Sky Harbour Group Corporation operates as an aviation infrastructure development company in the United States. It develops, leases, and manages general aviation ...
Sky Harbour Group Corporation (NYSE: SKYH) is a pioneering aviation infrastructure company based in White Plains, New York, dedicated to transforming the general aviation experience through its nationwide network of Home-Basing Solutions (HBS). Founded in 2017 and led by CEO Tal Keinan, the company focuses on developing and operating premium ...Sky Harbour Group Corporation (NYSE: SKYH) is a pioneering aviation infrastructure company based in White Plains, New York, dedicated to transforming the general aviation experience through its nationwide network of Home-Basing Solutions (HBS). Founded in 2017 and led by CEO Tal Keinan, the company focuses on developing and operating premium hangar campuses at major airports across the United States, providing private and semi-private hangars for business aircraft owners. These home-base campuses offer unrivalled privacy, security, efficiency, asset protection, customization, and control, setting a new standard in aircraft storage and management.
Sky Harbour's business model centers on leasing hangar space and providing comprehensive services to both based and transient aircraft. The company's first campus opened in May 2021 at Houston's Sugar Land Regional Airport, and it has been rapidly expanding its footprint. With a market capitalization of approximately $857 million (as of the latest data), Sky Harbour has demonstrated significant investor interest. Financially, the company has a strong gross profit margin of 24.4% and a net profit margin of 64%, indicating efficient cost management relative to revenue. However, it also shows high leverage with a debt-to-equity ratio of 4.48, reflecting its capital-intensive development phase.
The company is led by Tal Keinan, a seasoned entrepreneur and financier with a background in asset management, having co-founded Clarity Capital. Under his leadership, Sky Harbour has assembled a team of high-performing professionals focused on delivering exceptional client value. The workforce, totaling 112 employees, is dedicated to executing the company's vision of building the first nationwide network of Home Base Operators. As of the latest TTM, Sky Harbour's revenue per share is $0.90, and its book value per share is $4.84, showing growth potential. Future plans include expanding to more campuses, enhancing services, and achieving full stabilization, aiming to redefine the business aviation infrastructure landscape.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$27.5M
+86.6%
+13.0%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$18.8M
+141.6%
+77.8%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
-15.3%
-140.0%
+64.8%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
-101.8%
+26.4%
+14.0%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
+68.3%
+122.3%
+80.4%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$-86.5M
+1.3%
+190.5%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
-314.1%
+47.1%
+180.1%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
292.4%
-5.7%
+7.6%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
1.51x
-73.2%
+552.3%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Hello, and thank you for standing by. My name is Lacey, and I will be your conference operator today. At this time, I would like to welcome everyone to the Sky Harbour 2026 Second Quarter Earnings Call and Webinar. [Operator Instructions] Thank you. I would now like to turn the call over to Francisco Gonzalez, CFO. Please go ahead.
Francisco Gonzalez: Thank you, operator, and good afternoon, everybody. And welcome to the 2026 Second Quarter Investor Conference Call and Webcast for the Sky Harbour Group Corporation. We have also invited our bondholder investors and lenders in our borrowing sub-series, Sky Harbour Capital, Sky Harbour Capital II, and Sky Harbour Capital III, to join and participate on this call as well. Before we begin, I have been asked by counsel to note that on today's call, the company will address certain factors that may impact this and next year's earnings. Some of the information that will be discussed today contain forward-looking statements. These statements are based on management assumptions which may or may not come true, and you should refer to the language of Slides 1 and 2 of this presentation as well as our SEC filings for a description of the factors that may cause actual results to differ from our forward-looking statements. All forward-looking statements are made as of today, and we assume no obligation to update any such statements. So now let's get started. The team with us this afternoon, you know from our prior webcast: our CEO and Chair of the Board, Tal Keinan; our Treasurer, Tim Herr; our Chief Accounting Officer, Mike Schmitt; Accounting Manager, Tori Petro; and our Assistant Treasurer, Andreas Frank. We have a few slides we want to review with you before we open into questions. We're starting on this webcast today will be limited to those from the research analyst community that have us on their coverage. We decided that, as you may have remembered in the past, we have run out of time usually, and not all of the questions get addressed. So we decided to change to this structure. Obviously, we welcome any and all investor questions afterwards through our investor email at investors@skyharbour.group. I will make an effort to respond promptly. We just filed a few minutes ago our 10-Q with the SEC and our second quarter financials for Sky Harbour Capital related to the Series 2021 bonds, and for the Sky Harbour Capital III related to the Series 2026 bonds with MSRB/EMMA. We also just filed a prospectus supplement to our existing shelf registration program. Let's get started then. If we could go to the slide with our recent results. At the end of the second quarter, on a consolidated basis, assets under construction and completed construction reached over $393 million. That is a $65 million increase year-to-date and the highest in 6 months in our corporate history. What this means is that the pace of investment and new construction at Sky Harbour continues to accelerate, and these columns will …
