Shenandoah Telecommunications CO/VA/ (SHEN) intrinsic value & 10-year financials
Shenandoah Telecommunications CO/VA/ (SHEN) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue shrank 4.4% a year to $357.9M, with an average return on invested capital of 1.4%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $10.30
- Market cap
- $567.5M
- Revenue (FY2025)
- $357.9M
- Revenue growth (10-yr CAGR)
- -4.4%
- ROIC (10-yr avg)
- 1.4%
- Free cash flow (FY2025)
- -$257.9M
SHEN 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $357.9M | -$32.9M | -$0.71 | -$257.9M | -6.5% | -1.3% |
| FY2024 | $328.1M | $193.8M | $3.54 | -$256.5M | -8.7% | -2.7% |
| FY2023 | $287.4M | $8.0M | $0.16 | -$142.8M | 3.3% | 0.9% |
| FY2022 | $267.4M | -$8.4M | -$0.17 | -$114.7M | -3.0% | -1.1% |
| FY2021 | $245.2M | $998.8M | $19.92 | -$411.0M | -1.0% | -0.3% |
| FY2020 | $220.8M | $126.7M | $2.53 | $182.4M | -0.5% | -0.1% |
| FY2019 | $633.9M | $54.9M | $1.10 | $120.4M | 15.3% | 6.6% |
| FY2018 | $630.9M | $46.6M | $0.93 | $129.0M | 14.8% | 6.3% |
| FY2017 | $612.0M | $66.4M | $1.33 | $76.4M | 7.6% | 4.3% |
| FY2016 | $535.3M | -$895.0K | -$0.02 | -$11.7M | 4.2% | 1.0% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
SHENANDOAH TELECOMMUNICATIONS CO/VA/ is facing top-line stagnation, with revenue contracting over the decade.
SHENANDOAH TELECOMMUNICATIONS CO/VA/ has historically struggled to out-earn its cost of capital, averaging just 1.4% ROIC.
SHENANDOAH TELECOMMUNICATIONS CO/VA/ has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, SHENANDOAH TELECOMMUNICATIONS CO/VA/ is modeled at -4.4% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-0.79 per share.