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ZYBERNO

Stock Report

Updated Sep 1, 2026

Shenandoah Telecommunications Company (SHEN)

Technology • NASDAQ

$12.46

Professional Investment Analysis

ZYBERNO SCORE →

Is it a great business? Is it getting better?

23.0/100

POOR BUSINESS

Shenandoah Telecommunications Company (SHEN) scores 23/100 — concerning metrics indicating significant structural or financial risks.

📊 How is the Zyberno Score calculated? +

The Zyberno Score answers one question: "Is this a quality business worth owning?" It's a 0-100 investment grade that evaluates business fundamentals across four critical dimensions, based on principles from Warren Buffett, Benjamin Graham, Peter Lynch, and Charlie Munger.

The 4 Core Categories (25 points each):

1. PROFITABILITY (25 pts)

Metrics: ROE, ROIC, Net Margin, Operating Margin
Thresholds: ROE >20% excellent • ROIC >20% excellent • Net Margin >20% excellent • Operating Margin >25% excellent

2. FINANCIAL STRENGTH (25 pts)

Metrics: Debt-to-Equity, Current Ratio, Interest Coverage, Altman Z-Score
Thresholds: D/E <0.3 excellent • Current Ratio >2.5 excellent • Interest Coverage >10x excellent • Altman Z >3.0 safe

3. CASH FLOW QUALITY (25 pts)

Metrics: Free Cash Flow, OCF vs Net Income, FCF Margin
Thresholds: Positive & growing FCF excellent • OCF/NI >1.2x excellent (cash earnings exceed accounting)

4. GROWTH & CONSISTENCY (25 pts)

Metrics: Revenue Growth, Net Income Growth, FCF Growth, Piotroski F-Score
Thresholds: Growth via log-linear regression • Piotroski 8-9 excellent, 6-7 good

Score Interpretation:

75-100

GREAT BUSINESS

65-74

GOOD BUSINESS

50-64

AVERAGE BUSINESS

30-49

WEAK BUSINESS

0-29

POOR BUSINESS

→ View full SHEN quality analysis & detailed breakdown

VALUATION SIGNAL

N/A (Requires more data)

Requires fair value calculation and current price data

💰 How is Margin of Safety calculated? +

Margin of Safety measures how much discount or premium you're paying relative to a stock's intrinsic value. It's Benjamin Graham's core principle: the larger the margin, the lower your downside risk.

Formula: (Intrinsic Value − Current Price) ÷ Intrinsic Value × 100%

How We Calculate Intrinsic Value (DCF Method):

Step 1: Calculate current Owner Earnings (OCF − Maintenance CapEx)

Step 2: Calculate company-specific growth rate using log-linear regression on 16 quarters of Owner Earnings

Step 3: Project 10 years forward using the calculated growth rate

Step 4: Discount each year's cash flow to present value using 10% discount rate

Step 5: Calculate terminal value using 3% perpetual growth rate

Step 6: Sum all discounted cash flows = Intrinsic Value

What The Percentages Mean:

+50% or more

EXCELLENT — Very undervalued

+25% to +50%

GOOD — Attractive discount

0% to +25%

FAIR — Reasonable value

0% to -25%

CAUTION — Slight premium

-25% or worse

POOR — Overvalued

"Price is what you pay, value is what you get." — Warren Buffett

→ View full SHEN valuation analysis · → View full SHEN Brina Gap analysis

📈 How is Brina Gap calculated? +

Brina Gap measures the difference between the growth a business can fundamentally sustain and the growth the market is already pricing in.

Formula: Fundamental Growth Rate − Market-Implied Growth Rate

The Two Components:

Fundamental Growth Rate = ROIC × Reinvestment Rate

What the business can sustainably grow at based on how much it reinvests and what return it earns on that capital. Grounded in historical financials.

Market-Implied Growth Rate = Reverse DCF

The growth rate the current Enterprise Value implicitly assumes. Calculated by back-solving a 10-year DCF model (10% WACC, 3% terminal growth) until the present value of projected cash flows equals EV.

What The Gap Means:

Gap > +5% Market Underestimates — potential upside

+2% to +5% Slight Underestimate

-2% to +2% Fairly Priced — market consensus matches fundamentals

-5% to -2% Slight Overestimate

Gap < -5% Market Overestimates — price embeds optimism fundamentals don't support

A positive gap (market underestimates) combined with a positive Margin of Safety is the strongest combined signal — the business is both cheap historically and forward economics are stronger than the price suggests.

Critical Financial Health Indicators

Return on Equity (Profitability):CRITICAL (-4.5%)

Debt-to-Equity (Solvency Risk):AVERAGE (0.83x)

Operating Margin (Operational Efficiency):CRITICAL (-7.6%)

Return on Capital (Capital Efficiency):CRITICAL (-1.4%)

📊 Valuation Trilogy

Three interconnected metrics for complete valuation analysis

Click any metric for full methodology and detailed analysis

Zyberno's Verdict

Shenandoah Telecommunications Company (SHEN) stock report — Zyberno Score 23/100 (POOR BUSINESS). Full financial analysis on Zyberno.

Over the trailing twelve months, SHEN generated -$30.39M in Owner Earnings. Capital was deployed as follows: $6.45M paid as dividends, $351.50M invested in capital expenditures. Reinvestment rate: -1,131.0%.

DIVISION I: EXECUTIVE SUMMARY

A. Market Valuation

Market Price & Capitalization (2)

Current Price:12.46

Market Cap:$692.20M

Valuation Multiples (3)

P/B Ratio:0.80x

P/S Ratio:1.91x

Peg Ratio:-999.00x

Enterprise Metrics (2)

Enterprise Value:$1.35B

Ev Ebitda Ratio:12.45x

Price Action & Momentum (3)

12-1 Momentum:

-5.0% (55th pctile)

📈 Click to view full SHEN Momentum analysis →

Momentum Percentile:55 / 100

% of 52-Week High:71.8%

B. Profitability Assessment

Return Metrics (5)

ROE:

-4.5%

📊 Click to view full SHEN ROE analysis →

ROA:-2.1%

Roic:

-1.4%

📊 Click to view full SHEN ROIC analysis →

Reinvestment Rate:-1,131.0%

Fundamental Growth Rate (g):15.4%

Margin Analysis (3)

Operating Margin Ttm:-7.6%

Net Margin Ttm:-10.9%

Ebitda Margin:29.8%

TTM Performance (2)

Operating Margin Ttm:-7.6%

Net Margin Ttm:-10.9%

Yield Metrics (2)

Earnings Yield:-$6.66

Dividend Yield:0.9%

C. Log-Linear Regression Growth Trends

Earnings Surprise (SUE) (3)

Earnings Surprise (SUE):

+0.25

📊 Click to view full SHEN Earnings Surprise analysis →

EPS Surprise vs Expected:79.1%

Latest Earnings Filed:2026-05-01

Revenue Growth (Linear) (1)

Revenue Growth Rate (Linear):10.4%

Earnings Growth (Linear) (1)

Net Income Growth Rate (Linear):100.0%

Cash Flow Growth (Linear) (1)

Operating Cash Flow Growth Rate (Linear):2.9%

Operating Growth (Linear) (1)

Operating Income Growth Rate (Linear):-5.3%

D. Financial Stability

Liquidity Ratios (3)

Current Ratio:1.12x

Quick Ratio:1.12x

Cash Ratio:0.43x

Leverage Analysis (3)

Debt To Equity Ttm:0.83x

Debt-to-Equity Ratio:0.83x

Debt To Ebitda:6.45x

Coverage Ratios (2)

Interest Coverage Ratio:-0.78x

Times Interest Earned:-0.78

Capital Structure (4)

Working Capital:12,662,000.00

Cash And Cash Equivalents:43,767,000.00

Long Term Debt:$693.89M

Net Debt:$652.97M

DIVISION II: FINANCIAL STATEMENTS ANALYSIS

A. Income Statement Analysis

Revenue Components (2)

Revenue TTM: $362.11M

Linear Growth: 10.4%

📊 Click to view full SHEN Revenue analysis & methodology →

Cost Of Revenue Ttm:$0.00

Profitability Breakdown (2)

$0.00

Operating income TTM: -$27.61M

Linear Growth: -5.3%

📊 Click to view full SHEN Operating Income analysis & methodology →

Bottom Line Performance (3)

Net income TTM: -$39.56M

Linear Growth: 100.0%

📊 Click to view full SHEN Net Income analysis & methodology →

Income Before Tax:-$51.46M

Ebitda Ttm:108,086,000.00

Operating Expenses (5)

Operating Expenses:389,723,000.00

R And D Expense:0.00

Sga Expense:120,582,000.00

Income Tax Expense:-$11.90M

Interest Expense:29,917,000.00

Expense Ratios (3)

R And D To Revenue Percentage:0.0%

Sga To Revenue Percentage:130.8%

Ebitda Margin:29.8%

B. Balance Sheet Analysis

Asset Composition (5)

Total Assets:$1.95B

Current Assets:$114.22M

Ppe Net:1,629,208,000.00

Goodwill:67,538,000.00

Intangible Assets:$88.96M

Liability Structure (4)

Total Liabilities:1,086,004,000.00

Current Liabilities:101,562,000.00

Long Term Debt:$693.89M

Short Term Debt:$2.85M

Equity & Capital (3)

Equity:$866.96M

Retained Earnings:$706.24M

Common Stock:96,000,000.00

Working Capital Items (3)

Accounts Receivable:24,759,000.00

Inventory:0.00

Accounts Payable:54,187,000.00

Special Items (2)

Contract Liabilities:25,352,000.00

Stock Based Compensation:4,798,000.00

C. Cash Flow Analysis

Operating Activities (2)

Operating cash flow TTM: $104.85M

Linear Growth: 2.9%

-$246.66M

Investment Activities (2)

Investing Cash Flow:-$64.11M

Capital Expenditures Ttm:351,504,000.00

Financing Activities (3)

Financing Cash Flow:$62.61M

Dividends Paid Ttm:6,445,000.00

Stock Repurchase:0.00

Capital Transactions (3)

Common Stock Issuance:0.00

Long Term Debt Issuance:$0.00

Long Term Debt Repayments:$0.00

Non-Cash Items (1)

Depreciation Amortization Ttm:135,700,000.00

DIVISION III: OPERATIONAL METRICS

A. Per Share Analysis

Earnings Per Share (3)

EPS (Basic TTM):-0.83

Eps diluted TTM: -$0.83

Linear Growth: 100.0%

📊 Click to view full SHEN EPS analysis & methodology →

Earnings Per Share Ttm:-$0.71

Revenue & Cash Per Share (2)

Sales Per Share Ttm:6.52

Operating Cash Flow Per Share:$1.82

Book Value & Capital (2)

Book Value Per Share:$15.61

Cash Per Share:0.79

Dividend Policy (1)

Dividend Payout Ratio:-999.00x

B. Operational Efficiency

Asset Utilization (2)

Asset Turnover Ttm:0.19x

Working Capital Turnover Ttm:28.60x

Receivables Management (2)

Receivables Turnover Ttm:14.63x

Days Sales Outstanding Ttm:24.96

Inventory Management (2)

Inventory Turnover Ttm:-999.00x

Days Inventory Outstanding Ttm:-999.00

Payables & Cash Cycle (2)

Days Payable Outstanding:54.62

Cash Conversion Cycle:-1,028.66

C. Quality & Risk Metrics

Financial Quality Scores (2)

Financial Strength Score:20.00

Quality Score:35.00

Market Metrics (2)

Beta:0.00x

Volatility Category:unknown

DIVISION IV: INVESTMENT ANALYSIS

A. Value Investment Framework

Owner Earnings Analysis (1)

-$30.39M

Damodaran Growth Analysis (2)

Reinvestment Rate:-1,131.0%

Fundamental Growth Rate (g):15.4%

B. Log-Linear Regression Growth Analysis

Growth Rates (Log-Linear Regression) (3)

Revenue Growth Rate (Linear):10.4%

Net Income Growth Rate (Linear):100.0%

Operating Income Growth Rate (Linear):-5.3%

Cash Flow Growth Rates (1)

Operating Cash Flow Growth Rate (Linear):2.9%

Other Growth Rates (1)

Book Value Growth Rate (Linear):10.9%

C. Company Profile & Context

Corporate Information (6)

Symbol:SHEN

Company Name:Shenandoah Telecommunications Company

Sector:Technology

Industry:Telecommunications

Exchange:NASDAQ

Country:United States

Market Classification (3)

Market Cap Category:N/A

Price Category:medium

Volume Category:N/A

Share Structure (3)

Shares Outstanding:55.55M

Shares Outstanding Basic:55.55M

Shares Outstanding Diluted:55.55M

Data Processing Info (3)

Processing Version:v3.0

Last Updated:2026-09-01 07:03:12 UTC

Data Timestamp:2026-09-01T07:03:12.465788