Shenandoah Telecommunications C — Earnings Quality Grade F
SHEN · Communication Services
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 32 days, change -1 days YoY
AR growth 6.0% vs revenue growth 9.1%
Revenue 9.1%, CFFO 61.4%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth 12.5% vs revenue 9.1%. Normal
SG&A/Gross Profit = 51.9%. Normal
Gross margin 63.6%, change +2.7pp. Stable
Cash Flow Quality
CFFO/NI = -3.07. Below 1.0
FCF < 50% of Net Income for 2 years
Accruals ratio = -7.0%. Low accruals
Cash $0.0B covers only 4% of debt $0.6B
Balance Sheet Health
Goodwill+Intangibles $0.2B = 18% of equity. Manageable
Debt/EBITDA = 5.6x (>4x). Interest coverage = -0.9x (<2x). Financial stress
Other assets grew 31.0% vs revenue 9.1%
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
Small-cap context: A single acquisition on a small balance sheet can trip serial-acquirer logic.
Goodwill+Intangibles change -1% YoY. Normal
Manipulation Score
M-Score = -2.90 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25