SHEN Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price

$12.20

Market Cap

$674M

P/E (TTM)

-17.3

EPS (TTM)

$-0.71

Revenue (TTM)

$358M

Div Yield

0.96%

ROE

-3.7%

Debt/Equity

0.7

52W Range

$10 – $17

SHEN Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $358M

2016-12-31 → 2025-12-31

EPS $-0.71

2016-12-31 → 2025-12-31

Free Cash Flow $-258M

2016-12-31 → 2025-12-31

Margins -9.2%

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric

5Y trend

SHEN

Peer Median

P/E (TTM)

-17.3

7.5

P/S (TTM)

1.9

1.1

P/B

0.8

1.4

EV / EBITDA

12.0

—

Price / FCF

-2.6

—

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric

5Y trend

SHEN

Peer Median

Operating Margin

-6.5%

—

Net Profit Margin

-9.2%

9.4%

ROA

-1.8%

4.7%

ROE

-3.7%

18.2%

ROIC

-1.2%

—

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric

5Y trend

SHEN

Peer Median

Debt / Equity

0.7

—

Current Ratio

0.9

1.1

Quick Ratio

0.5

—

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric

5Y trend

SHEN

Peer Median

Revenue YoY

9.1%

—

Revenue CAGR 3Y

12.9%

—

Revenue CAGR 5Y

10.1%

—

EPS YoY

2112.5%

—

Net Income YoY

2311.3%

—

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric

5Y trend

SHEN

Peer Median

EPS (Diluted)

$-0.71

—

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric

5Y trend

SHEN

Peer Median

Payout Ratio

-19.6%

—

Dividends Yield, payout ratio, dividend history, 5Y CAGR

Dividend Yield

0.96%

Payout Ratio

-19.6%

5Y Div CAGR

—

Ex-date	Amount
Nov. 7, 2025	$0.1100
Nov. 5, 2024	$0.1000
Nov. 6, 2023	$0.0900
Nov. 4, 2022	$0.0800
Nov. 5, 2021	$0.0700
Aug. 3, 2021	$18.7500
Nov. 10, 2020	$0.3400
Nov. 13, 2019	$0.2900
Nov. 8, 2018	$0.2700
Nov. 2, 2017	$0.2600
Nov. 2, 2016	$0.2500
Nov. 3, 2015	$0.2400
Nov. 3, 2014	$0.2350
Nov. 4, 2013	$0.1800
Nov. 5, 2012	$0.1650
Nov. 7, 2011	$0.1650
Nov. 5, 2010	$0.1650
Nov. 6, 2009	$0.1600
Nov. 7, 2008	$0.1500
Nov. 9, 2007	$0.1350

SHEN Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 8 analysts

Strong Buy 2 25.0%
Buy 5 62.5%
Hold 1 12.5%
Sell 0 0.0%
Strong Sell 0 0.0%

12-Month Price Target

2 analysts · 2026-08-14

Median $27.50

← Below all targets $12.20

Low $26.00

High $29.00

Median target $27.50 +125.5%

Mean target $27.50 +125.5%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise

0.02%

Period	EPS Actual	EPS Est	Surprise
June 30, 2026	$-0.17	$-0.25	0.08%
March 31, 2026	$-0.31	$-0.26	-0.05%
Dec. 31, 2025	$-0.10	$-0.20	0.10%
Sept. 30, 2025	$-0.20	$-0.22	0.02%
June 30, 2025	$-0.19	$-0.20	0.01%
March 31, 2025	$-0.19	$-0.14	-0.05%

Peer comparison (GICS sub-industry) Key metrics vs sector peers

Ticker	Market Cap	P/E	Rev YoY	Net Margin	ROE	Gross Margin
SHEN	$635M	-16.3	9.1%	-9.2%	-3.7%	—
CMCSA	—	5.2	-0.02%	16.2%	21.9%	—
UNIT	$1.64B	1.4	91.5%	58.4%	-125.9%	—
IDT	—	19.6	2.1%	6.2%	27.6%	36.2%
GLIBA	—	-3.7	2.9%	-29.5%	-19.9%	—
ATNI	$348M	-16.5	-0.15%	-2.1%	-3.2%	—
VZ	$174.79B	10.0	2.5%	12.4%	16.7%	—

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 15

Annual Income Statement data for SHEN
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue	$358M	$328M	$269M	$249M	$245M	$221M	$207M	$193M	$612M	$535M	$342M	$327M
Cost of Revenue	·	·	·	·	·	·	·	·	$212M	$194M	$121M	$130M
SG&A Expense	$118M	$115M	$99M	$91M	$82M	$85M	$78M	$71M	$166M	$133M	$73M	$69M
Operating Expenses	$381M	$357M	$269M	$266M	$248M	$223M	$208M	$196M	$565M	$513M	$268M	$265M
Operating Income	$-23M	$-29M	$142.0K	$-17M	$-2M	$-3M	$-1M	$-3M	$47M	$23M	$74M	$62M
Interest Expense	·	·	·	·	$3M	·	$29M	$35M	$38M	$25M	$7M	$8M
Other Non-op	$7M	$6M	$6M	$215.0K	$9M	$3M	$3M	$4M	$5M	$4M	$2M	$2M
Pretax Income	$-42M	$-38M	$2M	$-19M	$6M	$586.0K	$2M	$734.0K	$13M	$2M	$69M	$56M
Income Tax	$-9M	$-10M	$501.0K	$-3M	$-2M	$-990.0K	$6.0K	$-1M	$-53M	$3M	$28M	$22M
Net Income	$-33M	$194M	$8M	$-8M	$999M	$126M	$56M	$47M	$66M	$-895.0K	$41M	$34M
EPS (Basic)	$-0.71	$3.54	$0.16	$-0.17	$19.97	$2.52	$1.11	$0.94	$1.35	$-0.02	$0.84	$0.70
EPS (Diluted)	$-0.71	$3.54	$0.16	$-0.17	$19.92	$2.51	$1.11	$0.93	$1.33	$-0.02	$0.83	$0.70
Shares (Basic)	55,100,000	53,722,000	50,396,000	50,155,000	50,026,000	49,901,000	49,811,000	49,542,000	49,150,000	48,807,000	48,388,000	48,198,000
Shares (Diluted)	55,100,000	53,722,000	50,715,000	50,155,000	50,149,000	50,024,000	50,101,000	50,063,000	50,026,000	48,807,000	49,024,000	48,720,000
EBITDA	$106M	$68M	$75M	$61M	$53M	$48M	$257M	$93M	$47M	$23M	$74M	$62M

Balance Sheet 28

Annual Balance Sheet data for SHEN
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Cash & Equivalents	$27M	$46M	$139M	$44M	$84M	$195M	$102M	$85M	$79M	$36M	$77M	$69M
Receivables	$31M	$30M	$20M	$21M	$22M	$70M	$64M	$54M	$54M	$70M	$30M	$30M
Inventory	·	·	·	·	·	·	$6M	$5M	$6M	$39M	$4M	$9M
Prepaid Expense	$15M	$17M	$12M	$12M	$30M	$8M	$9M	$60M	$17M	$16M	$9M	$4M
Other Current Assets	$4M	$7M	$3M	$1M	$2M	$1M	$2M	$2M	$1M	·	·	·
Current Assets	$97M	$95M	$176M	$129M	$166M	$1.41B	$242M	$210M	$173M	$161M	$128M	$128M
PP&E (Net)	$1.60B	$1.44B	$850M	$688M	$554M	$440M	$363M	$701M	$686M	$698M	$410M	$406M
PP&E (Gross)	$2.24B	$1.98B	$1.33B	$1.16B	$1.03B	$869M	$736M	$1.40B	$1.28B	$1.16B	$755M	$693M
Accum. Depreciation	$639M	$542M	$477M	$469M	$474M	$428M	$373M	$702M	$595M	$461M	$345M	$287M
Goodwill	$68M	$67M	·	·	·	·	$149M	$146M	$146M	$145M	$10.0K	·
Intangibles	$89M	$91M	$81M	$82M	$90M	$107M	$88M	$366M	$381M	$455M	$67M	$68M
Other Non-current Assets	$9M	$7M	$5M	$7M	$5M	$1M	$2M	$4M	$3M	·	$79M	$75M
Total Assets	$1.91B	$1.74B	$1.21B	$978M	$891M	$2.02B	$1.90B	$1.48B	$1.41B	$1.48B	$627M	$619M
Accounts Payable	$61M	$58M	$54M	$49M	$29M	$20M	$40M	$36M	$29M	$73M	$13M	$11M
Accrued Liabilities	$14M	$12M	$8M	$18M	$15M	$14M	$8M	$15M	$14M	$29M	$8M	·
Current Liabilities	$108M	$115M	$98M	$96M	$67M	$1.21B	$154M	$89M	$138M	$164M	$61M	$59M
Capital Leases	$11M	$11M	$7M	$50M	$52M	$46M	$43M	$0	·	·	·	·
Deferred Tax	$158M	$168M	$88M	$85M	$86M	$149M	$136M	$127M	$101M	$152M	$75M	$77M
Other Non-current Liabilities	$32M	$34M	$17M	$20M	$26M	$25M	$17M	$14M	$15M	$24M	$6M	$10M
Long-term Debt	$642M	$418M	$300M	$75M	$0	$698M	$732M	$720M	$836M	$848M	$201M	$224M
Total Debt	$628M	$417M	$300M	$75M	$0	$688M	$720M	$770M	$822M	$829M	$201M	$224M
Common Stock	$0	$0	$0	$0	$0	$0	$0	$0	$0	$45M	$33M	$30M
Paid-in Capital	$157M	$148M	$67M	$57M	$49M	$47M	$42M	$47M	$45M	·	·	·
Retained Earnings	$724M	$769M	$584M	$581M	$593M	$534M	$426M	$385M	$297M	$244M	$257M	$228M
AOCI	$0	$2M	$2M	$0	$0	$-5M	$308.0K	$8M	$8M	$7M	$415.0K	$1M
Stockholders' Equity	$881M	$919M	$653M	$638M	$642M	$577M	$468M	$440M	$352M	$296M	$290M	$258M
Liabilities + Equity	$1.91B	$1.74B	$1.21B	$978M	$891M	$2.02B	$1.90B	$1.48B	$1.41B	$1.48B	$627M	$619M
Shares Outstanding	54,899,000	54,605,000	50,272,000	50,110,000	49,965,000	49,868,000	49,671,000	49,630,000	49,328,000	48,935,000	48,475,000	48,265,000

Cash Flow 19

Annual Cash Flow data for SHEN
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
D&A	$130M	$97M	$63M	$66M	$55M	$49M	$47M	$44M	$177M	$144M	$71M	$66M
Stock-based Comp	$10M	$10M	$10M	$9M	$3M	$6M	$3M	$5M	$4M	$3M	$2M	$3M
Deferred Tax	$-9M	$-10M	$4M	$-2M	$22M	$15M	$17M	$4M	$-54M	$-53M	$-1M	$3M
Amort. of Intangibles	$2M	$2M	$500.0K	$700.0K	$800.0K	$700.0K	$500.0K	$200.0K	$28M	$35M	$1M	$3M
Restructuring	$1M	$15M	$3M	$1M	$2M	$0	$0	·	·	·	·	·
Other Non-cash	$4M	$-228M	$27M	$7M	$-1.33B	$106M	$29M	·	·	·	·	·
Operating Cash Flow	$101M	$63M	$114M	$75M	$-251M	$303M	$259M	$266M	$223M	$162M	$119M	$115M
CapEx	$359M	$319M	$255M	$189M	$160M	$120M	$67M	$57M	$146M	$173M	$70M	$68M
Investing Cash Flow	$-295M	$-339M	$-237M	$-184M	$1.78B	$-156M	$-165M	$-188M	$-151M	$-820M	$-69M	$-68M
Debt Issued	·	·	·	·	·	·	·	$0	$25M	$860M	·	·
Net Debt Issued	$-593M	$-7M	·	·	·	·	·	$-51M	$-36M	$-214M	$-23M	$-6M
Stock Repurchased	·	·	·	·	$0	$0	$7M	$0	$0	$5M	$2M	$2M
Net Stock Activity	·	·	·	·	$0	$0	$-7M	·	·	$-5M	$-2M	$-2M
Dividends Paid	$6M	$6M	$5M	$4M	$940M	$16M	$14M	$13M	$12M	$12M	$11M	$11M
Financing Cash Flow	$196M	$184M	$218M	$69M	$-1.64B	$-54M	$-77M	$-71M	$-29M	$618M	$-42M	$-17M
Net Change in Cash	$2M	$-93M	$95M	$-40M	$-111M	$94M	$17M	$7M	$42M	$-41M	$8M	$31M
Taxes Paid	$2M	$8M	$100.0K	$-100.0K	$-11M	·	·	$-3M	$20M	$45M	$21M	$17M
Free Cash Flow	$-258M	$-257M	$-143M	$-115M	$-411M	$182M	$120M	$129M	$76M	$-12M	$50M	$47M
Levered FCF	·	·	·	·	$-414M	·	$98M	$103M	$-115M	$-154.2K	$45M	$42M

Profitability 7

Annual Profitability data for SHEN
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Operating Margin	-6.5%	-8.7%	3.4%	-3.0%	-0.99%	-0.52%	15.3%	14.8%	7.6%	4.2%	21.6%	18.9%
Net Margin	-9.2%	59.1%	2.8%	-3.1%	407.3%	57.4%	8.7%	7.4%	10.8%	-0.17%	11.9%	10.4%
Pretax Margin	-11.7%	-11.6%	3.8%	-3.5%	2.5%	0.92%	11.2%	9.8%	2.2%	0.36%	20.0%	17.1%
EBITDA Margin	29.7%	20.8%	26.1%	22.8%	21.5%	21.5%	40.5%	14.8%	7.6%	4.2%	21.6%	18.9%
ROA	-1.8%	13.1%	0.73%	-0.90%	68.5%	6.5%	3.3%	3.2%	4.6%	-0.08%	6.6%	5.6%
ROE	-3.7%	21.0%	1.2%	-1.3%	155.4%	22.4%	11.6%	10.5%	20.5%	-0.31%	14.9%	13.8%
ROIC	-1.2%	-1.6%	0.74%	-1.0%	-0.48%	-0.12%	6.3%	5.8%	19.9%	-0.92%	9.0%	7.8%

Liquidity & Solvency 5

Annual Liquidity & Solvency data for SHEN
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Current Ratio	0.9	0.8	1.8	1.3	2.5	1.2	1.6	2.4	1.3	1.0	2.1	2.2
Quick Ratio	0.5	0.7	1.6	0.7	1.6	0.2	1.1	1.6	1.0	0.6	1.7	1.7
Debt / Equity	0.7	0.5	0.5	0.1	0.0	1.2	1.5	1.7	2.3	2.8	0.7	0.9
LT Debt / Equity	0.7	0.4	0.4	0.1	·	0.0	1.5	1.7	2.2	2.7	0.6	0.8
Interest Coverage	·	·	·	·	-0.9	·	3.3	2.7	1.2	0.9	10.1	7.6

Efficiency 3

Annual Efficiency data for SHEN
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Asset Turnover	0.2	0.2	0.3	0.3	0.2	0.1	0.4	0.4	0.4	0.5	0.5	0.5
Inventory Turnover	·	·	·	·	·	·	·	·	9.5	9.0	18.7	13.3
Receivables Turnover	11.7	13.3	14.2	12.5	5.3	3.3	10.7	11.6	9.9	10.8	11.4	11.6

Per Share 6

Annual Per Share data for SHEN
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Book Value / Share	$16.04	$16.82	$12.98	$12.73	$12.85	$11.68	$9.45	$8.91	$7.10	$6.05	$5.98	$10.71
Revenue / Share	$6.49	$6.11	$5.67	$5.33	$4.89	$4.41	$12.65	$12.60	$12.23	$10.97	$6.99	$13.42
Cash Flow / Share	$1.83	$1.16	$2.24	$1.49	$-5.00	$6.05	$5.17	$5.31	$4.46	$3.31	$2.43	$4.72
Cash / Share	$0.50	$0.85	$2.77	$0.88	$1.69	$3.92	$2.05	$1.71	$1.59	$0.74	$1.58	$2.86
Dividend / Share	$0	$0	$0	$0	$19	$0	$0	$0	$0	$0	$0	$0
EPS (TTM)	$-0.71	$3.54	$0.16	$-0.17	$19.92	$2.51	$1.11	$0.93	$1.33	$-0.02	$0.83	$0.70

Growth Rates 8

Annual Growth Rates data for SHEN
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue YoY	9.1%	21.9%	8.1%	1.5%	11.1%	·	·	·	·	·	·	·
Revenue CAGR 3Y	12.9%	10.2%	6.8%	·	·	·	·	·	·	·	·	·
Revenue CAGR 5Y	10.1%	·	·	·	·	·	·	·	·	·	·	·
EPS YoY	·	2112.5%	·	·	693.6%	·	·	·	·	·	·	·
EPS CAGR 3Y	·	-43.8%	-60.1%	·	·	·	·	·	·	·	·	·
Net Income YoY	·	2311.3%	·	·	694.8%	·	·	·	·	·	·	·
Net Income CAGR 3Y	·	-42.1%	-60.0%	·	·	·	·	·	·	·	·	·
Dividend CAGR 5Y	-17.1%	·	·	·	·	·	·	·	·	·	·	·

Valuation (TTM) 17

Annual Valuation (TTM) data for SHEN
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue TTM	$358M	$328M	$269M	$249M	$245M	$221M	$207M	$193M	$612M	$535M	$342M	$327M
Net Income TTM	$-33M	$194M	$8M	$-8M	$999M	$126M	$56M	$47M	$66M	$-895.0K	$41M	$34M
Market Cap	$635M	$689M	$1.09B	$796M	$1.27B	$2.16B	$2.07B	$2.20B	$1.67B	$1.34B	$1.04B	$377M
Enterprise Value	$1.24B	$1.06B	$1.25B	$827M	$1.19B	$2.65B	$2.69B	$2.88B	$2.41B	$2.13B	$1.17B	$532M
P/E	-16.3	3.6	135.1	-93.4	1.3	17.2	37.5	47.6	25.4	-1365.0	25.9	22.3
P/S	1.8	2.1	4.0	3.2	5.2	9.8	10.0	11.4	2.7	2.5	3.0	1.2
P/B	0.7	0.7	1.7	1.2	2.0	3.7	4.4	5.0	4.8	4.5	3.6	1.5
P / Tangible Book	0.9	0.9	1.9	1.4	2.3	4.6	·	·	·	·	·	·
P / Cash Flow	6.3	11.0	9.6	10.6	-5.1	7.1	8.0	8.3	7.5	8.3	8.7	3.3
P / FCF	-2.5	-2.7	-7.6	-6.9	-3.1	11.8	17.2	17.0	21.8	-114.1	21.0	8.1
EV / EBITDA	11.6	15.5	16.6	13.6	22.5	55.7	10.5	30.9	51.8	94.5	15.8	8.6
EV / FCF	-4.8	-4.1	-8.7	-7.2	-2.9	14.5	22.3	22.3	31.5	-181.9	23.5	11.4
EV / Revenue	3.5	3.2	4.6	3.3	4.9	12.0	13.0	15.0	3.9	4.0	3.4	1.6
Dividend Yield	1.0%	0.84%	0.42%	0.50%	73.8%	0.76%	0.67%	0.59%	0.74%	0.88%	1.1%	2.9%
Earnings Yield	-6.1%	28.1%	0.74%	-1.1%	78.1%	5.8%	2.7%	2.1%	3.9%	-0.07%	3.9%	4.5%
Payout Ratio	-19.6%	3.0%	56.3%	-47.6%	94.1%	13.0%	25.4%	27.6%	18.5%	-1307.8%	27.1%	31.8%
Annual Payout	$6M	$6M	$5M	$4M	$940M	$16M	$14M	$13M	$12M	$12M	$11M	$11M

Income Statement 14

Quarterly Income Statement data for SHEN
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Revenue	$93M	$92M	$92M	$90M	$89M	$88M	$85M	$88M	$86M	$69M	$68M	$67M	$67M	$67M	$52M	$67M
SG&A Expense	$31M	$33M	$28M	$30M	$30M	$31M	$29M	$28M	$30M	$28M	$25M	$23M	$25M	$26M	$22M	$22M
Operating Expenses	$94M	$103M	$92M	$97M	$98M	$94M	$91M	$92M	$102M	$72M	$67M	$68M	$67M	$67M	$64M	$69M
Operating Income	$-1M	$-10M	$-873.0K	$-7M	$-9M	$-6M	$-6M	$-4M	$-16M	$-3M	$564.0K	$-610.0K	$-118.0K	$306.0K	$-12M	$-2M
Interest Expense	·	·	·	·	·	·	·	·	·	$4M	·	·	·	$392.0K	·	·
Other Non-op	$472.0K	$45.0K	$1M	$2M	$3M	$733.0K	$2M	$998.0K	$2M	$2M	$972.0K	$2M	$1M	$2M	$2M	$-1M
Pretax Income	$-10M	$-20M	$-7M	$-12M	$-12M	$-10M	$-8M	$-7M	$-18M	$-5M	$-181.0K	$216.0K	$59.0K	$1M	$-12M	$-3M
Income Tax	$-3M	$-4M	$-2M	$-3M	$-3M	$-1M	$-2M	$-2M	$-5M	$-1M	$-2M	$399.0K	$1M	$682.0K	$-3M	$-251.0K
Net Income	$-8M	$-16M	$-5M	$-9M	$-9M	$-9M	$-3M	$-5M	$-13M	$215M	$3M	$2M	$2M	$2M	$-2M	$-3M
EPS (Basic)	$-0.17	$-0.31	$-0.13	$-0.20	$-0.19	$-0.19	$-0.34	$-0.13	$-0.24	$4.25	$0.05	$0.03	$0.04	$0.04	$-0.05	$-0.05
EPS (Diluted)	$-0.17	$-0.31	$-0.13	$-0.20	$-0.19	$-0.19	$-0.34	$-0.13	$-0.24	$4.25	$0.05	$0.03	$0.04	$0.04	$-0.05	$-0.05
Shares (Basic)	55,779,000	55,554,000	-110,112,000	55,150,000	55,103,000	54,959,000	-106,309,000	54,781,000	54,730,000	50,520,000	-100,640,000	50,379,000	50,366,000	50,291,000	-100,331,000	50,183,000
Shares (Diluted)	55,779,000	55,554,000	-110,112,000	55,150,000	55,103,000	54,959,000	-106,309,000	54,781,000	54,730,000	50,520,000	-100,542,000	50,379,000	50,366,000	50,512,000	-100,331,000	50,183,000
EBITDA	·	$24M	·	$-7M	$-9M	$23M	·	$24M	$10M	$15M	·	$18M	$19M	$19M	·	$16M

Balance Sheet 27

Quarterly Balance Sheet data for SHEN
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Cash & Equivalents	$24M	$44M	$27M	$23M	$29M	$88M	$46M	$43M	$44M	$390M	·	$36M	$26M	$48M	·	$33M
Receivables	$21M	$25M	$31M	$25M	$35M	$30M	$30M	$33M	$30M	$18M	·	$19M	$15M	$16M	·	$24M
Prepaid Expense	$15M	$16M	$15M	$17M	$16M	$16M	$17M	$17M	$21M	$15M	·	$14M	$13M	$13M	·	$12M
Other Current Assets	$4M	$4M	$4M	$4M	$5M	$4M	$7M	$4M	$7M	$2M	·	$3M	$3M	$1M	·	$1M
Current Assets	$93M	$114M	$97M	$68M	$83M	$134M	$95M	$98M	$100M	$426M	·	$74M	$79M	$105M	·	$118M
PP&E (Net)	$1.67B	$1.63B	$1.60B	$1.57B	$1.52B	$1.48B	$1.44B	$1.39B	$1.34B	$896M	·	$822M	$786M	$740M	·	$641M
PP&E (Gross)	$2.37B	$2.30B	$2.24B	$2.18B	$2.12B	$2.05B	$1.98B	$1.90B	$1.86B	$1.39B	·	$1.31B	$1.28B	$1.22B	·	$1.16B
Accum. Depreciation	$699M	$669M	$639M	$607M	$599M	$569M	$542M	$516M	$519M	$493M	·	$492M	$497M	$484M	·	$517M
Goodwill	$68M	$68M	$68M	·	·	·	$67M	·	·	·	·	·	·	·	·	·
Intangibles	$89M	$89M	$89M	$13M	$13M	$13M	$91M	$14M	$15M	$1M	·	$1M	$81M	$81M	·	$82M
Other Non-current Assets	$8M	$8M	$9M	$9M	$7M	$7M	$7M	$6M	$7M	$7M	·	$7M	$7M	$7M	·	$7M
Total Assets	$1.97B	$1.95B	$1.91B	$1.85B	$1.81B	$1.83B	$1.74B	$1.69B	$1.66B	$1.45B	·	$1.06B	$1.03B	$1.01B	·	$922M
Accounts Payable	$58M	$54M	$61M	$77M	$63M	$59M	$58M	$66M	$58M	$50M	·	$43M	$41M	$49M	·	$36M
Accrued Liabilities	$18M	$14M	$14M	$14M	$11M	$12M	$12M	$14M	$15M	$11M	·	$12M	$13M	$16M	·	$14M
Current Liabilities	$110M	$102M	$108M	$135M	$115M	$112M	$115M	$123M	$112M	$91M	·	$84M	$82M	$92M	·	$79M
Capital Leases	$10M	$10M	$11M	$10M	$10M	$11M	$11M	$12M	$11M	$8M	·	$50M	$50M	$52M	·	$52M
Deferred Tax	$151M	$154M	$158M	$160M	$163M	$166M	$168M	$182M	$186M	$164M	·	$89M	$88M	$86M	·	$85M
Other Non-current Liabilities	$33M	$33M	$32M	$36M	$32M	$33M	$34M	$31M	$41M	$16M	·	$20M	$20M	$21M	·	$22M
Long-term Debt	$728M	$707M	$642M	$535M	$513M	$516M	$418M	$345M	$297M	$299M	·	$150M	$125M	$100M	·	$25M
Total Debt	·	$694M	·	$534M	$512M	$515M	·	$345M	$297M	$299M	·	$150M	$125M	$100M	·	$25M
Common Stock	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	·	$0	$0	$0	·	$0
Paid-in Capital	$163M	$161M	$157M	$155M	$153M	$151M	$148M	$145M	$144M	$70M	·	$65M	$63M	$60M	·	$56M
Retained Earnings	$697M	$706M	$724M	$737M	$748M	$758M	$769M	$779M	$786M	$799M	·	$586M	$584M	$583M	·	$586M
AOCI	·	·	$0	$353.0K	$1M	$1M	$2M	$1M	$3M	$3M	·	$3M	$2M	·	·	·
Stockholders' Equity	$860M	$867M	$881M	$893M	$902M	$910M	$919M	$925M	$933M	$872M	$653M	$654M	$649M	$643M	$638M	$643M
Liabilities + Equity	$1.97B	$1.95B	$1.91B	$1.85B	$1.81B	$1.83B	$1.74B	$1.69B	$1.66B	$1.45B	·	$1.06B	$1.03B	$1.01B	·	$922M
Shares Outstanding	55,364,000	55,302,000	54,899,000	54,898,000	54,897,000	54,857,000	54,605,000	54,573,000	54,572,000	50,447,000	50,272,000	50,264,000	50,264,000	50,247,000	50,110,000	50,098,000

Cash Flow 15

Quarterly Cash Flow data for SHEN
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
D&A	$30M	$35M	$32M	$34M	$35M	$29M	$26M	$28M	$26M	$17M	$16M	$16M	$16M	$15M	$18M	$18M
Stock-based Comp	$2M	$5M	$2M	$2M	$2M	$4M	$2M	$1M	$2M	$4M	$2M	$2M	$3M	$4M	$1M	$2M
Amort. of Intangibles	$400.0K	$400.0K	$400.0K	$500.0K	$500.0K	$500.0K	$400.0K	$500.0K	$500.0K	$100.0K	$100.0K	$200.0K	$100.0K	$100.0K	$100.0K	$200.0K
Restructuring	$134.0K	$2M	$164.0K	$293.0K	$206.0K	$510.0K	$893.0K	$2M	$11M	$618.0K	$3M	$0	$0	·	$156.0K	$641.0K
Other Non-cash	·	$781.0K	·	·	·	$-3M	·	·	·	$-221M	·	·	·	$27M	·	·
Operating Cash Flow	$24M	$24M	$29M	$31M	$21M	$21M	$21M	$24M	$3M	$15M	$22M	$22M	$21M	$48M	$19M	$17M
CapEx	$70M	$76M	$107M	$82M	$86M	$83M	$93M	$76M	$81M	$70M	$66M	$53M	$68M	$67M	$57M	$44M
Investing Cash Flow	$-61M	$-64M	$-85M	$-58M	$-76M	$-76M	$-84M	$-72M	$-422M	$238M	$-64M	$-37M	$-68M	$-68M	$-54M	$-42M
Net Debt Issued	·	$0	·	·	·	$-2M	·	·	·	$-1M	·	·	·	·	·	·
Dividends Paid	·	·	·	·	·	·	·	·	·	·	·	·	·	·	$4M	·
Financing Cash Flow	$20M	$63M	$82M	$21M	$-4M	$97M	$67M	$47M	$73M	$-3M	$145M	$25M	$25M	$24M	$46M	$24M
Net Change in Cash	$-16M	$23M	$26M	$-6M	$-58M	$41M	$3M	$-680.0K	$-346M	$250M	$103M	$10M	$-22M	$4M	$11M	$-302.0K
Taxes Paid	$900.0K	$0	$95.0K	$4M	$-2M	$164.0K	$15M	$428.0K	$-7M	$0	$-25M	$0	$451.0K	$25M	$-100.0K	$0
Free Cash Flow	·	$-51M	·	·	·	$-63M	·	·	·	$-55M	·	·	·	$-19M	·	·
Levered FCF	·	·	·	·	·	·	·	·	·	$-58M	·	·	·	·	·	·

Profitability 7

Quarterly Profitability data for SHEN
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Operating Margin	-1.1%	-11.4%	·	-8.0%	-10.3%	-6.9%	·	-4.8%	-18.5%	-4.0%	·	2.1%	3.3%	3.8%	·	-2.6%
Net Margin	·	-17.1%	·	·	·	-10.4%	·	·	-15.0%	310.0%	·	2.2%	2.5%	2.9%	·	-4.1%
Pretax Margin	·	-21.6%	·	-13.8%	-13.7%	-11.7%	·	-7.8%	-20.9%	-7.4%	·	3.2%	3.6%	5.4%	·	-4.5%
EBITDA Margin	·	26.1%	·	-8.0%	-10.3%	26.0%	·	26.8%	11.3%	21.2%	·	25.3%	26.3%	25.8%	·	24.1%
ROA	·	-0.83%	·	·	·	-0.56%	·	·	-0.96%	17.5%	·	0.16%	0.19%	0.22%	·	-0.25%
ROE	·	-1.8%	·	·	·	-1.0%	·	·	-1.6%	28.3%	·	0.25%	0.28%	0.32%	·	-0.42%
ROIC	·	-0.53%	·	-0.38%	-0.48%	-0.38%	·	-0.25%	-0.92%	-0.19%	·	0.13%	0.22%	0.20%	·	-0.24%

Liquidity & Solvency 5

Quarterly Liquidity & Solvency data for SHEN
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Current Ratio	·	1.1	·	0.5	0.7	1.2	·	0.8	0.9	4.7	·	0.9	1.0	1.1	·	1.5
Quick Ratio	·	0.7	·	0.4	0.6	1.0	·	0.6	0.7	4.5	·	0.6	0.5	0.7	·	0.7
Debt / Equity	·	0.8	·	0.6	0.6	0.6	·	0.4	0.3	0.3	·	0.2	0.2	0.2	·	0.0
LT Debt / Equity	·	0.8	·	0.6	0.6	0.6	·	0.4	0.3	0.3	·	0.2	0.2	0.2	·	0.0
Interest Coverage	·	·	·	·	·	·	·	·	·	-0.7	·	·	·	·	·	·

Efficiency 2

Quarterly Efficiency data for SHEN
Metric	Trend	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Asset Turnover		·	0.0	·	0.1	0.1	0.1	·	0.1	0.1	0.1	·	0.1	0.1	0.1	·	0.1
Receivables Turnover		3.4	3.4	·	3.1	2.8	3.7	·	3.4	3.8	4.1	·	3.4	4.4	4.5	·	2.8

Per Share 5

Quarterly Per Share data for SHEN
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Book Value / Share	$15.53	$15.68	·	$16.26	$16.43	$16.60	·	$16.96	$17.10	$17.28	·	$13.02	$12.92	$12.79	·	$12.83
Revenue / Share	$1.68	$1.66	·	$1.63	$1.61	$1.60	·	$1.60	$1.57	$1.36	·	$1.41	$1.41	$1.42	·	$1.33
Cash Flow / Share	·	$0.44	·	·	·	$0.37	·	·	·	$0.30	·	·	·	$0.96	·	·
Cash / Share	$0.43	$0.79	·	$0.41	$0.53	$1.60	·	$0.79	$0.80	$7.73	·	$0.72	$0.52	$0.96	·	$0.66
EPS (TTM)	$-0.87	$-0.89	·	$-0.71	$-0.75	$3.69	·	$3.91	$4.08	$4.36	·	$0.06	$-0.03	$-0.08	·	$-0.09

Valuation (TTM) 14

Quarterly Valuation (TTM) data for SHEN
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Revenue TTM	$364M	$358M	·	$354M	$350M	$331M	·	$310M	$289M	$270M	·	$268M	$267M	$265M	·	$260M
Net Income TTM	·	·	·	·	·	·	·	$205M	$205M	$220M	·	$3M	$-2M	$-4M	·	$-5M
Market Cap	$835M	$853M	·	$737M	$750M	$690M	·	$770M	$891M	$876M	·	$1.04B	$977M	$956M	·	$853M
Enterprise Value	$1.53B	$1.50B	·	$1.25B	$1.23B	$1.12B	·	$1.07B	$1.14B	$785M	·	$1.15B	$1.08B	$1.01B	·	$845M
P/E	-17.3	-17.3	·	-18.9	-18.2	3.4	·	3.6	4.0	4.0	·	343.5	-647.7	-237.8	·	-189.1
P/S	2.3	2.4	·	2.1	2.1	2.1	·	2.5	3.1	3.2	·	3.9	3.7	3.6	·	3.3
P/B	1.0	1.0	·	0.8	0.8	0.8	·	0.8	1.0	1.0	·	1.6	1.5	1.5	·	1.3
P / Tangible Book	1.2	1.2	·	0.8	0.8	0.8	·	0.8	1.0	1.0	·	1.6	1.7	1.7	·	1.5
P / Cash Flow	·	35.0	·	·	·	33.6	·	·	·	57.8	·	·	·	19.8	·	·
P / FCF	·	-16.6	·	·	·	-11.0	·	·	·	-16.0	·	·	·	-49.4	·	·
EV / EBITDA	-1502.0	62.4	·	-174.2	-135.3	48.8	·	45.6	118.1	53.5	·	63.3	57.4	54.4	·	52.5
EV / FCF	·	-29.2	·	·	·	-17.8	·	·	·	-14.3	·	·	·	-52.1	·	·
EV / Revenue	4.2	4.2	·	3.5	3.5	3.4	·	3.5	4.0	2.9	·	4.3	4.0	3.8	·	3.2
Earnings Yield	-5.8%	-5.8%	·	-5.3%	-5.5%	29.4%	·	27.7%	25.0%	25.1%	·	0.29%	-0.15%	-0.42%	·	-0.53%

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement

	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Revenue	$358M	$328M	$269M	$249M	$245M
Operating Margin %	-6.5%	-8.7%	3.4%	-3.0%	-0.99%
Net Income	$-33M	$194M	$8M	$-8M	$999M
Diluted EPS	$-0.71	$3.54	$0.16	$-0.17	$19.92

Balance Sheet

	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Debt / Equity	0.7	0.5	0.5	0.1	0.0
Current Ratio	0.9	0.8	1.8	1.3	2.5
Quick Ratio	0.5	0.7	1.6	0.7	1.6

Cash Flow

	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Free Cash Flow	$-258M	$-257M	$-143M	$-115M	$-411M

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Institutional owners (13F) 196 filers · $408.0M total · As of June 30, 2026

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Institutional activity — Q2 2026 vs prior quarter

New positions	Exited positions	Increased	Decreased	Net shares change
37 (+4 vs prior Q)	11 (-3 vs prior Q)	62 (+13 vs prior Q)	45 (-4 vs prior Q)	-543K

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution	Value	Shares	% of tracked 13F	Type
GCM Grosvenor Holdings, LLC	$62,070,034	4,116,050	15.21%	Shares
ECP ControlCo, LLC	$52,133,143	3,457,105	12.78%	Shares
DIMENSIONAL FUND ADVISORS LP	$38,399,531	2,546,388	9.41%	Shares
STATE STREET CORP	$32,415,304	2,149,556	7.95%	Shares
VANGUARD CAPITAL MANAGEMENT LLC	$31,047,745	2,058,869	7.61%	Shares
AMERICAN CENTURY COMPANIES INC	$21,647,008	1,435,478	5.31%	Shares
GEODE CAPITAL MANAGEMENT, LLC	$16,898,278	1,120,350	4.14%	Shares
COOPER INVESTORS PTY LTD	$14,026,556	930,143	3.44%	Shares
VANGUARD PORTFOLIO MANAGEMENT LLC	$13,766,261	912,882	3.37%	Shares
MILLENNIUM MANAGEMENT LLC	$11,029,904	731,426	2.70%	Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	$10,830,712	718,217	2.65%	Shares
Broad Run Investment Management, LLC	$9,931,190	658,567	2.43%	Shares
ROYCE & ASSOCIATES LP	$9,697,842	643,093	2.38%	Shares
BRIDGEWAY CAPITAL MANAGEMENT, LLC	$5,934,779	393,553	1.45%	Shares
VANGUARD FIDUCIARY TRUST CO	$4,573,462	303,280	1.12%	Shares
GAMCO INVESTORS, INC. ET AL	$4,071,600	270,000	1.00%	Shares
Empowered Funds, LLC	$3,974,379	263,553	0.97%	Shares
PRINCIPAL FINANCIAL GROUP INC	$3,331,896	220,948	0.82%	Shares
CITIGROUP INC	$2,659,283	176,345	0.65%	Shares
GABELLI FUNDS LLC	$2,613,816	173,330	0.64%	Shares
Whitebark Investors LP	$2,520,667	167,153	0.62%	Shares
FRANKLIN RESOURCES INC	$2,459,699	163,110	0.60%	Shares
Public Sector Pension Investment Board	$2,378,553	157,729	0.58%	Shares
GOLDMAN SACHS GROUP INC	$2,140,502	141,943	0.52%	Shares
Bank of New York Mellon Corp	$2,033,960	134,878	0.50%	Shares
RHUMBLINE ADVISERS	$1,820,514	120,725	0.45%	Shares
RWA WEALTH PARTNERS, LLC	$1,801,668	119,474	0.44%	Shares
Brandywine Global Investment Management, LLC	$1,549,618	134,050	0.38%	Shares
Quantinno Capital Management LP	$1,536,140	101,866	0.38%	Shares
Swiss National Bank	$1,338,682	88,772	0.33%	Shares
FMR LLC	$1,136,534	75,367	0.28%	Shares
CWM, LLC	$1,131,554	73,382	0.28%	Shares
Legal & General Group Plc	$1,070,107	70,962	0.26%	Shares
AMERIPRISE FINANCIAL INC	$1,044,667	69,275	0.26%	Shares
ALLIANCEBERNSTEIN L.P.	$941,946	61,086	0.23%	Shares
Trexquant Investment LP	$936,242	62,085	0.23%	Shares
Jump Financial, LLC	$871,624	57,800	0.21%	Shares
Creative Planning	$856,710	56,811	0.21%	Shares
Campbell & CO Investment Adviser LLC	$834,618	55,346	0.20%	Shares
BANK OF AMERICA CORP /DE/	$815,828	54,100	0.20%	Shares
DEUTSCHE BANK AG\	$808,107	53,588	0.20%	Shares
VICTORY CAPITAL MANAGEMENT INC	$797,265	52,869	0.20%	Shares
FIRST TRUST ADVISORS LP	$754,723	50,048	0.18%	Shares
Pathstone Holdings, LLC	$739,762	49,056	0.18%	Shares
PRUDENTIAL FINANCIAL INC	$734,381	48,699	0.18%	Shares
RENAISSANCE TECHNOLOGIES LLC	$723,840	48,000	0.18%	Shares
Susquehanna Portfolio Strategies, LLC	$680,334	45,115	0.17%	Shares
JPMORGAN CHASE & CO	$671,910	43,016	0.16%	Shares
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM	$658,958	42,734	0.16%	Shares
Visionary Wealth Advisors	$641,730	42,555	0.16%	Shares
WELLS FARGO & COMPANY/MN	$636,557	42,212	0.16%	Shares
TWO SIGMA ADVISERS, LP	$632,332	54,700	0.15%	Shares
ACORN FINANCIAL ADVISORY SERVICES INC /ADV	$628,625	41,686	0.15%	Shares
CITADEL ADVISORS LLC	$528,192	35,026	0.13%	Shares
BlackRock, Inc.	$522,869	34,673	0.13%	Shares
LPL Financial LLC	$519,946	34,479	0.13%	Shares
FULLER & THALER ASSET MANAGEMENT, INC.	$519,657	34,460	0.13%	Shares
TWO SIGMA INVESTMENTS, LP	$511,544	33,922	0.13%	Shares
VANGUARD ASSET MANAGEMENT, Ltd	$503,491	33,388	0.12%	Shares
Quantbot Technologies LP	$501,304	33,243	0.12%	Shares
AlphaQuest LLC	$491,277	42,498	0.12%	Shares
BEACON INVESTMENT ADVISORS LLC	$479,636	31,806	0.12%	Shares
Trek Financial, LLC	$450,832	29,896	0.11%	Shares
Defined Financial Planning LLC	$444,237	30,807	0.11%	Shares
MetLife Investment Management, LLC	$442,085	29,316	0.11%	Shares
Cornerstone Advisory, LLC	$424,442	28,146	0.10%	Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP	$403,194	26,737	0.10%	Shares
Squarepoint Ops LLC	$365,811	24,258	0.09%	Shares
Graves Light Lenhart Wealth, Inc.	$364,031	24,140	0.09%	Shares
Illinois Municipal Retirement Fund	$360,518	23,907	0.09%	Shares
Numerai GP LLC	$356,642	23,650	0.09%	Shares
Capital Investment Advisory Services, LLC	$354,380	23,500	0.09%	Shares
Zurcher Kantonalbank (Zurich Cantonalbank)	$353,098	23,415	0.09%	Shares
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.	$349,992	23,209	0.09%	Shares
Schonfeld Strategic Advisors LLC	$341,063	22,617	0.08%	Shares
CDC Financial, Inc.	$336,284	22,300	0.08%	Shares
Balyasny Asset Management L.P.	$325,095	21,558	0.08%	Shares
JANUS HENDERSON GROUP PLC	$322,545	20,897	0.08%	Shares
Invesco Ltd.	$308,220	20,439	0.08%	Shares
Connor, Clark & Lunn Investment Management Ltd.	$304,842	20,215	0.07%	Shares
Louisiana State Employees Retirement System	$303,108	20,100	0.07%	Shares
Kestra Advisory Services, LLC	$300,588	19,933	0.07%	Shares
MIRABELLA FINANCIAL SERVICES LLP	$293,834	19,485	0.07%	Shares
Salvus Wealth Management, LLC	$288,493	18,709	0.07%	Shares
Vanguard Global Advisers, LLC	$251,881	16,703	0.06%	Shares
NEW YORK STATE COMMON RETIREMENT FUND	$245,955	16,310	0.06%	Shares
Jain Global LLC	$224,692	14,900	0.06%	Shares
BNP PARIBAS FINANCIAL MARKETS	$222,098	14,728	0.05%	Shares
Police & Firemen's Retirement System of New Jersey	$211,799	14,045	0.05%	Shares
STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM	$209,160	13,870	0.05%	Shares
MANUFACTURERS LIFE INSURANCE COMPANY, THE	$205,601	13,634	0.05%	Shares
Wealthcare Advisory Partners LLC	$200,624	13,304	0.05%	Shares
Skopos Labs, Inc.	$195,881	12,703	0.05%	Shares
Inscription Capital, LLC	$192,843	12,788	0.05%	Shares
YOUSIF CAPITAL MANAGEMENT, LLC	$185,182	12,280	0.05%	Shares
ARIZONA STATE RETIREMENT SYSTEM	$184,082	12,207	0.05%	Shares
INCEPTIONR LLC	$177,748	11,787	0.04%	Shares
State of Tennessee, Department of Treasury	$172,727	11,454	0.04%	Shares
XTX Topco Ltd	$169,876	11,265	0.04%	Shares
Amundi	$166,438	11,037	0.04%	Shares

Company insiders 49 insiders · 27 officers · 12 directors

Insider	Role	Last activity	Shares owned	Buys 12m	Net 12m
Edward H Mckay	President & CEO	July 31, 2026 P	136,007	1	$24,280
James J Volk	SVP Finance & CFO	July 31, 2026 P	92,671	2	$49,999
James F Woodward	Sr VP-Finance & CFO	Feb. 20, 2018 A	—	0	$0
David L Heimbach	Executive VP & COO	May 15, 2018 A	—	0	$0
Earle A Mackenzie	Executive Vice President & COO	Feb. 20, 2018 A	281,268	0	$0
Christopher E French	Executive Chairman	March 2, 2026 J	125,387	0	$0
Tracy Willis	VP & Chief Accounting Officer	Feb. 19, 2026 A	1,638	0	$0
Glenn E Lytle Jr	SVP Commercial Sales	Feb. 19, 2026 A	8,956	0	$0
Dara Leslie	SVP Sales & Marketing	Feb. 19, 2026 A	16,002	0	$0
Angela M Olsen	VP Legal/Gen Counsel & Sec	Feb. 19, 2026 A	809	0	$0
Heather K Tormey	VP Chief HRO	Feb. 19, 2026 A	25,536	0	$0
Richard W Mason JR	SVP Engineering & Operations	Feb. 19, 2026 A	54,939	0	$0
Elaine Cheng	SVP & Chief Info Officer	Feb. 19, 2026 A	38,523	0	$0
Derek Rieger	VP Legal/Gen Counsel & Sec	Feb. 20, 2025 M	8,098	0	$0
Dennis Romps	VP & Chief Accounting Officer	Feb. 15, 2024 M	3,040	0	$0
Richard A Baughman	VP-Information Technology	June 28, 2018 S	30,624	0	$0
William L Pirtle	SR VP - Wireless	March 28, 2018 S	50,416	0	$0
Raymond B Ostroski	VP Legal & General Counsel	March 19, 2018 X	29,364	0	$0
Thomas A Whitaker	SR VP- Wireless & Cable Oper	Feb. 20, 2018 A	29,810	0	$0
Adele M Skolits	VP Finance &Treasurer	Nov. 7, 2017 X	114,212	0	$0
Ann E Flowers	VP-Legal & General Counsel	Dec. 3, 2012 J	2,303	0	$0
Christopher S Kyle	VP-Marketing & Sales Cable	June 21, 2011 M	4,025	0	$0
David E Ferguson	VP-Customer Services	June 21, 2010 M	19,217	0	$0
Jonathan R Spencer	VP & General Counsel	Feb. 28, 2008 P	3,246	0	$0
Laurence F Paxton	VP - Information Technology	Jan. 29, 2007 X	5,249	0	$0
David D Lasier	VP-Broadband	Sept. 19, 2005 A	—	0	$0
Jeffrey R Pompeo	VP-Converged Services	Oct. 18, 2004 A	—	0	$0
Matthew Rinklin	Director	June 8, 2026 A	—	0	$0
John W Flora	Director	April 21, 2026 M	66,060	0	$0
Tracy Fitzsimmons	Director	April 21, 2026 M	63,053	0	$0
James F Dimola	Director	Feb. 19, 2026 A	0	0	$0
Matthew Denichilo	Director	Feb. 13, 2025 M	—	0	$0
Ken L Burch	Director	May 1, 2018 A	441,323	0	$0
James E Zerkel II	Director	Feb. 22, 2018 D	60,244	0	$0
LAM DALE S	Director	Feb. 22, 2018 D	24,068	0	$0
Jonelle St John	Director	Feb. 19, 2016 M	15,899	0	$0
William A Truban Jr	Director	Sept. 17, 2007 A	2,000	0	$0
Noel M Borden	Director	June 12, 2006 G	29,977	0	$0
Zane Neff	Director	April 27, 2004 S	14,532	0	$0
Michael Anthony Rhymes	—	Aug. 3, 2026 A	11,916	0	$0
Victor Christopher Barnes	—	Aug. 3, 2026 A	24,664	0	$0
Kenneth L Quaglio	—	Aug. 3, 2026 A	34,798	0	$0
Leigh Ann Schultz	—	Aug. 3, 2026 A	34,358	0	$0
Thomas Beckett	—	Aug. 3, 2026 A	30,936	0	$0
Richard L Koontz Jr	—	Aug. 3, 2026 A	71,813	0	$0
Douglas C Arthur	—	June 23, 2016 S	23,979	0	$0
David K Macdonald	—	Feb. 26, 2008 X	15,812	0	$0
Nancy A Stadler	—	Sept. 20, 2004 A	—	0	$0
Alan R Prusak	—	May 10, 2004 A	—	0	$0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

Activists & 5%+ owners 2 positions

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer	Filed	Stake	Status	Purpose	Filing
LIF Vista, LLC, Labor Impact Fund, L.P., LIF AIV 1, L.P., GCM Investments GP, LLC, Grosvenor Capital Management Holdings, LLLP, GCM Grosvenor Holdings, LLC, GCM Grosvenor Inc., GCM V, LLC, Sacks Michael Jay ×2 filings	June 10, 2026	7.40%	Amendment	Board campaign	SEC
ECP ControlCo, LLC, Energy Capital Partners IV, LLC, Energy Capital Partners GP IV, LP, Energy Capital Partners IV-A, LP, Energy Capital Partners IV-B, LP, Energy Capital Partners IV-C, LP, Energy Capital Partners IV-D, LP, Energy Capital Partners IV-B (Hill City IP), LP, ECP Fiber Holdings GP, LLC, ECP Fiber Holdings, LP, Hill City Holdings GP, LLC, Hill City Holdings, LP, Energy Capital Partners Management, LP ×6 filings	Aug. 12, 2025	11.60%	Amendment	—	SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

ETF ownership Held by 51 ETFs

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund	Weight	Units	As of	Source
JPSE · J.P. Morgan Exchange-Traded Fund Tr…	0.08%	28,735 NS	April 30, 2026	N-PORT
AVUV · AMERICAN CENTURY ETF TRUST	0.06%	1,099,980 NS	May 31, 2026	N-PORT
DFSV · Dimensional ETF Trust	0.06%	275,197 NS	April 30, 2026	N-PORT
AVSC · AMERICAN CENTURY ETF TRUST	0.06%	99,010 NS	May 31, 2026	N-PORT
FNDA · SCHWAB STRATEGIC TRUST	0.04%	249,597 NS	May 31, 2026	N-PORT
FCOM · FIDELITY COVINGTON TRUST	0.04%	49,537 NS	April 30, 2026	N-PORT
SAA · ProShares Trust	0.03%	545 NS	May 31, 2026	N-PORT
DFAT · Dimensional ETF Trust	0.03%	258,164 NS	April 30, 2026	N-PORT
RSSL · Global X Funds	0.02%	21,988 NS	April 30, 2026	N-PORT
DFAS · Dimensional ETF Trust	0.02%	183,242 NS	April 30, 2026	N-PORT
ITWO · ProShares Trust	0.02%	2,389 NS	May 31, 2026	N-PORT
TDVI · First Trust Exchange-Traded Fund IV	0.02%	4,863 NS	April 30, 2026	N-PORT
SCHA · SCHWAB STRATEGIC TRUST	0.02%	217,102 NS	May 31, 2026	N-PORT
UWM · ProShares Trust	0.01%	1,869 NS	May 31, 2026	N-PORT
URTY · ProShares Trust	0.01%	1,891 NS	May 31, 2026	N-PORT
ONEQ · Fidelity Commonwealth Trust	0.01%	39,390 NS	May 31, 2026	N-PORT
AVSU · AMERICAN CENTURY ETF TRUST	0.00%	1,439 NS	May 31, 2026	N-PORT
DXUV · Dimensional ETF Trust	0.00%	1,143 NS	April 30, 2026	N-PORT
DFAC · Dimensional ETF Trust	0.00%	124,668 NS	April 30, 2026	N-PORT
FNDB · SCHWAB STRATEGIC TRUST	0.00%	3,134 NS	May 31, 2026	N-PORT
MSSM · MORGAN STANLEY PATHWAY FUNDS	0.00%	1,761 NS	May 31, 2026	N-PORT
HDG · ProShares Trust	0.00%	47 NS	May 31, 2026	N-PORT
DCOR · Dimensional ETF Trust	0.00%	6,409 NS	April 30, 2026	N-PORT
AVUS · AMERICAN CENTURY ETF TRUST	0.00%	17,362 NS	May 31, 2026	N-PORT
DFAU · Dimensional ETF Trust	0.00%	12,641 NS	April 30, 2026	N-PORT
SCHB · SCHWAB STRATEGIC TRUST	0.00%	28,013 NS	May 31, 2026	N-PORT
DFUS · Dimensional ETF Trust	0.00%	7,578 NS	April 30, 2026	N-PORT
EBI · RBB Fund Trust	0.00%	171 NS	May 31, 2026	N-PORT
VXF · VANGUARD INDEX FUNDS	—	—	July 15, 2026	Daily
VTI · VANGUARD INDEX FUNDS	—	—	July 15, 2026	Daily
VIOO · VANGUARD ADMIRAL FUNDS	—	—	July 15, 2026	Daily
VIOV · VANGUARD ADMIRAL FUNDS	—	—	July 15, 2026	Daily
VTWO · VANGUARD SCOTTSDALE FUNDS	—	—	July 15, 2026	Daily
VTWV · VANGUARD SCOTTSDALE FUNDS	—	—	July 15, 2026	Daily
VTHR · VANGUARD SCOTTSDALE FUNDS	—	—	July 15, 2026	Daily
IJR · iShares Trust	—	—	Aug. 3, 2026	Daily
IJS · iShares Trust	—	—	Aug. 10, 2026	Daily
ITOT · iShares Trust	—	—	July 22, 2026	Daily
IWV · iShares Trust	—	—	Aug. 18, 2026	Daily
IWN · iShares Trust	—	—	Aug. 17, 2026	Daily
IWM · iShares Trust	—	—	Aug. 18, 2026	Daily
XJR · iShares Trust	—	—	Aug. 18, 2026	Daily
PRFZ · Invesco Exchange-Traded Fund Trust	—	—	July 20, 2026	Daily
RZV · Invesco Exchange-Traded Fund Trust	—	—	July 28, 2026	Daily
VOX · VANGUARD WORLD FUND	—	—	July 20, 2026	Daily
SMMV · iShares Trust	—	—	Aug. 18, 2026	Daily
ESML · iShares Trust	—	—	Aug. 14, 2026	Daily
WSML · iShares Trust	—	—	July 20, 2026	Daily
PSCU · Invesco Exchange-Traded Fund Trust …	—	—	July 20, 2026	Daily
RWJ · Invesco Exchange-Traded Fund Trust …	—	—	July 23, 2026	Daily
QVMS · Invesco Exchange-Traded Fund Trust …	—	—	July 28, 2026	Daily

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Institutional owners (13F) 196 filers · $408.0M total · As of June 30, 2026

Company insiders 49 insiders · 27 officers · 12 directors

Activists & 5%+ owners 2 positions

ETF ownership Held by 51 ETFs