Sky Harbour Group Corporation — Earnings Quality Grade F
SKYH · Real Estate
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
Insufficient data
Insufficient data
Revenue 86.6%, CFFO 74.3%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth 7.2% vs revenue 86.6%. Normal
SG&A/Gross Profit = 153.9%, exceeds 70%
Gross margin swung -8.3pp (96.2% → 88.0%)
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.1B)
Accruals ratio = 3.6%. Low accruals
Cash $0.0B covers only 6% of debt $0.4B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 2% of equity. Manageable
Debt/EBITDA = 25.4x (>4x). Interest coverage = -28.0x (<2x). Financial stress
Other assets 64.1% vs revenue 86.6%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
Small-cap context: A single acquisition on a small balance sheet can trip serial-acquirer logic.
Goodwill+Intangibles change -10% YoY. Normal
Manipulation Score
Insufficient data
Portfolio monitoring
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Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25