Sky Harbour Group Corporation (SKYH)
NYSE:SKYH
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Sky Harbour Group
(NYSE:SKYH)
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Rating:51Neutral
Price Target:
$9.50
▼(-8.30% Downside)
Action:Reiterated
Date:06/02/26
The score is held back primarily by weak financial quality—ongoing operating losses and deeply negative free cash flow—alongside a technically weak price trend. Offsetting factors include constructive earnings-call guidance backed by liquidity and growth/pipeline commentary, plus a moderate P/E valuation.
Positive Factors
Large Funded Development Pipeline
A fully funded pipeline exceeding one million rentable sq ft with nearly half in Tier‑1 markets provides durable capacity for revenue scale and higher-yield assets. This structurally increases future contracted cash flows and the potential for margin expansion as new campuses stabilize and lease-up completes.
Negative Factors
Deeply Negative Free Cash Flow
Persistent negative free cash flow reflects heavy ongoing capital investment in development and a lag between construction spending and lease-up receipts. Over months this raises reliance on external funding, increases dilution or leverage risk if lease-up or rent realization slips, and pressures long-term cash returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Large Funded Development Pipeline
A fully funded pipeline exceeding one million rentable sq ft with nearly half in Tier‑1 markets provides durable capacity for revenue scale and higher-yield assets. This structurally increases future contracted cash flows and the potential for margin expansion as new campuses stabilize and lease-up completes.
Read all positive factors
Sky Harbour Group (SKYH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$730.08M
Dividend YieldN/A
Average Volume (3M)177.30K
Price to Earnings (P/E)16.6
Beta (1Y)1.15
Revenue Growth70.87%
EPS GrowthN/A
CountryUS
Employees84
SectorReal Estate
Sector Strength53
IndustryAerospace & Defense
Share Statistics
EPS (TTM)0.59
Shares Outstanding34,481,586
10 Day Avg. Volume120,469
30 Day Avg. Volume177,302
Financial Highlights & Ratios
PEG Ratio-0.12
Price to Book (P/B)2.38
Price to Sales (P/S)11.02
P/FCF Ratio-3.51
Enterprise Value/Market Cap1.63
Enterprise Value/Revenue38.76
Enterprise Value/Gross Profit158.99
Enterprise Value/Ebitda70.44
Forecast
1Y Price Target
$16.00Price Target Upside54.44% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)-0.55
Revenue Forecast (FY)$40.32M
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 P...
How the Company Makes Money
Sky Harbour makes money primarily by owning and operating aviation real-estate assets and monetizing them through long-term commercial arrangements. The company’s main revenue stream is recurring lease and usage income generated from renting hanga...
Sky Harbour Group Earnings Call Summary
Earnings Call Date:May 14, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 18, 2026
Earnings Call Sentiment Positive
The call emphasized multiple clear operational and financial positives: robust year-over-year revenue growth (56% consolidated, 76% for the Obligated Group), materially expanded construction and development pipeline, strong liquidity with significant undrawn bank capacity, successful pre-leasing and pricing power (23% average re-lease step-up), and on-time/on-budget execution of the Ascend construction program. Management provided initial 2026 guidance showing a move to positive adjusted EBITDA annualized run-rate and highlighted a pathway to much larger cash flow in 2027–2028 driven by Phase 2 openings and a one-million+ sq ft development backlog. Headwinds and execution risks are present — rising OpEx tied to new openings (much of it noncash accruals), Q1 seasonality and prior-quarter timing items that distort comparisons, uneven lease-up at select campuses (e.g., Denver at 44%), near-term negative annualized EBITDA in Q1, and dependence on timely project deliveries. Overall, the positives — growth, liquidity, pricing power and construction execution — outweigh the manageable near-term operating and timing challenges.Positive Updates
Strong Consolidated Revenue Growth
Consolidated revenues increased 56% year-over-year and 8% sequentially, driven by new campus openings, higher occupancy and increased rental rates.
Negative Updates
Rising Operating Expenses with New Campus Openings
Operating expenses increased in Q1 due to campus headcount growth and ground lease expense accruals tied to recently signed ground leases; more than half of the quarter-over-quarter OpEx increase relates to these new ground lease accruals and much of that is noncash timing accruals.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Consolidated Revenue Growth
Consolidated revenues increased 56% year-over-year and 8% sequentially, driven by new campus openings, higher occupancy and increased rental rates.
Read all positive updates
Company Guidance
Management provided 2026 guidance for an annualized revenue run‑rate of $42–$46 million and adjusted EBITDA of $4–$6 million by year‑end (up from the quarter’s $35M revenue run‑rate and an adjusted EBITDA run‑rate of negative $6M in Q1), noting the guidance excludes Bradley and Addison Phase 2; supporting metrics cited on the call include consolidated assets under construction/completed of >$352M (a $75M YoY increase), consolidated revenue growth of 56% YoY and 8% q/q (Obligated Group revenues +76% YoY, +15% q/q), Obligated Group Q1 cash flow from operations of $2.9M (vs. $1.0M a year ago; ~+14% q/q after adjusting for a $5.9M one‑time prepaid rent), available liquidity of $368M with $187M in cash/U.S. treasuries and $181M undrawn on the $200M JPMorgan facility (only $19M drawn), a development pipeline topping 1.0M rentable sq ft with 48% of pipeline sq ft in Tier‑1 markets, and current GMPs averaging ~$244.37/sq ft (versus prior ~$253/sq ft)—all of which management says underpins expected step‑function revenue and margin expansion as Phase‑2 campuses ramp.Sky Harbour Group Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
58
Neutral
Cash Flow
26
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 30.67M | 27.54M | 14.76M | 7.58M | 1.84M | 1.58M |
| Gross Profit | 7.48M | -4.21M | 5.64M | 407.00K | -3.90M | -3.46M |
| EBITDA | 16.88M | 14.70M | -50.26M | -22.62M | -11.02M | -9.25M |
| Net Income | 19.62M | 18.82M | -45.23M | -16.18M | -3.18M | -13.61M |
Balance Sheet | ||||||
| Total Assets | 764.47M | 593.18M | 556.56M | 402.20M | 331.20M | 303.89M |
| Cash, Cash Equivalents and Short-Term Investments | 187.62M | 20.72M | 42.44M | 72.12M | 27.07M | 6.80M |
| Total Debt | 555.88M | 373.58M | 322.95M | 241.17M | 215.74M | 221.97M |
| Total Liabilities | 599.45M | 421.21M | 396.74M | 269.95M | 232.83M | 232.93M |
| Stockholders Equity | 124.19M | 127.75M | 104.10M | 69.16M | 26.28M | 70.96M |
Cash Flow | ||||||
| Free Cash Flow | -89.42M | -86.51M | -87.64M | -63.88M | -73.46M | -22.61M |
| Operating Cash Flow | 3.16M | -2.34M | -9.10M | -7.74M | -27.49M | -6.62M |
| Investing Cash Flow | -184.77M | -62.33M | -43.91M | -16.27M | -187.84M | -15.99M |
| Financing Cash Flow | 179.04M | 7.33M | 75.09M | 54.87M | 52.79M | 226.47M |
Sky Harbour Group Technical Analysis
Positive
10.36
Price Trends
9.80
Negative
9.52
Positive
9.57
Negative
Market Momentum
-0.05
Negative
53.40
Neutral
61.81
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 10.36 is above the 20-day moving average (MA) of 9.22, above the 50-day MA of 9.80, and above the 200-day MA of 9.57, indicating a neutral trend. The MACD of -0.05 indicates Negative momentum. The RSI at 53.40 is Neutral, neither overbought nor oversold. The STOCH value of 61.81 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SKYH.
Sky Harbour Group Risk Analysis
Sky Harbour Group disclosed 49 risk factors in its most recent earnings report. Sky Harbour Group reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Sky Harbour Group Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
59 Neutral | $251.25M | -14.27 | -2.44% | ― | ― | ― | |
54 Neutral | $3.43B | -9.26 | -29.03% | ― | 33.58% | -18.98% | |
51 Neutral | $730.08M | 16.57 | 16.15% | ― | 70.87% | ― | |
47 Neutral | $985.70M | -4.04 | -258.98% | ― | ― | -33.98% | |
45 Neutral | $527.75M | -5.54 | -31.19% | ― | 22.18% | 15.10% | |
43 Neutral | $273.76M | -0.65 | 251.21% | ― | ― | ― |
* Real Estate Sector Average
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Sky Harbour Group
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.