Latest Ratios: P/E Ratio -18.1x · EV/EBITDA 12.1x · ROE -4.0%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $709M | $637M | $677M | $1.1B | $796M | $1.3B | $2.2B | $2.1B | $2.2B | $1.7B | $1.3B |
| Enterprise Value | $1.3B | $1.3B | $1.1B | $1.3B | $882M | $1.3B | $2.7B | $2.7B | $2.9B | $2.4B | $2.1B |
| P/E Ratio → | -18.06 | — | 3.56 | 135.13 | — | 159.38 | 823.81 | 37.15 | 47.58 | 25.41 | — |
| P/S Ratio | 1.98 | 1.78 | 2.06 | 3.82 | 3.20 | 5.21 | 9.80 | 10.08 | 3.51 | 2.76 | 2.49 |
| P/B Ratio | 0.73 | 0.66 | 0.68 | 1.68 | 1.25 | 1.99 | 3.75 | 4.41 | 5.01 | 4.83 | 4.50 |
| P/FCF | — | — | — | — | — | 0.83 | 13.01 | 20.12 | 17.17 | 22.12 | — |
| P/OCF | 7.02 | 6.31 | 10.83 | 9.64 | 10.63 | — | 7.14 | 8.04 | 8.34 | 7.58 | 8.25 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.50 | 3.24 | 4.56 | 3.54 | 5.10 | 12.26 | 13.29 | 4.56 | 3.87 | 3.91 |
| EV / EBITDA | 12.08 | 11.42 | 15.22 | 17.30 | 21.19 | 23.52 | 58.28 | 59.95 | 11.08 | 10.53 | 11.57 |
| EV / EBIT | — | — | — | 107.58 | — | 236.81 | — | — | — | 45.33 | 71.66 |
| EV / FCF | — | — | — | — | — | 0.82 | 16.27 | 26.53 | 22.32 | 31.00 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 26.9% | 26.9% | 60.9% | 63.1% | 58.9% | 58.3% | 59.4% | 59.6% | 59.1% | 65.4% | 63.8% |
| Operating Margin | -6.2% | -6.2% | -8.7% | 3.3% | -7.0% | -1.0% | -1.2% | -0.6% | 14.8% | 7.6% | 4.2% |
| Net Profit Margin | -11.0% | -11.0% | 58.0% | 2.8% | -3.4% | 407.3% | 56.9% | 26.8% | 7.4% | 10.8% | -0.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -4.0% | -4.0% | 23.0% | 1.2% | -1.3% | 163.8% | 23.9% | 12.1% | 11.8% | 20.6% | -0.3% |
| ROA | -2.2% | -2.2% | 12.9% | 0.7% | -0.9% | 68.5% | 6.2% | 3.2% | 3.2% | 4.6% | -0.1% |
| ROIC | -1.1% | -1.1% | -1.9% | 0.9% | -2.0% | -0.2% | -0.2% | -0.1% | 6.5% | 3.3% | 2.3% |
| ROCE | -1.3% | -1.3% | -2.1% | 1.0% | -2.0% | -0.3% | -0.2% | -0.1% | 7.0% | 3.6% | 2.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.66 | 0.66 | 0.43 | 0.54 | 0.20 | 0.09 | 1.28 | 1.62 | 1.70 | 2.16 | 2.69 |
| Debt / EBITDA | 5.86 | 5.86 | 6.19 | 4.66 | 3.12 | 1.06 | 15.89 | 16.71 | 2.88 | 3.37 | 4.41 |
| Net Debt / Equity | — | 0.63 | 0.39 | 0.33 | 0.13 | -0.04 | 0.94 | 1.41 | 1.50 | 1.94 | 2.57 |
| Net Debt / EBITDA | 5.61 | 5.61 | 5.53 | 2.82 | 2.06 | -0.52 | 11.69 | 14.49 | 2.56 | 3.02 | 4.21 |
| Debt / FCF | — | — | — | — | — | -0.02 | 3.26 | 6.41 | 5.15 | 8.88 | — |
| Interest Coverage | -0.65 | -0.65 | -1.39 | — | -0.39 | — | — | -0.05 | -0.09 | 1.37 | 1.16 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.90 | 0.90 | 0.82 | 1.79 | 1.33 | 2.47 | 1.16 | 1.54 | 2.37 | 1.26 | 0.98 |
| Quick Ratio | 0.90 | 0.90 | 0.82 | 1.79 | 1.33 | 2.47 | 1.16 | 1.54 | 2.31 | 1.22 | 0.75 |
| Cash Ratio | 0.25 | 0.25 | 0.40 | 1.42 | 0.46 | 1.27 | 0.16 | 0.66 | 0.96 | 0.57 | 0.22 |
| Asset Turnover | — | 0.19 | 0.19 | 0.24 | 0.25 | 0.28 | 0.11 | 0.10 | 0.42 | 0.43 | 0.36 |
| Inventory Turnover | — | — | — | — | — | — | — | — | 49.00 | 37.08 | 4.96 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.9% | 1.0% | 0.9% | 0.4% | 0.5% | 73.5% | 0.8% | 0.7% | 0.6% | 0.7% | 0.9% |
| Payout Ratio | — | — | 3.0% | 56.3% | — | 94.1% | 13.1% | 25.1% | 27.6% | 18.5% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 28.1% | 0.7% | — | 0.6% | 0.1% | 2.7% | 2.1% | 3.9% | — |
| FCF Yield | — | — | — | — | — | 119.9% | 7.7% | 5.0% | 5.8% | 4.5% | — |
| Buyback Yield | 0.0% | 0.0% | 0.3% | 0.1% | 0.0% | 0.1% | 0.1% | 0.3% | 0.1% | 0.3% | 0.4% |
| Total Shareholder Yield | 0.9% | 1.0% | 1.1% | 0.5% | 0.5% | 73.7% | 0.9% | 1.0% | 0.7% | 1.0% | 1.3% |
| Shares Outstanding | — | $55M | $54M | $51M | $50M | $50M | $50M | $50M | $50M | $50M | $49M |
Fiber build-out execution risk
Based on reported figures, SHEN trades at an EV/EBITDA of 13.41, a multiple that appears to discount the company as a high-growth infrastructure play rather than a legacy telco, despite the current lack of positive earnings and the significant P/E of -21.76 observed in recent filings.
The valuation suggests investors are looking past current net losses to the long-term utility-like cash flows of the fiber network. However, the forward EV/EBITDA of 15.13 implies that the market expects a significant ramp-up in profitability that has yet to materialize in the income statement.
As reported in financial statements, SHEN's ROIC has remained consistently negative, hovering around -0.4% in 2026Q1, which indicates that the company is currently in a value-destructive phase as it aggressively deploys capital into fiber passings before achieving the necessary subscriber density to generate positive returns.
The negative ROIC trend is a direct consequence of the heavy capital intensity required for the Glo Fiber rollout. Until the company can demonstrate a clear inflection point where subscriber growth outpaces the depreciation of these new assets, the return on invested capital will likely remain suppressed.
According to recent SEC filings, SHEN's asset turnover ratio has remained stubbornly low at 0.05, reflecting the massive capital base required to support its regional fiber and tower infrastructure, which limits the company's ability to generate rapid revenue growth from its existing asset footprint.
The low turnover is characteristic of capital-intensive telecommunications providers, but it highlights the reliance on long-term subscriber growth rather than operational efficiency to drive value. Investors should monitor whether the integration of recent acquisitions improves this metric or further dilutes the asset base.
Based on SHEN's reported figures, the debt-to-EBITDA ratio has climbed to 26.24 in 2026Q1, a level that suggests significant financial strain and highlights the company's reliance on external financing to sustain its aggressive fiber-to-the-home expansion strategy in the competitive Mid-Atlantic market.
The interest coverage ratio of -1.10 indicates that the company is currently unable to service its debt obligations from operating income alone. This reliance on debt to fund growth warrants further investigation into the company's refinancing risk should interest rates remain elevated for an extended period.
The P/E ratio is the most commonly misapplied metric for SHEN, as it obscures the company's true earning power by failing to account for the massive non-cash depreciation charges associated with its aggressive fiber-to-the-home capital expenditure cycle, which currently renders the P/E ratio fundamentally meaningless.
Investors should instead focus on EV/Fiber Passing or EV/EBITDA, which better capture the underlying value of the infrastructure assets being built. Using P/E to evaluate a company in a heavy investment phase like SHEN leads to a distorted view of its long-term economic viability.
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Quick answers to the most common questions about buying SHEN stock.
Shenandoah Telecommunications Company's current P/E ratio is -18.1x. The historical average is 33.3x.
Shenandoah Telecommunications Company's current EV/EBITDA is 12.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.1x.
Shenandoah Telecommunications Company's return on equity (ROE) is -4.0%. The historical average is 16.9%.
Based on historical data, Shenandoah Telecommunications Company is trading at a P/E of -18.1x. Compare with industry peers and growth rates for a complete picture.
Shenandoah Telecommunications Company's current dividend yield is 0.91%.
Shenandoah Telecommunications Company has 26.9% gross margin and -6.2% operating margin.
Shenandoah Telecommunications Company's Debt/EBITDA ratio is 5.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.