Latest Ratios: P/E Ratio 43.0x · EV/EBITDA N/A · ROE 11.3%. (2019–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Market Cap | $723M | $305M | $307M | $159M | $37M | $152M | $172M | — |
| Enterprise Value | $1.1B | $658M | $588M | $340M | $251M | $367M | $228M | — |
| P/E Ratio → | 42.95 | 40.77 | — | — | — | — | — | — |
| P/S Ratio | 26.26 | 11.08 | 20.80 | 20.99 | 20.13 | 96.43 | 250.91 | — |
| P/B Ratio | 1.87 | 1.78 | 1.92 | 1.20 | 0.38 | 2.14 | 1.47 | — |
| P/FCF | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 23.90 | 39.81 | 44.87 | 135.89 | 232.79 | 333.13 | — |
| EV / EBITDA | — | — | — | — | — | — | — | — |
| EV / EBIT | — | 79.07 | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | -15.3% | -15.3% | 38.2% | 5.4% | -211.2% | -219.5% | -183.2% | — |
| Operating Margin | -101.8% | -101.8% | -138.3% | -224.3% | -1008.7% | -773.1% | -305.3% | — |
| Net Profit Margin | 68.3% | 68.3% | -306.4% | -213.6% | -172.6% | -862.5% | -369.9% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| ROE | 11.3% | 11.3% | -31.0% | -14.0% | -3.8% | -14.5% | -4.5% | — |
| ROA | 3.3% | 3.3% | -9.4% | -4.4% | -1.0% | -6.1% | -3.0% | -6.9% |
| ROIC | -4.4% | -4.4% | -4.1% | -4.1% | -4.7% | -4.0% | -1.6% | -4.8% |
| ROCE | -5.1% | -5.1% | -4.5% | -4.9% | -6.1% | -5.7% | -2.6% | -6.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.17 | 2.17 | 2.02 | 1.82 | 2.19 | 3.13 | 0.49 | — |
| Debt / EBITDA | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | 2.05 | 1.76 | 1.37 | 2.17 | 3.03 | 0.48 | — |
| Net Debt / EBITDA | — | — | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — | — | — |
| Interest Coverage | 6.12 | 6.12 | -74.08 | -46.03 | — | -10.73 | -5.41 | -7.85 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.51 | 1.51 | 5.63 | 8.73 | 4.99 | 18.65 | 28.54 | 0.36 |
| Quick Ratio | 1.51 | 1.51 | 5.63 | 8.73 | 4.99 | 18.65 | 28.54 | 0.36 |
| Cash Ratio | 0.64 | 0.64 | 1.88 | 3.83 | 1.91 | 0.62 | 0.23 | 0.36 |
| Asset Turnover | — | 0.05 | 0.03 | 0.02 | 0.01 | 0.01 | 0.00 | — |
| Inventory Turnover | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | 213.25 | 17.68 | 16.42 | 23.82 | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.3% | 2.5% | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Shares Outstanding | — | $34M | $26M | $16M | $14M | $15M | $17M | $14M |
High Debt-to-Equity Leverage
According to current market data, SKYH trades at a price-to-sales multiple of 26.26, which appears to price in significant future growth expectations that remain disconnected from the company's current negative operating margins and the substantial capital requirements inherent in its specialized aviation infrastructure development model.
The elevated P/S ratio suggests that investors are valuing the company as a high-growth infrastructure platform rather than a traditional real estate entity. This valuation warrants caution, as it implies a rapid transition to stabilized, high-margin rental income that has yet to be demonstrated in the company's historical financial performance.
As reported in recent financial statements, the company's ROIC has remained consistently negative, hovering around -0.9% to -1.2% over the last ten quarters, which indicates that the capital deployed into new hangar campuses is not yet generating returns that exceed the cost of financing.
The persistent inability to generate positive returns on invested capital highlights the structural challenge of the development phase, where heavy upfront construction costs precede long-term rental cash flows. Investors should monitor whether the ROIC trend improves as more campuses reach full occupancy and the asset base begins to contribute to earnings.
Based on the provided quarterly data, the asset turnover ratio has remained stagnant at 0.01, reflecting the company's heavy reliance on long-term, capital-intensive infrastructure that has not yet reached the scale required to drive meaningful revenue relative to the total asset base.
The extremely low asset turnover is characteristic of an early-stage developer, but it underscores the risk that the company's growth is currently driven by capital expenditure rather than operational efficiency. The lack of meaningful improvement in this metric suggests that the company is still in the early stages of its asset utilization lifecycle.
According to the 2026Q1 balance sheet, the debt-to-equity ratio has climbed to 3.37, representing a significant increase from 1.82 in 2023Q4, which suggests that the company is increasingly reliant on external debt financing to fund its ongoing hangar campus expansion and infrastructure development projects.
This rising leverage profile increases the company's sensitivity to interest rate fluctuations and refinancing risks, particularly given the current lack of positive operating cash flow. The high debt burden necessitates a disciplined approach to project execution, as any delays in campus completion could exacerbate liquidity pressures.
The most commonly misapplied metric for Sky Harbour is the Funds From Operations (FFO) or standard REIT yield, which obscures the reality that the company is currently a developer-operator in a high-growth phase rather than a stabilized, income-producing real estate investment trust.
Using traditional REIT valuation multiples fails to account for the significant non-cash accounting distortions and the heavy development-related costs that currently suppress earnings. Analysts should instead focus on 'Yield on Cost' for individual campuses and the transition of development-stage assets to stabilized occupancy to better assess the company's true fundamental value.
Includes 30+ ratios · 7 years · Updated daily
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Quick answers to the most common questions about buying SKYH stock.
Sky Harbour Group Corporation's current P/E ratio is 43.0x. The historical average is 40.8x. This places it at the 100th percentile of its historical range.
Sky Harbour Group Corporation's return on equity (ROE) is 11.3%. The historical average is -9.4%.
Based on historical data, Sky Harbour Group Corporation is trading at a P/E of 43.0x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Sky Harbour Group Corporation has -15.3% gross margin and -101.8% operating margin.