Sky Harbour Group Corporation (SKYH)
NYSE:SKYH
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Sky Harbour Group
(NYSE:SKYH)
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Rating:46Neutral
Price Target:
$9.00
▼(-13.13% Downside)
Action:Reiterated
Date:05/19/26
The score is held back primarily by weak financial quality (negative EBIT and deeply negative free cash flow) and bearish technical momentum. These are partly offset by a constructive earnings call indicating improving operations and significantly strengthened liquidity to fund growth, but valuation signals are limited due to a negative P/E and no dividend support.
Positive Factors
Recurring lease-based cash flows
Long-duration hangar leases, demonstrated re-lease markups and contractual CPI escalators create a predictable, recurring revenue base. That structural cash flow profile supports long-term NOI stability, margin protection against inflation, and bolsters the firm's ability to service project-level financing over multi-year horizons.
Negative Factors
Deeply negative free cash flow
Despite improving operating cash flow, free cash flow remains materially negative due to heavy ongoing development spend. Persistent negative FCF increases reliance on debt and capital markets to fund growth, magnifying refinancing and dilution risk if project pace or leasing falls short of plan.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring lease-based cash flows
Long-duration hangar leases, demonstrated re-lease markups and contractual CPI escalators create a predictable, recurring revenue base. That structural cash flow profile supports long-term NOI stability, margin protection against inflation, and bolsters the firm's ability to service project-level financing over multi-year horizons.
Read all positive factors
Sky Harbour Group (SKYH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$700.23M
Dividend YieldN/A
Average Volume (3M)149.65K
Price to Earnings (P/E)16.3
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. Volume252,365
30 Day Avg. Volume149,652
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 Cap1.68
Enterprise Value/Revenue38.31
Enterprise Value/Gross Profit110.82
Enterprise Value/Ebitda82.27
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)$42.74M
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:Mar 19, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 18, 2026
Earnings Call Sentiment Positive
The call conveyed clear operational and financial progress—record revenues (+87% YoY), obligated-group growth (+49% YoY), positive operating cash flow for the first time, adjusted EBITDA run-rate breakeven in December, substantive site acquisitions and a large development pipeline, and strengthened liquidity via $150M subordinate bonds and a $200M JP Morgan facility. Offsetting these positives are still-negative GAAP profitability, operating expenses near $28M, dependence of the first positive cash flow on a one-time $5.9M upfront payment, timing uncertainty on several phase-two projects, earlier vintage cost overruns that required additional equity, and leasing and refinancing execution risks. On balance, the momentum in leasing, funding, and development scale combined with clear plans to improve OpEx and construction efficiency outweigh the execution and timing risks described on the call.Positive Updates
Record Revenue Growth
Consolidated revenues rose 87% year-over-year to a record $27.5 million for fiscal 2025, driven by the December 2024 Camarillo acquisition and higher revenues from new and existing campuses; sequential revenue increases tied to rising occupancy at newly opened campuses.
Negative Updates
Higher Operating Expenses and SG&A
Operating expenses rose to nearly $28 million for the year due to a larger number of campuses and accrued ground leases (many noncash); management aims to cap cash SG&A at no more than $20 million but is still working toward campus-level OpEx efficiencies.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Revenue Growth
Consolidated revenues rose 87% year-over-year to a record $27.5 million for fiscal 2025, driven by the December 2024 Camarillo acquisition and higher revenues from new and existing campuses; sequential revenue increases tied to rising occupancy at newly opened campuses.
Read all positive updates
Company Guidance
Management said formal 2026 guidance will be provided on the next earnings call and will be framed around NOI capture rather than a simple count of airports (they met 2025 guidance of 23 airports under ground lease); illustrative unit economics target $40 rent + $5 fuel margin − $9 OpEx = $36 NOI per sq ft and previously assumed 70% leverage (project-level ROE ~30%) but with $150M of recently closed 2026 subordinate bonds (5‑year, 6% fixed, callable in year 4; 3x oversubscribed, 18 investors) and a $200M JP Morgan five‑year tax‑exempt drawdown facility (expect to draw over the next two years) they expect higher ROE (>60%) and to refinance into long‑term tax‑exempt debt later; liquidity at year‑end was $48M cash/Treasuries plus $150M bond proceeds and the $200M facility, which management says funds doubling the footprint to >2.0M rentable sq ft. Key operational/financial metrics referenced: 2025 revenues $27.5M (+87% y/y), consolidated assets under construction/completed >$328M, adjusted EBITDA run‑rate breakeven in December (Q4 adjusted EBITDA ~ −$1M), consolidated operating cash flow positive (helped by $5.9M upfront rent), obligated‑group revenues +49% y/y (Q4 +18% seq), operating expenses ≈ $28M, SG&A cash‑basis target peak ≤ $20M, rentable sq ft in operation 1,096,000; fully funded ground‑lease sq ft 1,149,000; total hangar‑buildable on ground leases 4,160,000 sq ft; ~750,000 sq ft under construction with deliveries (Miami phase 2 next month, Bradley in September, Addison phase 2 year‑end) and projected built/ready sq ft rising toward ~2.35M (2027) and ~3.17M (2028, expected higher), a 50% prelease target before opening, an average re‑lease markup of ~22% on renewals and CPI escalators with a 4% floor on new leases, and ongoing cost‑compression goals (build cost reference ~$250/sq ft with intent to push lower).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 | 10.60M | -4.21M | 5.64M | 407.00K | -3.90M | -3.46M |
| EBITDA | 14.28M | 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
Negative
10.36
Price Trends
9.92
Negative
9.53
Negative
9.66
Negative
Market Momentum
-0.29
Positive
47.24
Neutral
75.82
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SKYH, the sentiment is Negative. The current price of 10.36 is above the 20-day moving average (MA) of 9.47, above the 50-day MA of 9.92, and above the 200-day MA of 9.66, indicating a bearish trend. The MACD of -0.29 indicates Positive momentum. The RSI at 47.24 is Neutral, neither overbought nor oversold. The STOCH value of 75.82 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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% | |
55 Neutral | $279.55M | -16.03 | -2.44% | ― | ― | ― | |
54 Neutral | $4.77B | ― | -29.03% | ― | 33.58% | -18.98% | |
48 Neutral | $770.23M | -9.12 | -26.96% | ― | 12.35% | 32.54% | |
47 Neutral | $1.21B | -4.92 | -258.98% | ― | ― | -33.98% | |
46 Neutral | $700.23M | 16.31 | 16.15% | ― | 70.87% | ― | |
44 Neutral | $351.43M | ― | 251.21% | ― | ― | ― |
* Real Estate Sector Average
SKYH
Sky Harbour Group
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-8.83%
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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.