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Side-by-side financial comparison of INDEPENDENCE REALTY TRUST, INC. (IRT) and SHENANDOAH TELECOMMUNICATIONS CO (SHEN). Click either name above to swap in a different company.
INDEPENDENCE REALTY TRUST, INC. is the larger business by last-quarter revenue ($165.3M vs $91.6M, roughly 1.8× SHENANDOAH TELECOMMUNICATIONS CO). On growth, SHENANDOAH TELECOMMUNICATIONS CO posted the faster year-over-year revenue change (7.2% vs 2.5%). Over the past eight quarters, SHENANDOAH TELECOMMUNICATIONS CO's revenue compounded faster (15.0% CAGR vs 2.2%).
Brandywine Realty Trust is a Philadelphia-based real estate investment trust (REIT) that invests in office buildings in Philadelphia, Washington, D.C., and Austin, Texas.
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.
IRT vs SHEN — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $165.3M | $91.6M |
| Net Profit | — | $-5.4M |
| Gross Margin | — | — |
| Operating Margin | — | -1.0% |
| Net Margin | — | -5.9% |
| Revenue YoY | 2.5% | 7.2% |
| Net Profit YoY | — | -95.8% |
| EPS (diluted) | $0.00 | $-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.
| Q1 26 | $165.3M | — | ||
| Q4 25 | $167.1M | $91.6M | ||
| Q3 25 | $167.1M | $89.8M | ||
| Q2 25 | $162.2M | $88.6M | ||
| Q1 25 | $161.2M | $87.9M | ||
| Q4 24 | $161.0M | $85.4M | ||
| Q3 24 | $160.1M | $87.6M | ||
| Q2 24 | $158.4M | $85.8M |
| Q1 26 | — | — | ||
| Q4 25 | $33.3M | $-5.4M | ||
| Q3 25 | $6.9M | $-9.4M | ||
| Q2 25 | $8.0M | $-9.0M | ||
| Q1 25 | $8.4M | $-9.1M | ||
| Q4 24 | $-1.0M | $-2.7M | ||
| Q3 24 | $12.4M | $-5.3M | ||
| Q2 24 | $10.4M | $-12.9M |
| Q1 26 | — | — | ||
| Q4 25 | — | -1.0% | ||
| Q3 25 | — | -8.0% | ||
| Q2 25 | — | -10.3% | ||
| Q1 25 | — | -6.9% | ||
| Q4 24 | — | -6.7% | ||
| Q3 24 | — | -4.8% | ||
| Q2 24 | — | -18.5% |
| Q1 26 | — | — | ||
| Q4 25 | 19.9% | -5.9% | ||
| Q3 25 | 4.1% | -10.5% | ||
| Q2 25 | 5.0% | -10.2% | ||
| Q1 25 | 5.2% | -10.4% | ||
| Q4 24 | -0.6% | -3.2% | ||
| Q3 24 | 7.7% | -6.0% | ||
| Q2 24 | 6.5% | -15.0% |
| Q1 26 | $0.00 | — | ||
| Q4 25 | $0.14 | $-0.13 | ||
| Q3 25 | $0.03 | $-0.20 | ||
| Q2 25 | $0.03 | $-0.19 | ||
| Q1 25 | $0.04 | $-0.19 | ||
| Q4 24 | $-0.01 | $-0.34 | ||
| Q3 24 | $0.05 | $-0.13 | ||
| Q2 24 | $0.05 | $-0.24 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $23.3M | $27.3M |
| Total DebtLower is stronger | — | $642.4M |
| Stockholders' EquityBook value | $3.4B | $880.8M |
| Total Assets | $6.1B | $1.9B |
| Debt / EquityLower = less leverage | — | 0.73× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $23.3M | — | ||
| Q4 25 | $23.6M | $27.3M | ||
| Q3 25 | $23.3M | $22.6M | ||
| Q2 25 | $19.5M | $29.1M | ||
| Q1 25 | $29.1M | $87.5M | ||
| Q4 24 | $21.2M | $46.3M | ||
| Q3 24 | $17.6M | $43.1M | ||
| Q2 24 | $21.0M | $43.8M |
| Q1 26 | — | — | ||
| Q4 25 | $2.3B | $642.4M | ||
| Q3 25 | $2.3B | $535.4M | ||
| Q2 25 | $2.2B | $513.1M | ||
| Q1 25 | $2.3B | $515.8M | ||
| Q4 24 | $2.3B | $418.0M | ||
| Q3 24 | $2.3B | $345.2M | ||
| Q2 24 | $2.3B | $297.4M |
| Q1 26 | $3.4B | — | ||
| Q4 25 | $3.5B | $880.8M | ||
| Q3 25 | $3.5B | $892.7M | ||
| Q2 25 | $3.4B | $902.0M | ||
| Q1 25 | $3.5B | $910.5M | ||
| Q4 24 | $3.4B | $918.6M | ||
| Q3 24 | $3.4B | $925.4M | ||
| Q2 24 | $3.4B | $933.1M |
| Q1 26 | $6.1B | — | ||
| Q4 25 | $6.0B | $1.9B | ||
| Q3 25 | $6.1B | $1.9B | ||
| Q2 25 | $6.0B | $1.8B | ||
| Q1 25 | $6.0B | $1.8B | ||
| Q4 24 | $6.1B | $1.7B | ||
| Q3 24 | $5.9B | $1.7B | ||
| Q2 24 | $5.9B | $1.7B |
| Q1 26 | — | — | ||
| Q4 25 | 0.66× | 0.73× | ||
| Q3 25 | 0.66× | 0.60× | ||
| Q2 25 | 0.66× | 0.57× | ||
| Q1 25 | 0.65× | 0.57× | ||
| Q4 24 | 0.68× | 0.46× | ||
| Q3 24 | 0.68× | 0.37× | ||
| Q2 24 | 0.66× | 0.32× |
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 | — | $28.8M |
| Free Cash FlowOCF − Capex | — | $-78.6M |
| FCF MarginFCF / Revenue | — | -85.8% |
| Capex IntensityCapex / Revenue | — | 117.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-257.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $282.1M | $28.8M | ||
| Q3 25 | $79.3M | $30.7M | ||
| Q2 25 | $82.2M | $20.9M | ||
| Q1 25 | $60.4M | $20.5M | ||
| Q4 24 | $259.8M | $20.6M | ||
| Q3 24 | $69.2M | $24.3M | ||
| Q2 24 | $83.0M | $2.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | $-78.6M | ||
| Q3 25 | — | $-51.4M | ||
| Q2 25 | — | $-65.3M | ||
| Q1 25 | — | $-62.7M | ||
| Q4 24 | — | $-72.0M | ||
| Q3 24 | — | $-51.3M | ||
| Q2 24 | — | $-78.3M |
| Q1 26 | — | — | ||
| Q4 25 | — | -85.8% | ||
| Q3 25 | — | -57.2% | ||
| Q2 25 | — | -73.7% | ||
| Q1 25 | — | -71.3% | ||
| Q4 24 | — | -84.3% | ||
| Q3 24 | — | -58.5% | ||
| Q2 24 | — | -91.3% |
| Q1 26 | — | — | ||
| Q4 25 | — | 117.2% | ||
| Q3 25 | — | 91.4% | ||
| Q2 25 | — | 97.3% | ||
| Q1 25 | — | 94.7% | ||
| Q4 24 | — | 108.4% | ||
| Q3 24 | — | 86.2% | ||
| Q2 24 | — | 94.2% |
| Q1 26 | — | — | ||
| Q4 25 | 8.48× | — | ||
| Q3 25 | 11.51× | — | ||
| Q2 25 | 10.22× | — | ||
| Q1 25 | 7.23× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 5.60× | — | ||
| Q2 24 | 8.02× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IRT
| Rental and other property revenue | $165.2M | 100% |
| Other revenue | $109.0K | 0% |
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% |
