Sky Harbour Group Corporation Class A Common Stock (SKYH)

FairStock Score: 38/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I approach Sky Harbour as Graham would: start with earning power and balance sheet, not the story. The company develops and leases general-aviation hangars, a tangible, location-based business that can have local advantages once campuses are full. Revenue is moving: fiscal year 2025 (period ended 2025-12-31) revenue was $27.5M versus fiscal year 2024 (period ended 2024-12-31) $14.8M, and in fiscal Q2 2026 (quarter ended 2026-06-30) revenue was $9.9M. But reported earnings are erratic. Fiscal year 2025 net income was $18.8M, yet fiscal Q2 2026 net income was -$1.2M, fiscal Q1 2026 was -$5.6M, and fiscal Q3 2025 was -$1.9M. The FairStock Lynch category calls it a TURNAROUND—it returned to profit after a loss within the last three years—but current quarters do not show durable profitability. Financial health is weak. Trailing free cash flow was -$103.0M, a FairStock FCF yield of -13.0%. Debt/equity was 3.71, Altman Z-score 0.86, and Piotroski 4/9; those are not comfort metrics. FairStock's ROE was -6.80% and ROCE -2.46%. At $9.45 on 2026-10-13, FairStock's P/B of 2.58 and P/E of -52.50 mean the market is paying up for assets and hoped-for earnings, not proven owner earnings. Its FairStock Score is 38/100. If hangar demand and lease-up convert rapidly, growth could fund itself. But without positive free cash flow and lower leverage, there is little margin of safety. I would need consistent profits and cash generation before calling this cheap.

In plain English: Sky Harbour builds and rents hangars for private and business aircraft. Sales are growing quickly, but the company has recently been losing money and using cash, and it carries a lot of debt. At $9.45, the price looks expensive compared with the current losses, though the business owns real estate that could be valuable if it starts earning steady cash.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer