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Side-by-side financial comparison of Emerald Holding, Inc. (EEX) and SHENANDOAH TELECOMMUNICATIONS CO (SHEN). Click either name above to swap in a different company.
Emerald Holding, Inc. is the larger business by last-quarter revenue ($132.7M vs $91.6M, roughly 1.4× SHENANDOAH TELECOMMUNICATIONS CO). SHENANDOAH TELECOMMUNICATIONS CO runs the higher net margin — -5.9% vs -22.8%, a 16.9% gap on every dollar of revenue. On growth, Emerald Holding, Inc. posted the faster year-over-year revenue change (24.3% vs 7.2%). Emerald Holding, Inc. produced more free cash flow last quarter ($11.7M vs $-78.6M). Over the past eight quarters, SHENANDOAH TELECOMMUNICATIONS CO's revenue compounded faster (15.0% CAGR vs -0.3%).
TVS Emerald Haven Realty Limited is an Indian real estate development company headquartered in Chennai, Tamil Nadu. A subsidiary of TVS Holdings, it specializes in sustainable residential communities and urban development projects.
Shenandoah Telecommunications Co is a U.S. regional telecom provider offering broadband internet, wireless voice/data services, digital cable TV, and fiber-optic solutions. It serves residential, small business and enterprise clients across Mid-Atlantic states, focusing on underserved rural and suburban markets in Virginia, West Virginia, Maryland and Pennsylvania.
EEX vs SHEN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $132.7M | $91.6M |
| Net Profit | $-30.2M | $-5.4M |
| Gross Margin | — | — |
| Operating Margin | -11.8% | -1.0% |
| Net Margin | -22.8% | -5.9% |
| Revenue YoY | 24.3% | 7.2% |
| Net Profit YoY | -692.2% | -95.8% |
| EPS (diluted) | $-0.15 | $-0.13 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $132.7M | $91.6M | ||
| Q3 25 | $77.5M | $89.8M | ||
| Q2 25 | $105.5M | $88.6M | ||
| Q1 25 | $147.7M | $87.9M | ||
| Q4 24 | $106.8M | $85.4M | ||
| Q3 24 | $72.6M | $87.6M | ||
| Q2 24 | $86.0M | $85.8M | ||
| Q1 24 | $133.4M | $69.2M |
| Q4 25 | $-30.2M | $-5.4M | ||
| Q3 25 | $-14.4M | $-9.4M | ||
| Q2 25 | $-1.4M | $-9.0M | ||
| Q1 25 | $15.3M | $-9.1M | ||
| Q4 24 | $5.1M | $-2.7M | ||
| Q3 24 | $-11.1M | $-5.3M | ||
| Q2 24 | $-2.8M | $-12.9M | ||
| Q1 24 | $11.0M | $214.7M |
| Q4 25 | -11.8% | -1.0% | ||
| Q3 25 | -10.1% | -8.0% | ||
| Q2 25 | 9.7% | -10.3% | ||
| Q1 25 | 24.2% | -6.9% | ||
| Q4 24 | 19.5% | -6.7% | ||
| Q3 24 | -6.5% | -4.8% | ||
| Q2 24 | 7.4% | -18.5% | ||
| Q1 24 | 18.2% | -4.0% |
| Q4 25 | -22.8% | -5.9% | ||
| Q3 25 | -18.6% | -10.5% | ||
| Q2 25 | -1.3% | -10.2% | ||
| Q1 25 | 10.4% | -10.4% | ||
| Q4 24 | 4.8% | -3.2% | ||
| Q3 24 | -15.3% | -6.0% | ||
| Q2 24 | -3.3% | -15.0% | ||
| Q1 24 | 8.2% | 310.0% |
| Q4 25 | $-0.15 | $-0.13 | ||
| Q3 25 | $-0.07 | $-0.20 | ||
| Q2 25 | $-0.01 | $-0.19 | ||
| Q1 25 | $0.08 | $-0.19 | ||
| Q4 24 | $0.01 | $-0.34 | ||
| Q3 24 | $-0.05 | $-0.13 | ||
| Q2 24 | $-0.03 | $-0.24 | ||
| Q1 24 | $0.00 | $4.25 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $100.9M | $27.3M |
| Total DebtLower is stronger | — | $642.4M |
| Stockholders' EquityBook value | $338.8M | $880.8M |
| Total Assets | $1.2B | $1.9B |
| Debt / EquityLower = less leverage | — | 0.73× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $100.9M | $27.3M | ||
| Q3 25 | $95.4M | $22.6M | ||
| Q2 25 | $156.4M | $29.1M | ||
| Q1 25 | $276.8M | $87.5M | ||
| Q4 24 | $194.8M | $46.3M | ||
| Q3 24 | $188.9M | $43.1M | ||
| Q2 24 | $193.2M | $43.8M | ||
| Q1 24 | $186.8M | $389.7M |
| Q4 25 | — | $642.4M | ||
| Q3 25 | — | $535.4M | ||
| Q2 25 | — | $513.1M | ||
| Q1 25 | — | $515.8M | ||
| Q4 24 | — | $418.0M | ||
| Q3 24 | — | $345.2M | ||
| Q2 24 | — | $297.4M | ||
| Q1 24 | — | $298.7M |
| Q4 25 | $338.8M | $880.8M | ||
| Q3 25 | $369.5M | $892.7M | ||
| Q2 25 | $389.4M | $902.0M | ||
| Q1 25 | $392.1M | $910.5M | ||
| Q4 24 | $385.9M | $918.6M | ||
| Q3 24 | $391.1M | $925.4M | ||
| Q2 24 | $407.6M | $933.1M | ||
| Q1 24 | $-90.7M | $871.6M |
| Q4 25 | $1.2B | $1.9B | ||
| Q3 25 | $1.2B | $1.9B | ||
| Q2 25 | $1.2B | $1.8B | ||
| Q1 25 | $1.2B | $1.8B | ||
| Q4 24 | $1.0B | $1.7B | ||
| Q3 24 | $1.1B | $1.7B | ||
| Q2 24 | $1.1B | $1.7B | ||
| Q1 24 | $1.1B | $1.4B |
| Q4 25 | — | 0.73× | ||
| Q3 25 | — | 0.60× | ||
| Q2 25 | — | 0.57× | ||
| Q1 25 | — | 0.57× | ||
| Q4 24 | — | 0.46× | ||
| Q3 24 | — | 0.37× | ||
| Q2 24 | — | 0.32× | ||
| Q1 24 | — | 0.34× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $12.3M | $28.8M |
| Free Cash FlowOCF − Capex | $11.7M | $-78.6M |
| FCF MarginFCF / Revenue | 8.8% | -85.8% |
| Capex IntensityCapex / Revenue | 0.5% | 117.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $41.4M | $-257.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $12.3M | $28.8M | ||
| Q3 25 | $1.8M | $30.7M | ||
| Q2 25 | $15.9M | $20.9M | ||
| Q1 25 | $12.6M | $20.5M | ||
| Q4 24 | $20.6M | $20.6M | ||
| Q3 24 | $9.1M | $24.3M | ||
| Q2 24 | $9.8M | $2.5M | ||
| Q1 24 | $7.3M | $15.2M |
| Q4 25 | $11.7M | $-78.6M | ||
| Q3 25 | $1.5M | $-51.4M | ||
| Q2 25 | $15.8M | $-65.3M | ||
| Q1 25 | $12.4M | $-62.7M | ||
| Q4 24 | $19.9M | $-72.0M | ||
| Q3 24 | $9.0M | $-51.3M | ||
| Q2 24 | $9.6M | $-78.3M | ||
| Q1 24 | $7.0M | $-54.9M |
| Q4 25 | 8.8% | -85.8% | ||
| Q3 25 | 1.9% | -57.2% | ||
| Q2 25 | 15.0% | -73.7% | ||
| Q1 25 | 8.4% | -71.3% | ||
| Q4 24 | 18.6% | -84.3% | ||
| Q3 24 | 12.4% | -58.5% | ||
| Q2 24 | 11.2% | -91.3% | ||
| Q1 24 | 5.2% | -79.3% |
| Q4 25 | 0.5% | 117.2% | ||
| Q3 25 | 0.4% | 91.4% | ||
| Q2 25 | 0.1% | 97.3% | ||
| Q1 25 | 0.1% | 94.7% | ||
| Q4 24 | 0.7% | 108.4% | ||
| Q3 24 | 0.1% | 86.2% | ||
| Q2 24 | 0.2% | 94.2% | ||
| Q1 24 | 0.2% | 101.2% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 0.82× | — | ||
| Q4 24 | 4.04× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 0.66× | 0.07× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
EEX
| Connections Segment | $121.9M | 92% |
| Commerce Segment | $5.5M | 4% |
| Content | $5.3M | 4% |
SHEN
| Residential And SMB Incumbent Broadband | $41.5M | 45% |
| Residential And SMB Glo Fiber Expansion Markets | $23.0M | 25% |
| Commercial Fiber | $20.3M | 22% |
| RLEC Other | $6.8M | 7% |
