Share count
78Mpeak FY2025
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SKYH, Sky Harbour Group Corporation
We are an aviation infrastructure development company building the first nationwide network of Home Base Operator campuses designed exclusively for business aircraft.
We develop, lease and manage general aviation hangars across the United States, targeting airfields in markets with significant based aircraft populations and high hangar demand.
Our HBO campuses feature private and semi-private hangars and a full suite of dedicated services specifically optimized for home based, versus transient, aircraft.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$28M
+86.6% YoY · 104% 4-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue $9M +56.0% vs yr-ago qtr
Operating margin −79.9% yr-ago −122.0%
Net income ($9M) yr-ago ($9M)
Net margin −102.8% yr-ago −163.2%
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What moves the needle
- Occupancy, rents, and the cost of debt. Read on funds from operations and net asset value, because GAAP depreciation distorts the earnings, and a property downturn meets a balance sheet built on leverage. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Funds from operations per share do not form a clean trend in the record. Debt is 25% of assets, conservative for a REIT. The quality and location of the properties, the lease terms and occupancy, and the cost of the debt are what the 10-K settles, and no single ratio captures them.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
The record, 2021–2025
realized figures from each filing · older years to the left| 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMMar 2026 | |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| $2M | $2M | $8M | $15M | $28M | $31M | RevenueRevenue |
| ($14M) | ($3M) | ($16M) | ($45M) | $19M | $20M | Net incomeNet inc. |
| Cash flow & returns | ||||||
| ($13M) | ($2M) | ($14M) | ($42M) | $25M | $27M | Funds from operationsFFO |
| Balance sheet | ||||||
| $304M | $331M | $402M | $557M | $593M | $764M | Total assetsAssets |
| 53% | 49% | 40% | 29% | 32% | 25% | Debt / assetsDebt/assets |
| $161M | $162M | $162M | $163M | $187M | $187M | Total debtDebt |
| ($43M) | $121M | $90M | $68M | $150M | $106M | Net debt / (cash)Net debt |
| 2.5× | — | -31.4× | -28.6× | -20.6× | -11.2× | Interest coverageInt. cov. |
| ($18M) | $98M | $132M | $160M | $172M | $165M | Shareholders’ equityEquity |
| Per share | ||||||
| 0K | 14.0M | 16.5M | 25.7M | 77.8M | 34.1M | Shares out (diluted)Shares |
| — | $-0.18 | $-0.84 | $-1.65 | $0.33 | $0.79 | FFO / shareFFO/sh |
| — | $7.04 | $8.04 | $6.21 | $2.21 | $4.84 | Book value / shareBVPS |
The diluted share count moved ×1.56 into 2024 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The diluted share count moved ×3.02 into 2025 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The diluted share count moved ×1/2.28 into TTM — shares retired, not a split the totals corroborate — and the per-share figures carry the counts as filed.
Per-share growththe realized rate an owner's share compounded
| 4-yr | 5-yr | |
|---|---|---|
| Revenue / share | +38.9%/yr (3-yr) | +38.9%/yr (3-yr) |
| Capital spending / share | +17.6%/yr (3-yr) | +17.6%/yr (3-yr) |
| Book value / share | −32.0%/yr (3-yr) | −32.0%/yr (3-yr) |
The record, charted
FY2021–2025Each measure over its full record; the current point and the worst year marked.
Revenue
$28Mlow FY2021
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 10-K · source on SEC EDGAR →
Material weakness in financial controls
“We have identified material weaknesses in the past.”
The figures below are only as sound as the controls that produced them. read the note →
Is it a good business?
- about $0.33 per shareNet income $19M + depreciation $6M − gains on sale ($121K)
In the filing’s words The filing discloses a material weakness in its financial controls — the reported numbers here, and the record built on them, are only as reliable as the controls that produced them.
What this means
GAAP net income with property depreciation added back, because the buildings a REIT charges against earnings usually hold or grow their value. This, not net income, is what a REIT is actually priced on. It is an approximation here: where a filing reports gains on property sales, we remove them, the way the NAREIT definition does.
- Not enough data
What this means
FFO or dividends missing.
Is it sound?
- Debt / assets 32%ConservativeTotal debt $187M ÷ assets $593MIndustry peers: median 24%
What this means
Every REIT runs on leverage; how much is the question. Heavy debt is what turns a property downturn into a wipeout, as 2008 showed, so a conservative balance sheet is part of the moat here, not a drag on it.
- Not enough data
What this means
Operating income or interest is missing, or operating income sits far below net income (a triple-net REIT's lease income bypasses the operating line), so an EBITDA coverage would mislead — read it on net income against the interest bill, and on debt / assets, instead.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
In its own filing Raised, but not as a competitor
The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product.
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of the latest quarter, Sep 30, 2020Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assets$234K
- Cash & short-term investments$81M
Current liabilities$7M
- Accounts payable$1M
- Other current liabilities$6M
Current ratio0.03×all current assets ÷ what's due · Graham looked for 2×
Quick ratio0.03×stricter: inventory excluded
Cash ratio11.69×strictest: cash alone against what's due
Working capital($7M)the cushion left after near-term bills
Cash runway9.1 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate
Revenue, latest quarter vs. a year ago+56.0%the freshest read on whether the business is still growing
Deeper floors
Tangible book value$165Mequity stripped of goodwill & intangibles
Net current asset value($599M)Graham's net-net: current assets less all liabilities
Debt incl. operating leases$187Mno operating-lease liability tagged this quarter, so debt alone
From the company's latest filing.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid.
- Insider ownership2.3%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
- Stock-based compensation$6M
The slice of the business handed to employees in shares this year, 21% of revenue. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
What an owner would ask, FY2025
read the 10-K →- Which reported numbers are a judgment call?Management names Revenue recognition as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Specialty REITs
The same industry, side by side on the REIT lens. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | FFO margin | FFO / assets | Payout (FFO) | Debt / assets |
|---|---|---|---|---|---|
| MRPMillrose Properties Inc. | $600M | — | — | — | 23% |
| FPHFive Point Holdings LLC Class A | $110M | 15% | 1.0% | — | 21% |
| LANDGladstone Land Corporation | $88M | 43% | 2.3% | 50% | 54% |
| FPIFarmland Partners Inc. | $52M | 22% | 1.2% | 81% | 45% |
| TRCTejon Ranch Co | $50M | 18% | 1.3% | — | 12% |
| FRPHFRP Holdings Inc. | $43M | 40% | 3.2% | — | 25% |
| SKYHSky Harbour Group Corporation | $28M | -183% | -3.5% | — | 40% |
| MLPMaui Land & Pineapple Company Inc. | $19M | -16% | -4.3% | — | — |
| Group median | — | 18% | 1.2% | — | 25% |
The price
What a price has to assume.
What the price implies
price / FFOA REIT is priced on a multiple of its funds from operations (FFO), the cash it earns once the depreciation on its buildings is added back. Type today’s price; we show the multiple you would pay and the income and growth it implies.
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The assumptions
The justified multiple is 1 ÷ (required return − growth), a perpetuity on FFO. At an 8% required return and 3% growth, a REIT is worth about 20× FFO.
Enter a price above to run it.
Price / FFO—
Justified by growth—
Dividend yield—
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
FFO about $0.79 per share on 34M shares. The dials set the multiple they justify; your price sets the multiple you are paying. FFO here adds back depreciation and removes property-sale gains, the NAREIT method; it does not net out maintenance capex (AFFO), occupancy or lease terms, which the 10-K does.
Cite: Owner Scorecard, "Sky Harbour Group Corporation (SKYH), the owner's record," https://ownerscorecard.com/c/SKYH, data as of 2026-07-09.
Manual order: ← SKY its page in the Manual SKYT →
Industry order: ← RITR the Real Estate Development & Services chapter TRC →