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Sky Harbour Group
(NYSE:SKYH)
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Rating:50Neutral
Price Target:
$10.50
▼(-1.50% Downside)
Action:Reiterated
Date:08/26/26
Overall score is held back primarily by weak financial quality (large operating losses, deeply negative free cash flow, and very high leverage) and an unattractive valuation (very high P/E). These are partially offset by constructive earnings-call signals (reaffirmed growth/profitability run-rate guidance and improving cash flow milestones with strong liquidity) and a neutral-to-mildly supportive technical setup.
Positive Factors
Strong Revenue Growth and Lease Pricing
Rapid revenue growth, higher occupancy and recurring lease income indicate expanding demand for dedicated business-aviation facilities. Re-leasing gains also demonstrate pricing power that can support durable revenue growth as the portfolio matures.
Negative Factors
High Leverage and Limited Balance-Sheet Flexibility
Heavy leverage increases refinancing, interest and covenant risks while limiting flexibility to respond to construction delays or weaker leasing. If cash burn continues, the company may require additional financing that could increase dilution or financial strain.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Revenue Growth and Lease Pricing
Rapid revenue growth, higher occupancy and recurring lease income indicate expanding demand for dedicated business-aviation facilities. Re-leasing gains also demonstrate pricing power that can support durable revenue growth as the portfolio matures.
Read all positive factors
Sky Harbour Group (SKYH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$860.38M
Dividend YieldN/A
Average Volume (3M)177.70K
Price to Earnings (P/E)266.7
Beta (1Y)0.98
Revenue Growth62.23%
EPS GrowthN/A
CountryUS
Employees84
SectorReal Estate
Sector Strength53
IndustryAerospace & Defense
Share Statistics
EPS (TTM)0.04
Shares Outstanding39,583,153
10 Day Avg. Volume144,077
30 Day Avg. Volume177,699
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$15.63Price Target Upside46.58% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)-0.35
Revenue Forecast (FY)$40.65M
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 primarily makes money through long-term contractual rental and lease income tied to its hangar and aviation facility portfolio. Its core revenue model is to (1) develop or acquire hangar facilities at airports, (2) lease hangar space t...
Sky Harbour Group Earnings Call Summary
Earnings Call Date:Aug 12, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 06, 2026
Earnings Call Sentiment Positive
The call presented multiple strong operational and financial positives — sizable revenue growth (Q2 revenues +50% YoY; obligated group +79% YoY), improved cash flow (first consolidated positive operating cash flow and ~ $3M for the obligated group), large liquidity and a recent $40M equity raise, construction scale-up, and reaffirmed guidance to reach a positive adjusted EBITDA annualized run rate by year-end. Challenges remain: adjusted EBITDA is still negative, OpEx has risen with new campus openings (including non-cash accruals), certain markets (notably Denver) are leasing slower than expected, and execution and construction inflation risk remain as the company scales development activity. On balance the positive operational momentum, liquidity position, and clear pathway to higher margins and adjusted EBITDA outweigh the near-term challenges and risks.Positive Updates
Strong Revenue Growth
Consolidated Q2 revenues increased 50% year-over-year and 13% sequentially, driven by new campus openings and higher occupancy/rental rates. The obligated group revenues rose 79% year-over-year and 22% sequentially.
Negative Updates
Adjusted EBITDA Still Negative
Adjusted EBITDA improved to approximately negative $0.9 million in Q2 but remains below breakeven on a GAAP and adjusted basis, meaning the company has not yet reached consistent GAAP profitability.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Revenue Growth
Consolidated Q2 revenues increased 50% year-over-year and 13% sequentially, driven by new campus openings and higher occupancy/rental rates. The obligated group revenues rose 79% year-over-year and 22% sequentially.
Read all positive updates
Company Guidance
The company reaffirmed its FY2026 year‑end guidance of an annualized revenue run‑rate of $42–$46 million (up from the current $39.4M run‑rate) and an adjusted EBITDA annualized run‑rate of $4–$6 million (versus ~negative $0.9M adjusted EBITDA in Q2), and said it expects step‑function revenue increases in Q3/Q4 from Opa Locka Phase 2 lease‑up and further upside in Q1–Q2 2027 from Addison Phase 2; Q2 consolidated operating cash flow reached roughly $0.5M while the obligated group generated almost $3M (vs. $2.2M a year ago and 10 consecutive quarters positive), liquidity stands at >$207M in cash/Treasuries plus ~$130M available JP Morgan construction capacity and a $40M equity raise today (with a potential ~$94M from warrant exercise in January), assets under construction/completed are >$393M (a $65M YTD increase), under‑construction area is expected to grow from ~600k sq ft to >1.2M sq ft by year‑end, re‑lease step‑ups averaged 19% on 100,360 sq ft, and construction costs are roughly $242/sq ft today — with management forecasting gross profit margin expansion from new Phase 2 openings and that future equity proceeds will be used only for new project CapEx.Sky Harbour Group Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
28
Negative
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 33.94M | 27.54M | 14.76M | 7.58M | 1.84M | 1.58M |
| Gross Profit | 5.01M | -4.21M | 5.64M | 407.00K | -3.90M | -3.46M |
| EBITDA | -3.79M | 14.70M | -50.26M | -22.62M | -11.02M | -9.25M |
| Net Income | 926.00K | 18.82M | -45.23M | -16.18M | -3.18M | -13.61M |
Balance Sheet | ||||||
| Total Assets | 822.93M | 593.18M | 556.56M | 402.20M | 331.20M | 303.89M |
| Cash, Cash Equivalents and Short-Term Investments | 61.83M | 20.72M | 42.44M | 72.12M | 27.07M | 6.80M |
| Total Debt | 608.05M | 373.58M | 322.95M | 241.17M | 215.74M | 221.97M |
| Total Liabilities | 658.94M | 421.21M | 396.74M | 269.95M | 232.83M | 232.93M |
| Stockholders Equity | 126.30M | 127.75M | 104.10M | 69.16M | 26.28M | 70.96M |
Cash Flow | ||||||
| Free Cash Flow | -33.93M | -86.51M | -87.64M | -63.88M | -73.46M | -22.61M |
| Operating Cash Flow | 4.59M | -2.34M | -9.10M | -7.74M | -27.49M | -6.62M |
| Investing Cash Flow | -103.53M | -62.33M | -43.91M | -16.27M | -187.84M | -15.99M |
| Financing Cash Flow | 230.87M | 7.33M | 75.09M | 54.87M | 52.79M | 226.47M |
Sky Harbour Group Technical Analysis
Positive
10.66
Price Trends
10.33
Positive
10.06
Positive
9.65
Positive
Market Momentum
0.03
Positive
50.19
Neutral
64.28
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 10.66 is below the 20-day moving average (MA) of 10.72, above the 50-day MA of 10.33, and above the 200-day MA of 9.65, indicating a neutral trend. The MACD of 0.03 indicates Positive momentum. The RSI at 50.19 is Neutral, neither overbought nor oversold. The STOCH value of 64.28 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% | |
63 Neutral | $240.46M | -8.75 | -3.48% | ― | ― | ― | |
53 Neutral | $2.67B | -7.03 | -20.75% | ― | 63.10% | 55.06% | |
50 Neutral | $860.38M | 266.67 | 0.75% | ― | 62.23% | ― | |
50 Neutral | $784.09M | -3.55 | -221.18% | ― | ― | 1.65% | |
45 Neutral | $340.32M | -3.03 | -36.65% | ― | -3.42% | -3.03% | |
42 Neutral | $116.46M | 3.70 | -171.87% | ― | ― | ― |
* Real Estate Sector Average
SKYH
Sky Harbour Group
10.32
-0.18
-1.71%
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4.44
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RDW
Redwire
10.26
1.34
15.02%
AIRO
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7.30
-13.25
-64.48%
Sky Harbour Group Corporate Events
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Sky Harbour Group Completes $10 Million Stock Offering
Positive
Aug 26, 2026
On August 21, 2026, Sky Harbour Group Corporation entered into a Stock Purchase Agreement with M-COR Capital LLC to sell 1,000,000 shares of its Class A common stock at $10.00 per share in a registered direct offering. The transaction closed on Au...
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Sky Harbour Group Expands Stock Placement with M-COR
Positive
Aug 21, 2026
On August 21, 2026, Sky Harbour Group Corporation expanded a recently closed registered direct common stock placement by entering a new stock purchase agreement with M-COR Capital LLC for 1 million additional Class A shares at $10 each, expected t...
Financial DisclosuresRegulatory Filings and Compliance
Sky Harbour Group Issues Updated Investor Presentation Disclosure
Neutral
Aug 20, 2026
On August 21, 2026, Sky Harbour Group Corporation planned to furnish an investor presentation to investors, analysts, shareholders and other stakeholders at a scheduled investor meeting, providing summary information intended to be read alongside ...
Private Placements and FinancingRegulatory Filings and Compliance
Sky Harbour announces $40 million equity financing deal
Positive
Aug 12, 2026
On August 10, 2026, Sky Harbour Group Corporation entered into a Stock Purchase Agreement with investors for a registered direct offering of 4,000,000 Class A common shares at $10.00 per share, which closed on August 12, 2026 and generated $40 mil...
Business Operations and StrategyPrivate Placements and Financing
Sky Harbour Group amends term loan for expansion
Positive
Jul 6, 2026
On June 29, 2026, Sky Harbour Capital II LLC, an indirect wholly owned subsidiary of Sky Harbour Group, amended its term loan facility to allow a new borrowing of up to $20 million to fund or reimburse costs for the second phase of construction at...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Sky Harbour Expands Equity Plan, Confirms Board and Auditor
Positive
Jun 23, 2026
At its annual meeting on June 18, 2026, Sky Harbour Group stockholders approved an amendment to the company’s 2022 Incentive Award Plan, adding 1.5 million Class A common shares to the pool available for equity-based compensation without alt...
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.