
- Price
- $11.67
- Value
- $50,000
- McKay Edward HPresident & CEOBought
- Date
- 31 July 2026
- Shares
- 2,000
- Price
- $12.14
- Value
- $24,280
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 31 July 2026 | VOLK JAMES J SVP Finance & CFO | Bought | 4,283 | $11.67 | $50,000 |
| 31 July 2026 | McKay Edward H President & CEO | Bought | 2,000 | $12.14 | $24,280 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.