Detailed financial statements for Sky Harbour Group Corp (SKYH): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
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’s home basing hangar campuses includes private and semi-private hangars, as well as a suite of services for home based and transient aircraft. The company is based in White Plains, New York.
Analysis Summary
Sky Harbour Group Corp reported revenue of $27.5M in the most recent fiscal year, growing at a 5-year CAGR of 109.3%.
Trailing-twelve-month margins: gross margin 14.8%, operating margin -80.8%, net margin 2.7%.
At the current price of $9.94, SKYH trades at a P/E of 249.91 and an ROE of 0.75%. Market capitalisation stands at $761M.
Balance sheet quality for SKYH: current ratio of 1.5, net debt of $352.9M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of -$86.5M represents -460% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 0 | $685596 | $1.6M | $1.8M | $7.6M | $14.8M | $27.5M |
| Cost of Revenue | 0 | $1.9M | $5.0M | $5.7M | $7.2M | $9.1M | $31.8M |
| Gross Profit | 0 | -$1.3M | -$3.5M | -$3.9M | $407000 | $5.6M | -$4.2M |
| Research & Development | 0 | 0 | 0 | $248000 | 0 | 0 | 0 |
| Selling, General & Admin | $993505 | $837336 | $8.7M | $14.7M | $15.1M | $19.4M | $6.6M |
| Operating Expenses | $1.6M | $837336 | $8.7M | $14.7M | $17.4M | $26.1M | $23.8M |
| Operating Income | -$1.6M | -$2.1M | -$12.2M | -$18.6M | -$17.0M | -$20.4M | -$28.0M |
| EBITDA | -$1.6M | -$2.0M | -$9.2M | -$11.0M | -$22.6M | -$50.3M | $14.7M |
| Interest Expense | $198496 | $395698 | $1.2M | 0 | $541000 | $715000 | $1.4M |
| Pre-tax Income | -$1.8M | -$2.5M | -$13.6M | -$13.7M | -$25.4M | -$53.7M | $7.3M |
| Income Tax | $198496 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$2.0M | -$2.5M | -$13.6M | -$3.2M | -$16.2M | -$45.2M | $18.8M |
| EPS | $-0.14 | $-0.18 | $-0.91 | $-0.23 | $-0.98 | $-1.76 | $0.56 |
| EPS (Diluted) | $-0.14 | $-0.18 | $-0.91 | $-0.23 | $-0.98 | $-1.76 | $0.22 |
| Shares Outstanding (Diluted) | $13.6M | $17.0M | $15.0M | $14.0M | $16.5M | $25.7M | $34.0M |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.0M | $1.1M | $6.8M | $2.2M | $60.3M | $42.4M | $20.7M |
| Short-term Investments | 0 | 0 | 0 | $24.9M | $11.9M | 0 | 0 |
| Receivables | 0 | 0 | $103000 | $83000 | $367000 | $8.6M | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $1.0M | $140.2M | $204.4M | $70.7M | $164.5M | $127.2M | $48.5M |
| Property, Plant & Equipment | $20.0M | $48.3M | $96.8M | $145.2M | $223.5M | $147.8M | $527.8M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | $3.0M | $2.7M |
| Total Assets | $28.3M | $140.2M | $303.9M | $331.2M | $402.2M | $556.6M | $593.2M |
| Accounts Payable | 0 | $153928 | $901000 | $948000 | $2.7M | 0 | 0 |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $2.8M | $4.9M | $11.0M | $14.2M | $18.8M | $22.6M | $32.1M |
| Long-term Debt | $9.2M | $22.7M | $160.7M | $162.2M | $171.7M | $170.2M | $183.2M |
| Total Liabilities | $32.3M | $22.9M | $232.9M | $232.8M | $270.0M | $396.7M | $421.2M |
| Retained Earnings | 0 | -$21.4M | 0 | -$3.2M | -$19.4M | -$64.6M | -$45.8M |
| Total Equity | -$4.0M | $117.3M | $71.0M | $26.3M | $69.2M | $104.1M | $127.7M |
| Total Debt | $29.5M | $57.5M | $222.0M | $215.7M | $241.2M | $323.0M | $373.6M |
| Net Debt | $28.5M | $56.4M | $215.2M | $188.7M | $169.0M | $280.5M | $352.9M |
| Working Capital | -$1.8M | $135.3M | $193.4M | $56.6M | $145.7M | $104.6M | $16.3M |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Net Income | -$1.8M | -$2.5M | -$13.6M | -$13.7M | -$16.2M | -$53.7M | $7.3M |
| Depreciation & Amortization | 0 | $93462 | $1.0M | $695000 | $2.3M | $2.7M | $6.4M |
| Stock-based Compensation | 0 | 0 | $217000 | $1.2M | $2.3M | $3.9M | $5.8M |
| Change in Working Capital | -$83377 | $66283 | $3.0M | -$3.3M | -$466000 | -$799000 | $7.4M |
| Operating Cash Flow | -$1.4M | -$1.0M | -$6.6M | -$27.5M | -$7.7M | -$9.1M | -$2.3M |
| Capital Expenditure | -$4.1M | -$11.9M | -$16.0M | -$46.0M | -$56.1M | -$78.5M | -$84.2M |
| Acquisitions | 0 | 0 | 0 | 0 | $1.8M | -$31.7M | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$5.5M | -$12.9M | -$22.6M | -$73.5M | -$63.9M | -$87.6M | -$86.5M |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +130.2% | +16.9% | +310.6% | +94.9% | +86.6% | ||
| Net Income Growth (YoY) | -29.7% | -436.7% | +76.6% | -408.1% | -179.6% | +141.6% | |
| EPS Growth (YoY) | -28.6% | -405.6% | +74.7% | -326.1% | -79.6% | +131.8% | |
| Shares Change (YoY) | +25.0% | -12.0% | -6.7% | +17.8% | +56.4% | +32.2% | |
| FCF Growth (YoY) | -137.0% | -74.7% | -224.9% | +13.0% | -37.2% | +1.3% | |
| Gross Margin | -183.2% | -219.5% | -211.2% | 5.4% | 38.2% | -15.3% | |
| Operating Margin | -305.3% | -773.1% | -1008.7% | -224.3% | -138.3% | -101.8% | |
| EBITDA Margin | -298.5% | -586.0% | -597.5% | -298.6% | -340.5% | 53.4% | |
| Net Margin | -369.9% | -862.5% | -172.6% | -213.6% | -306.4% | 68.3% | |
| FCF Margin | -1887.2% | -1432.8% | -3981.5% | -843.2% | -593.8% | -314.1% | |
| Effective Tax Rate | -11.3% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | 0.0% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.40 | $-0.76 | $-1.51 | $-5.26 | $-3.88 | $-3.40 | $-2.54 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $13.6M | $17.0M | $15.0M | $14.0M | $16.5M | $25.7M | $33.8M |
What to look at in Reit companies
- FFO / Share (Positive growth) — REIT 'true EPS' — net income + depreciation.
- Dividend coverage (FFO/div) (>=1.1x) — FFO must cover the dividend with margin.
- Net Debt / EBITDA (<=6x) — NAREIT benchmark. Normalises leverage by cash generation.
- Debt / Assets (40-60%) — REITs use a lot of debt by design. >65% fragile when rates rise.
- FFO Payout (proxy) (<80%) — Dividends / Operating CF. Quality REITs retain >20% to grow.
- P/FFO (15-20x) — REIT P/E equivalent. Healthy typical range.
Profitability
| Return on Equity | 0.75% |
| Return on Invested Capital | -3.52% |
| Return on Assets | 0.11% |
| Gross Margin | 14.77% |
| Operating Margin | -80.78% |
| Net Margin | 2.73% |
Financial Health
| Debt / Equity | 4.81 |
| Current Ratio | 5.13 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| P/E | -71.96 | -56.22 | -11.18 | -11.57 | -9.86 | -6.78 | 16.02 |
| P/B | -34.48 | 1.47 | 2.14 | 1.41 | 2.30 | 2.95 | 2.38 |
| P/S | 0.00 | 250.91 | 96.43 | 20.13 | 20.99 | 20.80 | 11.02 |
| Gross Margin | 0.0% | -183.2% | -219.5% | -211.2% | 5.4% | 38.2% | -15.3% |
| Operating Margin | 0.0% | -305.3% | -773.1% | -1008.7% | -224.3% | -138.3% | -101.8% |
| Net Margin | 0.0% | -369.9% | -862.5% | -172.6% | -213.6% | -306.4% | 68.3% |
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Explore sector: Real Estate · Real Estate - Development
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