SKYH Real Estate

Sky Harbour Group Corporation

$10.07-0.59%

Price as of close on Nov 3, 2026 · Financials updated Sep 30, 2026

Basics

Sector: Real Estate
Industry: Real Estate - Development
Country: United States
Market cap: 822.0M USD
Enterprise value: 766.2M USD
Full-time employees: 112

Overall health

Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: its share price swings more than most peers’ (beta 1.30 vs a peer median of 0.75)bigger price swings (beta 1.30 vs peers 0.75)
Drawback: more debt relative to equity (1.09× vs a peer median of 0.80×)more debt vs equity (1.09× vs peers 0.80×)
About average: risk (debt, liquidity and share-price swings)risk

Ranks #439 of 632 real estate companies (bottom 31%)

See how it ranks against its peers

Worth knowing

Profitable, but burning cash. Reports a profit, but free cash flow is negative.
Sky Harbour reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.
Stock-based pay is a large cost. Stock pay was 21% of revenue in 2025.
Sky Harbour paid employees $6M in stock in 2025, 21% of its $28M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Earnings turned from a loss to a profit. Profit per share this year after a loss last year.
Sky Harbour made a profit per share in its latest year after a loss the year before.
Growing fast, still losing money. Revenue grew faster than 95% of peers, at an operating loss, from a small base ($34M of revenue over 12 months).
Revenue grew faster than 95% of peers, but the business runs at an operating loss (margin -81%).

StockQuotient Score

42/ 100

Oct 5 41 → Nov 4 42 (+1)

Valuation

Is the price right?

7/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ EBITDA yield
▼ FCF yield
▼ Earnings yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield0.1%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score -1.08Sector median: 0.0535 · MAD: 0.0484

EBITDA yield-2.4%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -2.62Sector median: 0.0536 · MAD: 0.0204

Free cash flow yield-0.7%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.46Sector median: 0.0650 · MAD: 0.0444

Other data (not scored)

Book yield19.9%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 1.1277 · MAD: 0.5490

Growth

Is it growing?

98/100

Strong

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 10.7%

Why

Stronger than most peers on:

▲ 3-yr revenue
▲ Revenue growth
▲ EPS growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Earnings per share turned from a loss to a profit33% base weight · Z-score 3.90Sector median: 0.1117 · MAD: 0.3101

3-year revenue growth106.1%

SEC filings · 3 years to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score 4.04Sector median: 0.0378 · MAD: 0.0744

Revenue growth62.2%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score 5.81Sector median: 0.0297 · MAD: 0.0927

Profitability

Does it earn well?

4/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Operating margin rose 11.1 points to -80.8%

Why

Weaker than most peers on:

▼ Operating margin
▼ ROIC
▼ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-80.8%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -2.01Sector median: 0.2683 · MAD: 0.2257

Return on assets0.1%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.49Sector median: 0.0211 · MAD: 0.0134

Return on invested capital-11.6%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -6.61Sector median: 0.0341 · MAD: 0.0197

Other data (not scored)

Gross margin-37.5%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.5380 · MAD: 0.2259

Return on equity0.6%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0521 · MAD: 0.0465

Risk

Debt, liquidity, price swings

Moderate

Moderate relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why it changed since the Oct 27, 2026 close: Safety percentile 57 → 58

Peer companies moved+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Mixed versus peers:

▲ Current ratio
▼ Beta
▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.30

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -1.69Sector median: 0.7490 · MAD: 0.3270

Current ratio3.38×

Yahoo Finance fallback · SEC figure unavailable or out of dateReported value33% base weight · Z-score 3.03Sector median: 1.1950 · MAD: 0.7210

Debt / equity1.09×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.73Sector median: 0.8040 · MAD: 0.3893

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Sky Harbour

Is Sky Harbour getting weaker?: Its latest SEC filing (Aug 12, 2026) got stronger: operating margin rose 11.1 points to -80.8%. Its overall score is unchanged at 42/100 since Oct 28, 2026.
How is Sky Harbour valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 7/100 against 762 real estate peers. EBITDA yield -2.4% vs a peer median of 5.4% (weaker than 100% of peers).EBITDA yield -2.4% vs peers 5.4% (weaker than 100% of peers).
Is Sky Harbour growing?: Yes, faster than most of its peers. Growth scores 98/100 against 762 real estate peers. 3-year revenue growth 106.1% vs a peer median of 3.8% (stronger than 95% of peers).3-year revenue growth 106.1% vs peers 3.8% (stronger than 95% of peers).
How profitable is Sky Harbour?: Less profitable than most of its peers. Profitability scores 4/100 against 762 real estate peers. Operating margin -80.8% vs a peer median of 26.8% (weaker than 100% of peers).Operating margin -80.8% vs peers 26.8% (weaker than 100% of peers).
How risky is Sky Harbour?: Moderate risk relative to 762 real estate peers, judged on debt, liquidity and share-price swings. Current ratio 3.38× vs a peer median of 1.20× (stronger than 87% of peers).Current ratio 3.38× vs peers 1.20× (stronger than 87% of peers). Beta 1.30 vs a peer median of 0.75 (weaker than 87% of peers).Beta 1.30 vs peers 0.75 (weaker than 87% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 12, 2026 · compared with the quarter ended Mar 31, 2026

Got stronger

Operating margin rose 11.1 points to -80.8%

Worth watching: Sky Harbour is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.

	Previous quarter	Latest quarter	Change
Revenue (12 months)	30.7M USD	33.9M USD	+10.7%
Net income (12 months)	19.6M USD	925,000 USD	−95.3%
Operating margin	-91.9%	-80.8%	+11.1 pts
Free cash flow (12 months)	−8.9M USD	−5.5M USD	−38.1%
Cash	81.1M USD	164.0M USD	+102.3%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Real Estate · 124 companies

Valuations in Real Estate are within their usual range since 2016.

30% of months since 2016 were valued lower than now.
15% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +4% and earnings +25% (medians): earnings grew faster than prices.
Median price-to-sales is +112% vs the whole market, against a usual +154%.

2016Shaded: most expensive fifth of its range2026

Shown for Real Estate: too few Real Estate - Development companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Operating margin	184.4%	-1022.1%	-224.3%	-138.3%	-101.8%	▲ 37 pts
Net margin	-862.5%	-172.6%	-213.6%	-306.4%	68.3%	▲ 375 pts
Return on assets (ROA)	-4.5%	-1.0%	-4.0%	-8.1%	3.2%	▲ 11 pts
Return on equity (ROE)	—	-3.2%	-12.2%	-28.3%	10.9%	▲ 39 pts
Free cash flow margin	-429.5%	-1546.9%	-112.2%	-76.9%	-43.0%	▲ 34 pts
Debt to equity	—	1.65×	1.23×	1.02×	1.09×	▲ 7.1%
Interest coverage	2.51×	—	-31.41×	-28.55×	-20.62×	▲ 28%

SKYH price history

Price history is added with the daily price update and will appear after the next one.

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Sector leaderboards

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Bringing the fundamentals into focus…

Overall health

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: its share price swings more than most peers’ (beta 1.30 vs a peer median of 0.75)bigger price swings (beta 1.30 vs peers 0.75)

Drawback: more debt relative to equity (1.09× vs a peer median of 0.80×)more debt vs equity (1.09× vs peers 0.80×)

About average: risk (debt, liquidity and share-price swings)risk

Ranks #439 of 632 real estate companies (bottom 31%)

See how it ranks against its peers

Worth knowing

Profitable, but burning cash. Reports a profit, but free cash flow is negative.

Sky Harbour reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.

Stock-based pay is a large cost. Stock pay was 21% of revenue in 2025.

Sky Harbour paid employees $6M in stock in 2025, 21% of its $28M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Earnings turned from a loss to a profit. Profit per share this year after a loss last year.

Sky Harbour made a profit per share in its latest year after a loss the year before.

Growing fast, still losing money. Revenue grew faster than 95% of peers, at an operating loss, from a small base ($34M of revenue over 12 months).

Revenue grew faster than 95% of peers, but the business runs at an operating loss (margin -81%).

Questions investors ask about Sky Harbour

Is Sky Harbour getting weaker?

Its latest SEC filing (Aug 12, 2026) got stronger: operating margin rose 11.1 points to -80.8%. Its overall score is unchanged at 42/100 since Oct 28, 2026.

How is Sky Harbour valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 7/100 against 762 real estate peers. EBITDA yield -2.4% vs a peer median of 5.4% (weaker than 100% of peers).EBITDA yield -2.4% vs peers 5.4% (weaker than 100% of peers).

Is Sky Harbour growing?

Yes, faster than most of its peers. Growth scores 98/100 against 762 real estate peers. 3-year revenue growth 106.1% vs a peer median of 3.8% (stronger than 95% of peers).3-year revenue growth 106.1% vs peers 3.8% (stronger than 95% of peers).

How profitable is Sky Harbour?

Less profitable than most of its peers. Profitability scores 4/100 against 762 real estate peers. Operating margin -80.8% vs a peer median of 26.8% (weaker than 100% of peers).Operating margin -80.8% vs peers 26.8% (weaker than 100% of peers).

How risky is Sky Harbour?

Moderate risk relative to 762 real estate peers, judged on debt, liquidity and share-price swings. Current ratio 3.38× vs a peer median of 1.20× (stronger than 87% of peers).Current ratio 3.38× vs peers 1.20× (stronger than 87% of peers). Beta 1.30 vs a peer median of 0.75 (weaker than 87% of peers).Beta 1.30 vs peers 0.75 (weaker than 87% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

30.7M USD

33.9M USD

+10.7%

Net income (12 months)

19.6M USD

925,000 USD

−95.3%

Operating margin

-91.9%

-80.8%

+11.1 pts

Free cash flow (12 months)

−8.9M USD

−5.5M USD

−38.1%

Cash

81.1M USD

164.0M USD

+102.3%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

184.4%

-1022.1%

-224.3%

-138.3%

-101.8%

▲ 37 pts

Net margin

-862.5%

-172.6%

-213.6%

-306.4%

68.3%

▲ 375 pts

Return on assets (ROA)

-4.5%

-1.0%

-4.0%

-8.1%

3.2%

▲ 11 pts

Return on equity (ROE)

—

-3.2%

-12.2%

-28.3%

10.9%

▲ 39 pts

Free cash flow margin

-429.5%

-1546.9%

-112.2%

-76.9%

-43.0%

▲ 34 pts

Debt to equity

—

1.65×

1.23×

1.02×

1.09×

▲ 7.1%

Interest coverage

2.51×

—

-31.41×

-28.55×

-20.62×

▲ 28%