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

03

Price $10.86

Market Cap (MRQ) $601M

P/E (TTM) -13.4

EPS (TTM) $-0.81

Revenue (TTM) $367M

Div Yield 1.1%

ROE (TTM) -4.3%

Debt/Equity (MRQ) 0.8

52W Range $10–$17

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

04

range

bars

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Stock splits 3

Ex-date	Split	Type
Jan. 5, 2016	2-for-1	Forward
Aug. 20, 2007	3-for-1	Forward
Feb. 23, 2004	2-for-1	Forward

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

06

Revenue$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

Net margin-10.4%

2016-12-31 → 2025-12-31

Valuation & Ratios 07–12

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

Metric	SHEN	5Y avg	Peer Median	Verdict
P/E (TTM)	-13.45Y avg ≈6.1	≈6.1	·	·
P/S (TTM)	1.65Y avg ≈3.3	≈3.3	1.0	Overvalued
P/B (MRQ)	0.75Y avg ≈1.3	≈1.3	1.3	Undervalued
EV / EBITDA	11.35Y avg ≈16.0	≈16.0	8.8	Overvalued
Price / FCF (TTM)	-2.65Y avg ≈-4.6	≈-4.6	·	·
Price / Cash Flow (TTM)	5.55Y avg ≈6.5	≈6.5	4.7	Overvalued
EV / Revenue	3.45Y avg ≈3.9	≈3.9	·	·
EV / FCF	-4.75Y avg ≈-5.6	≈-5.6	·	·
Price / Tangible Book (MRQ)	0.85Y avg ≈1.5	≈1.5	·	·

Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.

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

Metric	SHEN	5Y avg	Peer Median	Verdict
Operating Margin (TTM)	-5.3%5Y avg ≈-3.2%	≈-3.2%	11.7%	Weak
EBITDA Margin (TTM)	30.3%5Y avg ≈24.2%	≈24.2%	21.0%	Weak
Pretax Margin (TTM)	-13.5%5Y avg ≈-4.1%	≈-4.1%	10.0%	Weak
Net Profit Margin (TTM)	-10.4%5Y avg ≈91.4%	≈91.4%	6.9%	Weak
ROA (TTM)	-2.0%5Y avg ≈15.9%	≈15.9%	4.3%	Weak
ROE (TTM)	-4.3%5Y avg ≈34.5%	≈34.5%	-3.2%	Weak
ROIC	-1.2%5Y avg ≈-0.71%	≈-0.71%	2.9%	Weak

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric	SHEN	5Y avg	Peer Median	Verdict
Debt / Equity (MRQ)	0.85Y avg ≈0.3	≈0.3	0.8	In line
Current Ratio (MRQ)	0.95Y avg ≈1.5	≈1.5	1.2	Low liquidity
Quick Ratio	0.55Y avg ≈1.0	≈1.0	0.7	Low liquidity
Long-Term Debt / Equity (MRQ)	0.85Y avg ≈0.4	≈0.4	0.8	High debt

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

Metric	SHEN	5Y avg	Peer Median	Verdict
Revenue YoY	9.1%5Y avg ≈10.3%	≈10.3%	·	·
Revenue CAGR 3Y	12.9%5Y avg ≈10.0%	≈10.0%	·	·
Revenue CAGR 5Y	10.1%	·	·	·
EPS YoY	2112.5%	·	·	·
Net Income YoY	2311.3%	·	·	·
EPS CAGR 3Y	-43.8%	·	·	·
Net Income CAGR 3Y	-42.1%	·	·	·

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

Metric	SHEN	5Y avg	Peer Median	Verdict
EPS (Diluted)	$-0.715Y avg ≈$4.55	≈$4.55	·	·
Revenue / Share	$6.495Y avg ≈$5.70	≈$5.70	·	·
Cash Flow / Share	$1.835Y avg ≈$0.35	≈$0.35	·	·
Cash / Share	$0.505Y avg ≈$1.34	≈$1.34	·	·

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric	SHEN	5Y avg	Peer Median	Verdict
Asset Turnover	0.25Y avg ≈0.2	≈0.2	0.4	Weak
Receivables Turnover	11.75Y avg ≈11.4	≈11.4	10.3	In line
Revenue / Employee	≈$343.8K	·	·	·

value · ≈ 5Y avg · industry median · verdict relative to median

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

13

Dividend Yield1.1%

Payout Ratio-19.6%

Annualized Payout≈$0.11Paid annually

5Y Div CAGR≈-20.2%Per share, split-adjusted

Growth Streak≈3Consecutive years of dividend growth

Ex-date	Amount	Currency	Yield
Nov 7, 2025	$0.11	USD	≈1.0%
Nov 5, 2024	$0.10	USD	≈0.69%
Nov 6, 2023	$0.09	USD	≈0.37%
Nov 4, 2022	$0.08	USD	≈0.42%
Nov 5, 2021	$0.07	USD	≈67.0%
Aug 3, 2021	$18.75	USD	≈64.5%
Nov 10, 2020	$0.34	USD	≈0.72%
Nov 13, 2019	$0.29	USD	≈0.81%
Nov 8, 2018	$0.27	USD	≈0.63%
Nov 2, 2017	$0.26	USD	≈0.70%
Nov 2, 2016	$0.25	USD	≈1.0%
Nov 3, 2015	$0.24	USD	≈1.0%
Nov 3, 2014	$0.24	USD	≈1.6%
Nov 4, 2013	$0.18	USD	≈1.4%
Nov 5, 2012	$0.17	USD	≈2.5%
Nov 7, 2011	$0.17	USD	≈2.6%
Nov 5, 2010	$0.17	USD	≈1.7%
Nov 6, 2009	$0.16	USD	≈1.9%
Nov 7, 2008	$0.15	USD	≈1.3%
Nov 9, 2007	$0.14	USD	≈1.2%

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

14

Avg Surprise 6.7%

Next Report Oct 27, 2026

Period	Report	EPS Actual	EPS Est	Surprise
June 30, 2026	Jul 29, 2026	$-0.17	$-0.25	31.6%
March 31, 2026		$-0.31	$-0.26	-19.9%
Dec. 31, 2025		$-0.10	$-0.20	51.1%
Sept. 30, 2025		$-0.20	$-0.22	11.1%
June 30, 2025		$-0.19	$-0.20	3.5%
March 31, 2025		$-0.19	$-0.14	-37.0%

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

15

Income Statement 15

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

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

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

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

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

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

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	$0.11	$0.10	$0.09	$0.08	$18.82	$0.34	$0.29	$0.27	$0.26	$0.25	$0.24	$0.23
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

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%	·	·	·	·	·	·	·	·	·
Dividends Paid CAGR 5Y	-17.1%	·	·	·	·	·	·	·	·	·	·	·

Valuation (TTM) 17

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

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	·	55,150,000	55,103,000	54,959,000	·	54,781,000	54,730,000	50,520,000	·	50,379,000	50,366,000	50,291,000	·	50,183,000
Shares (Diluted)	55,779,000	55,554,000	·	55,150,000	55,103,000	54,959,000	·	54,781,000	54,730,000	50,520,000	·	50,379,000	50,366,000	50,512,000	·	50,183,000
EBITDA	·	$24M	·	$-7M	$-9M	$23M	·	$24M	$10M	$15M	·	$18M	$19M	$19M	·	$16M

Balance Sheet 27

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

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

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	·	-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

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

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	·	3.1	2.8	3.7	·	3.4	3.8	4.1	·	3.4	4.4	4.5	·	2.8

Per Share 5

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	·	$15.68	·	$16.26	$16.43	$16.60	·	$16.96	$17.10	$17.28	·	$13.02	$12.92	$12.79	·	$12.83
Revenue / Share	·	$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	·	$0.79	·	$0.41	$0.53	$1.60	·	$0.79	$0.80	$7.73	·	$0.72	$0.52	$0.96	·	$0.66
EPS (TTM)	$-0.87	$-0.83	·	$-0.92	$-0.85	$-0.90	·	$3.93	$4.09	$4.37	·	$0.06	$-0.02	$-0.12	·	$-0.10

Valuation (TTM) 11

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	$362M	·	$352M	$349M	$347M	·	$311M	$290M	$271M	·	$253M	$252M	$252M	·	$260M
Net Income TTM	·	$-40M	·	$-30M	$-26M	$-30M	·	$199M	$206M	$221M	·	$4M	$-695.0K	$-6M	·	$-5M
Market Cap	·	$853M	·	$737M	$750M	$690M	·	$770M	$891M	$876M	·	$1.04B	$977M	$956M	·	$853M
Enterprise Value	·	$1.50B	·	$1.25B	$1.23B	$1.12B	·	$1.07B	$1.14B	$785M	·	$1.15B	$1.08B	$1.01B	·	$845M
P/E	-17.3	-18.6	·	-14.6	-16.1	-14.0	·	3.6	4.0	4.0	·	343.5	-971.5	-158.5	·	-170.2
P/S	·	2.4	·	2.1	2.1	2.0	·	2.5	3.1	3.2	·	4.1	3.9	3.8	·	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	·	·
EV / Revenue	·	4.2	·	3.5	3.5	3.2	·	3.5	3.9	2.9	·	4.5	4.3	4.0	·	3.2
Earnings Yield	-5.8%	-5.4%	·	-6.9%	-6.2%	-7.2%	·	27.9%	25.1%	25.2%	·	0.29%	-0.10%	-0.63%	·	-0.59%

Most recent period on the left · null values shown as ·

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

16

Metric	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

Metric	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

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

Institutional owners (13F) 193 filers · $635.5M total · As of Sept. 30, 2026

17

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.

Holders 193

Value held $635.5M

New positions 29

Exited positions 11

Institutional activity — Q2 2026 vs prior quarter

New positions	Exited positions	Increased	Decreased	Net shares change
29 (-4 vs prior Q)	11 (-3 vs prior Q)	64 (+11 vs prior Q)	50 (+2 vs prior Q)	-93K

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
BlackRock, Inc.	$106,907,307	7,089,344	16.82%	Shares
GCM Grosvenor Holdings, LLC	$62,070,034	4,116,050	9.77%	Shares
ECP ControlCo, LLC	$52,133,143	3,457,105	8.20%	Shares
VANGUARD GROUP INC	$39,628,928	3,428,108	6.24%	Shares
SOUTHEASTERN ASSET MANAGEMENT INC/TN/	$39,461,299	2,616,797	6.21%	Shares
DIMENSIONAL FUND ADVISORS LP	$39,421,432	2,613,975	6.20%	Shares
STATE STREET CORP	$32,415,304	2,149,556	5.10%	Shares
VANGUARD CAPITAL MANAGEMENT LLC	$31,047,745	2,058,869	4.89%	Shares
AMERICAN CENTURY COMPANIES INC	$21,647,008	1,435,478	3.41%	Shares
GEODE CAPITAL MANAGEMENT, LLC	$19,583,256	1,298,399	3.08%	Shares
COOPER INVESTORS PTY LTD	$14,026,556	930,143	2.21%	Shares
VANGUARD PORTFOLIO MANAGEMENT LLC	$13,766,261	912,882	2.17%	Shares
MILLENNIUM MANAGEMENT LLC	$11,029,904	731,426	1.74%	Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	$10,830,712	718,217	1.70%	Shares
Broad Run Investment Management, LLC	$9,931,190	658,567	1.56%	Shares
Cerity Partners LLC	$9,757,288	647,035	1.54%	Shares
ROYCE & ASSOCIATES LP	$9,697,842	643,093	1.53%	Shares
NORTHERN TRUST CORP	$7,743,957	513,525	1.22%	Shares
BRIDGEWAY CAPITAL MANAGEMENT, LLC	$5,934,779	393,553	0.93%	Shares
MORGAN STANLEY	$5,036,641	333,994	0.79%	Shares
VANGUARD FIDUCIARY TRUST CO	$4,573,462	303,280	0.72%	Shares
GAMCO INVESTORS, INC. ET AL	$4,071,600	270,000	0.64%	Shares
Bank of New York Mellon Corp	$4,041,291	267,990	0.64%	Shares
Empowered Funds, LLC	$3,974,379	263,553	0.63%	Shares
GOLDMAN SACHS GROUP INC	$3,860,753	256,018	0.61%	Shares
PRINCIPAL FINANCIAL GROUP INC	$3,347,911	222,010	0.53%	Shares
Invesco Ltd.	$3,078,054	204,115	0.48%	Shares
CITIGROUP INC	$2,703,151	179,254	0.43%	Shares
Nuveen, LLC	$2,642,845	175,255	0.42%	Shares
GABELLI FUNDS LLC	$2,613,816	173,330	0.41%	Shares
FRANKLIN RESOURCES INC	$2,606,970	172,876	0.41%	Shares
Whitebark Investors LP	$2,520,667	167,153	0.40%	Shares
Public Sector Pension Investment Board	$2,378,553	157,729	0.37%	Shares
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC	$1,995,533	129,412	0.31%	Shares
RHUMBLINE ADVISERS	$1,820,514	120,725	0.29%	Shares
RWA WEALTH PARTNERS, LLC	$1,801,668	119,474	0.28%	Shares
Brandywine Global Investment Management, LLC	$1,549,618	134,050	0.24%	Shares
Legal & General Group Plc	$1,538,387	102,015	0.24%	Shares
Quantinno Capital Management LP	$1,536,140	101,866	0.24%	Shares
UBS Group AG	$1,495,333	99,160	0.24%	Shares
Swiss National Bank	$1,338,682	88,772	0.21%	Shares
FMR LLC	$1,137,657	75,442	0.18%	Shares
CITADEL ADVISORS LLC	$1,135,162	75,276	0.18%	Shares
CWM, LLC	$1,131,554	73,382	0.18%	Shares
AQR CAPITAL MANAGEMENT LLC	$1,102,861	73,134	0.17%	Shares
BANK OF AMERICA CORP /DE/	$1,049,809	69,616	0.17%	Shares
AMERIPRISE FINANCIAL INC	$1,044,667	69,275	0.16%	Shares
JPMORGAN CHASE & CO	$998,290	63,911	0.16%	Shares
ALLIANCEBERNSTEIN L.P.	$941,946	61,086	0.15%	Shares
Trexquant Investment LP	$936,242	62,085	0.15%	Shares

Show all 193 institutional owners →

Activists & 5%+ owners 2 positions

18

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.

Company insiders 52 insiders · 28 officers · 19 directors

19

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. 26, 2019 A	1,881	0	$0
David L Heimbach	Executive VP & COO	July 2, 2021 X	1,372	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
Raymond B Ostroski	VP Legal & General Counsel	Feb. 17, 2022 M	10,194	0	$0
William L Pirtle	SR VP - Sales & Marketing	July 8, 2021 X	12,771	0	$0
Thomas A Whitaker	VP - Corporate Development	June 9, 2021 S	31,449	0	$0
Chase L Stobbe	VP & Chief Accounting Officer	Feb. 18, 2021 M	885	0	$0
Richard A Baughman	VP-Information Technology	June 28, 2018 S	30,624	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
Michael Anthony Rhymes	Director	Oct. 1, 2026 A	12,001	0	$0
Victor Christopher Barnes	Director	Oct. 1, 2026 A	24,803	0	$0
Kenneth L Quaglio	Director	Oct. 1, 2026 A	34,968	0	$0
Leigh Ann Schultz	Director	Oct. 1, 2026 A	34,472	0	$0
Thomas Beckett	Director	Oct. 1, 2026 A	31,004	0	$0
Richard L Koontz Jr	Director	Oct. 1, 2026 A	71,898	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
ECP ControlCo, LLC	Director	July 30, 2024 A	·	0	$0
LAM DALE S	Director	Feb. 22, 2022 A	25,691	0	$0
James E Zerkel II	Director	Feb. 26, 2019 A	59,980	0	$0
Ken L Burch	Director	May 1, 2018 A	441,323	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
Energy Capital Partners Management, LP	·	Feb. 19, 2026 A	15,675	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

ETF ownership Held by 32 ETFs

20

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%	39,631 NS	July 31, 2026	N-PORT
VIOV · VANGUARD ADMIRAL FUNDS	0.07%	97,433 SH	Aug. 19, 2026	Daily
ESML · iShares Trust	0.05%	120,490 SH	Sept. 11, 2026	Daily
VTWV · VANGUARD SCOTTSDALE FUNDS	0.05%	43,013 SH	Aug. 19, 2026	Daily
DFSV · Dimensional ETF Trust	0.05%	312,173 NS	July 31, 2026	N-PORT
VIOO · VANGUARD ADMIRAL FUNDS	0.04%	160,087 SH	Aug. 19, 2026	Daily
VOX · VANGUARD WORLD FUND	0.04%	159,106 SH	Aug. 19, 2026	Daily
FCOM · FIDELITY COVINGTON TRUST	0.03%	46,779 NS	July 31, 2026	N-PORT
SMDX · Tidal Trust III	0.03%	2,733 NS	July 31, 2026	N-PORT
VTWO · VANGUARD SCOTTSDALE FUNDS	0.02%	289,770 SH	Aug. 19, 2026	Daily
RSSL · Global X Funds	0.02%	24,057 NS	July 31, 2026	N-PORT
IWM · iShares Trust	0.02%	1,249,977 SH	Sept. 11, 2026	Daily
DFAT · Dimensional ETF Trust	0.02%	223,343 NS	July 31, 2026	N-PORT
PRFZ · Invesco Exchange-Traded Fund Trust	0.02%	40,226 SH	Oct. 2, 2026	Daily
DFAS · Dimensional ETF Trust	0.01%	184,378 NS	July 31, 2026	N-PORT
TDVI · First Trust Exchange-Traded Fund IV	0.01%	6,100 NS	July 31, 2026	N-PORT
VXF · VANGUARD INDEX FUNDS	0.01%	535,048 SH	Aug. 19, 2026	Daily
WSML · iShares Trust	0.01%	3,321 SH	Sept. 11, 2026	Daily
DXUV · Dimensional ETF Trust	0.01%	2,643 NS	July 31, 2026	N-PORT
DFAC · Dimensional ETF Trust	0.00%	143,871 NS	July 31, 2026	N-PORT
DCOR · Dimensional ETF Trust	0.00%	6,409 NS	July 31, 2026	N-PORT
DFAU · Dimensional ETF Trust	0.00%	12,641 NS	July 31, 2026	N-PORT
ITOT · iShares Trust	0.00%	72,132 SH	Sept. 11, 2026	Daily
IWV · iShares Trust	0.00%	13,693 SH	Sept. 3, 2026	Daily
DFUS · Dimensional ETF Trust	0.00%	8,276 NS	July 31, 2026	N-PORT
VTI · VANGUARD INDEX FUNDS	0.00%	1,472,897 SH	Aug. 19, 2026	Daily
VTHR · VANGUARD SCOTTSDALE FUNDS	0.00%	3,870 SH	Aug. 19, 2026	Daily
IJR · iShares Trust	·	2,801,143 SH	Sept. 10, 2026	Daily
IJS · iShares Trust	·	412,956 SH	Sept. 8, 2026	Daily
IWN · iShares Trust	·	464,793 SH	Sept. 11, 2026	Daily
XJR · iShares Trust	·	6,353 SH	Aug. 31, 2026	Daily
SMMV · iShares Trust	·	18,803 SH	Sept. 1, 2026	Daily

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

21

rating · 8 analysts BUY

Median target $27.50 +153.2%

2 25.0% Strong Buy

5 62.5% Buy

1 12.5% Hold

0 0.0% Sell

0 0.0% Strong Sell

12-Month Price Target

2 analysts · 2026-10-02

Mean target $27.50 +153.2%

← Below all targets Current price $10.86

Low$26.00 Mean$27.50 High$29.00

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

22

FY basis, prices as of each company's last fiscal year-end close.

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%	·
IDT	·	19.0	5.4%	6.7%	25.4%	38.3%
UNIT	$1.64B	1.4	91.5%	58.4%	-125.9%	·
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%	·

My Metrics Your personal watchlist — selected rows from Full Fundamentals

26

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SHEN Shenandoah Telecommunications Co - Common Stock

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

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

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

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

Financial Health Debt, liquidity, solvency — balance sheet strength

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

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

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

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

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

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

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

Institutional owners (13F) 193 filers · $635.5M total · As of Sept. 30, 2026

Activists & 5%+ owners 2 positions

Company insiders 52 insiders · 28 officers · 19 directors

ETF ownership Held by 32 ETFs

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

12-Month Price Target

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

My Metrics Your personal watchlist — selected rows from Full Fundamentals