MeritValue

Sky Harbour Group Corp

SKYHdata completeness 100%5 fiscal years on file
The thesis, from the filings

Sky Harbour Group Corp earns about -8% on equity. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$1.58M1$1.85M2$7.58M3$14.8M4$27.5M4
Net income−$13.6M5−$3.18M6−$16.2M7−$45.2M8$18.8M8
Operating cash flow−$6.62M9−$27.5M10−$7.74M11−$9.1M12−$2.34M12
Capital expenditure$162,00013$1.05M14$767,00015$2.26M16$9.51M16
Free cash flow (derived)−$6.78M9−$28.5M10−$8.5M11−$11.4M12−$11.8M12
Total debt$160.7M17$162.2M18$162.4M19$162.6M19$187.4M20
Cash & equivalents$203.9M21$41.4M22$72.3M23$94.4M23$37M23
Diluted shares014.0M16.5M25.7M77.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$22.11
your share of equity
Profit it earned you last year
$2.42
Free cash flow it threw off
−$1.52
Debt you’d be carrying
$24.1

10 shares is a claim on $22.11 of net worth that earned you $2.42 and generated −$1.52 of cash last year, against $24.1 of debt.

iii. Is this a good business?
Moat signal · return on equity
-8% avg · 5y
FY21 —FY22 -3%FY23 -12%FY24 -28%FY25 11%

It earned an average -8% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
— shares · 5y

Total debt has risen 17% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
$2.12
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001437749-23-007848 (Revenues)
  2. 10-K · period ending 2022-12-31 · accession 0001437749-24-009585 (Revenues)
  3. 10-K · period ending 2023-12-31 · accession 0001437749-25-009606 (Revenues)
  4. 10-K · period ending 2024-12-31 · accession 0001437749-26-009045 (Revenues)
  5. 10-K · period ending 2021-12-31 · accession 0001437749-23-007848 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0001437749-24-009585 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0001437749-25-009606 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0001437749-26-009045 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0001437749-23-007848 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0001437749-24-009585 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0001437749-25-009606 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0001437749-26-009045 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-12-31 · accession 0001437749-23-007848 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-12-31 · accession 0001437749-24-009585 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-12-31 · accession 0001437749-25-009606 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2024-12-31 · accession 0001437749-26-009045 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-12-31 · accession 0001437749-23-007848 (LongTermDebt)
  18. 10-K · period ending 2022-12-31 · accession 0001437749-24-009585 (LongTermDebt)
  19. 10-K · period ending 2023-12-31 · accession 0001437749-25-009606 (LongTermDebt)
  20. 10-K · period ending 2025-12-31 · accession 0001437749-26-009045 (LongTermDebt)
  21. 10-K · period ending 2021-12-31 · accession 0001437749-24-009585 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  22. 10-K · period ending 2022-12-31 · accession 0001437749-25-009606 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  23. 10-K · period ending 2023-12-31 · accession 0001437749-26-009045 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)