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Side-by-side financial comparison of Piedmont Realty Trust, Inc. (PDM) and SHENANDOAH TELECOMMUNICATIONS CO (SHEN). Click either name above to swap in a different company.
Piedmont Realty Trust, Inc. is the larger business by last-quarter revenue ($143.3M vs $91.6M, roughly 1.6× SHENANDOAH TELECOMMUNICATIONS CO). SHENANDOAH TELECOMMUNICATIONS CO runs the higher net margin — -5.9% vs -31.4%, a 25.5% gap on every dollar of revenue. On growth, SHENANDOAH TELECOMMUNICATIONS CO posted the faster year-over-year revenue change (7.2% vs 0.4%). Over the past eight quarters, SHENANDOAH TELECOMMUNICATIONS CO's revenue compounded faster (15.0% CAGR vs 0.0%).
Piedmont Realty Trust, Inc. is a publicly traded real estate investment trust (REIT) that owns, operates, and invests in high-quality office properties primarily located in high-growth metropolitan areas across the United States. It serves corporate tenants across multiple industry sectors including technology, professional services, and healthcare, and pursues stable long-term returns for stakeholders via strategic property management and portfolio optimization.
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.
PDM vs SHEN — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $143.3M | $91.6M |
| Net Profit | $-45.0M | $-5.4M |
| Gross Margin | — | — |
| Operating Margin | — | -1.0% |
| Net Margin | -31.4% | -5.9% |
| Revenue YoY | 0.4% | 7.2% |
| Net Profit YoY | -27.9% | -95.8% |
| EPS (diluted) | $-0.10 | $-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 | $143.3M | — | ||
| Q4 25 | $142.9M | $91.6M | ||
| Q3 25 | $139.2M | $89.8M | ||
| Q2 25 | $140.3M | $88.6M | ||
| Q1 25 | $142.7M | $87.9M | ||
| Q4 24 | $143.2M | $85.4M | ||
| Q3 24 | $139.3M | $87.6M | ||
| Q2 24 | $143.3M | $85.8M |
| Q1 26 | $-45.0M | — | ||
| Q4 25 | $-43.2M | $-5.4M | ||
| Q3 25 | $-13.5M | $-9.4M | ||
| Q2 25 | $-16.8M | $-9.0M | ||
| Q1 25 | $-10.1M | $-9.1M | ||
| Q4 24 | $-30.0M | $-2.7M | ||
| Q3 24 | $-11.5M | $-5.3M | ||
| Q2 24 | $-9.8M | $-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 | -31.4% | — | ||
| Q4 25 | -30.3% | -5.9% | ||
| Q3 25 | -9.7% | -10.5% | ||
| Q2 25 | -12.0% | -10.2% | ||
| Q1 25 | -7.1% | -10.4% | ||
| Q4 24 | -20.9% | -3.2% | ||
| Q3 24 | -8.3% | -6.0% | ||
| Q2 24 | -6.8% | -15.0% |
| Q1 26 | $-0.10 | — | ||
| Q4 25 | $-0.34 | $-0.13 | ||
| Q3 25 | $-0.11 | $-0.20 | ||
| Q2 25 | $-0.14 | $-0.19 | ||
| Q1 25 | $-0.08 | $-0.19 | ||
| Q4 24 | $-0.25 | $-0.34 | ||
| Q3 24 | $-0.09 | $-0.13 | ||
| Q2 24 | $-0.08 | $-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 | $2.3M | $27.3M |
| Total DebtLower is stronger | — | $642.4M |
| Stockholders' EquityBook value | $1.5B | $880.8M |
| Total Assets | $4.0B | $1.9B |
| Debt / EquityLower = less leverage | — | 0.73× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $2.3M | — | ||
| Q4 25 | $731.0K | $27.3M | ||
| Q3 25 | $3.0M | $22.6M | ||
| Q2 25 | $3.3M | $29.1M | ||
| Q1 25 | $2.9M | $87.5M | ||
| Q4 24 | $109.6M | $46.3M | ||
| Q3 24 | $133.6M | $43.1M | ||
| Q2 24 | $138.5M | $43.8M |
| Q1 26 | — | — | ||
| Q4 25 | $2.2B | $642.4M | ||
| Q3 25 | $2.2B | $535.4M | ||
| Q2 25 | $2.2B | $513.1M | ||
| Q1 25 | $2.2B | $515.8M | ||
| Q4 24 | $2.2B | $418.0M | ||
| Q3 24 | $2.2B | $345.2M | ||
| Q2 24 | $2.2B | $297.4M |
| Q1 26 | $1.5B | — | ||
| Q4 25 | $1.5B | $880.8M | ||
| Q3 25 | $1.5B | $892.7M | ||
| Q2 25 | $1.5B | $902.0M | ||
| Q1 25 | $1.6B | $910.5M | ||
| Q4 24 | $1.6B | $918.6M | ||
| Q3 24 | $1.6B | $925.4M | ||
| Q2 24 | $1.7B | $933.1M |
| Q1 26 | $4.0B | — | ||
| Q4 25 | $4.0B | $1.9B | ||
| Q3 25 | $4.0B | $1.9B | ||
| Q2 25 | $4.0B | $1.8B | ||
| Q1 25 | $4.0B | $1.8B | ||
| Q4 24 | $4.1B | $1.7B | ||
| Q3 24 | $4.1B | $1.7B | ||
| Q2 24 | $4.2B | $1.7B |
| Q1 26 | — | — | ||
| Q4 25 | 1.49× | 0.73× | ||
| Q3 25 | 1.43× | 0.60× | ||
| Q2 25 | 1.41× | 0.57× | ||
| Q1 25 | 1.40× | 0.57× | ||
| Q4 24 | 1.40× | 0.46× | ||
| Q3 24 | 1.36× | 0.37× | ||
| Q2 24 | 1.34× | 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 | 110.3% | 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 | $140.6M | $28.8M | ||
| Q3 25 | $35.8M | $30.7M | ||
| Q2 25 | $50.1M | $20.9M | ||
| Q1 25 | $3.7M | $20.5M | ||
| Q4 24 | $198.1M | $20.6M | ||
| Q3 24 | $42.9M | $24.3M | ||
| Q2 24 | $66.8M | $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 | 110.3% | — | ||
| 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% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PDM
Segment breakdown not available.
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% |
