Sky Harbour $SKYH – Initial Equity Research

Sky Harbour Group (NYSE: SKYH) is an aviation infrastructure company building the first nationwide network of private hangar campuses for business aviation in the United States. Its value proposition is as simple as it is disruptive: giving private jet owners something the traditional market cannot provide – a premium, purpose-built campus that is genuinely the home of their aircraft. Not a shared box in an FBO facility, but a dedicated environment designed from the ground up for the high-net-worth aircraft owner. The company currently operates 9 campuses across markets like Miami, Nashville, Silicon Valley, Phoenix and Dallas, with a funded pipeline that takes that number to 23 by 2027 and a stated ambition of 50+ airports nationwide.

The company went public in January 2022 through a SPAC merger. The share price reached $15 in 2023, but construction delays and the weight of a capital-intensive build programme have pushed it back to around $9 – implying a market capitalisation of approximately $684M and an enterprise value close to $1.1B. The company’s current valuation is almost entirely dependent on expectations around growth, pricing power, and the financing conditions of its campus expansion. It is therefore crucial to understand these variables in order to assess whether the stock is currently priced close to perfection – with meaningful downside if execution falls short – or whether it truly possesses the long-term potential that many of its strongest proponents believe it does.

We have been following Sky Harbour for almost two years. We decided to publish our research now because several things have changed simultaneously: the company has just reached operating cash flow breakeven at its most mature campuses, it has secured over $350M in committed financing for its 2026–2027 construction programme without equity dilution — which we consider a genuinely significant capital markets achievement for a company in this situation — and construction volume is programmed to step up materially this year.

Whether that combination represents a compelling entry point or a moment where expectations have run ahead of reality is exactly what this analysis addresses.

In this research we cover:

• A detailed breakdown of the business model and what makes it structurally different from anything publicly traded today
• The structural demand thesis: is the hangar shortage real, durable, and large enough to support the ambitions of this company?
• An honest assessment of the moat: what genuinely protects this business, and where the defences are thinner than the narrative suggests
• A full map of the campus portfolio: what is operational, what is under construction, and what the pipeline actually implies for revenues through 2030
• The financing structure in detail: how the company is funding $350M+ in construction, what it costs, and what the real risks inside that capital stack are
• The unit economics of a stabilised campus, using figures disclosed directly by management — and what they imply for the return profile at scale
• A bottom-up valuation of the 2030 portfolio using a NOI and cap rate framework, with a full sensitivity analysis
• The key risks and things to monitor
• Our honest opinion about Sky Harbour