SHENSHENANDOAH TELECOMMUNICATIONS CO/VA/

Telephone Communications (no Radiotelephone)

Revenue: $358M; 9.1% YoY
Operating margin: -6.5%; 25% YoY
EBITDA: $106M; 56% YoY
Market cap: $563M
Employees: 1,041; $344K revenue each
Net debt / EBITDA: 7.0×; $741M net debt
AI in 10-K: 1.9; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
3% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
6% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
3% of assets
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$344K · 19th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.9 per 10K words · 54th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
7.0× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$563M market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DYes
1 filing
Active-intent 13D in 18 months
Net insider sellingNo
$74K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$245M	$249M	$269M	$328M	$358M	9.1%
Operating income	−$2M	−$17M	$142K	−$29M	−$23M	19%
Net income	$999M	−$8M	$8M	$194M	−$33M	117%
Operating cash flow	−$251M	$75M	$114M	$63M	$101M	61%
Capex	$160M	$189M	$255M	$319M	$359M	12%
Stock-based comp	$3M	$9M	$10M	$10M	$10M	2.5%
Buybacks	$0	—	—	—	—
Dividends	$940M	$4M	$5M	$6M	$6M	11%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jun 10, 2026	GCM Investments GP, LLC	SCHEDULE 13D/A	7.4%	Passive
Aug 12, 2025	ECP ControlCo, LLC	SCHEDULE 13D/A	36.1%	Passive
Jun 9, 2025	ECP ControlCo, LLC	SCHEDULE 13D/A	10.6%	Passive
May 23, 2025	ECP ControlCo, LLC	SCHEDULE 13D/A	10.2%	Active
Feb 18, 2025	ECP ControlCo, LLC	SCHEDULE 13D/A	31.0%	Passive
Aug 1, 2024	ECP ControlCo, LLC	SC 13D/A	10.0%	Passive
May 17, 2024	GCM Investments GP, LLC	SC 13D	7.5%	Passive
Apr 8, 2024	ECP ControlCo, LLC	SC 13D	9.9%	Active

Insider trading

Open-market buys, 12 mo: $74K · 3
Open-market sells, 12 mo: $0 · 0
Net: $74K

Pay vs performance

No pay-versus-performance disclosure yet.