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Side-by-side financial comparison of Phathom Pharmaceuticals, Inc. (PHAT) and SHENANDOAH TELECOMMUNICATIONS CO (SHEN). Click either name above to swap in a different company.
SHENANDOAH TELECOMMUNICATIONS CO is the larger business by last-quarter revenue ($91.6M vs $57.6M, roughly 1.6× Phathom Pharmaceuticals, Inc.). On growth, Phathom Pharmaceuticals, Inc. posted the faster year-over-year revenue change (94.1% vs 7.2%). SHENANDOAH TELECOMMUNICATIONS CO produced more free cash flow last quarter ($-78.6M vs $-167.0M).
Phathom Pharmaceuticals is a clinical-stage biopharmaceutical firm focused on developing and commercializing innovative therapies for gastrointestinal diseases. Its lead product candidates address acid-related disorders, inflammatory bowel disease, and other GI conditions, serving patients mainly across North America and Europe.
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.
PHAT vs SHEN — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $57.6M | $91.6M |
| Net Profit | — | $-5.4M |
| Gross Margin | 86.7% | — |
| Operating Margin | — | -1.0% |
| Net Margin | — | -5.9% |
| Revenue YoY | 94.1% | 7.2% |
| Net Profit YoY | 71.6% | -95.8% |
| EPS (diluted) | — | $-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 | $57.6M | $91.6M | ||
| Q3 25 | $49.5M | $89.8M | ||
| Q2 25 | $39.5M | $88.6M | ||
| Q1 25 | $28.5M | $87.9M | ||
| Q4 24 | $29.7M | $85.4M | ||
| Q3 24 | $16.4M | $87.6M | ||
| Q2 24 | $7.3M | $85.8M | ||
| Q1 24 | — | $69.2M |
| Q4 25 | — | $-5.4M | ||
| Q3 25 | $-30.0M | $-9.4M | ||
| Q2 25 | $-75.8M | $-9.0M | ||
| Q1 25 | $-94.3M | $-9.1M | ||
| Q4 24 | — | $-2.7M | ||
| Q3 24 | $-85.6M | $-5.3M | ||
| Q2 24 | $-91.4M | $-12.9M | ||
| Q1 24 | — | $214.7M |
| Q4 25 | 86.7% | — | ||
| Q3 25 | 87.5% | — | ||
| Q2 25 | 87.2% | — | ||
| Q1 25 | 86.9% | — | ||
| Q4 24 | 87.1% | — | ||
| Q3 24 | 85.6% | — | ||
| Q2 24 | 81.2% | — | ||
| Q1 24 | — | — |
| Q4 25 | — | -1.0% | ||
| Q3 25 | -30.8% | -8.0% | ||
| Q2 25 | -151.7% | -10.3% | ||
| Q1 25 | -276.5% | -6.9% | ||
| Q4 24 | — | -6.7% | ||
| Q3 24 | -433.0% | -4.8% | ||
| Q2 24 | -1055.4% | -18.5% | ||
| Q1 24 | — | -4.0% |
| Q4 25 | — | -5.9% | ||
| Q3 25 | -60.5% | -10.5% | ||
| Q2 25 | -191.9% | -10.2% | ||
| Q1 25 | -330.7% | -10.4% | ||
| Q4 24 | — | -3.2% | ||
| Q3 24 | -523.3% | -6.0% | ||
| Q2 24 | -1248.6% | -15.0% | ||
| Q1 24 | — | 310.0% |
| Q4 25 | — | $-0.13 | ||
| Q3 25 | $-0.41 | $-0.20 | ||
| Q2 25 | $-1.05 | $-0.19 | ||
| Q1 25 | $-1.31 | $-0.19 | ||
| Q4 24 | — | $-0.34 | ||
| Q3 24 | $-1.32 | $-0.13 | ||
| Q2 24 | $-1.56 | $-0.24 | ||
| Q1 24 | — | $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 | $130.0M | $27.3M |
| Total DebtLower is stronger | $209.1M | $642.4M |
| Stockholders' EquityBook value | $-438.2M | $880.8M |
| Total Assets | $259.1M | $1.9B |
| Debt / EquityLower = less leverage | — | 0.73× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $130.0M | $27.3M | ||
| Q3 25 | $135.2M | $22.6M | ||
| Q2 25 | $149.6M | $29.1M | ||
| Q1 25 | $212.3M | $87.5M | ||
| Q4 24 | $297.3M | $46.3M | ||
| Q3 24 | $334.7M | $43.1M | ||
| Q2 24 | $276.2M | $43.8M | ||
| Q1 24 | — | $389.7M |
| Q4 25 | $209.1M | $642.4M | ||
| Q3 25 | $207.1M | $535.4M | ||
| Q2 25 | $205.1M | $513.1M | ||
| Q1 25 | $203.2M | $515.8M | ||
| Q4 24 | $201.4M | $418.0M | ||
| Q3 24 | $175.7M | $345.2M | ||
| Q2 24 | $174.4M | $297.4M | ||
| Q1 24 | — | $298.7M |
| Q4 25 | $-438.2M | $880.8M | ||
| Q3 25 | $-422.5M | $892.7M | ||
| Q2 25 | $-405.8M | $902.0M | ||
| Q1 25 | $-338.4M | $910.5M | ||
| Q4 24 | $-253.6M | $918.6M | ||
| Q3 24 | $-187.1M | $925.4M | ||
| Q2 24 | $-233.8M | $933.1M | ||
| Q1 24 | — | $871.6M |
| Q4 25 | $259.1M | $1.9B | ||
| Q3 25 | $240.3M | $1.9B | ||
| Q2 25 | $250.2M | $1.8B | ||
| Q1 25 | $294.2M | $1.8B | ||
| Q4 24 | $378.3M | $1.7B | ||
| Q3 24 | $387.0M | $1.7B | ||
| Q2 24 | $319.4M | $1.7B | ||
| Q1 24 | — | $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 | $-166.8M | $28.8M |
| Free Cash FlowOCF − Capex | $-167.0M | $-78.6M |
| FCF MarginFCF / Revenue | -290.0% | -85.8% |
| Capex IntensityCapex / Revenue | 0.4% | 117.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-328.9M | $-257.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-166.8M | $28.8M | ||
| Q3 25 | $-14.1M | $30.7M | ||
| Q2 25 | $-62.7M | $20.9M | ||
| Q1 25 | $-84.9M | $20.5M | ||
| Q4 24 | $-266.8M | $20.6M | ||
| Q3 24 | $-63.6M | $24.3M | ||
| Q2 24 | $-70.7M | $2.5M | ||
| Q1 24 | — | $15.2M |
| Q4 25 | $-167.0M | $-78.6M | ||
| Q3 25 | $-14.1M | $-51.4M | ||
| Q2 25 | $-62.8M | $-65.3M | ||
| Q1 25 | $-84.9M | $-62.7M | ||
| Q4 24 | $-266.9M | $-72.0M | ||
| Q3 24 | $-63.6M | $-51.3M | ||
| Q2 24 | $-70.8M | $-78.3M | ||
| Q1 24 | — | $-54.9M |
| Q4 25 | -290.0% | -85.8% | ||
| Q3 25 | -28.6% | -57.2% | ||
| Q2 25 | -159.0% | -73.7% | ||
| Q1 25 | -297.9% | -71.3% | ||
| Q4 24 | -899.8% | -84.3% | ||
| Q3 24 | -389.0% | -58.5% | ||
| Q2 24 | -966.2% | -91.3% | ||
| Q1 24 | — | -79.3% |
| Q4 25 | 0.4% | 117.2% | ||
| Q3 25 | 0.1% | 91.4% | ||
| Q2 25 | 0.2% | 97.3% | ||
| Q1 25 | 0.1% | 94.7% | ||
| Q4 24 | 0.5% | 108.4% | ||
| Q3 24 | 0.3% | 86.2% | ||
| Q2 24 | 0.6% | 94.2% | ||
| Q1 24 | — | 101.2% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.07× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PHAT
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% |
