Sky Harbour Group Corp (SKYH) Stock Analysis

Price updated 2 days ago · SEC data refreshed 3 months ago ⓘ · Not investment advice

Sky Harbour Group Corp

SKYH Real Estate Real Estate📄 SEC filings ↗
Valuation N/A
Long-term trend (200d) 5% above 200-day Risk 46/100 Elevated
▾ What's in the 46/100 risk score? (higher = riskier)
Fundamental health (43%) 40/100 → +17.1
leverage 40/100 · Altman Z not scored — input unavailable (see Financial Health)
Smart money (short interest + insider buying) (31%) 65/100 → +20.4
Macro backdrop (VIX, curve, credit, fear/greed + week-over-week momentum) (26%) 33/100 → +8.5
Total46/100

Contributions (weight × component score) sum to the total. This near-term score now includes fundamental health (leverage, FCF trend). It excludes the Altman Z score, whose retained-earnings input this filer does not report separately. See the Financial Health section for the full balance-sheet read.

💵 Price $10.14 · 2 days ago 📄 Financials SEC EDGAR · refreshed 3 months ago
📍 START HERE

How to read SKYH

We are not publishing an intrinsic value for this one — the section below says exactly why. Everything on this page that comes straight from the filings and the tape is still here; treat the missing valuation as a known gap, not as a verdict on the business.

Where to start — the sections that matter most for this stock
  1. 1 Reported earnings & margins ↓
    What the company actually reported — unaffected by the valuation being held.
  2. 2 Balance sheet & book value ↓
    Assets, liabilities and equity as filed.
  3. 3 Who's selling & betting against it ↓
    Insider and short-interest behaviour needs no valuation model.
Or — what are you trying to decide?
A note on process: fear-driven decisions — including fear of missing out — tend to be the expensive ones. A stock up 10% a day for three days is excitement, not evidence. Whichever reader you are, the data below is there to be checked before anything is decided.
🚀
"It's surging — should I chase it?"
The momentum / FOMO trade. Before you chase, see whether the people who know it best are quietly selling into the rally.
🏷️
"Is it a cheap bargain?"
The deep-value trade. How far below assets and our value it trades — and whether it's cheap for a reason.
ⓘ A share-count quirk blocked the per-share math

The share count we read for SKYH looks wrong — common for multi-class / founder-controlled filers that report shares per share-class. That makes per-share figures (including intrinsic value) misleading, so we suppressed them. The company's total financials below are sound.

What to use instead: Lean on the totals — revenue, net income, cash flow — and the balance sheet. Multi-class share counts are being corrected; once fixed, the per-share valuation returns automatically.

This note is only about the single DCF fair-value number — SKYH's full financial statements, health scores, and written analysis are all below.

ⓘ Why does SKYH trade at $10.14?

Sky Harbour Group Corp has 77.8 million shares outstanding. At $10.14 per share, the market values all outstanding SKYH equity at $789 million. That's market capitalization, not enterprise value — enterprise value also accounts for debt and cash — and it matters here because SKYH carries substantial debt. The share price by itself tells you almost nothing — a company can pick any share price by splitting or issuing more shares. What matters is the total value (Market Cap?Market Cap — The total dollar value the market is assigning to the entire company.
Why it matters: This is the number that actually matters when comparing companies. Two companies with the same business but different share counts have the same market cap.
Reference: Mega cap >$200B · Large $10–200B · Mid $2–10B · Small $300M–2B · Micro <$300M
Full explanation →) compared to what the business actually produces. This page values SKYH in Per Share?Per Share — A company-level figure divided by total shares — what one share represents.
Why it matters: Per-share metrics are the only way to fairly compare two companies with different share counts.
Full explanation → economics — what each share represents of the underlying business. Play with the share-price calculator on the homepage →

Loading insider & short-seller data…
Checking filings for failure warnings…
PEER BASKET — TIGHT COMPARABLES

How does SKYH stack up against its closest peers?

We take the 8 same-industry companies most similar to SKYH (similar size) and check what investors are paying for each dollar of their revenue (or profits). If SKYH is much more expensive on the same yardstick, that's a red flag — unless you have a specific reason it deserves a premium. For a leveraged business, EV/EBIT and FCF yield (both in the table) are usually more reliable than EV/Sales, because revenue multiples ignore differences in margins and debt.

▾ What's "EV / Sales" in plain English?

EV (Enterprise Value) = market cap + total debt − cash. It's "what you'd pay to buy the entire company outright" — you pay the market cap to shareholders and take over their debt, but you keep their cash. EV is fairer than market cap alone because it includes the debt the new owner inherits.

EV / Sales = EV ÷ annual revenue. So "2.5×" means investors pay $2.50 of enterprise value per $1 of yearly sales. Higher = market is paying more per dollar of sales (usually because they expect future growth or fat margins).

p25 / median / p75 are the 25th, 50th (middle), and 75th percentile of the peers' multiples. Half the peers fall between p25 and p75. The median (p50) is the typical peer — that's the benchmark we compare to.

What peers trade at (p25 / median / p75)
EV / Sales?EV / Sales — For every $1 of yearly revenue, this is how many dollars investors pay to own the whole business (including debt).
Why it matters: Works for pre-profit growth companies where P/E and FCF don't apply. The most apples-to-apples cross-company multiple because it ignores accounting choices.
Reference: 1–3x for mature companies · 4–10x for software/SaaS · 10–20x for hypergrowth · >20x is rare and demanding
Full explanation →		 1.4x / 5.1x / 10.5x

Bold middle number = median peer. Half the peers trade above it, half below. Computed over 8 same-industry peers; implausible multiples excluded.

Peer-implied value check
Peer-implied value isn't meaningful for SKYH: its net debt per share is larger than what peers' sales multiples imply the whole enterprise is worth — a sign of heavy leverage, where almost all of the enterprise value belongs to lenders rather than shareholders. The multiples table above still works as context.

⚠️ Important caveat: peer multiples only work if the peers are genuinely comparable. Always check the peer list below — if the auto-picker grabbed micro-caps or unrelated businesses, the comparison is noise. A medical-device giant priced against tiny biotech startups won't produce a useful signal.

▾ View peer list (8)
Ticker Company Industry Mcap EV/Sales EV/GPEV/EBIT FCF Yield
HPP Hudson Pacific Properties, Inc. Real Estate $650M 0.8x 1.6x— 16.9%
AOMN Angel Oak Mortgage REIT, Inc. Real Estate $623M — —— —
AOMD Angel Oak Mortgage REIT, Inc. Real Estate $622M — —— —
TRC TEJON RANCH CO Real Estate $522M 10.5x 36.1x— 3.8%
AHRT AH Realty Trust, Inc. Real Estate $517M 7.2x —25.3x 14.2%
FOR Forestar Group Inc. Real Estate $1.4B 1.4x —— 10.4%
FRPH FRP HOLDINGS, INC. Real Estate $443M 14.8x —90.4x 1.5%
KW Kennedy-Wilson Holdings, Inc. Real Estate $1.5B 3.1x —— 5.4%
FINANCIAL HEALTH SCREENS

Quality & solvency checks

Cheap stocks can be cheap for a reason. These screens warn when a low valuation comes paired with structural fragility.

Altman Z-Score?Altman Z-Score — A bankruptcy-risk score combining 5 financial ratios into one number. Predictive of bankruptcy within 2 years.
Why it matters: Cheap-looking stocks (low P/E or P/B) often have low Z-scores because the market knows the company is dying. Z-score warns you before you fall into a value trap.
Reference: > 3.0 = safe zone · 1.81–3.0 = grey zone · < 1.81 = distress zone
Full explanation →
n/a
Not reliably computable

We can't produce a trustworthy Altman Z here: retained earnings weren't separately reported in our data, so a core input would have to be fabricated. Rather than show a categorical "distress" verdict from an invented number, we mark it unavailable. Judge financial health from the leverage, cash position, and the measurable Piotroski checks instead.

Piotroski-style checks (partial — not a standard F-score)
3 passed · 4 failed · 2 n/a
Partial result, not a standard F-score: 3 of 7 measurable checks passed. 2 of the 9 standard checks couldn't be measured, so this is scored out of 7, not 9 — it isn't comparable to a published F-score.
▾ The checks — what passed, what didn't (and what we couldn't measure)
  • ✓ Positive net income
    Net income $18.8M in FY2025.
  • ✗ Positive operating cash flow
    Operating cash flow -$2.3M (was -$9.1M the prior year).
    Why this matters: Profit can be an accounting figure; cash from running the business is harder to fake. Negative operating cash flow means the core business consumes cash and must be funded externally.
  • ✗ Cash flow backs up reported profit
    Operating cash flow -$2.3M vs net income $18.8M.
    Why this matters: When cash generated exceeds reported earnings, profits are high-quality (not propped up by accruals or one-time items).
  • ✓ Return on assets improving
    Return on assets 3.2% vs -8.1% a year ago.
  • ✗ Debt load (vs assets)
    Long-term debt is 31.6% of assets vs 29.2% a year ago ($187.4M of $593.2M assets).
    Why this matters: Rising debt relative to assets means more risk and more cash going to interest instead of shareholders. Falling debt is a sign of strengthening.
  • · Short-term liquidity (current ratio) (n/a — data not reported; not scored)
  • ✗ Share count (dilution)
    Share count rose 202.1% (25.7M → 77.8M year-over-year).
    Why this matters: Issuing lots of new shares splits the pie into more pieces, shrinking your slice. Stable or falling share count protects existing owners.
  • · Pricing power (gross margin) (n/a — data not reported; not scored)
  • ✓ Sales per asset (asset turnover)
    Asset turnover 0.05x vs 0.03x a year ago.

Missing data is never counted as a pass or a fail — it's shown as n/a and excluded from the denominator. Each check compares the company against its own prior year.

INTERACTIVE — TWEAK YOUR ASSUMPTIONS

What if you assume different inputs?

Here's where we land — and what happens if you change the assumptions. Drag the sliders to set your own Discount Rate?Discount Rate — The annual return you demand for taking single-stock risk instead of buying a safe Treasury or index fund.
Why it matters: Higher discount rate = stricter valuation (a stock has to produce more cash to be worth holding). Lower = more generous.
Reference: 8–12% is standard · 9–10% matches S&P 500 historical return · Below 7% is illogical for single-stock risk
Full explanation → (the annual return you demand for single-stock risk) and terminal growth; the value updates live so you can see whether the stock looks cheaper or richer. The discount rate starts at 10.0%, the figure our model used for SKYH. Open Advanced to also change beta, growth and the rate path.

Note: no headline intrinsic value is published for this stock (the valuation is held for a data-quality reason — see the notes above). The calculator below is a what-if tool: the values it produces are your assumptions played out, not our estimate.

4.5% (risk-free)9-10% normal18% (deep-risk)
0%2-3% (GDP)5% (rarely sustainable)

A full intrinsic value isn't shown for SKYH because the valuation is currently held for a data-quality reason (see the guardrail notes above). The reverse-DCF reading still works — it needs only the price and cash flow — but we won't publish a forward value until the underlying data passes our checks.

For comparison — the revenue growth today's price already assumes
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⚙ Advanced — tinker with every input (beta, growth, rate path, margin → full intrinsic value)
Where the discount rate comes from — discount rate = risk-free + beta × equity-risk-premium
What you'd earn risk-free from government bonds — the floor under every other rate. Slide it down to model the market expecting rate cuts (value rises); up for higher-for-longer.
The extra yearly return investors demand for owning stocks instead of safe bonds — the price of risk. History runs ~4.5–6.5%; we default to 5.5% (slightly conservative). It's an estimate, not a law — lower it if you think equities are less risky than that.
Inflation reduces the purchasing power of a nominal return: a 9% gain at 3% inflation is about 6% in real terms. The intrinsic value above is already in today's dollars (a nominal DCF carries inflation in both the growth and the discount rate), so this switch does not change the value — it restates the return in real terms.
Higher beta → higher discount rate (sets the rate above). 1.0 = moves with the market.
What you think SKYH can grow revenue for ~5 years, then fades to terminal.
For a pre-profit company: the % of revenue that eventually becomes free cash flow once mature. (Our published value uses the sector norm.)
All inputs start at the values our model used.

    Copy shareable link to this scenario →

    Price$10.14
    Model IVNot applicable — DCF couldn't price this stock. The other valuation lenses on this page (reverse-DCF, peers, sector lens — whichever apply to this filer) carry the read instead.

    Analysis narrative not yet available for this stock.

    ⚠️ FCF negative: revenue/margin growth model projects future cash flows from revenue trajectory.

    As of 3 months ago

    ANATOMY

    Anatomy of a share

    What you're buying per share. Bars are at the same scale so you can see the relative size of revenue, costs, cash flow, and debt — not just read them in a table.

    SKYH Sky Harbour Group Corp stock anatomy showing per-share revenue, operating expenses, free cash flow, and debt
    68.3%
    profit
    Where each $1 of revenue goes
    Net profit — 68.3¢ of every dollar ($0.24/sh = latest fiscal-year net income ÷ current shares. The table below shows GAAP diluted EPS of $0.09, computed on that year's weighted-average diluted shares — the share count moved, which is why they differ)
    Costs & taxes — 31.7¢ (on $0.35 revenue/sh)
    Net margin = net income ÷ revenue (most recent fiscal year).
    Plain English: each share (at $10) represents $0.35 of revenue per share per year, $0.24 of net income per current share, and $0.23 of cash burned per share (negative free cash flow) from the latest fiscal year. Each share carries $2.41 of total debt (interest-bearing borrowings, current + long-term).
    What's free cash flow / what do these mean?

    Revenue per share — how much the business earns from customers, divided by the number of shares outstanding. Top of the income statement.

    Earnings per share — profit left after operating costs, interest, and taxes, per share. Two versions appear on this page and are not interchangeable: GAAP diluted EPS uses the company's weighted-average diluted share count during the reporting period (this is the "earnings" in "price-to-earnings"); net income per current share divides annual net income by today's share count. They differ whenever the share count has changed.

    Owner-earnings free cash flow per share — the cash the business produces for shareholders. Savng's owner-earnings FCF subtracts capital expenditures and stock-based compensation from operating cash flow (SBC is a real dilution cost even though it's non-cash). This is deliberately more conservative than "standard" FCF, which subtracts only capital expenditures — so our figure is lower than the headline FCF you'll see elsewhere. FCF funds dividends, buybacks, debt repayment, and acquisitions; a company can report positive earnings yet negative FCF.

    Debt per share — total interest-bearing borrowings divided by shares. High debt-per-share next to thin FCF-per-share is a fragility signal.

    MOMENTUM — WHAT'S GETTING BETTER & WORSE

    The trend, in plain numbers (FY2024 → FY2025, latest reported)

    Straight from the financial statements — no model, no opinion. For a small or unprofitable company, the direction of these numbers usually tells you more than any single valuation.

    ✅ Improving
    • Revenue grew +87% to $27.5M.
    • Swung to a profit of $18.8M (from a loss the prior year).
    ⚠ Worsening
    • Free cash flow is negative at -$17.6M — the cash burn widened vs last year.
    WHO

    Management & Leadership

    Information not yet available. Executive data not available from current data sources.
    WHAT

    What They Make

    Company description not yet available.

    Segment revenue breakdown not available from current data sources.
    Market Cap: 788.6MBeta: 1.08
    WHY

    Why Is It Priced Like This?

    No discounted-cash-flow value for this filer This company's reported free cash flow is negative, so a discounted-cash-flow valuation has no positive cash stream to discount. That is a fact about the business, not missing data — the reported figures below are complete.

    What we use instead: earnings (P/E, EV/EBIT), book value (P/B) — computed from the figures this company does report, shown in the sections below. Those numbers are unaffected by the missing cash-flow data.
    Pricing analysis not yet available for this stock.
    HOW

    Business Model & Valuation

    Business model analysis not yet available for this stock.

    Growth / Revenue DCF

    Negative free cash flow: revenue/margin growth model used - standard FCF DCF is unreliable for companies still scaling.

    Show advanced inputs
    Revenue Growth50.0%

    What this model does NOT do: this is a consolidated owner-earnings FCF model. Standalone segment assumptions: none. It does not project lots/units, inventory turnover and gross margin per unit independently; their combined effect is embedded in the historical revenue and cash-flow trend the model extrapolates. The calculator above can only approximate a segment's impact through the single consolidated growth rate — it cannot model any one line separately. For a true segment-level view, build a separate model from the company's segment disclosures.

    WHEN

    Maturity & Competitive Position

    Competitive analysis not yet available for this stock.
    WHERE

    Geography & Markets

    Geographic revenue mix not available from current data sources.
    SIGNALS

    Market Signals

    These are timing signals, not value signals — they describe the stock's recent price behavior, not what the business is worth. Use them for the "the thesis looks good, but is now the moment?" question. Each tile below explains what it's saying.

    Model neutral, tape neutral - aligned.
    RSI?RSI — Relative Strength Index — a 0-100 momentum gauge. Above 70 = overbought; below 30 = oversold.
    Why it matters: Short-term contrarian indicator. Extreme readings often precede mean reversion, though not always.
    Reference: 30–70 normal · >70 overbought · <30 oversold
    Full explanation →     (14)    47.2NeutralMomentum is balanced — neither overbought nor oversold.
    MACD?MACD — Moving Average Convergence Divergence — compares a fast and a slow price trend to gauge momentum direction.
    Why it matters: When the fast line crosses above the slow line, short-term momentum is turning up; below, turning down. A timing cue, not a value signal.
    Reference: Line above signal = bullish momentum · below = bearish
    Full explanation →    BearishLine below signalThe fast trend is below the slow trend — short-term momentum is currently downward.
    50-Day Average$9.92Price above (+2.2%)Price above its 50-day average = near-term uptrend.
    200-Day Average$9.66Price aboveThe 200-day line is the long-term trend divider — above it is generally considered a bull market for the stock.
    50 vs 200 CrossGolden50-day above 200-dayA "golden cross" — the medium trend has overtaken the long trend (often read as bullish).

    Technicals describe price, not the business. A great company can have a "bearish" tape (a buying chance) and a weak one a "bullish" tape (a trap). Pair these with the valuation and health sections above.

    QUALITY

    Data Quality & Risk Flags (5 notes — click to expand/collapse)
    Guardrail Notes (5)
    • FCF negative: revenue/margin growth model projects future cash flows from revenue trajectory.
    • Price is far above the model output - market may be pricing optionality, narrative catalysts, or margin expansion beyond what trailing cash flows support.
    • Illiquidity discount 7% applied (small/micro-cap — harder to exit, demand a margin).
    • Extreme valuation (P/IV withheld — see the note above); output dominated by data/units issue (often a multi-class share-count mismatch). Suppressed.
    • DATA UNAVAILABLE: per-share values suppressed due to missing/unreliable shares data.
    FINANCIALS

    Financial Statements (5-year tables — click to expand)

    From Sky Harbour Group Corp's SEC filings (EDGAR).

    Income (5yr)

    YearRevenueNet IncomeEPS
    202527.5M18.8M$0.09
    202414.8M-45.2M$-1.76
    20237.6M-16.2M$-0.98
    20221.8M-3.2M$-0.23
    20211.6M-13.6M—

    Cash Flow (5yr)

    YearOperating CFCapEx− SBC & adj.Free Cash Flow
    2025 -2.3M 9.5M 5.8M -17.6M
    2024 -9.1M 2.3M 3.9M -15.3M
    2023 -7.7M 767,000 2.3M -10.8M
    2022 -27.5M 1.1M 1.2M -29.8M
    2021 -6.6M 162,000 217,000 -7.0M

    How we define FCF: operating cash flow − capital expenditure − stock-based compensation (owner-earnings basis — SBC is a real cost to shareholders even though it's non-cash). Latest year: -2.3M − 9.5M − 5.8M (SBC & adj.) = -17.6M. This is the same owner-earnings FCF definition the valuation model uses, though the DCF's starting value is a projected from revenue × terminal margin, not this single year.

    Balance Sheet

    Total Assets593.2M
    Total Liabilities421.2M
    Equity172.0M
    Total Debt187.4M
    YOU MIGHT ALSO LIKE

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    PG
    Methodology by Pouyan Golshani, MD — founder of Gighz. Savng was built by a physician for busy professionals: every number on this page comes from SEC filings (EDGAR) and FINRA data through transparent, rules-based models — no analyst opinions, no hidden inputs. How we calculate every number →
    ⚠️ Not investment advice. Automated model outputs, last refreshed May 30, 2026 (the analysis-refresh date, not the latest filing period). All models have blind spots. Full disclaimer →
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