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Side-by-side financial comparison of SHENANDOAH TELECOMMUNICATIONS CO (SHEN) and Target Hospitality Corp. (TH). Click either name above to swap in a different company.
SHENANDOAH TELECOMMUNICATIONS CO is the larger business by last-quarter revenue ($91.6M vs $73.5M, roughly 1.2× Target Hospitality Corp.). SHENANDOAH TELECOMMUNICATIONS CO runs the higher net margin — -5.9% vs -20.3%, a 14.5% gap on every dollar of revenue. On growth, Target Hospitality Corp. posted the faster year-over-year revenue change (22.0% vs 7.2%). Over the past eight quarters, SHENANDOAH TELECOMMUNICATIONS CO's revenue compounded faster (15.0% CAGR vs 0.7%).
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.
Target Hospitality is a company that provides workforce lodging and other temporary, modular housing used for oil, gas and mining operations; large-scale events; and disaster relief. Target Hospitality is based in The Woodlands, Texas, and also has offices in Williston, North Dakota; Denver, Colorado; Calgary, Alberta.
SHEN vs TH — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $91.6M | $73.5M |
| Net Profit | $-5.4M | $-14.9M |
| Gross Margin | — | 9.6% |
| Operating Margin | -1.0% | -22.9% |
| Net Margin | -5.9% | -20.3% |
| Revenue YoY | 7.2% | 22.0% |
| Net Profit YoY | -95.8% | -219.1% |
| EPS (diluted) | $-0.13 | $-0.14 |
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 | $73.5M | ||
| Q3 25 | $89.8M | $91.6M | ||
| Q2 25 | $88.6M | $54.9M | ||
| Q1 25 | $87.9M | $54.9M | ||
| Q4 24 | $85.4M | $60.2M | ||
| Q3 24 | $87.6M | $65.8M | ||
| Q2 24 | $85.8M | $67.5M | ||
| Q1 24 | $69.2M | $72.4M |
| Q4 25 | $-5.4M | $-14.9M | ||
| Q3 25 | $-9.4M | $-795.0K | ||
| Q2 25 | $-9.0M | $-14.9M | ||
| Q1 25 | $-9.1M | $-6.5M | ||
| Q4 24 | $-2.7M | $12.5M | ||
| Q3 24 | $-5.3M | $20.0M | ||
| Q2 24 | $-12.9M | $18.4M | ||
| Q1 24 | $214.7M | $20.4M |
| Q4 25 | — | 9.6% | ||
| Q3 25 | — | 19.6% | ||
| Q2 25 | — | -0.6% | ||
| Q1 25 | — | 32.7% | ||
| Q4 24 | — | 61.5% | ||
| Q3 24 | — | 68.7% | ||
| Q2 24 | — | 69.4% | ||
| Q1 24 | — | 67.8% |
| Q4 25 | -1.0% | -22.9% | ||
| Q3 25 | -8.0% | 0.1% | ||
| Q2 25 | -10.3% | -30.8% | ||
| Q1 25 | -6.9% | -2.0% | ||
| Q4 24 | -6.7% | 34.5% | ||
| Q3 24 | -4.8% | 42.5% | ||
| Q2 24 | -18.5% | 43.8% | ||
| Q1 24 | -4.0% | 42.0% |
| Q4 25 | -5.9% | -20.3% | ||
| Q3 25 | -10.5% | -0.9% | ||
| Q2 25 | -10.2% | -27.2% | ||
| Q1 25 | -10.4% | -11.8% | ||
| Q4 24 | -3.2% | 20.8% | ||
| Q3 24 | -6.0% | 30.4% | ||
| Q2 24 | -15.0% | 27.2% | ||
| Q1 24 | 310.0% | 28.2% |
| Q4 25 | $-0.13 | $-0.14 | ||
| Q3 25 | $-0.20 | $-0.01 | ||
| Q2 25 | $-0.19 | $-0.15 | ||
| Q1 25 | $-0.19 | $-0.07 | ||
| Q4 24 | $-0.34 | $0.12 | ||
| Q3 24 | $-0.13 | $0.20 | ||
| Q2 24 | $-0.24 | $0.18 | ||
| Q1 24 | $4.25 | $0.20 |
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 | $8.3M |
| Total DebtLower is stronger | $642.4M | $1.7M |
| Stockholders' EquityBook value | $880.8M | $389.3M |
| Total Assets | $1.9B | $530.2M |
| Debt / EquityLower = less leverage | 0.73× | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $27.3M | $8.3M | ||
| Q3 25 | $22.6M | $30.4M | ||
| Q2 25 | $29.1M | $19.2M | ||
| Q1 25 | $87.5M | $34.5M | ||
| Q4 24 | $46.3M | $190.7M | ||
| Q3 24 | $43.1M | $177.7M | ||
| Q2 24 | $43.8M | $154.3M | ||
| Q1 24 | $389.7M | $124.3M |
| Q4 25 | $642.4M | $1.7M | ||
| Q3 25 | $535.4M | $2.0M | ||
| Q2 25 | $513.1M | $26.3M | ||
| Q1 25 | $515.8M | $42.9M | ||
| Q4 24 | $418.0M | $1.5M | ||
| Q3 24 | $345.2M | $994.0K | ||
| Q2 24 | $297.4M | $1.1M | ||
| Q1 24 | $298.7M | $179.9M |
| Q4 25 | $880.8M | $389.3M | ||
| Q3 25 | $892.7M | $402.4M | ||
| Q2 25 | $902.0M | $401.3M | ||
| Q1 25 | $910.5M | $415.3M | ||
| Q4 24 | $918.6M | $421.1M | ||
| Q3 24 | $925.4M | $417.6M | ||
| Q2 24 | $933.1M | $397.2M | ||
| Q1 24 | $871.6M | $375.5M |
| Q4 25 | $1.9B | $530.2M | ||
| Q3 25 | $1.9B | $541.2M | ||
| Q2 25 | $1.8B | $533.7M | ||
| Q1 25 | $1.8B | $562.5M | ||
| Q4 24 | $1.7B | $725.8M | ||
| Q3 24 | $1.7B | $709.8M | ||
| Q2 24 | $1.7B | $697.0M | ||
| Q1 24 | $1.4B | $687.2M |
| Q4 25 | 0.73× | 0.00× | ||
| Q3 25 | 0.60× | 0.01× | ||
| Q2 25 | 0.57× | 0.07× | ||
| Q1 25 | 0.57× | 0.10× | ||
| Q4 24 | 0.46× | 0.00× | ||
| Q3 24 | 0.37× | 0.00× | ||
| Q2 24 | 0.32× | 0.00× | ||
| Q1 24 | 0.34× | 0.48× |
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 | $5.7M |
| 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.
| Q4 25 | $28.8M | $5.7M | ||
| Q3 25 | $30.7M | $53.4M | ||
| Q2 25 | $20.9M | $11.1M | ||
| Q1 25 | $20.5M | $3.9M | ||
| Q4 24 | $20.6M | $30.6M | ||
| Q3 24 | $24.3M | $31.4M | ||
| Q2 24 | $2.5M | $39.1M | ||
| Q1 24 | $15.2M | $50.6M |
| Q4 25 | $-78.6M | — | ||
| Q3 25 | $-51.4M | — | ||
| Q2 25 | $-65.3M | — | ||
| Q1 25 | $-62.7M | $-11.6M | ||
| Q4 24 | $-72.0M | — | ||
| Q3 24 | $-51.3M | — | ||
| Q2 24 | $-78.3M | — | ||
| Q1 24 | $-54.9M | — |
| Q4 25 | -85.8% | — | ||
| Q3 25 | -57.2% | — | ||
| Q2 25 | -73.7% | — | ||
| Q1 25 | -71.3% | -21.1% | ||
| Q4 24 | -84.3% | — | ||
| Q3 24 | -58.5% | — | ||
| Q2 24 | -91.3% | — | ||
| Q1 24 | -79.3% | — |
| Q4 25 | 117.2% | — | ||
| Q3 25 | 91.4% | — | ||
| Q2 25 | 97.3% | — | ||
| Q1 25 | 94.7% | 28.2% | ||
| Q4 24 | 108.4% | — | ||
| Q3 24 | 86.2% | — | ||
| Q2 24 | 94.2% | — | ||
| Q1 24 | 101.2% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 2.44× | ||
| Q3 24 | — | 1.57× | ||
| Q2 24 | — | 2.13× | ||
| Q1 24 | 0.07× | 2.48× |
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% |
TH
| Services | $40.9M | 56% |
| Hospitality And Facilities Services South | $32.6M | 44% |
