Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| Shenandoah TelecommunicationsSHEN · telecom | |
|---|---|
| Grade |  D/Eon the D/E boundary of 558 graded peers; percentile 79.9, sampling error 2.1 points; lower is stronger |
| Rank | 437 of 558 |
| Profitability | Dpercentile 67.9 |
| Solvency | Epercentile 84.1 |
| Growth and financing | Bpercentile 32.8 |
| Reliability | 0.91 AUCfailure model, filers with $591M to $2.67B assets; 95% interval 0.88 to 0.94; 160 events, 2020 to 2025 |
| Peer failure rate | 1.01% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | $591M to $2.67B assetstotal assets $1.9B[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | none activenot computable: distress |
| Inputs computable | 7 of 14 |
| Graded from | filings received through Feb 26, 2026225 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $11.512026-10-08; market equity $636.8M; iex feed |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received Feb 26, 2026; the document on sec.gov.
” and the following risk factors should be read carefully in connection with evaluating our business. The following risks (or additional risks and uncertainties not presently known to us) could materially affect our financial condition, liquidity, or operating results, as well as the price of our common stock. Intensifying competition may limit our ability to continue to grow our revenue. The increasing demand for faster residential internet bandwidth driven by working and learning from home since the outbreak of COVID-19 has increased the availability of capital to fund FTTH and cable overbuilds.
The Fourteen Inputs [top]
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 67.9 | |||||||
| Gross profitability | not computable | 28.0% | |||||
| latest aligned inputs end 2017-12-31; latest annual assets end 2025-12-31 | |||||||
| Return on invested capital | (1.3%) | [3-11] | 8.9% | 83.9 | 181 | 2025-12-31 | |
| Accruals ratio | (7.3%) | [1,12-14] | (7.3%) | 52.0 | 703 | 2025-12-31 | |
| Gross margin stability, five years | not computable | 2.4 pts | |||||
| latest aligned inputs end 2017-12-31; latest annual assets end 2025-12-31 | |||||||
| Solvency, sleeve percentile 84.1 | |||||||
| Twelve-month failure probability | not computable | 0.05% | |||||
| liabilities and a nearby cover-page share count are required at 2026-03-31 | |||||||
| Altman Z double-prime | not computable | 1.93 | |||||
| one or more required annual facts are missing | |||||||
| Net debt to EBITDA | 5.78x | [3,6,8,15] | 1.71x | 84.1 | 190 | 2025-12-31 | |
| Interest coverage | not computable | 2.81x | |||||
| latest aligned inputs end 2021-12-31; latest annual assets end 2025-12-31 | |||||||
| Current ratio | 0.90x | [16-17] | 1.96x | 84.1 | 756 | 2025-12-31 | |
| Growth and financing, sleeve percentile 32.8 | |||||||
| Revenue growth, three-year compound | 12.9% | [2,18-20] | 5.1% | 29.8 | 615 | 2025-12-31 | |
| Free cash flow growth, three-year compound | not computable | 12.4% | |||||
| current FCF must be positive and base FCF must exceed $100,000 | |||||||
| Reinvestment rate | not computable | 15.1% | |||||
| NOPAT must exceed $100,000 | |||||||
| Asset growth, three years | 25.0% | [1,14,21-22] | 3.4% | 12.8 | 641 | 2025-12-31 | |
| Net share issuance, one year | 1.2% | [23-24] | 0.5% | 55.9 | 434 | 2026-02-23 | |
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Sleeves are equal-weighted; within a sleeve each computable input carries equal weight. Composite 0.254; sampling error 2.1 percentile points on 558 peers.
Among 558 Peers [top]
Composite score of every graded peer, smoothed. Vertical rules are the letter band edges at the 20th, 40th, 60th and 80th percentiles. Small dots are the six largest peers by market equity.
| Rank | Company | Percentile | Letter | Warnings |
|---|---|---|---|---|
| 432 | Progress Software Corp. (PRGS) Progress Software Corp. (PRGS) D/Eon the D/E boundary; percentile 79.0 Nasdaq · Services-Prepackaged Software market equity $1.6B; last close $38.34 No active warnings; 10 of 14 inputs | 79.0 | D/E | |
| 433 | Maxlinear, Inc. (MXL) Maxlinear, Inc. (MXL) D/Eon the D/E boundary; percentile 79.2 Nasdaq · Semiconductors & Related Devices market equity $8.5B; last close $93.64 No active warnings; 9 of 14 inputs | 79.2 | D/E | |
| 434 | Creative Realities, Inc. (CREX) Creative Realities, Inc. (CREX) D/Eon the D/E boundary; percentile 79.4 Nasdaq · Services-Computer Integrated Systems Design market equity $32.1M; last close $2.42 Warnings: late filer; 8 of 14 inputs | 79.4 | D/E | late filer |
| 435 | GoDaddy Inc. (GDDY) GoDaddy Inc. (GDDY) D/Eon the D/E boundary; percentile 79.6 NYSE · Services-Computer Integrated Systems Design market equity $13.1B; last close $103.22 No active warnings; 7 of 14 inputs | 79.6 | D/E | |
| 436 | Blend Labs, Inc. (BLND) Blend Labs, Inc. (BLND) D/Eon the D/E boundary; percentile 79.8 NYSE · Services-Computer Programming, Data Processing, Etc. market equity $248.3M; last close $1.04 Warnings: fortress balance sheet; 7 of 14 inputs | 79.8 | D/E | fortress balance sheet |
| 437 | Shenandoah Telecommunications (SHEN) Shenandoah Telecommunications (SHEN) D/Eon the D/E boundary; percentile 79.9 Nasdaq · Telephone Communications (No Radiotelephone) market equity $637.3M; last close $11.51 No active warnings; 7 of 14 inputs | 79.9 | D/E | |
| 438 | Trimble Inc. (TRMB) Trimble Inc. (TRMB) D/Eon the D/E boundary; percentile 80.0 Nasdaq · Measuring & Controlling Devices, NEC market equity $14.0B; last close $59.87 Warnings: late filer; 11 of 14 inputs | 80.0 | D/E | late filer |
| 439 | Saga Communications Inc. (SGA) Saga Communications Inc. (SGA) D/Eon the D/E boundary; percentile 80.1 Nasdaq · Radio Broadcasting Stations market equity $53.4M; last close $8.38 Warnings: late filer, fortress balance sheet; 9 of 14 inputs | 80.1 | D/E | late filer, fortress balance sheet |
| 440 | Quanterix Corp. (QTRX) Quanterix Corp. (QTRX) D/Eon the D/E boundary; percentile 80.2 Nasdaq · Laboratory Analytical Instruments market equity $151.8M; last close $3.20 Warnings: late filer, fortress balance sheet; 8 of 14 inputs | 80.2 | D/E | late filer, fortress balance sheet |
| 441 | ZoomInfo Technologies Inc. (GTM) ZoomInfo Technologies Inc. (GTM) D/Eon the D/E boundary; percentile 80.4 Nasdaq · Services-Prepackaged Software market equity $1.1B; last close $3.83 No active warnings; 13 of 14 inputs | 80.4 | D/E | |
| 442 | Precipio, Inc. (PRPO) Precipio, Inc. (PRPO) D/Eon the D/E boundary; percentile 80.6 Nasdaq · Laboratory Analytical Instruments market equity $41.5M; last close $23.15 Warnings: fortress balance sheet; 9 of 14 inputs | 80.6 | D/E | fortress balance sheet |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | D | 78.1 | 2204 |
| sector peers, equal sleeves (the grade) | D/E | 79.9 | 558 |
| same exchange, equal sleeves | D | 77.5 | 1219 |
| sector peers, equal inputs | D | 68.9 | 558 |
Each letter is one fifth of the 558 graded peers, about 111 companies. A boundary letter (A/B, B/C, C/D, D/E) marks a percentile within one sampling error of a band edge.
What the Price Implies [top]
Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | (6.9%) | (0.3%) | 43 | hotter than 43 of 100 peers |
| Distance from 52-week high | (32.6%) | (29.7%) | 44 | closer to its high than 44 of 100 peers |
| EBIT to enterprise value | (1.8%) | 1.4% | 29 | pricier than 71 of 100 peers |
| Free cash flow yield | (40.5%) | 2.7% | 9 | pricier than 91 of 100 peers |
| Book value to price | 1.36 | 0.24 | 91 | pricier than 9 of 100 peers |
| Sales to price | 0.56 | 0.33 | 63 | pricier than 37 of 100 peers |
| Composite equity issuance, five years | (38.8%) | 3.2% | 5 | more equity-funded than 5 of 100 peers |
| Relative strength against the sector, log excess return | (0.02) | (0.23) | 67 | ahead of 67 of 100 peers |
Inputs: market equity $637.3M; EBIT -$23.2M; free cash flow -$257.9M; book equity $867.0M; sales $357.9M; debt $707.4M; cash $43.8M[25].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: None of 9, period end 2025-12-31 | ||
|---|---|---|
| Return on assets above zero | (1.9%) | ✗ fail[12,14] |
| Operating cash flow above zero | $101.0M | ✓ pass[13] |
| Return on assets improved | (17.9 pts) | ✗ fail[12,14,21,26] |
| Operating cash flow exceeds net income | $133.9M | ✓ pass[12-13] |
| Long-term leverage fell | 6.8 pts | ✗ fail[1,14,21,27-28] |
| Current ratio improved | 7.3 pts | ✓ pass[16-17,29-30] |
| No new shares issued | 1.2% | ✗ fail[23-24] |
| Gross margin improved | n/a | |
| Asset turnover improved | (6.5 pts) | ✗ fail[2,14,18,21] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $43.8M[31] |
| Operating cash flow, four quarters | $104.8M[13,31-35] |
| Months of runway | not finite |
| trailing operating cash flow is nonnegative, so runway is not finite | |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 72 |
| 10-Q received Jul 29, 2026 | |
| Median daily dollar volume | $6.5M |
| 63 sessions | |
| Days since newest grade input | 225 |
Downloads [top]
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Sources [top]
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $1.9B | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $357.9M | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 3 | operating income | us-gaap:OperatingIncomeLoss | -$23.2M | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 4 | pretax income | us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest | -$41.9M | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 5 | income tax | us-gaap:IncomeTaxExpenseBenefit | -$8.9M | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 6 | total debt | us-gaap:LongTermDebt | $642.4M | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 7 | book equity | us-gaap:StockholdersEquity | $880.8M | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 8 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $27.3M | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 9 | total debt | us-gaap:LongTermDebt | $418.0M | 2024-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 10 | book equity | us-gaap:StockholdersEquity | $918.6M | 2024-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 11 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $46.3M | 2024-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 12 | net income | us-gaap:NetIncomeLoss | -$32.9M | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 13 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $101.0M | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 14 | assets | us-gaap:Assets | $1.7B | 2024-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 15 | depreciation amortization | us-gaap:DepreciationDepletionAndAmortization | $129.7M | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 16 | current assets | us-gaap:AssetsCurrent | $97.4M | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 17 | current liabilities | us-gaap:LiabilitiesCurrent | $108.5M | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 18 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $328.1M | 2024-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 19 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $269.1M | 2023-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 20 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $248.9M | 2022-12-31 | 2025-02-20 | 10-K | filing · viewer · series |
| 21 | assets | us-gaap:Assets | $1.2B | 2023-12-31 | 2025-02-20 | 10-K | filing · viewer · series |
| 22 | assets | us-gaap:Assets | $977.7M | 2022-12-31 | 2024-02-21 | 10-K | filing · viewer · series |
| 23 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 55,301,648 | 2026-02-23 | 2026-02-26 | 10-K | filing · viewer · series |
| 24 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 54,672,524 | 2025-02-13 | 2025-02-20 | 10-K | filing · viewer · series |
| 25 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 55,322,001 | 2026-04-24 | 2026-05-01 | 10-Q | filing · viewer · series |
| 26 | net income | us-gaap:NetIncomeLoss | $193.8M | 2024-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 27 | long term debt | us-gaap:LongTermDebtNoncurrent | $628.2M | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 28 | long term debt | us-gaap:LongTermDebtNoncurrent | $407.7M | 2024-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 29 | current assets | us-gaap:AssetsCurrent | $94.5M | 2024-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 30 | current liabilities | us-gaap:LiabilitiesCurrent | $114.6M | 2024-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 31 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $43.8M | 2026-03-31 | 2026-05-01 | 10-Q | filing · viewer · series |
| 32 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $24.4M | 2026-03-31 | 2026-05-01 | 10-Q | filing · viewer · series |
| 33 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $72.2M | 2025-09-30 | 2025-10-29 | 10-Q | filing · viewer · series |
| 34 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $41.5M | 2025-06-30 | 2025-07-31 | 10-Q | filing · viewer · series |
| 35 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $20.5M | 2025-03-31 | 2026-05-01 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 79.9 is 0.1 points from the nearest band edge; sampling error is 2.1 points.
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
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