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Side-by-side financial comparison of James River Group Holdings, Inc. (JRVR) and SHENANDOAH TELECOMMUNICATIONS CO (SHEN). Click either name above to swap in a different company.
James River Group Holdings, Inc. is the larger business by last-quarter revenue ($167.7M vs $91.6M, roughly 1.8× SHENANDOAH TELECOMMUNICATIONS CO). James River Group Holdings, Inc. runs the higher net margin — 19.1% vs -5.9%, a 25.0% gap on every dollar of revenue. On growth, James River Group Holdings, Inc. posted the faster year-over-year revenue change (32.4% vs 7.2%). James River Group Holdings, Inc. produced more free cash flow last quarter ($-23.6M vs $-78.6M). Over the past eight quarters, SHENANDOAH TELECOMMUNICATIONS CO's revenue compounded faster (15.0% CAGR vs -8.7%).
James River Corporation was an American pulp and paper company based in Richmond, Virginia, once the largest paper manufacturer in the world.
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.
JRVR vs SHEN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $167.7M | $91.6M |
| Net Profit | $32.1M | $-5.4M |
| Gross Margin | — | — |
| Operating Margin | 14.6% | -1.0% |
| Net Margin | 19.1% | -5.9% |
| Revenue YoY | 32.4% | 7.2% |
| Net Profit YoY | 149.5% | -95.8% |
| EPS (diluted) | $0.59 | $-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 | $167.7M | $91.6M | ||
| Q3 25 | $172.7M | $89.8M | ||
| Q2 25 | $174.8M | $88.6M | ||
| Q1 25 | $172.3M | $87.9M | ||
| Q4 24 | $126.7M | $85.4M | ||
| Q3 24 | $191.5M | $87.6M | ||
| Q2 24 | $188.3M | $85.8M | ||
| Q1 24 | $201.1M | $69.2M |
| Q4 25 | $32.1M | $-5.4M | ||
| Q3 25 | $1.0M | $-9.4M | ||
| Q2 25 | $4.8M | $-9.0M | ||
| Q1 25 | $9.6M | $-9.1M | ||
| Q4 24 | $-64.8M | $-2.7M | ||
| Q3 24 | $-39.4M | $-5.3M | ||
| Q2 24 | $7.6M | $-12.9M | ||
| Q1 24 | $15.4M | $214.7M |
| Q4 25 | 14.6% | -1.0% | ||
| Q3 25 | 1.5% | -8.0% | ||
| Q2 25 | 4.2% | -10.3% | ||
| Q1 25 | 9.3% | -6.9% | ||
| Q4 24 | -57.0% | -6.7% | ||
| Q3 24 | -27.1% | -4.8% | ||
| Q2 24 | 10.7% | -18.5% | ||
| Q1 24 | 16.4% | -4.0% |
| Q4 25 | 19.1% | -5.9% | ||
| Q3 25 | 0.6% | -10.5% | ||
| Q2 25 | 2.7% | -10.2% | ||
| Q1 25 | 5.6% | -10.4% | ||
| Q4 24 | -51.1% | -3.2% | ||
| Q3 24 | -20.6% | -6.0% | ||
| Q2 24 | 4.0% | -15.0% | ||
| Q1 24 | 7.7% | 310.0% |
| Q4 25 | $0.59 | $-0.13 | ||
| Q3 25 | $-0.02 | $-0.20 | ||
| Q2 25 | $0.06 | $-0.19 | ||
| Q1 25 | $0.16 | $-0.19 | ||
| Q4 24 | $-2.44 | $-0.34 | ||
| Q3 24 | $-1.10 | $-0.13 | ||
| Q2 24 | $0.13 | $-0.24 | ||
| Q1 24 | $0.35 | $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 | $260.9M | $27.3M |
| Total DebtLower is stronger | — | $642.4M |
| Stockholders' EquityBook value | $538.2M | $880.8M |
| Total Assets | $4.9B | $1.9B |
| Debt / EquityLower = less leverage | — | 0.73× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $260.9M | $27.3M | ||
| Q3 25 | $238.8M | $22.6M | ||
| Q2 25 | $220.0M | $29.1M | ||
| Q1 25 | $279.4M | $87.5M | ||
| Q4 24 | $362.3M | $46.3M | ||
| Q3 24 | $359.8M | $43.1M | ||
| Q2 24 | $672.5M | $43.8M | ||
| Q1 24 | $305.5M | $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 | $538.2M | $880.8M | ||
| Q3 25 | $503.6M | $892.7M | ||
| Q2 25 | $492.6M | $902.0M | ||
| Q1 25 | $484.5M | $910.5M | ||
| Q4 24 | $460.9M | $918.6M | ||
| Q3 24 | $530.3M | $925.4M | ||
| Q2 24 | $541.8M | $933.1M | ||
| Q1 24 | $539.5M | $871.6M |
| Q4 25 | $4.9B | $1.9B | ||
| Q3 25 | $5.0B | $1.9B | ||
| Q2 25 | $5.0B | $1.8B | ||
| Q1 25 | $4.9B | $1.8B | ||
| Q4 24 | $5.0B | $1.7B | ||
| Q3 24 | $5.0B | $1.7B | ||
| Q2 24 | $4.7B | $1.7B | ||
| Q1 24 | $5.3B | $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 | $-18.8M | $28.8M |
| Free Cash FlowOCF − Capex | $-23.6M | $-78.6M |
| FCF MarginFCF / Revenue | -14.1% | -85.8% |
| Capex IntensityCapex / Revenue | 2.9% | 117.2% |
| Cash ConversionOCF / Net Profit | -0.59× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-17.9M | $-257.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-18.8M | $28.8M | ||
| Q3 25 | $34.3M | $30.7M | ||
| Q2 25 | $25.2M | $20.9M | ||
| Q1 25 | $-51.5M | $20.5M | ||
| Q4 24 | $-247.1M | $20.6M | ||
| Q3 24 | $-269.9M | $24.3M | ||
| Q2 24 | $-8.7M | $2.5M | ||
| Q1 24 | $24.1M | $15.2M |
| Q4 25 | $-23.6M | $-78.6M | ||
| Q3 25 | $33.7M | $-51.4M | ||
| Q2 25 | $24.7M | $-65.3M | ||
| Q1 25 | $-52.7M | $-62.7M | ||
| Q4 24 | $-252.0M | $-72.0M | ||
| Q3 24 | $-270.8M | $-51.3M | ||
| Q2 24 | $-9.3M | $-78.3M | ||
| Q1 24 | $23.3M | $-54.9M |
| Q4 25 | -14.1% | -85.8% | ||
| Q3 25 | 19.5% | -57.2% | ||
| Q2 25 | 14.1% | -73.7% | ||
| Q1 25 | -30.6% | -71.3% | ||
| Q4 24 | -198.9% | -84.3% | ||
| Q3 24 | -141.4% | -58.5% | ||
| Q2 24 | -4.9% | -91.3% | ||
| Q1 24 | 11.6% | -79.3% |
| Q4 25 | 2.9% | 117.2% | ||
| Q3 25 | 0.4% | 91.4% | ||
| Q2 25 | 0.3% | 97.3% | ||
| Q1 25 | 0.7% | 94.7% | ||
| Q4 24 | 3.9% | 108.4% | ||
| Q3 24 | 0.4% | 86.2% | ||
| Q2 24 | 0.3% | 94.2% | ||
| Q1 24 | 0.4% | 101.2% |
| Q4 25 | -0.59× | — | ||
| Q3 25 | 33.61× | — | ||
| Q2 25 | 5.29× | — | ||
| Q1 25 | -5.38× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | -1.14× | — | ||
| Q1 24 | 1.56× | 0.07× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
JRVR
| Excess And Surplus Lines | $156.7M | 93% |
| Specialty Admitted Insurance | $10.9M | 7% |
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% |
