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Sky Harbour Group (SKYH)
NYSE:SKYH
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Sky Harbour Group
(NYSE:SKYH)
Rating:49Neutral
Price Target:
$10.50
▲(1.74% Upside)
Positive Factors
Demand Exceeding Supply
Demand for private jet aviation hangar space continues to exceed supply, providing a favorable market for the company.
Lease Rates
Lease rates and renewals are nearly 40% above original forecasts due to demand exceeding supply, especially on renewals.
Market Position
Sky Harbour offers scarcity value as the only publicly traded company focused exclusively on home-basing and hangar leasing, in a fragmented, infrastructure-constrained market.
Negative Factors
Financial Performance
The company is expected to reach free cash flow and adjusted EBITDA breakeven by the end of 2025, driven by campus-level cash flow exceeding corporate operating expenses, validating the strategy of scaling through disciplined development in high-demand markets.
Operational Challenges
Management's confidence is bolstered by the fact that construction of new hangar campuses is on schedule, ensuring timely project completion.
Sky Harbour Group (SKYH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$779.73M
Dividend YieldN/A
Average Volume (3M)114.30K
Price to Earnings (P/E)―
Beta (1Y)1.10
Revenue Growth94.39%
EPS Growth24.44%
CountryUS
Employees84
SectorReal Estate
Sector Strength46
IndustryAerospace & Defense
Share Statistics
EPS (TTM)0.18
Shares Outstanding33,876,774
10 Day Avg. Volume131,261
30 Day Avg. Volume114,301
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)N/A
P/FCF RatioN/A
Enterprise Value/Market Cap1.40
Enterprise Value/Revenue52.21
Enterprise Value/Gross Profit97.49
Enterprise Value/Ebitda-59.73
Forecast
1Y Price Target
$18.13Price Target Upside75.68% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
Sky Harbour Group Business Overview & Revenue Model
Company DescriptionSky 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 MoneySky Harbour Group makes money through the leasing and management of hangar spaces at its aviation campuses. The company's primary revenue stream comes from long-term lease agreements with aircraft owners and operators who require secure and convenient storage solutions for their private jets. Additionally, Sky Harbour generates income by offering ancillary services such as maintenance, fueling, and concierge services, which enhance the overall value proposition for its clients. The company's financial performance is further supported by strategic partnerships with airport authorities and aviation service providers, which help expand its operational footprint and attract a diverse client base.
Sky Harbour Group Earnings Call Summary
Earnings Call Date:Aug 12, 2025
(Q2-2025)
| % Change Since: -5.75%|
Next Earnings Date:Nov 07, 2025
Earnings Call Sentiment Positive
The earnings call presented a strong overall performance with significant revenue growth and improvements in cash flow. The introduction of a new bank debt facility and the success of pre-leasing efforts were additional highlights. However, these were slightly tempered by increased operating expenses and challenges related to ground lease expenses.Q2-2025 Updates
Positive Updates
Significant Revenue Growth
Consolidated revenues increased by 82% year-over-year and 18% sequentially, reaching $6.6 million for the quarter due to the acquisition of Camarillo and higher revenues from existing campuses.
Improvement in Cash Flow
Cash flow used in operating activities improved to less than $1 million for the quarter, a significant improvement from the $5 million used in Q1.
Pre-Leasing Success
Sky Harbour initiated a pilot project to pre-lease hangars at campuses not yet begun construction, achieving initial success at Dulles International and Bradley International airports.
New Bank Debt Facility
Sky Harbour is pursuing a $200 million, 5-year tax-exempt warehouse bank debt facility with a floating rate expected to be approximately 5.47%.
Negative Updates
Increased Operating Expenses
Operating expenses increased due to the purchase of fuel at Camarillo and expenses related to new campuses without associated revenues.
Challenges with Ground Lease Expenses
Recognition of ground lease expenses impacted the quarter due to the signing of new leases, even if cash was not yet being paid.
Company Guidance
During the Sky Harbour Second Quarter 2025 Earnings Call, CFO Francisco Gonzalez provided guidance on several key financial metrics. The company reported a significant 82% year-over-year increase in consolidated revenues, reaching $6.6 million for the quarter, with an 18% sequential growth. Assets under construction and completed construction were valued at nearly $300 million, driven by activity at new campuses in Phoenix, Dallas, and Denver. Cash flow used in operating activities improved markedly, standing at less than $1 million for the quarter, compared to $5 million in Q1. Sky Harbour reaffirmed its expectation to reach cash flow breakeven on a consolidated basis by the end of the year, with the anticipated leasing and cash flow from three new campuses projecting an annualized potential revenue of $14 million. Additionally, the company's wholly owned subsidiary, Sky Harbour Capital, reported a 20% sequential increase in revenues, with a positive cash flow from operations of $2.2 million for the quarter. The guidance highlighted the company's focus on scaling its construction efforts and leveraging its vertically integrated operations to enhance efficiency and profitability.Sky Harbour Group Financial Statement Overview
Summary
Sky Harbour Group is experiencing financial difficulties across all statements, with negative profitability and cash flow metrics. While revenue growth is promising, persistent net losses and high leverage pose significant risks. The company needs to improve operational efficiency and manage debt levels to enhance financial stability.Income Statement
Sky Harbour Group's income statement reveals a challenging financial position, with consistent net losses and negative EBIT and EBITDA margins over the period. Gross profit margin has improved in the TTM to 51.2%, but the net profit margin remains deeply negative at -182.0%. Revenue growth is evident, increasing from $1.85 million in 2022 to $17.95 million in TTM 2025, which is a positive trajectory. However, the persistent losses and negative margins indicate ongoing profitability issues, impacting the overall score.35
Negative
Balance Sheet
The balance sheet shows a moderate equity base with a debt-to-equity ratio of 3.31 in the TTM 2025, indicating a high leverage position. The return on equity (ROE) is not meaningful due to the negative net income. The equity ratio is 17.7%, reflecting a relatively low proportion of assets financed by equity, suggesting potential risk. While there is some strength in asset growth and maintaining equity, the high leverage and negative ROE present concerns.40
Negative
Cash Flow
Sky Harbour Group's cash flow analysis highlights significant challenges, with negative operating and free cash flow in the TTM 2025. The operating cash flow to net income ratio is negative, indicating ineffective cash generation from operations. Although there is some improvement in free cash flow due to reduced capital expenditures, the overall cash flow situation remains precarious, affecting the score.30
Negative
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 20.92M | 14.76M | 7.58M | 1.84M | 1.58M | 685.60K |
| Gross Profit | 11.20M | 879.00K | 407.00K | -3.90M | -3.46M | -1.26M |
| EBITDA | -18.29M | -50.26M | -22.62M | -11.02M | -9.25M | -2.05M |
| Net Income | -20.98M | -45.23M | -16.18M | -3.18M | -13.61M | -2.54M |
Balance Sheet | ||||||
| Total Assets | 568.14M | 556.56M | 402.20M | 331.20M | 303.89M | 140.24M |
| Cash, Cash Equivalents and Short-Term Investments | 8.61M | 42.44M | 72.12M | 27.07M | 6.80M | 1.12M |
| Total Debt | 344.75M | 322.95M | 241.17M | 215.74M | 222.97M | 57.49M |
| Total Liabilities | 401.09M | 396.74M | 269.95M | 232.83M | 232.93M | 22.92M |
| Stockholders Equity | 117.18M | 104.10M | 69.16M | 26.28M | 70.96M | -6.51M |
Cash Flow | ||||||
| Free Cash Flow | -37.88M | -87.64M | -63.88M | -73.46M | -17.96M | -12.94M |
| Operating Cash Flow | -9.62M | -9.10M | -7.74M | -27.49M | -1.97M | -1.04M |
| Investing Cash Flow | -153.25M | -43.91M | -16.27M | -187.84M | -15.99M | -11.90M |
| Financing Cash Flow | 72.66M | 75.09M | 54.87M | 52.79M | 226.47M | 11.99M |
Sky Harbour Group Technical Analysis
Neutral
10.32
Price Trends
10.07
Positive
10.60
Negative
11.07
Negative
Market Momentum
0.07
Positive
50.92
Neutral
24.77
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SKYH, the sentiment is Neutral. The current price of 10.32 is above the 20-day moving average (MA) of 10.23, above the 50-day MA of 10.07, and below the 200-day MA of 11.07, indicating a neutral trend. The MACD of 0.07 indicates Positive momentum. The RSI at 50.92 is Neutral, neither overbought nor oversold. The STOCH value of 24.77 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SKYH.
Sky Harbour Group Risk Analysis
Sky Harbour Group disclosed 50 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
Overall Rating
UnderperformOutperform
Sector (65)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $1.31B | 33.24 | 5.86% | ― | 2.42% | 72.72% | |
65 Neutral | $2.04B | 16.92 | 4.00% | 5.06% | 1.74% | -1.63% | |
62 Neutral | $1.20B | ― | -1.41% | ― | 10.99% | 69.85% | |
49 Neutral | $779.73M | ― | -23.63% | ― | 94.39% | 24.44% | |
47 Neutral | $1.25B | ― | -43.18% | ― | 167.99% | 22.75% | |
43 Neutral | $1.28B | ― | -320.52% | ― | ― | -30.78% | |
40 Underperform | $1.27B | ― | -45.35% | ― | -10.50% | -230.68% |
* Real Estate Sector Average
Performance Comparison
SKYH
Sky Harbour Group
10.32
-1.32
-11.34%
ATRO
Astronics
35.60
14.88
71.81%
DCO
Ducommun
89.34
24.43
37.64%
EH
Ehang Holdings
17.45
2.15
14.05%
EVEX
Eve Holding
3.96
1.28
47.76%
RDW
Redwire
8.70
1.98
29.46%
Sky Harbour Group Corporate Events
Executive/Board ChangesPrivate Placements and FinancingBusiness Operations and StrategyFinancial Disclosures
Sky Harbour Group Announces New Head of Construction
Positive
Aug 12, 2025
On August 8, 2025, Sky Harbour Group announced the amicable departure of its COO, Willard Whitesell, who led the construction division, and the appointment of Phil Amos as the new Head of Construction. The company reported significant financial growth in Q2 2025, with an 82% increase in consolidated revenues year-over-year and strong liquidity of nearly $75 million. Sky Harbour is expanding its operations with new campuses and pre-leasing initiatives, and it plans to secure a $200 million tax-exempt bank debt facility to fund future airport projects.
Executive/Board ChangesShareholder Meetings
Sky Harbour Group Holds 2025 Annual Stockholder Meeting
Neutral
Jun 20, 2025
On June 19, 2025, Sky Harbour Group Corporation held its 2025 Annual Meeting of Stockholders where stockholders voted on two proposals. The first proposal involved the election of seven directors, all of whom were elected to serve until the 2026 annual meeting. The second proposal, which was approved, ratified the appointment of EisnerAmper LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2025.
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.