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# Shentel Says Satellite Broadband Barely Dents Its Customer Base, Even As Its Stock Trades Lower On SpaceX Talk
- URL: https://www.bullished.co/shentel-says-satellite-broadband-barely-dents-its-customer-base-even-as-its-stock-trades-1a52086c/
- Published: 2026-10-28T13:32:04.000Z
- Updated: 2026-10-28T13:32:04.000Z
- Description: Management put the satellite churn hit in incumbent cable markets at under 10 basis points, while its fiber build nears completion.
- Author: Matteo Parrino
- Tags: Earnings, SHEN, Industry: Communication Services

[Shenandoah Telecommunications](https://www.bullished.co/tag/shen/), the fiber and cable broadband provider known as Shentel, said satellite competition has cost it almost no customers, answering an analyst on its third-quarter earnings call Wednesday who said the stock sells off whenever SpaceX comes up.

## Satellite churn peaked in the first quarter

An analyst from Craig-Hallum said it "seems like if there's a comment on SpaceX, your stock will trade down," and asked whether management sees real risk. Christopher French, Shentel's president and chief executive as listed on the call, said: "We've seen virtually no churn impact from satellite in our glow fiber markets."

In incumbent broadband markets, the churn impact has been minimal, French said, at less than 10 basis points. That satellite impact peaked in the first quarter of this year and has declined every quarter since, he said.

French said updated rate cards in the incumbent cable markets "compete very effectively against satellite," so management does not see a significant long-term factor.

Chief Financial Officer James Volk said the company is "disappointed where the stock is sitting today," which he blamed more on macro issues than fundamentals. He said it trades at roughly 10 times EBITDA, against roughly 12 times five months ago.

## Churn ticks up in rural cable markets

Shentel provides broadband, video and voice service over fiber and cable networks in parts of eight states, and its Glo Fiber service is the growth engine. Third-quarter revenue [rose 4.6%](https://www.globenewswire.com/news-release/2026/10/28/3390003/0/en/shenandoah-telecommunications-company-reports-third-quarter-2026-results.html?ref=bullished.co) to $93.9 million, and adjusted EBITDA rose 11.8% to $33.2 million. Glo Fiber added a record 8,600 data customers, ending the quarter with about 109,000.

Incumbent broadband monthly churn rose modestly to 1.76%, which French attributed mainly to wired competition and softer demand in rural markets where inflation is squeezing household budgets. He said churn improved in September. A new rate card planned for early 2027 should move away from promotions toward everyday pricing, Volk said, and he expects incumbent ARPU, or average revenue per user, to decline by less than 1% in 2027, after a 3% drop this quarter.

## Capital spending raised, data center talks quiet

Shentel reiterated 2026 guidance of $370 million to $377 million in revenue and $131 million to $136 million in adjusted EBITDA. It raised its capital spending outlook to $255 million to $275 million, from $220 million to $250 million, citing 7,000 more Glo Fiber passings, about $10 million of the increase, and government grant payments that will likely slip into 2027, about $15 million.

Asked about AI data center customers after last quarter's master service agreement with a hyperscaler, French said talks on multiple opportunities are progressing well but "I just don't have anything additional to share right at this moment."

Volk said leverage should end the year at about 5.7 to 5.8 times EBITDA, fall below five times by the end of 2027 and below four times by 2029\. He said the company expects positive free cash flow beginning in 2027.

The next marker is the early-2027 incumbent rate card, which management expects to stabilize churn and ARPU over the coming quarters.

### Sources

- [Shenandoah Telecommunications (SHEN) Reports Q3 Loss, Lags Revenue Estimates](https://finance.yahoo.com/markets/stocks/articles/shenandoah-telecommunications-shen-reports-q3-113506470.html?.tsrc=rss&ref=bullished.co) — Yahoo Finance
- [Shenandoah Telecommunications Company Reports Third Quarter](https://www.globenewswire.com/news-release/2026/10/28/3390003/0/en/shenandoah-telecommunications-company-reports-third-quarter-2026-results.html?ref=bullished.co) — globenewswire.com

### More on Shenandoah Telecommunications

- [Shentel Is Still Testing $67.5 Million Of Goodwill, And The Last Test Cleared By Just 8%](https://www.bullished.co/shentel-is-still-testing-67-5-million-of-goodwill-and-the-last-test-cleared-by-just-8-8744282c/)
- [Shentel Lifts 2026 Capital Spending Forecast To $255 Million-$275 Million As Fiber Growth Outpaces Cable Decline](https://www.bullished.co/shentel-lifts-2026-capital-spending-forecast-to-255-million-275-million-as-fiber-growth-1d4f402e/)
- [Shentel's Executive Chairman Christopher French To Step Into Non-Executive Role January 1 With $85,000 Retainer](https://www.bullished.co/shentels-executive-chairman-christopher-french-to-step-into-non-executive-role-january-1-1a6442a5/)

[All Shenandoah Telecommunications (SHEN) coverage →](https://www.bullished.co/tag/shen/)