Sky Harbour Group
SKYH on NYSE. Sky Harbour leases aircraft hangars at airports to plane owners. Market value $201m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Real estate stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-0.75 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns -7 cents a year. Above 10 is good.
Quality score: 39 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$9.36 a share, 14% above its 1-year low
Over the past year the price has ranged from $8.22 to $11.70.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: a shortfall of $5 million in the past 12 months, a shortfall of $12 million in the year to December 2025.
| Revenue | |||||
| Revenue | $2m | $2m | $8m | $15m | $28m |
| Operating margin | |||||
| Operating margin | 184.4% | -1022.1% | -224.3% | -138.3% | -101.8% |
| Debt to equity | |||||
| Debt to equity | n/a | 1.65 | 1.23 | 1.02 | 1.09 |
| Shares outstanding | |||||
| Shares outstanding | 0.00bn | 0.01bn | 0.02bn | 0.03bn | 0.08bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting checksSkipped: company is not yet profitable
- Debt1.09× equity
- Revenue growth, five yearsStrong, 104.4% a year
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $10 million last quarter, up 50% on a year ago.
- A loss of $1 million, after a profit of $17 million a year ago.
- It loses 81 cents on each $1 of sales, compared with 118 cents a year earlier.
- Over the past 12 months it spent $5 million more cash than it brought in, compared with $17 million a year earlier.
- 56% fewer shares than a year ago. Each share owns a bit more of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $4m |
| December 2024 | $5m |
| March 2025 | $6m |
| June 2025 | $7m |
| September 2025 | $7m |
| December 2025 | $8m |
| March 2026 | $9m |
| June 2026 | $10m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$19m |
| December 2024 | -$13m |
| March 2025 | -$6m |
| June 2025 | $17m |
| September 2025 | -$2m |
| December 2025 | $10m |
| March 2026 | -$6m |
| June 2026 | -$1m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 19 March 2026
- Next quarterly (estimated, 10-Q)
- 11 November 2026
Who owns it
2 long-term investors we follow own it, up from 1 last quarter. 88 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| First Manhattan Co.First Manhattan partners | $2m | <0.1% | Added |
| Oasis ManagementSeth Fischer | $2m | 0.2% | New |
Largest holders overall
- BlackRock$23mAdded
- Caprock Group$13mCut
- 8VC Opportunities GP II$11m
- Vanguard Capital Management$9m
- Altai Capital Management, L.P.$7m
- State Street$7mAdded
- Mariner$6m
- Geode Capital Management$6mAdded
- AYAL Capital Advisors$4m
- Lawson Kroeker Investment Management$3mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- BOSTON OMAHA CorpPassive investor40.5%−5.1 ptsSince 11 August 2026
What they said
Item 4 of the Schedule 13D is hereby supplemented as follows: On August 11, 2026, the Reporting Person sold an aggregate of 360,000 shares of Class A Stock at a price of $10.00 per share, for total gross proceeds of $3,600,000, pursuant to an effective registration statement…
Read the filing - Raga Partners LPPassive investor8.7%Since 31 December 2024
- BlackRock, Inc.Passive investor5.7%Since 30 June 2025
| Holder | Stake | Since | |
|---|---|---|---|
BOSTON OMAHA Corp Passive investor | 40.5%−5.1 pts | 11 August 2026 | What they saidItem 4 of the Schedule 13D is hereby supplemented as follows: On August 11, 2026, the Reporting Person sold an aggregate of 360,000 shares of Class A Stock at a price of $10.00 per share, for total gross proceeds of $3,600,000, pursuant to an effective registration statement… Read the filing |
Raga Partners LP Passive investor | 8.7% | 31 December 2024 | |
BlackRock, Inc. Passive investor | 5.7% | 30 June 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 3 insiders bought $185,194 of shares on the open market.
- Gonzalez FranciscoChief Financial OfficerBought
- Date
- 2 October 2026
- Shares
- 3,850
- Price
- $9.25
- Value
- $35,613
- Gonzalez FranciscoChief Financial OfficerBought
- Date
- 1 October 2026
- Shares
- 1,600
- Price
- $9.40
- Value
- $15,040
- Gonzalez FranciscoChief Financial OfficerBought
- Date
- 30 September 2026
- Shares
- 1,500
- Price
- $9.69
- Value
- $14,535
- Gonzalez FranciscoChief Financial OfficerBought
- Date
- 11 September 2026
- Shares
- 1,000
- Price
- $10.08
- Value
- $10,080
- Gonzalez FranciscoChief Financial OfficerBought
- Date
- 18 August 2026
- Shares
- 1,000
- Price
- $10.05
- Value
- $10,050
- GESSOW ANDREW JDirectorBought
- Date
- 14 August 2026
- Shares
- 5,000
- Price
- $10.85
- Value
- $54,250
- GESSOW ANDREW JDirectorBought
- Date
- 20 May 2026
- Shares
- 5,000
- Price
- $8.95
- Value
- $44,750
- Keinan TalChief Executive Officer, DirectorBought
- Date
- 18 May 2026
- Shares
- 100
- Price
- $8.76
- Value
- $876
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 2 October 2026 | Gonzalez Francisco Chief Financial Officer | Bought | 3,850 | $9.25 | $35,613 |
| 1 October 2026 | Gonzalez Francisco Chief Financial Officer | Bought | 1,600 | $9.40 | $15,040 |
| 30 September 2026 | Gonzalez Francisco Chief Financial Officer | Bought | 1,500 | $9.69 | $14,535 |
| 11 September 2026 | Gonzalez Francisco Chief Financial Officer | Bought | 1,000 | $10.08 | $10,080 |
| 18 August 2026 | Gonzalez Francisco Chief Financial Officer | Bought | 1,000 | $10.05 | $10,050 |
| 14 August 2026 | GESSOW ANDREW J Director | Bought | 5,000 | $10.85 | $54,250 |
| 20 May 2026 | GESSOW ANDREW J Director | Bought | 5,000 | $8.95 | $44,750 |
| 18 May 2026 | Keinan Tal Chief Executive Officer, Director | Bought | 100 | $8.76 | $876 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.