How does the company's current valuation compare to other aviation infrastructure companies and business aircraft operators?

Sky Harbour’s current market‑cap (≈ $1.1 bn) trades at a forward‑EV/EBITDA of roughly 12‑13×, which is modestly above the mid‑teens range typical for pure‑play aviation‑infrastructure peers such as AAR (≈ 9‑10×) and the “airport‑real‑estate” segment of companies like AGI (≈ 8‑9×). By contrast, the valuation is well below the 20‑25× forward‑EV/EBITDA that many boutique business‑aircraft operators—think NetJets‑type FBO networks—have commanded, reflecting the premium placed on recurring lease and management contracts in that space. The premium on Sky Harbour therefore stems less from a “growth‑only” story and more from its unique Home‑Base Operator (HBO) model, which promises higher‑margin, long‑term tenancy and a nationwide, repeat‑able campus pipeline.

Fundamentally, the firm’s Q2 earnings beat and the reaffirmed 2025 guidance underscore a solid top‑line trajectory (≈ 30 % YoY revenue growth) and expanding cash‑flow conversion, supporting the valuation premium versus traditional infrastructure peers. Technically, the stock has held above its 200‑day moving average (~$12.5) and is testing a breakout above the $13 resistance level, a pattern that often precedes a short‑to‑mid‑term rally in high‑growth infrastructure names.

Trading implication: With the valuation still below the higher‑multiple business‑aircraft operators yet above the broader infrastructure set, a pull‑back to the $12–$12.5 range could present a modestly discounted entry for investors betting on the HBO network rollout. Conversely, if the breakout above $13 holds, the price may need to re‑price toward the higher‑multiple tier, suggesting a more cautious stance until the next earnings update confirms sustained margin expansion.