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Side-by-side financial comparison of SHENANDOAH TELECOMMUNICATIONS CO (SHEN) and Smart Sand, Inc. (SND). Click either name above to swap in a different company.
SHENANDOAH TELECOMMUNICATIONS CO is the larger business by last-quarter revenue ($91.6M vs $86.0M, roughly 1.1× Smart Sand, Inc.). Smart Sand, Inc. runs the higher net margin — 1.4% vs -5.9%, a 7.2% gap on every dollar of revenue. On growth, SHENANDOAH TELECOMMUNICATIONS CO posted the faster year-over-year revenue change (7.2% vs -5.8%). Smart Sand, Inc. produced more free cash flow last quarter ($20.4M vs $-78.6M). Over the past eight quarters, SHENANDOAH TELECOMMUNICATIONS CO's revenue compounded faster (15.0% CAGR vs 1.8%).
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.
Sand 9 is a fabless Micro-electromechanical system (MEMS) company based in Cambridge, Massachusetts. Sand 9 developed a piezoelectric MEMS resonator to serve as an alternative for quartz timing devices in applications such as smart phones, low-power wireless devices, and communications infrastructure equipment.
SHEN vs SND — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $91.6M | $86.0M |
| Net Profit | $-5.4M | $1.2M |
| Gross Margin | — | 13.0% |
| Operating Margin | -1.0% | -3.1% |
| Net Margin | -5.9% | 1.4% |
| Revenue YoY | 7.2% | -5.8% |
| Net Profit YoY | -95.8% | -68.5% |
| EPS (diluted) | $-0.13 | $0.03 |
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 | $91.6M | $86.0M | ||
| Q3 25 | $89.8M | $92.8M | ||
| Q2 25 | $88.6M | $85.8M | ||
| Q1 25 | $87.9M | $65.6M | ||
| Q4 24 | $85.4M | $91.4M | ||
| Q3 24 | $87.6M | $63.2M | ||
| Q2 24 | $85.8M | $73.8M | ||
| Q1 24 | $69.2M | $83.1M |
| Q4 25 | $-5.4M | $1.2M | ||
| Q3 25 | $-9.4M | $3.0M | ||
| Q2 25 | $-9.0M | $21.4M | ||
| Q1 25 | $-9.1M | $-24.2M | ||
| Q4 24 | $-2.7M | $3.7M | ||
| Q3 24 | $-5.3M | $-98.0K | ||
| Q2 24 | $-12.9M | $-430.0K | ||
| Q1 24 | $214.7M | $-216.0K |
| Q4 25 | — | 13.0% | ||
| Q3 25 | — | 16.1% | ||
| Q2 25 | — | 10.4% | ||
| Q1 25 | — | 4.2% | ||
| Q4 24 | — | 14.7% | ||
| Q3 24 | — | 10.3% | ||
| Q2 24 | — | 17.7% | ||
| Q1 24 | — | 14.2% |
| Q4 25 | -1.0% | -3.1% | ||
| Q3 25 | -8.0% | 5.8% | ||
| Q2 25 | -10.3% | -0.1% | ||
| Q1 25 | -6.9% | -10.8% | ||
| Q4 24 | -6.7% | 3.9% | ||
| Q3 24 | -4.8% | -7.8% | ||
| Q2 24 | -18.5% | 4.8% | ||
| Q1 24 | -4.0% | 0.9% |
| Q4 25 | -5.9% | 1.4% | ||
| Q3 25 | -10.5% | 3.2% | ||
| Q2 25 | -10.2% | 24.9% | ||
| Q1 25 | -10.4% | -37.0% | ||
| Q4 24 | -3.2% | 4.1% | ||
| Q3 24 | -6.0% | -0.2% | ||
| Q2 24 | -15.0% | -0.6% | ||
| Q1 24 | 310.0% | -0.3% |
| Q4 25 | $-0.13 | $0.03 | ||
| Q3 25 | $-0.20 | $0.08 | ||
| Q2 25 | $-0.19 | $0.54 | ||
| Q1 25 | $-0.19 | $-0.62 | ||
| Q4 24 | $-0.34 | $0.10 | ||
| Q3 24 | $-0.13 | $0.00 | ||
| Q2 24 | $-0.24 | $-0.01 | ||
| Q1 24 | $4.25 | $-0.01 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $27.3M | $22.6M |
| Total DebtLower is stronger | $642.4M | $15.0M |
| Stockholders' EquityBook value | $880.8M | $239.7M |
| Total Assets | $1.9B | $340.0M |
| Debt / EquityLower = less leverage | 0.73× | 0.06× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.3M | $22.6M | ||
| Q3 25 | $22.6M | $5.1M | ||
| Q2 25 | $29.1M | $4.3M | ||
| Q1 25 | $87.5M | $5.1M | ||
| Q4 24 | $46.3M | $1.6M | ||
| Q3 24 | $43.1M | $7.2M | ||
| Q2 24 | $43.8M | $6.3M | ||
| Q1 24 | $389.7M | $4.6M |
| Q4 25 | $642.4M | $15.0M | ||
| Q3 25 | $535.4M | $14.3M | ||
| Q2 25 | $513.1M | $23.5M | ||
| Q1 25 | $515.8M | $13.7M | ||
| Q4 24 | $418.0M | $14.7M | ||
| Q3 24 | $345.2M | $15.7M | ||
| Q2 24 | $297.4M | $17.1M | ||
| Q1 24 | $298.7M | $25.5M |
| Q4 25 | $880.8M | $239.7M | ||
| Q3 25 | $892.7M | $239.9M | ||
| Q2 25 | $902.0M | $240.5M | ||
| Q1 25 | $910.5M | $219.9M | ||
| Q4 24 | $918.6M | $243.8M | ||
| Q3 24 | $925.4M | $243.6M | ||
| Q2 24 | $933.1M | $242.9M | ||
| Q1 24 | $871.6M | $242.5M |
| Q4 25 | $1.9B | $340.0M | ||
| Q3 25 | $1.9B | $343.1M | ||
| Q2 25 | $1.8B | $345.8M | ||
| Q1 25 | $1.8B | $326.9M | ||
| Q4 24 | $1.7B | $341.5M | ||
| Q3 24 | $1.7B | $335.8M | ||
| Q2 24 | $1.7B | $341.8M | ||
| Q1 24 | $1.4B | $349.3M |
| Q4 25 | 0.73× | 0.06× | ||
| Q3 25 | 0.60× | 0.06× | ||
| Q2 25 | 0.57× | 0.10× | ||
| Q1 25 | 0.57× | 0.06× | ||
| Q4 24 | 0.46× | 0.06× | ||
| Q3 24 | 0.37× | 0.06× | ||
| Q2 24 | 0.32× | 0.07× | ||
| Q1 24 | 0.34× | 0.11× |
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 | $22.4M |
| Free Cash FlowOCF − Capex | $-78.6M | $20.4M |
| FCF MarginFCF / Revenue | -85.8% | 23.7% |
| Capex IntensityCapex / Revenue | 117.2% | 2.3% |
| Cash ConversionOCF / Net Profit | — | 18.99× |
| TTM Free Cash FlowTrailing 4 quarters | $-257.9M | $32.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $28.8M | $22.4M | ||
| Q3 25 | $30.7M | $18.2M | ||
| Q2 25 | $20.9M | $-5.1M | ||
| Q1 25 | $20.5M | $8.7M | ||
| Q4 24 | $20.6M | $1.0M | ||
| Q3 24 | $24.3M | $5.8M | ||
| Q2 24 | $2.5M | $14.9M | ||
| Q1 24 | $15.2M | $-3.9M |
| Q4 25 | $-78.6M | $20.4M | ||
| Q3 25 | $-51.4M | $14.8M | ||
| Q2 25 | $-65.3M | $-7.8M | ||
| Q1 25 | $-62.7M | $5.2M | ||
| Q4 24 | $-72.0M | $-840.0K | ||
| Q3 24 | $-51.3M | $3.7M | ||
| Q2 24 | $-78.3M | $13.5M | ||
| Q1 24 | $-54.9M | $-5.5M |
| Q4 25 | -85.8% | 23.7% | ||
| Q3 25 | -57.2% | 15.9% | ||
| Q2 25 | -73.7% | -9.1% | ||
| Q1 25 | -71.3% | 7.9% | ||
| Q4 24 | -84.3% | -0.9% | ||
| Q3 24 | -58.5% | 5.8% | ||
| Q2 24 | -91.3% | 18.3% | ||
| Q1 24 | -79.3% | -6.6% |
| Q4 25 | 117.2% | 2.3% | ||
| Q3 25 | 91.4% | 3.6% | ||
| Q2 25 | 97.3% | 3.1% | ||
| Q1 25 | 94.7% | 5.4% | ||
| Q4 24 | 108.4% | 2.1% | ||
| Q3 24 | 86.2% | 3.4% | ||
| Q2 24 | 94.2% | 1.8% | ||
| Q1 24 | 101.2% | 2.0% |
| Q4 25 | — | 18.99× | ||
| Q3 25 | — | 6.05× | ||
| Q2 25 | — | -0.24× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.28× | ||
| 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
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% |
SND
| Sand | $85.1M | 99% |
| Smart Systems Segment | $980.0K | 1% |
