Shenandoah Telecommunications Co (SHEN)

Return on total capital

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Earnings before interest and tax (EBIT) (ttm)	US$ in thousands	9,624	3,914	656	-4,850	-7,958	-13,189	878,497	884,024	886,634	896,064	6,028	37,513	53,803	73,418	95,905	87,225	94,779	84,600	91,617	88,430
Long-term debt	US$ in thousands	292,804	147,494	123,795	98,655	74,306	24,869	—	—	0	—	—	—	0	0	672,601	680,531	688,464	696,378	719,067	726,970
Total stockholders’ equity	US$ in thousands	652,670	654,363	649,425	642,780	638,007	642,511	643,370	644,329	642,275	642,852	682,110	628,507	577,051	548,182	511,457	480,650	468,135	477,839	464,034	454,599
Return on total capital		1.02%	0.49%	0.08%	-0.65%	-1.12%	-1.98%	136.55%	137.20%	138.05%	139.39%	0.88%	5.97%	9.32%	13.39%	8.10%	7.51%	8.19%	7.20%	7.74%	7.48%

December 31, 2023 calculation

Return on total capital = EBIT (ttm) ÷ (Long-term debt + Total stockholders’ equity)
= $9,624K ÷ ($292,804K + $652,670K)
= 1.02%

Shenandoah Telecommunications Co.'s return on total capital has shown fluctuations over the past eight quarters. The company experienced a negative return on total capital in Q4 2022 and Q3 2022, indicating that the company's capital utilization during those periods did not generate positive returns.

However, there has been a positive trend in return on total capital from Q1 2023 to Q4 2023, with the ratio increasing from 0.22% to 1.28%. This suggests that the company has been able to generate more profits relative to its invested capital in recent quarters.

Overall, based on the data provided, Shenandoah Telecommunications Co. has shown improvement in its return on total capital in the most recent quarters, which is a positive indicator of the company's capital efficiency and profitability.