Sky Harbour Group (SKYH) AI Stock Analysis

• Market Cap: $719.31M
• Dividend Yield: N/A
• Average Volume (3M): 130.54K
• Price to Earnings (P/E): 16.1
• Beta (1Y): 1.34
• Revenue Growth: 95.23%
• EPS Growth: 89.44%
• Country: US
• Employees: 84
• Sector: Real Estate
• Sector Strength: 53
• Industry: Aerospace & Defense
• EPS (TTM): 0.12
• Shares Outstanding: 34,071,380
• 10 Day Avg. Volume: 123,336
• 30 Day Avg. Volume: 130,542
• PEG Ratio: -0.12
• Price to Book (P/B): 2.38
• Price to Sales (P/S): 11.02
• P/FCF Ratio: -129.90
• Enterprise Value/Market Cap: 0.93
• Enterprise Value/Revenue: 24.24
• Enterprise Value/Gross Profit: 49.78
• Enterprise Value/Ebitda: 100.61
• 1Y Price Target: $16.00
• Price Target Upside: 69.31% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): -0.4
• Revenue Forecast (FY): $46.98M

• Rating: 62 Neutral
• Price Target: $10.00 ▲(5.82% Upside)
• Action: Reiterated Date: 03/20/26
• Date: Action: Reiterated 03/20/26

The score is driven primarily by improving operating performance and a much cleaner balance sheet, supported by a positive earnings-call outlook and stronger liquidity to fund growth. Offsetting this is still-weak cash-flow durability and some signs of extended momentum technically, while valuation appears only moderate and offers no dividend support.

Positive Factors

Balance Sheet Deleveraging

Zero reported debt after a rapid deleveraging materially reduces financial risk and interest burden, improving flexibility to fund development or withstand cyclical slowdowns. This structural change strengthens capacity to support multi-year hangar projects and lowers refinancing pressure over the medium term.

Large, Executable Development Pipeline

A multi-million sq ft pipeline with substantial built/ready and under-construction capacity provides durable growth runway tied to long-term lease economics. Anchored ground leases and multi-year prelease targets create predictable future NOI if lease-up and delivery execution remain on plan, supporting recurring revenue expansion.

Strengthened Liquidity & Access to Capital

Material new tax‑exempt financing and an undrawn bank facility provide durable funding capacity to build out hangars and hit scale economics. Access to institutional bond markets and a large drawdown line reduces near-term funding risk and enables management to pursue higher ROE project structures over multiple years.

Negative Factors

Weak Cash Generation

Persistent negative operating and free cash flow means the business is not yet self-financing, forcing continued dependence on external capital for development and working capital. Over the medium term, this raises dilution/refinancing risks and limits ability to absorb project delays or lower-than-expected lease-up rates.

Refinancing and Execution Risk

The growth plan depends on converting short/mid-term financings into long-term tax-exempt debt and realizing monetizations. Failure or timing slippage in refinancing would raise funding costs or constrain builds, directly threatening projected ROE lift and the ability to deliver the multi-year pipeline on schedule.

Construction & Leasing Execution Strain

Early cost overruns that demanded extra equity lower project yields and signal execution risk on future builds. Coupled with a stretched leasing team amid rapid square‑foot ramp, this can slow lease-up, raise OpEx or capex needs, and compress long-term returns versus modeled unit economics.

Sky Harbour Group Business Overview & Revenue Model

Company Description

Sky Harbour Group Corporation operates as an aviation infrastructure development company in the United States. It develops, leases, and manages general aviation hangars for business aircraft. The company was founded in 2017 and is based in White Plains, New York.

How the Company Makes Money

Sky Harbour makes money primarily by generating recurring revenue from leasing hangar space and related aviation real-estate facilities to aircraft owners/operators (e.g., business aviation customers). Its core revenue model is based on (1) long-term or multi-year hangar leases that provide contracted, predictable rental income, and (2) ancillary revenues associated with its hangar campuses (such as fees tied to use of facilities and services offered at those locations), where available. The company’s earnings are also influenced by its ability to (a) develop new hangar campuses or expand existing ones at airports, (b) maintain high occupancy and lease rates through location selection and customer demand for hangar capacity, and (c) execute airport-related agreements that enable site control (e.g., ground leases or similar arrangements) to build and operate hangars. Specific named partnerships, counterparties, or customer concentration details: null.

Sky Harbour Group Financial Statement Overview

Summary

Operating trends improved sharply in 2025 (revenue growth, 37.3% gross margin, positive EBITDA/EBIT) and the balance sheet deleveraged materially with debt reduced to $0. However, cash flow remains a key weakness with negative operating and free cash flow in 2025 and high year-to-year volatility in results.

Income Statement

Revenue has scaled rapidly over the period (from $0.7M in 2020 to $27.5M in 2025) with solid 2025 annual growth of 14.2% and a healthy 2025 gross margin of 37.3%. Profitability also shows a sharp inflection: after deep losses through 2024, 2025 shows positive EBITDA ($7.9M; 28.7% margin) and positive EBIT ($1.6M). The key weakness is earnings quality/consistency—net income swung from -$45.2M (2024) to +$18.8M (2025), a level of volatility that suggests results may be influenced by non-operating or one-time items despite improving operating trends.

Balance Sheet

The balance sheet shows a major deleveraging step-change: total debt drops from $323.0M (2024) to $0 (2025), taking debt-to-equity from 3.10x to 0.0x and materially lowering financial risk. Equity has grown to $127.7M on a $593.2M asset base, and 2025 return on equity is positive (14.7%) after negative returns in prior years. The main watch item is the company’s history of high leverage (2021–2024) and losses, which indicates the capital structure and returns profile have been unstable across cycles.

Cash Flow

Cash generation remains the weak link. Operating cash flow is negative in every year shown, including 2025 (-$2.3M), and free cash flow is also negative in 2025 (-$2.3M) after very large cash burn in 2024 (-$87.6M). While the magnitude of cash burn improved meaningfully versus 2024, the business still is not self-funding on a cash basis, and the sharp free-cash-flow growth decline in 2025 (-97.6%) highlights continued volatility.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	27.54M	14.76M	7.58M	1.84M	1.58M
Gross Profit	10.29M	5.64M	407.00K	-3.90M	-3.46M
EBITDA	-21.73M	-50.26M	-22.62M	-11.02M	-9.25M
Net Income	18.82M	-45.23M	-16.18M	-3.18M	-13.61M
Balance Sheet
Total Assets	593.18M	556.56M	402.20M	331.20M	303.89M
Cash, Cash Equivalents and Short-Term Investments	20.72M	42.44M	72.12M	27.07M	6.80M
Total Debt	373.58M	322.95M	241.17M	215.74M	221.97M
Total Liabilities	421.21M	396.74M	269.95M	232.83M	232.93M
Stockholders Equity	127.75M	104.10M	69.16M	26.28M	70.96M
Cash Flow
Free Cash Flow	-2.34M	-87.64M	-63.88M	-73.46M	-22.61M
Operating Cash Flow	-2.34M	-9.10M	-7.74M	-27.49M	-6.62M
Investing Cash Flow	-62.33M	-43.91M	-16.27M	-187.84M	-15.99M
Financing Cash Flow	7.33M	75.09M	54.87M	52.79M	226.47M

Sky Harbour Group Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 9.45
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SKYH, the sentiment is Positive. The current price of 9.45 is above the 20-day moving average (MA) of 9.15, above the 50-day MA of 9.16, and below the 200-day MA of 9.67, indicating a neutral trend. The MACD of 0.11 indicates Negative momentum. The RSI at 56.40 is Neutral, neither overbought nor oversold. The STOCH value of 69.92 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SKYH.

Sky Harbour Group Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
SKYH	62 Neutral	$719.31M	16.12	-3.74%	―	95.23%	89.44%
AIRO	56 Neutral	$287.37M	-17.03	-0.76%	―	―	―
RDW	51 Neutral	$1.77B	-4.01	-29.10%	―	-0.63%	-163.11%
EVEX	46 Neutral	$835.93M	―	-225.72%	―	―	-33.69%
EVTL	45 Neutral	$353.71M	―	1730.37%	―	―	―
EH	43 Neutral	$780.22M	―	-22.42%	―	23.58%	20.74%

Sky Harbour Group Corporate Events

Sky Harbour Group Completes $150 Million Revenue Bond Financing

On February 12, 2026, Sky Harbour Capital III LLC, an indirect subsidiary of Sky Harbour Group, completed a $150 million financing via Revenue Bonds, Series 2026, issued through Wisconsin’s Public Finance Authority and guaranteed by key operating subsidiaries. The bonds, bearing a 6.000% coupon and structurally subordinate to the company’s 2021 bonds and term loan facility, feature a mandatory tender in 2031 ahead of their 2060 maturity, effectively requiring refinancing or remarketing by that date.

Sky Harbour plans to use the loan proceeds, alongside up to $200 million from its existing drawdown note facility and other funds, to finance or refinance construction, equipping and improvements of aircraft storage projects, fund a debt service reserve, cover capitalized interest through January 1, 2029, and pay issuance costs. The secured transaction, which includes customary events of default and optional and mandatory redemption features, strengthens the company’s capital structure for its 2026 aviation infrastructure projects while layering additional subordinated debt into its financing stack.

The most recent analyst rating on (SKYH) stock is a Buy with a $23.00 price target. To see the full list of analyst forecasts on Sky Harbour Group stock, see the SKYH Stock Forecast page.

Sky Harbour issues shares under Yorkville financing

On January 27, 2026, Sky Harbour LLC, a subsidiary of Sky Harbour Group Corporation, issued a non-convertible, unsecured promissory note for $10 million to YA II PN, Ltd. (Yorkville), and on February 3, 2026, the company issued 40,000 Class A common shares to Yorkville in a registered direct offering pursuant to that financing arrangement. The share issuance, conducted under an effective shelf registration statement with the U.S. Securities and Exchange Commission, reflects Sky Harbour’s use of equity-linked financing to support its capital needs, potentially affecting its capital structure and shareholder dilution while strengthening liquidity for ongoing operations and growth initiatives.

The most recent analyst rating on (SKYH) stock is a Buy with a $14.00 price target. To see the full list of analyst forecasts on Sky Harbour Group stock, see the SKYH Stock Forecast page.

Sky Harbour Capital III Prices Upsized $150 Million Bonds

On January 29, 2026, the company’s Sky Harbour Capital III subsidiary priced $150 million in Series 2026 tax-exempt bonds at a 6% yield, upsized from $100 million after drawing $450 million in institutional orders, with issuance expected around February 12, 2026. Coupled with a $200 million expandable draw-down facility from J.P. Morgan, the proceeds are earmarked to fund construction of more than 1.2 million rentable square feet of hangar capacity across seven airports, positioning Sky Harbour to expand its HBO footprint and deepen investor partnerships that management says support higher project equity returns.

The most recent analyst rating on (SKYH) stock is a Hold with a $10.50 price target. To see the full list of analyst forecasts on Sky Harbour Group stock, see the SKYH Stock Forecast page.

Sky Harbour Group Secures $10 Million Promissory Note Financing

On January 27, 2026, Sky Harbour LLC, a subsidiary of Sky Harbour Group Corporation, issued a non-convertible, unsecured promissory note in the principal amount of $10 million to YA II PN, Ltd. (Yorkville), bearing interest at 7.75% per annum and maturing on June 8, 2027, with repayment of $833,333.33 scheduled monthly from July 8, 2026 over twelve months and obligations guaranteed by the parent company. As part of the financing, Sky Harbour agreed to issue 40,000 shares of its Class A common stock to Yorkville in a registered direct offering, with the note including customary covenants and default provisions and the proceeds earmarked for working capital and general corporate purposes, underscoring the company’s ongoing need to fund operations and growth initiatives.

The most recent analyst rating on (SKYH) stock is a Hold with a $10.50 price target. To see the full list of analyst forecasts on Sky Harbour Group stock, see the SKYH Stock Forecast page.

Sky Harbour Group plans new tax-exempt bond financing

On January 8, 2026, Sky Harbour Capital II LLC, a subsidiary of Sky Harbour Group, amended its draw down note purchase and covenant agreement with a lender group led by JPMorgan Chase to define conditions under which surplus funds can be released to borrowers and used for specified corporate purposes, and added subsidiaries owning hangar campuses at Camarillo Airport and Bradley International Airport to the borrowing base. That same day, the subsidiary drew about $13 million under the facility to reimburse prior capital expenditures at Bradley and for general corporate purposes, leaving roughly $187 million of remaining borrowing capacity, while a related guaranty by Sky Harbour Holdings III LLC was amended to govern how excess revenues from an existing master trust may be released and used, including for approved hangar project construction, subject to coverage ratio tests, minimum account balances, timing triggers beginning no earlier than January 1, 2027, and the absence of defaults. On January 12, 2026, the company also announced it had filed a preliminary limited offering memorandum for a planned $100 million, five-year tax‑exempt bond offering by Sky Harbour Capital III and provided updated hangar occupancy statistics, signaling continued efforts to expand and finance its airport hangar portfolio while tightening the framework for distributing surplus cash within its capital structure.

The most recent analyst rating on (SKYH) stock is a Buy with a $14.00 price target. To see the full list of analyst forecasts on Sky Harbour Group stock, see the SKYH Stock Forecast page.

Sky Harbour updates at-the-market equity offering program

On December 31, 2025, Sky Harbour Group Corporation amended and restated its existing at-the-market equity offering arrangement by adding Yorkville Securities as an additional sales agent alongside B. Riley Securities. Under the updated agreement, the company may sell up to $100 million of its Class A common stock over time, with approximately $98.6 million of capacity remaining as of the amendment date, while all other material terms of the prior sales agreement remain unchanged, preserving Sky Harbour’s flexibility to raise equity capital as needed.

The most recent analyst rating on (SKYH) stock is a Buy with a $14.00 price target. To see the full list of analyst forecasts on Sky Harbour Group stock, see the SKYH Stock Forecast page.