← Shenandoah Telecommunications
The business behind the dividend
| Measure | SHEN | Median | Formula |
|---|---|---|---|
| Return on equity | -3.7% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | -1.5% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-262.19m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-257.92m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | -6.5% | 15.0% | Operating income ÷ revenue |
| Net margin | -9.2% | 10.2% | Net income ÷ revenue |
| Debt to equity | 0.71x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | -0.92x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 0.90x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
Not computed here: Cash conversion, Long-term debt to working capital — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | -3.7% | 21.1% | 1.2% | -1.3% | 155.5% | 21.8% | 11.9% | 10.6% | 18.8% | -0.3% | 10.6% |
| Return on capital employed | -1.5% | -2.1% | 0.0% | -2.4% | -0.4% | -0.1% | -0.1% | -0.2% | 4.0% | 2.0% | -0.2% |
| Operating margin | -6.5% | -8.7% | 0.1% | -7.0% | -1.0% | -1.2% | -0.6% | -1.5% | 7.6% | 4.2% | -1.2% |
| Net margin | -9.2% | 59.1% | 3.0% | -3.4% | — | 56.9% | 26.8% | 24.2% | 10.8% | -0.2% | 10.8% |
| Debt to equity | 0.71x | 0.45x | 0.46x | 0.12x | 0.00x | 2.40x | 1.54x | 1.75x | 2.33x | 2.80x | 0.71x |
| Current ratio | 0.90x | 0.82x | 1.79x | 1.33x | 2.47x | 1.16x | 1.57x | 2.37x | 1.26x | 0.98x | 1.26x |
| Cash conversion | — | 0.32x | 14.15x | — | -0.25x | 2.41x | 4.67x | 5.70x | 3.36x | — | 3.36x |