The capital structure has become increasingly debt-dependent, with total debt rising to $555.9 million and a current ratio that has compressed to 0.79.
| Total Current Assets | 29.52M | 48.48M | 127.16M | 164.53M | 70.74M | 204.38M | 140.24M | 1.02M |
| Cash & Short-Term Investments | 187.62M | 20.72M | 42.44M | 72.12M | 27.07M | 6.8M | 1.12M | 1.02M |
| Cash Only | 81.08M | 20.72M | 42.44M | 60.26M | 2.17M | 6.8M | 1.12M | 1.02M |
| Short-Term Investments | 106.54M | 0 | 0 | 11.87M | 24.89M | 0 | 0 | 0 |
| Accounts Receivable | 17.42M | 0 | 8.62M | 367K | 83K | 103K | 0 | 0 |
| Days Sales Outstanding | 51.82 | - | 213.25 | 17.68 | 16.42 | 23.82 | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - |
| Other Current Assets | -175.53M | 27.76M | 76.1M | 86.4M | 39.22M | 197.13M | 138.72M | 0 |
| Total Non-Current Assets | 184.66M | 544.7M | 429.39M | 237.67M | 260.46M | 99.51M | 0 | 27.31M |
| Property, Plant & Equipment | 182.02M | 527.84M | 147.83M | 223.49M | 145.17M | 96.81M | 48.34M | 20.03M |
| Fixed Asset Turnover | 0.07x | 0.05x | 0.10x | 0.03x | 0.01x | 0.02x | 0.01x | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 2.64M | 2.71M | 3M | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 0 | 14.15M | 278.56M | 14.19M | 115.3M | 2.7M | -48.34M | 7.29M |
| Total Assets | 764.47M | 593.18M | 556.56M | 402.2M | 331.2M | 303.89M | 140.24M | 28.33M |
| Asset Turnover | 0.05x | 0.05x | 0.03x | 0.02x | 0.01x | 0.01x | 0.00x | - |
| Asset Growth % | 89.9% | 6.58% | 38.38% | 21.44% | 8.99% | 116.69% | 394.98% | - |
| Total Current Liabilities | 37.55M | 32.14M | 22.61M | 18.85M | 14.18M | 10.96M | 4.91M | 2.82M |
| Accounts Payable | 0 | 0 | 0 | 2.65M | 948K | 901K | 153.93K | 0 |
| Days Payables Outstanding | - | - | - | 135.04 | 60.27 | 65.24 | 28.94 | - |
| Short-Term Debt | 5.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 6.5M | 6.5M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 32.52M | 2.02M | 2.75M | 7.02M | 6.1M | 3.45M | 0 | 2.82M |
| Current Ratio | 0.79x | 1.51x | 5.63x | 8.73x | 4.99x | 18.65x | 28.54x | 0.36x |
| Quick Ratio | 0.79x | 1.51x | 5.63x | 8.73x | 4.99x | 18.65x | 28.54x | 0.36x |
| Cash Conversion Cycle | 51.82 | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 561.9M | 389.07M | 374.13M | 251.1M | 218.65M | 221.97M | 18M | 29.48M |
| Long-Term Debt | 359.14M | 183.23M | 170.16M | 171.66M | 162.21M | 160.68M | 22.67M | 9.18M |
| Capital Lease Obligations | 734.11M | 190.35M | 152.8M | 67.39M | 53.53M | 61.29M | 34.81M | 20.31M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 11.06M | 15.49M | 51.18M | 12.04M | 2.9M | 0 | -39.48M | 0 |
| Total Liabilities | 599.45M | 421.21M | 396.74M | 269.95M | 232.83M | 232.93M | 22.92M | 32.31M |
| Total Debt | 555.88M | 373.58M | 322.95M | 241.17M | 215.74M | 221.97M | 57.49M | 29.48M |
| Net Debt | 474.79M | 352.86M | 280.51M | 180.91M | 213.57M | 215.16M | 56.37M | 28.47M |
| Debt / Equity | 3.37x | 2.17x | 2.02x | 1.82x | 2.19x | 3.13x | 0.49x | - |
| Debt / EBITDA | -26.56x | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -22.68x | - | - | - | - | - | - | - |
| Interest Coverage | 3.26x | 6.12x | -74.08x | -46.03x | - | -10.73x | -5.41x | -7.85x |
| Total Equity | 165.01M | 171.97M | 159.82M | 132.25M | 98.37M | 70.96M | 117.32M | -3.97M |
| Equity Growth % | 121.1% | 7.6% | 20.85% | 34.43% | 38.63% | -39.52% | 3053.16% | - |
| Book Value per Share | 4.84 | 5.05 | 6.21 | 8.04 | 7.04 | 4.74 | 6.90 | -0.29 |
| Total Shareholders' Equity | 124.19M | 127.75M | 104.1M | 69.16M | 26.28M | 70.96M | 117.32M | -3.97M |
| Common Stock | 7K | 7K | 7K | 6K | 5K | 16.93M | 138.71M | 0 |
| Retained Earnings | -51.35M | -45.77M | -64.59M | -19.36M | -3.18M | 0 | -21.38M | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 244K | 0 | 53K | 312K | -102K | 0 | 0 | 0 |
| Minority Interest | 40.83M | 44.22M | 55.72M | 63.09M | 72.1M | 0 | 0 | 0 |
High Debt-to-Equity Leverage
Based on reported financial statements, Sky Harbour's total debt has surged to $555.9 million as of 2026Q1, representing a significant escalation from the $241.2 million reported in 2023Q4, which suggests an aggressive reliance on external financing to fund the ongoing expansion of its hangar campus portfolio.
The consistent rise in total liabilities relative to equity indicates that the company is financing its infrastructure development almost entirely through debt rather than internal cash generation. This trajectory warrants close monitoring, as the increasing debt load places significant pressure on future cash flows to service interest obligations.
According to the company's 2026Q1 balance sheet, the debt-to-equity ratio has climbed to 3.37, a marked increase from the 1.82 observed in 2023Q4, which implies that the company's capital structure is becoming increasingly sensitive to interest rate volatility and the timing of project-based debt refinancing.
The high leverage ratio is characteristic of capital-intensive infrastructure developers, yet it leaves little room for operational error. Investors should consider whether the current debt levels are sustainable given the company's ongoing negative operating margins and the long-term nature of its ground lease commitments.
As reported in recent filings, the current ratio has deteriorated to 0.79 in 2026Q1 from a peak of 8.75 in 2024Q1, suggesting that the company's ability to cover short-term obligations with current assets has significantly weakened as cash reserves are deployed into long-term construction projects.
The rapid decline in the current ratio suggests that the company is consuming its liquid assets faster than it is generating them through operations. This compression in liquidity may force management to seek additional capital infusions to maintain construction momentum and meet near-term debt service requirements.
Based on the 2026Q1 balance sheet, net property, plant, and equipment stands at $182.0 million, which represents a significant portion of the $764.5 million in total assets, highlighting the company's heavy investment in physical infrastructure that has yet to reach full, stabilized occupancy levels.
The asset mix is heavily skewed toward long-lived, illiquid infrastructure, which limits the company's financial flexibility. The valuation of these assets is highly dependent on the successful execution of development projects and the long-term viability of the underlying municipal ground leases.
Analysis of the equity section reveals an accumulated deficit of $51.4 million as of 2026Q1, which, when viewed alongside the company's negative retained earnings, suggests that the business model has yet to achieve the scale necessary to offset its substantial initial development and corporate overhead costs.
The persistent negative retained earnings indicate that the company is effectively eroding its equity base through ongoing operational losses. This trend suggests that the current valuation may be overly optimistic regarding the timeline for achieving self-sustaining profitability and positive cash flow generation.
Quick answers to the most common questions about buying SKYH stock.
As of 2025, Sky Harbour Group Corporation (SKYH) had total assets of $593.2M including $48.5M in current assets.
Sky Harbour Group Corporation (SKYH) carries total debt of $373.6M, offset by $20.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Sky Harbour Group Corporation (SKYH) has total shareholders' equity (book value) of $127.7M ($5.05 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Sky Harbour Group Corporation (SKYH) reported a current ratio of 1.51x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.