Shenandoah Telecommunications Company (SHEN) Balance Sheet
SHEN balance sheet, 2025
December 31, 2025 · U.S. dollars$1.91B assets = $941.5M liabilities + $969.3M equity
Both columns are drawn to the same scale: what SHEN owns equals what it owes plus shareholders’ equity. Hover a block for its value.
SHEN financial health
Descriptive bands, not a rating. Fiscal 2025.
SHEN balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.48B2016 | $1.91B2025 | +2.8%/yr | |
| Total liabilities | $1.19B2016 | $941.5M2025 | −2.6%/yr | |
| Shareholders’ equity | $295.9M2016 | $880.8M2025 | +12.9%/yr | |
| Cash & short-term investments | $36.2M2016 | $27.3M2025 | −3.1%/yr | |
| Total debt | $829.3M2016 | $641.7M2025 | −2.8%/yr | |
| Net cash (debt) | −$793.1M2016 | −$614.4M2025 | +$178.6M | |
| Working capital | −$2.8M2016 | −$11.1M2025 | −$8.3M | |
| Book value per share | $6.062016 | $15.992025 | +11.4%/yr | |
| Current ratio | 0.982016 | 0.902025 | −0.08 | |
| Debt / equity | 2.802016 | 0.732025 | −2.07 | |
| Shares outstanding | 48.8M2016 | 55.1M2025 | +1.4%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SHEN assets
SHEN liabilities and equity
SHEN debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
SHEN balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $27.3M | $46.3M | $139.3M | $44.1M | $85.1M | $195.4M | $101.7M | $85.1M | $78.6M | $36.2M |
| Cash & equivalents | $27.3M | $46.3M | $139.3M | $44.1M | $84.3M | $195.4M | $101.7M | $85.1M | $78.6M | $36.2M |
| Short-term investments | — | — | $1.4M | $0 | $801,000 | $13.8M | $1.4M | $4.9M | $2.4M | $0 |
| Receivables | $34.0M | $31.0M | $24.5M | $50.4M | $52.2M | $70.4M | $118.7M | $59.7M | $71.5M | $69.8M |
| Inventory | $0 | $0 | $9.8M | $22.6M | −$136.5M | $1.06B | $5.7M | $5.3M | $5.7M | $39.0M |
| Other current assets | $36.1M | $17.3M | $2.5M | $11.5M | $165.6M | $77.9M | $13.0M | $60.2M | $17.1M | $16.4M |
| Total current assets | $97.4M | $94.5M | $176.1M | $128.6M | $166.4M | $1.41B | $239.0M | $210.2M | $172.9M | $161.5M |
| Property, plant & equipment (net) | $1.62B | $1.46B | $930.1M | $741.4M | $610.6M | $490.8M | $1.09B | $701.4M | $686.3M | $698.1M |
| Goodwill & intangible assets | $156.9M | $157.7M | $81.1M | $81.5M | $89.8M | $106.8M | $463.2M | $512.5M | $527.5M | $599.8M |
| Long-term investments | $16.5M | $15.7M | $13.2M | $13.0M | $13.7M | $13.8M | $12.4M | $10.8M | $11.5M | $10.3M |
| Other non-current assets | $18.7M | $14.2M | $13.7M | $13.3M | $10.3M | $6.4M | $53.4M | $49.9M | $13.7M | $14.8M |
| Total assets | $1.91B | $1.74B | $1.21B | $977.7M | $890.7M | $2.02B | $1.86B | $1.48B | $1.41B | $1.48B |
| Liabilities | ||||||||||
| Accounts payable | $61.4M | $57.8M | $53.5M | $49.2M | $28.5M | $19.6M | $40.3M | $36.0M | $29.0M | $72.8M |
| Short-term debt | $2.8M | $12.3M | $10.2M | $3.5M | $3.3M | $690.4M | $74.3M | $20.6M | $64.4M | $32.0M |
| Deferred revenue | $16.9M | $16.1M | −$104,000 | $12.4M | $11.1M | $8.6M | $8.4M | $7.9M | $21.2M | $20.4M |
| Total current liabilities | $108.5M | $114.6M | $98.4M | $96.4M | $67.3M | $1.21B | $147.3M | $88.5M | $137.6M | $164.3M |
| Long-term debt | $628.2M | $407.7M | $292.8M | $74.3M | $0 | $0 | $688.5M | $749.6M | $757.6M | $797.2M |
| Lease obligations | $13.5M | $15.4M | $52.8M | $54.8M | $56.6M | $49.6M | $395.1M | — | — | — |
| Other long-term liabilities | $204.7M | $217.0M | $170.4M | $169.0M | $181.2M | $239.3M | $555.5M | $204.4M | $166.5M | $227.0M |
| Total liabilities | $941.5M | $739.2M | $561.6M | $339.7M | $248.5M | $1.45B | $1.39B | $1.04B | $1.06B | $1.19B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | — | — | — | — | — | — | — | $442.2M | $44.8M | $45.5M |
| Retained earnings (deficit) | $723.6M | $769.0M | $584.1M | $580.6M | $592.9M | $534.4M | $427.0M | $386.5M | $297.2M | $243.6M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | — | $1.9M | $1.7M | — | — | −$4.7M | $308,000 | $8.3M | $8.2M | $6.8M |
| Minority interest | $88.5M | $82.5M | $0 | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $880.8M | $918.6M | $652.7M | $638.0M | $642.3M | $577.1M | $469.4M | $442.2M | $350.2M | $295.9M |
| Key figures | ||||||||||
| Total debt | $641.7M | $432.3M | $352.7M | $129.8M | $56.6M | $738.0M | $762.8M | $770.2M | $822.0M | $829.3M |
| Net cash (debt) | −$614.4M | −$386.0M | −$213.5M | −$85.7M | $28.5M | −$542.6M | −$661.1M | −$685.2M | −$743.4M | −$793.1M |
| Working capital | −$11.1M | −$20.1M | $77.7M | $32.1M | $99.1M | $198.5M | $91.7M | $121.7M | $35.3M | −$2.8M |
| Tangible book value | $723.9M | $760.9M | $571.5M | $556.5M | $552.4M | $470.3M | $6.2M | −$70.3M | −$177.3M | −$303.9M |
| Book value per share | $15.99 | $17.10 | $12.87 | $12.72 | $12.81 | $11.54 | $9.37 | $8.83 | $7.00 | $6.06 |
| Shares outstanding | 55.1M | 53.7M | 50.7M | 50.2M | 50.1M | 50.0M | 50.1M | 50.1M | 50.0M | 48.8M |
| Current ratio | 0.90 | 0.82 | 1.79 | 1.33 | 2.47 | 1.16 | 1.62 | 2.37 | 1.26 | 0.98 |
| Quick ratio | 0.56 | 0.67 | 1.66 | 0.98 | 2.04 | 0.22 | 1.50 | 1.64 | 1.09 | 0.65 |
| Debt / equity | 0.73 | 0.47 | 0.54 | 0.20 | 0.09 | 1.28 | 1.62 | 1.74 | 2.35 | 2.80 |
| Equity / assets | 46.1% | 52.8% | 53.8% | 65.3% | 72.1% | 28.5% | 25.2% | 29.8% | 24.8% | 19.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $23.9M | $71.1M | $27.3M | $22.6M | $29.1M | $87.5M | $46.3M | $43.1M | $43.8M | $389.7M | $139.3M | $36.0M |
| Cash & equivalents | $23.9M | $71.1M | $27.3M | $22.6M | $29.1M | $87.5M | $46.3M | $43.1M | $43.8M | $389.7M | $139.3M | $36.0M |
| Short-term investments | — | — | — | — | — | — | — | — | — | $2.6M | $1.4M | $1.3M |
| Receivables | $24.0M | $27.3M | $34.0M | $28.6M | $37.8M | $30.8M | $31.0M | $37.2M | $35.2M | $20.8M | $24.5M | $23.5M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1 | $9.8M | −$4.6M |
| Other current assets | $45.6M | $15.8M | $36.1M | $16.8M | $16.4M | $16.1M | $17.3M | $17.2M | $20.6M | $15.6M | $2.5M | $16.6M |
| Total current assets | $93.4M | $114.2M | $97.4M | $68.0M | $83.4M | $134.5M | $94.5M | $97.5M | $99.5M | $426.2M | $176.1M | $71.4M |
| Property, plant & equipment (net) | $1.69B | $1.65B | $1.62B | $1.59B | $1.54B | $1.50B | $1.46B | $1.41B | $1.36B | $910.4M | $863.4M | $874.3M |
| Goodwill & intangible assets | $156.1M | $156.5M | $156.9M | $157.4M | $156.8M | $157.3M | $157.7M | $162.8M | $169.5M | $81.1M | $81.1M | $81.2M |
| Long-term investments | $16.3M | $16.1M | $16.5M | $16.3M | $16.0M | $15.5M | $15.7M | $15.4M | $15.1M | $13.4M | $13.2M | $12.9M |
| Other non-current assets | $18.5M | $17.8M | $18.7M | $18.0M | $15.1M | $14.6M | $14.2M | $13.0M | $14.5M | $14.9M | $80.5M | $18.9M |
| Total assets | $1.97B | $1.95B | $1.91B | $1.85B | $1.81B | $1.83B | $1.74B | $1.69B | $1.66B | $1.45B | $1.21B | $1.06B |
| Liabilities | ||||||||||||
| Accounts payable | $58.2M | $54.2M | $61.4M | $76.9M | $62.5M | $59.3M | $57.8M | $66.0M | $57.7M | $50.3M | $53.5M | $43.4M |
| Short-term debt | $2.8M | $2.9M | $2.8M | $12.9M | $13.1M | $13.4M | $12.3M | $11.9M | $11.9M | $10.1M | $9.3M | $5.5M |
| Deferred revenue | $18.0M | $10.7M | $16.9M | $16.8M | $16.8M | $16.4M | $16.1M | $15.2M | $14.9M | $12.3M | $12.4M | $13.1M |
| Total current liabilities | $109.7M | $101.6M | $108.5M | $135.4M | $114.9M | $112.0M | $114.6M | $123.1M | $112.1M | $91.0M | $98.4M | $84.4M |
| Long-term debt | $715.0M | $693.9M | $628.2M | $524.0M | $501.6M | $504.2M | $407.7M | $335.9M | $288.6M | $290.7M | $292.8M | $147.5M |
| Lease obligations | $12.9M | $12.9M | $13.5M | $12.7M | $13.3M | $14.0M | $15.4M | $16.6M | $16.1M | $11.9M | $52.8M | $52.6M |
| Other long-term liabilities | $194.2M | $200.5M | $204.7M | $211.4M | $210.7M | $214.9M | $217.0M | $229.4M | $243.2M | $192.5M | $170.4M | $172.4M |
| Total liabilities | $1.12B | $995.9M | $941.5M | $870.8M | $827.3M | $831.0M | $739.2M | $688.4M | $643.9M | $574.3M | $561.6M | $404.3M |
| Shareholders' equity | ||||||||||||
| Retained earnings (deficit) | $696.9M | $706.2M | $723.6M | $736.9M | $747.8M | $758.4M | $769.0M | $779.0M | $785.9M | $798.8M | $584.1M | $586.0M |
| Accumulated other comprehensive income | — | — | — | $353,000 | $1.0M | $1.2M | $1.9M | $1.0M | $3.4M | $3.3M | $1.7M | $3.2M |
| Minority interest | $91.7M | $90.1M | $88.5M | $87.0M | $85.4M | — | — | — | — | — | — | — |
| Total shareholders' equity | $859.9M | $867.0M | $880.8M | $892.7M | $902.0M | $910.5M | $918.6M | $925.4M | $933.1M | $871.6M | $652.7M | $654.4M |
| Key figures | ||||||||||||
| Total debt | $727.9M | $706.8M | $641.7M | $546.8M | $525.1M | $528.6M | $432.3M | $361.1M | $313.4M | $310.5M | $310.7M | $203.9M |
| Net cash (debt) | −$704.0M | −$635.8M | −$614.4M | −$524.2M | −$496.0M | −$441.0M | −$386.0M | −$318.1M | −$269.6M | $79.2M | −$171.4M | −$168.0M |
| Working capital | −$16.2M | $12.7M | −$11.1M | −$67.4M | −$31.6M | $22.5M | −$20.1M | −$25.6M | −$12.6M | $335.1M | $77.7M | −$13.0M |
| Tangible book value | $703.8M | $710.5M | $723.9M | $735.3M | $745.1M | $753.2M | $760.9M | $762.5M | $763.6M | $790.6M | $571.5M | $573.2M |
| Book value per share | $15.42 | $15.61 | $15.97 | $16.19 | $16.37 | $16.57 | $16.76 | $16.89 | $17.05 | $17.09 | $12.80 | $12.87 |
| Shares outstanding | 55.8M | 55.6M | 55.2M | 55.1M | 55.1M | 55.0M | 54.8M | 54.8M | 54.7M | 51.0M | 51.0M | 50.8M |
| Current ratio | 0.85 | 1.12 | 0.90 | 0.50 | 0.73 | 1.20 | 0.82 | 0.79 | 0.89 | 4.68 | 1.79 | 0.85 |
| Quick ratio | 0.44 | 0.97 | 0.56 | 0.38 | 0.58 | 1.06 | 0.67 | 0.65 | 0.70 | 4.51 | 1.66 | 0.70 |
| Debt / equity | 0.85 | 0.82 | 0.73 | 0.61 | 0.58 | 0.58 | 0.47 | 0.39 | 0.34 | 0.36 | 0.48 | 0.31 |
| Equity / assets | 43.5% | 44.4% | 46.1% | 48.2% | 49.7% | 49.9% | 52.8% | 54.6% | 56.3% | 60.3% | 53.8% | 61.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 26, 2026); data from EODHD.
SHEN financial position
At the end of fiscal 2025 (December 31, 2025), Shenandoah Telecommunications had total assets of $1.9 billion (up 9.8% from a year earlier), total liabilities of $941.5 million and shareholders' equity of $880.8 million. It held $27.3 million in cash and short-term investments against $641.7 million of debt, net debt of $614.4 million. Its current ratio was 0.90. In the latest quarter (ended June 30, 2026) total assets were $2.0 billion and equity $859.9 million.
Related: SHEN income statement, SHEN cash flow statement, SHEN key metrics. See the SHEN stock overview for the latest quote and news.
SHEN balance sheet FAQ
What are Shenandoah Telecommunications's total assets?
Shenandoah Telecommunications reported total assets of $1.9 billion at the end of fiscal 2025 (December 31, 2025), compared with $1.7 billion a year earlier.
How much debt does Shenandoah Telecommunications have?
Shenandoah Telecommunications had $641.7 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.73.
How much cash does Shenandoah Telecommunications have?
Shenandoah Telecommunications held $27.3 million in cash and short-term investments at the end of fiscal 2025; with $641.7 million of debt that is net debt of $614.4 million.
What is Shenandoah Telecommunications's book value?
Shenandoah Telecommunications's shareholders' equity (book value) was $880.8 million at the end of fiscal 2025, or $15.99 per share.
What is Shenandoah Telecommunications's current ratio?
Shenandoah Telecommunications had current assets of $97.4 million and current liabilities of $108.5 million, a current ratio of 0.90 (current liabilities exceed current assets).
How much goodwill does Shenandoah Telecommunications have?
Shenandoah Telecommunications carried $156.9 million of goodwill and intangible assets, 8.2% of total assets, at the end of fiscal 2025.