Latest Ratios: P/E Ratio 42.2x · 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 | $711M | $305M | $307M | $159M | $37M | $152M | $172M | — |
| Enterprise Value | $1.1B | $658M | $588M | $340M | $251M | $367M | $228M | — |
| P/E Ratio → | 42.23 | 40.77 | — | — | — | — | — | — |
| P/S Ratio | 25.82 | 11.08 | 20.80 | 20.99 | 20.13 | 96.43 | 250.91 | — |
| P/B Ratio | 1.84 | 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 | 2.4% | 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 |
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 Corp's current P/E ratio is 42.2x. The historical average is 40.8x. This places it at the 100th percentile of its historical range.
Sky Harbour Group Corp's return on equity (ROE) is 11.3%. The historical average is -9.4%.
Based on historical data, Sky Harbour Group Corp is trading at a P/E of 42.2x. 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 Corp has -15.3% gross margin and -101.8% operating margin.
Key Metrics
Top Statement Risk
Negative gross margins persist
Metrics are mathematically derived from official filings.
Margins Still in Ramp-Up Phase
Despite a 53.2% gross margin in 2026Q2, Sky Harbour's operating margin swung to 29.0% from -79.9% in 2026Q1, per reported figures, indicating volatile site-level profitability.
The gross margin improvement in 2026Q2 appears to reflect the initial stabilization of newly completed campuses, but the historical pattern of negative gross margins in most quarters suggests that the company has not yet achieved consistent operating leverage. The operating margin of 29.0% in 2026Q2 is a stark contrast to the -101.8% in 2025Q4, implying that the current quarter may be an anomaly or that cost recognition is lumpy. Investors should monitor whether this margin can be sustained as new campuses come online, given the high fixed-cost base of ground leases and depreciation.
ROIC Remains Subdued Pre-Stabilization
ROIC has hovered near zero or negative over the past ten quarters, with 2026Q2 at 0.5%, according to financial statements, reflecting the early-stage nature of the asset base.
The return on invested capital is minimal, which is consistent with a developer that is still constructing its portfolio. The 0.5% ROIC in 2026Q2, while positive, is far below the cost of capital, suggesting that the company is not yet creating value on its invested capital. The trend in ROIC will be a key indicator of whether the 'land grab' strategy eventually translates into compounding returns, but based on current data, the company appears to be in a value-destructive phase typical of infrastructure build-out.
Asset Turnover Reflects Pre-Revenue Scale
Asset turnover has remained at 0.01 for all reported quarters, per the ratio data, indicating that Sky Harbour's massive asset base is generating minimal revenue relative to its size.
The asset turnover of 0.01 is extremely low, even for a real estate developer, and underscores that the company's $822.9M asset base is not yet producing meaningful income. This is expected during the construction phase, but it also highlights the risk that if campuses do not achieve expected occupancy, the fixed costs will continue to weigh on returns. The DSO of 158 days in 2026Q2 is elevated, which may reflect the timing of rent collections or project-based revenue recognition, but it is not a primary concern given the long-term nature of the leases.
Debt Reclassification Obscures True Leverage
Debt-to-equity spiked to 3.37 in 2026Q1 but reported as zero in 2026Q2, per balance sheet data, suggesting a reclassification that may understate the company's actual leverage.
The reported D/E of zero in 2026Q2 is inconsistent with the prior quarter's 3.37 and the company's capital-intensive model, which relies on Private Activity Bonds and other debt. This reclassification likely masks the true leverage and refinancing risk, especially as cash dropped to $19.0M from $81.1M in 2026Q1. Interest coverage of 2.14 in 2026Q2 is thin, and given the negative operating margins in most quarters, the company's ability to service debt from operations appears strained. Investors should monitor the actual debt levels and maturity schedule, as the reported figures may not reflect the full picture.
Liquidity Buffer Thins as Cash Declines
Cash fell to $19.0M in 2026Q2 from $81.1M in 2026Q1, per balance sheet data, while the current ratio is unavailable, indicating a tightening liquidity position.
The sharp decline in cash, combined with the company's ongoing capital expenditure requirements, suggests that Sky Harbour may need to raise additional capital or secure new debt to fund its development pipeline. The current ratio of 0.79 in 2026Q1 was already below 1, and while 2026Q2 data is missing, the cash position alone appears insufficient to cover near-term obligations. This liquidity strain is typical for a developer in the growth phase, but it elevates the risk of dilution or forced asset sales if construction delays occur.
Net Margin Misleads on Operating Health
The 68.3% net margin in 2025Q4 versus a -101.8% operating margin, per reported figures, highlights that non-cash gains are distorting profitability metrics.
The most commonly misapplied ratio for Sky Harbour is the net margin, which is heavily influenced by non-operating items such as warrant revaluations and other fair value adjustments. These items can create large positive or negative swings that do not reflect the underlying business's ability to generate cash. Analysts should instead focus on operating margin and cash flow from operations, which more accurately capture the company's recurring profitability. The negative operating margins in most quarters indicate that the core business is still unprofitable, and the net margin should be disregarded for valuation purposes.