Sky Harbour Group: High-Growth Airport Real Estate With High-Stakes Risks

  • Sky Harbour is pioneering luxury hangar campuses for business jets, targeting ultra-wealthy clients and reporting 133% YoY revenue growth in Q1 2025. The company's growth hinges on securing scarce airport land, rapid campus rollout, and premium rents, but it remains unprofitable with high leverage. Valuation is extremely rich versus peers, reflecting high growth expectations; execution risk is significant given heavy debt and ongoing development costs.