Income-statement, balance-sheet and cash-flow figures from SEC filings, plus a debt profile anchored in the latest 10-K and updated by each 10-Q and debt exhibit.
Italic rows are computed from reported lines — open a row's info icon for its formula. Values reflect the latest filing (restatements included); per-share figures on today's split basis. Click a value for its source filing.
TTM: trailing twelve months through the latest reported quarter — flows sum the last four quarters, balances take the latest. 3Y/5Y/10Y columns are trailing CAGR from the newest fiscal year; blank where an endpoint is missing or negative. (G): the company's own guidance — a (G) column is a guided period not yet reported; a G marker shows how the reported figure landed against the guided range. Non-GAAP-basis guidance (*) is shown as stated and never judged against GAAP actuals.
Capital Returned to Shareholders
Cash spent on share repurchases and dividends per fiscal year, as reported on the cash-flow statement.
Across FY2009–FY2025: $17.83M in buybacks, $1.09B in dividends.
Debt Profile
Reported borrowing balances, repayment dates and agreement terms, with links to the underlying filings.
Reported debt balances
Each amount keeps its reported scope. Related balance-sheet measures appear under the borrowing they describe.
Reported commitment:USD 175,000,000Reported 2025-12-10Disclosed facility capacity; the amount drawn and capacity available today are not established.
Last reported interest terms:
Borrowings under the Credit Agreement will bear interest at term SOFR plus a margin ranging from 2.50% to 3.00%, depending on the Total Net Leverage Ratio (as defined in the Credit Agreement).
Reported 2025-12-10Later filings may not restate these terms; this does not confirm they still apply.
Verified covenant terms
11.19 USA Patriot Act Notice · provide all such other documentation and informationThe Borrower and each other Loan Party shall, promptly following a request by the Administrative Agent or any Lender, provide all such other documentation and information that the Administrative Agent or such Lender requests in order to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act and the Beneficial Ownership Regulation.Applies to every series under this agreementDefined terms:
Patriot Act: USA PATRIOT Act (Title III of Pub. L. 107–56 (signed into law October 26, 2001))
Source evidence: pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107–56 (signed into law October 26, 2001)) (the “*Patriot Act*”)
Source evidence: Each Lender that is subject to the Patriot Act and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower and the other Loan Parties that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107–56 (signed into law October 26, 2001)) (the “*Patriot Act*”), it is required to obtain, verify and record information that identifies the Borrower and each other Loan Party, which information includes the name and address of the Borrower and each other Loan Party and other information that will allow such Lender or the Administrative Agent, as applicable, to identify the Borrower and each other Loan Party in accordance with the Patriot Act. The Borrower and each other Loan Party shall, promptly following a request by the Administrative Agent or any Lender, provide all such other documentation and information that the Administrative Agent or such Lender requests in order to comply with its ongoing obligations under applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act and the Beneficial Ownership Regulation.
Target identity evidence: This **CREDIT AGREEMENT** is entered into as of December 5, 2025, among SHENTEL BROADBAND OPERATIONS LLC, a Delaware limited liability company (the “*Borrower*”), Shentel Broadband Holding Inc., a Delaware corporation (“*Holdco*”), the other Guarantors (defined herein), the Lenders (defined herein), and BANK OF AMERICA, N.A., as Administrative Agent, Swingline Lender and L/C Issuer.
11.16 Subordination · subordinates the paymentEach Loan Party (a “*Subordinating Loan Party*”) hereby subordinates the payment of all obligations and indebtedness of any other Loan Party owing to it, whether now existing or hereafter arising, including but not limited to any obligation of any such other Loan Party to the Subordinating Loan Party as subrogee of the Secured Parties or resulting from such Subordinating Loan Party’s performance under this Guaranty, to the indefeasible payment in full in cash of all Obligations.Applies to every series under this agreementExceptions: so long as no Default has occurred and is continuing, the Loan Parties may make and receive payments with respect to intercompany Indebtedness11.16 SubordinationFull wording and supporting evidence
Source evidence: Each Loan Party (a “*Subordinating Loan Party*”) hereby subordinates the payment of all obligations and indebtedness of any other Loan Party owing to it, whether now existing or hereafter arising, including but not limited to any obligation of any such other Loan Party to the Subordinating Loan Party as subrogee of the Secured Parties or resulting from such Subordinating Loan Party’s performance under this Guaranty, to the indefeasible payment in full in cash of all Obligations. If the Secured Parties so request, any such obligation or indebtedness of any such other Loan Party to the Subordinating Loan Party shall be enforced and performance received by the Subordinating Loan Party as trustee for the Secured Parties and the proceeds thereof shall be paid over to the Secured Parties on account of the Secured Obligations, but without reducing or affecting in any manner the liability of the Subordinating Loan Party under this Agreement. Without limitation of the foregoing, so long as no Default has occurred and is continuing, the Loan Parties may make and receive payments with respect to intercompany Indebtedness; *provided*, *that*, in the event that any Loan Party receives any payment of any intercompany Indebtedness at a time when such payment is prohibited by this Section 11.16, such payment shall be held by such Loan Party, in trust for the benefit of, and shall be paid forthwith over and delivered, upon written request, to the Administrative Agent.
Target identity evidence: This **CREDIT AGREEMENT** is entered into as of December 5, 2025, among SHENTEL BROADBAND OPERATIONS LLC, a Delaware limited liability company (the “*Borrower*”), Shentel Broadband Holding Inc., a Delaware corporation (“*Holdco*”), the other Guarantors (defined herein), the Lenders (defined herein), and BANK OF AMERICA, N.A., as Administrative Agent, Swingline Lender and L/C Issuer.
Concurrently, Shentel Broadband Operations LLC (the “Borrower”), a wholly-owned indirect subsidiary of Shentel, entered into a Credit Agreement, dated December 5, 2025 (the “Credit Agreement”), with Shentel Broadband Holding Inc. (“Holdco”), certain subsidiaries of Holdco as guarantors (together with the Borrower and Holdco, the “Loan Parties”), the various financial institutions party thereto (the “Lenders”) and Bank of America, N.A., as administrative agent for the Lenders (in such capacity, the “Administrative Agent”). The Credit Agreement provides for a revolving credit facility up to an aggregate principal amount of $175 million (the “RCF”) which matures on December 5, 2030. The Credit Agreement replaces the Borrower’s existing credit agreement, dated as of July 1, 2021 and as amended through the date hereof (the “Existing Credit Agreement”), which was terminated after all outstanding borrowings thereunder were repaid with the net proceeds from the offering of the Series 2025-1 Notes, as discussed above.
Issuer evidence: Concurrently, Shentel Broadband Operations LLC (the “Borrower”), a wholly-owned indirect subsidiary of Shentel, entered into a Credit Agreement, dated December 5, 2025 (the “Credit Agreement”), with Shentel Broadband Holding Inc. (“Holdco”), certain subsidiaries of Holdco as guarantors (together with the Borrower and Holdco, the “Loan Parties”), the various financial institutions party thereto (the “Lenders”) and Bank of America, N.A., as administrative agent for the Lenders (in such capacity, the “Administrative Agent”). The Credit Agreement provides for a revolving credit facility up to an aggregate principal amount of $175 million (the “RCF”) which matures on December 5, 2030. The Credit Agreement replaces the Borrower’s existing credit agreement, dated as of July 1, 2021 and as amended through the date hereof (the “Existing Credit Agreement”), which was terminated after all outstanding borrowings thereunder were repaid with the net proceeds from the offering of the Series 2025-1 Notes, as discussed above.
Supporting evidence: Borrowings under the Credit Agreement, including the RCF, are secured by substantially all of the assets of Holdco and by substantially all of the assets and equity interests of the subsidiaries of Holdco, excluding the Obligors and Notes Guarantors (each as defined above). Borrowings under the Credit Agreement will bear interest at term SOFR plus a margin ranging from 2.50% to 3.00%, depending on the Total Net Leverage Ratio (as defined in the Credit Agreement). The Borrower borrowed $75 million under the RCF upon signing the Credit Agreement.
Supporting evidence: Concurrently, Shentel Broadband Operations LLC (the “Borrower”), a wholly-owned indirect subsidiary of Shentel, entered into a Credit Agreement, dated December 5, 2025 (the “Credit Agreement”), with Shentel Broadband Holding Inc. (“Holdco”), certain subsidiaries of Holdco as guarantors (together with the Borrower and Holdco, the “Loan Parties”), the various financial institutions party thereto (the “Lenders”) and Bank of America, N.A., as administrative agent for the Lenders (in such capacity, the “Administrative Agent”). The Credit Agreement provides for a revolving credit facility up to an aggregate principal amount of $175 million (the “RCF”) which matures on December 5, 2030. The Credit Agreement replaces the Borrower’s existing credit agreement, dated as of July 1, 2021 and as amended through the date hereof (the “Existing Credit Agreement”), which was terminated after all outstanding borrowings thereunder were repaid with the net proceeds from the offering of the Series 2025-1 Notes, as discussed above.
Supporting evidence: Concurrently, Shentel Broadband Operations LLC (the “Borrower”), a wholly-owned indirect subsidiary of Shentel, entered into a Credit Agreement, dated December 5, 2025 (the “Credit Agreement”), with Shentel Broadband Holding Inc. (“Holdco”), certain subsidiaries of Holdco as guarantors (together with the Borrower and Holdco, the “Loan Parties”), the various financial institutions party thereto (the “Lenders”) and Bank of America, N.A., as administrative agent for the Lenders (in such capacity, the “Administrative Agent”). The Credit Agreement provides for a revolving credit facility up to an aggregate principal amount of $175 million (the “RCF”) which matures on December 5, 2030. The Credit Agreement replaces the Borrower’s existing credit agreement, dated as of July 1, 2021 and as amended through the date hereof (the “Existing Credit Agreement”), which was terminated after all outstanding borrowings thereunder were repaid with the net proceeds from the offering of the Series 2025-1 Notes, as discussed above.
Series 2025-1 Notes
Note · Shentel Issuer LLC
Reference: Series 2025-1 Notes
Active
Outstanding
—
Commitment
—
Availability
—
Maturity
—
Covenant terms for this agreement are not yet verified.
“*ABS Transactions*” means the entering into by the ABS Entities of the ABS Indenture Documentation, the issuance by the ABS Issuer of the Series 2025-1 Notes under the ABS Indenture Documentation, and any transactions arising out of, or relating to, the transactions contemplated by the ABS Indenture Documentation (including any organizational restructuring or transferring of assets of the Parent and its Subsidiaries (including the ABS Entities) in connection therewith).
Issuer evidence: “*ABS Issuer*” means Shentel Issuer LLC, a Delaware limited liability company.
Supporting evidence: “*ABS Transactions*” means the entering into by the ABS Entities of the ABS Indenture Documentation, the issuance by the ABS Issuer of the Series 2025-1 Notes under the ABS Indenture Documentation, and any transactions arising out of, or relating to, the transactions contemplated by the ABS Indenture Documentation (including any organizational restructuring or transferring of assets of the Parent and its Subsidiaries (including the ABS Entities) in connection therewith).
5.64% Series 2025-1, Class A-2 term notes
Note · Shentel Issuer, LLC
Reference: 5.64% Series 2025-1, Class A-2 term notes
Active
Original principal
USD 489,142,000
Outstanding
—
Commitment
—
Availability
—
Maturity
—
Last reported interest terms:
5.64%
Reported 2025-12-10Later filings may not restate these terms; this does not confirm they still apply.
Covenant terms for this agreement are not yet verified.
On December 5, 2025, Shentel Issuer, LLC (the “Issuer”), a limited-purpose, bankruptcy remote subsidiary of Shenandoah Telecommunications Company (“Shentel”), closed its previously announced inaugural offering of $567,405,000 aggregate principal amount of secured fiber network revenue term notes, consisting of $489,142,000 5.64% Series 2025-1, Class A-2 term notes and $78,263,000 6.03% Series 2025-1, Class B term notes (collectively, the “Term Notes”), each with an anticipated repayment date in December 2030 (the “Term Notes ARD”).
Issuer evidence: On December 5, 2025, Shentel Issuer, LLC (the “Issuer”), a limited-purpose, bankruptcy remote subsidiary of Shenandoah Telecommunications Company (“Shentel”), closed its previously announced inaugural offering of $567,405,000 aggregate principal amount of secured fiber network revenue term notes, consisting of $489,142,000 5.64% Series 2025-1, Class A-2 term notes and $78,263,000 6.03% Series 2025-1, Class B term notes (collectively, the “Term Notes”), each with an anticipated repayment date in December 2030 (the “Term Notes ARD”).
6.03% Series 2025-1, Class B term notes
Note · Shentel Issuer, LLC
Reference: 6.03% Series 2025-1, Class B term notes
Active
Original principal
USD 78,263,000
Outstanding
—
Commitment
—
Availability
—
Maturity
—
Last reported interest terms:
6.03%
Reported 2025-12-10Later filings may not restate these terms; this does not confirm they still apply.
Covenant terms for this agreement are not yet verified.
On December 5, 2025, Shentel Issuer, LLC (the “Issuer”), a limited-purpose, bankruptcy remote subsidiary of Shenandoah Telecommunications Company (“Shentel”), closed its previously announced inaugural offering of $567,405,000 aggregate principal amount of secured fiber network revenue term notes, consisting of $489,142,000 5.64% Series 2025-1, Class A-2 term notes and $78,263,000 6.03% Series 2025-1, Class B term notes (collectively, the “Term Notes”), each with an anticipated repayment date in December 2030 (the “Term Notes ARD”).
Issuer evidence: On December 5, 2025, Shentel Issuer, LLC (the “Issuer”), a limited-purpose, bankruptcy remote subsidiary of Shenandoah Telecommunications Company (“Shentel”), closed its previously announced inaugural offering of $567,405,000 aggregate principal amount of secured fiber network revenue term notes, consisting of $489,142,000 5.64% Series 2025-1, Class A-2 term notes and $78,263,000 6.03% Series 2025-1, Class B term notes (collectively, the “Term Notes”), each with an anticipated repayment date in December 2030 (the “Term Notes ARD”).
Series 2025-1 Class A-1-V L/C Notes
Note · SHENTEL ISSUER LLC
Reference: Series 2025-1 Class A-1-V L/C Notes
Active
Outstanding
—
Commitment
—
Availability
—
Maturity
—
Covenant terms for this agreement are not yet verified.
(a) On the terms and conditions set forth in the Indenture and this Agreement, and in reliance on the covenants, representations and agreements set forth herein and therein, the Issuer shall issue and shall cause the Indenture Trustee to authenticate the Series 2025-1 Class A-1-V L/C Notes, which the Issuer shall deliver to the Letter of Credit Providers on the Series 2025-1 Closing Date; provided that, if such Series 2025-1 Class L/C Note is an Uncertificated Note, the Indenture Trustee shall instead register it as described in Section 2.01(a) of the Base Indenture. Such Series 2025-1 Class A-1-V L/C Note shall be dated the Series 2025-1 Closing Date, shall be registered in the name of the Letter of Credit Provider or in such other name or nominee as the Letter of Credit Provider may request, shall have a maximum principal amount equal to the L/C Commitment, shall have an initial outstanding principal amount equal to $0 and (unless it is an Uncertificated Note) shall be duly authenticated in accordance with the provisions of the Base Indenture. The issuance and sale of the Series 2025-1 Class A-1-V L/C Notes to the Letter of Credit Providers shall be subject to satisfaction of the conditions set forth in Section 7.01. The Series 2025-1 Class A-1-V L/C Notes shall be Variable Funding Notes that are Class A-1-V Notes payable in accordance with the Base Indenture, the Series 2025-1 Supplement and this Agreement.
Issuer evidence: (a) SHENTEL ISSUER LLC, a Delaware limited liability company, as the issuer (the “Issuer”);
Supporting evidence: (a) On the terms and conditions set forth in the Indenture and this Agreement, and in reliance on the covenants, representations and agreements set forth herein and therein, the Issuer shall issue and shall cause the Indenture Trustee to authenticate the Series 2025-1 Class A-1-V L/C Notes, which the Issuer shall deliver to the Letter of Credit Providers on the Series 2025-1 Closing Date; provided that, if such Series 2025-1 Class L/C Note is an Uncertificated Note, the Indenture Trustee shall instead register it as described in Section 2.01(a) of the Base Indenture. Such Series 2025-1 Class A-1-V L/C Note shall be dated the Series 2025-1 Closing Date, shall be registered in the name of the Letter of Credit Provider or in such other name or nominee as the Letter of Credit Provider may request, shall have a maximum principal amount equal to the L/C Commitment, shall have an initial outstanding principal amount equal to $0 and (unless it is an Uncertificated Note) shall be duly authenticated in accordance with the provisions of the Base Indenture. The issuance and sale of the Series 2025-1 Class A-1-V L/C Notes to the Letter of Credit Providers shall be subject to satisfaction of the conditions set forth in Section 7.01. The Series 2025-1 Class A-1-V L/C Notes shall be Variable Funding Notes that are Class A-1-V Notes payable in accordance with the Base Indenture, the Series 2025-1 Supplement and this Agreement.
Price & Valuation
Multiples computed on the strict TTM/EV methodology — today's snapshot against peers, and each ratio recomputed as of past filing dates.
Valuation
EV/Revenue
3.36×
Peer median 2.04×
EV/EBIT
—
Peer median 14.52×
P/E (TTM)
—
Peer median 23.90×
EV/Adj. EBITDA (FY2024)
13.20×
Peer median 6.73×
Peer medians compare against the 18 similar-size Telecom Services companies (of 40 listed).
EV/Adj. EBITDA uses
the company-stated
“Adjusted EBITDA”,
extracted from the reconciliation in its SEC filings — the company's own non-GAAP definition, not an XBRL-tagged figure.
Valuation over time computed as of each quarter's filing date
EV/Adj. EBITDA uses
the company-stated
“Adjusted EBITDA”,
extracted from the reconciliation in its SEC filings as it existed at each sample date — the company's own non-GAAP definition, not an XBRL-tagged figure. Each point's tooltip names its TTM or fiscal-year basis.
Revenue Breakdown
Annual revenue as the company disaggregates it in its own XBRL filings. Years a component wasn't reported show a dash.
Share mode is each component's slice of the reported components that year — issuers rarely tag every revenue dollar, so slices need not sum to total revenue.
By Segment (USD)
Component
FY2025
FY2024
FY2023
FY2022
FY2021
FY2020
FY2019
FY2018
Reportable Segment
$357,854,000
$328,058,000
$269,131,000
$248,911,000
—
—
—
—
Broadband Segment
—
—
—
—
$228,080,000
$204,347,000
$193,943,000
$183,120,000
Tower Segment
—
—
—
—
$17,704,000
$17,055,000
$12,985,000
$12,196,000
Wireless Segment
—
—
—
—
—
—
—
$450,459,000
By Product & Service (USD)
Component
FY2025
FY2024
FY2023
FY2022
FY2021
FY2020
FY2019
FY2018
Residential and SMB Incumbent Broadband
$169,668,000
$174,795,000
$174,710,000
$175,681,000
—
—
—
—
Residential and SMB Glo Fiber Expansion Markets
$82,558,000
$57,872,000
$35,103,000
$18,293,000
$8,347,000
—
—
—
Commercial Fiber
$79,315,000
$70,057,000
$44,301,000
$38,821,000
$30,842,000
$24,431,000
$23,004,000
$22,090,000
RLEC Other
$26,313,000
$25,334,000
$15,017,000
$16,116,000
—
—
—
—
Cable Residential and SMB
—
—
—
—
—
—
$134,187,000
$124,072,000
Carrier Access Revenue
—
—
$14,791,000
$16,035,000
$15,249,000
$15,971,000
$18,257,000
$19,612,000
Equipment Product and Service
—
—
—
—
—
—
$68,843,000
$68,398,000
Fiber Enterprise and Wholesale
—
—
—
—
—
—
$20,187,000
$18,218,000
Income from Leasing Arrangements
—
—
$2,641,000
$2,128,000
—
—
—
—
Postpaid
—
—
—
—
—
—
$302,031,000
$300,775,000
Prepaid
—
—
—
—
—
—
$53,540,000
$51,602,000
Residential and SMB Cable Markets
—
—
$176,879,000
$175,681,000
$169,183,000
—
—
—
Residential and SMB
—
—
—
$193,974,000
$177,530,000
$154,956,000
$142,290,000
$131,512,000
Service and Other
—
—
$287,379,000
$267,371,000
$236,014,000
$202,760,000
$190,516,000
$180,394,000
Tower Lease
—
—
$18,474,000
$18,541,000
$12,393,000
$7,402,000
$6,965,000
$7,180,000
Product And Service Other
—
—
—
—
—
—
$27,080,000
$37,124,000
Service
—
—
$266,490,000
$246,783,000
—
—
—
—
Segment Operating Income
Annual operating income by business segment, as tagged in the company's own XBRL filings. Segments need not sum to the consolidated figure — corporate costs and eliminations are typically unallocated.
