Forensic Analysis · Communication Services / Telecom · as of Jun 27, 2026
SHENANDOAH TELECOMMUNICATIONS CO/VA/ (SHEN)
A forensic read on SHENANDOAH TELECOMMUNICATIONS CO/VA/ built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Grey Zone
Financial health
2.0
Altman Z-score
Clean
Earnings quality
4
Forensic signals
-5.2%
ROE
$855M
Market cap
0.79%
Dividend yield
SHENANDOAH TELECOMMUNICATIONS CO/VA/ earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 2.0, placing it in the Grey zone. 4 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-1%Return on invested capital.Return on invested capital is -1% and steady — well below its ~8% cost of capital, so reinvested dollars may be destroying value, not building it.
+3.3%/yrShare-count dilution.Diluted share count changed +10% over the last 3 years to FY2025 (+3.3%/yr). The count is GROWING — existing holders are being diluted. That's ~3.3% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~10%.
+13.9%Accruals ratio.Net operating assets grew +13.9% relative to their average in FY2025 — the accrual component of earnings. Accruals are building faster than is comfortable — part of profit sits in receivables, inventory or capitalized costs rather than cash. The cash-flow cross-check agrees: reported earnings ran behind operating cash by -10% of net operating assets.
-100%Dividend — cut.The payout was CUT ~100% in FY2022 (from FY2021). It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies — weigh the cut when judging reliability.
Key fundamentals
Net Margin-9.2%
Debt / Equity0.71x
Free Cash Flow$-257.9M
Latest Revenue$357.9M
Return on Equity-3.7%
Revenue Growth YoY+9.1%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on SHENANDOAH TELECOMMUNICATIONS CO/VA/:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about SHEN's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown