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Singapore's flagship full-service airline, also operating budget carrier Scoot and cargo operations.
Singapore's flagship full-service airline, also operating budget carrier Scoot and cargo operations.
Passenger tickets carry the group, with cargo flown in the holds of those same jets and in freighters adding income when demand is strong. Temasek, Singapore's state investor, is the largest shareholder. Since Vistara merged into Air India in 2024, it also holds a minority stake in the enlarged Air India.
In one line: A Singaporean Delta Air Lines/premium carrier.
Moat: narrow (brand, installed base, scale). Premium service brand and Changi Airport hub position, in a capital-intensive, competitive industry.
Headquarters: Singapore · Founded: 1972
Size Singapore Airlines (C6L.SI) is a Singapore Industrials company (Airlines) with a market value of $17.2B, the 9th largest of 186 Singapore companies the cockpit tracks. Shares closed at S$6.95 on 6 Nov 2026.
Performance Over six months the shares gained 11.0%, against +8.5% for the median peer and -1.2% for the Singapore market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue grew 5.0% over the last twelve months (peer median +11.6%); the operating margin is 12.0% (peer median 6.8%).
Valuation It trades at 30.1× forward earnings against a peer median of 13.6× (3rd most expensive of 16).
Price implies For today's price to make sense, revenue must grow about -11% a year for seven years (Req g). Recent delivered growth is +40%, so the hurdle is -51 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 6.0 points above its cost of capital (5.0% WACC).
Credit Singapore Airlines has 1 bond outstanding ($600M) and trading like A at a weighted spread of 62 bp.
Next results Next results expected around 11 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | S$20.5B | S$20.5B | S$19.5B | S$19.0B | S$17.8B |
| Revenue growth | — | +5% | +3% | +7% | — |
| Gross profit | S$3.76B | S$3.64B | S$3.03B | S$3.31B | S$3.03B |
| EBITDA | S$5.00B | S$4.82B | S$4.13B | S$4.48B | S$3.73B |
| Net income | S$1.18B | S$1.18B | S$2.78B | S$2.67B | S$2.16B |
| Free cash flow | S$2.59B | S$2.59B | S$3.21B | S$4.20B | S$7.55B |
| Capital expenditure | S$2.75B | S$2.75B | S$1.87B | S$1.33B | S$1.69B |
| Total debt | n/a | S$10.6B | S$12.9B | S$13.4B | S$15.3B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Singapore Airlines C6L.SI | $17.2B | +11% | +5% | 12% | 30.1× | -11.0% |
| Cathay Pacific Airways 0293.HK | $11.7B | +19% | +20% | 11% | 8.1× | -12.4% |
| Qantas Airways QAN.AX | $9.79B | +9% | +8% | 7% | 10.9× | n/a |
| Ana 9202.T | $9.77B | +24% | +17% | 8% | 13.1× | -10.0% |
| Japan Airlines 9201.T | $9.08B | +34% | +10% | 8% | 15.3× | -9.7% |
| KAL 003490.KS | $7.99B | +20% | +21% | 2% | 21.1× | n/a |
| Deutsche Lufthansa LHA.DE | $11.4B | +7% | +8% | -1% | 9.7× | n/a |
| Air France-KLM AF.PA | $3.99B | +34% | +5% | 6% | 4.7× | -6.3% |
| International Consolidated Airlines IAG.L | $25.3B | +9% | +4% | 14% | 8.3× | -3.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | C6L.SI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.8% | +4.8% | 9th highest of 21 |
| 6-month return | +11.0% | +8.5% | 9th highest of 21 |
| Distance from 52-week high | -12.2% | -18.3% | 9th highest of 21 |
| Revenue growth (TTM) | +5.0% | +11.6% | 2nd lowest of 21 |
| Operating margin | 12.0% | 6.8% | 5th highest of 21 |
| Forward P/E | 30.1× | 13.6× | 3rd most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | -11.0% | 4.8% | 3rd least demanding of 14 |
| Growth delivered (Del g) | +40.0% | +28.4% | 3rd highest of 14 |
| Hurdle (Req g minus delivered) | -51.0 pp | -32.4 pp | least demanding of 14 |
| ROIC minus cost of capital | +6.0 pp | +1.6 pp | 6th highest of 21 |
| EV / EBITDA | 4.6× | 6.7× | 6th cheapest of 18 |
| Net debt / EBITDA | 0.1× | 1.8× | 5th least indebted of 19 |
| Bond spread | 62 bp | 123 bp | tightest of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Singapore Airlines C6L.SI | Singapore | $17.2B | +11% | +5% | 12% | 30.1× | -11.0% | +40.0% |
| Air China 0753.HK | Hong Kong | $15.4B | -27% | +11% | -4% | n/a | 11.7% | +18.9% |
| LATAM Airlines Group SA Sponsored ADR LTM | United States | $13.8B | -7% | +21% | 14% | 7.0× | -7.2% | +29.3% |
| Southwest Airlines LUV | United States | $21.8B | +8% | +14% | 5% | 13.7× | n/a | n/a |
| InterGlobe Aviation INDIGO.NS | India | $22.4B | +22% | +13% | 8% | 105.8× | 25.5% | +42.2% |
| China Southern Airlines 1055.HK | Hong Kong | $12.3B | -32% | +12% | 0% | n/a | n/a | n/a |
| Cathay Pacific Airways 0293.HK | Hong Kong | $11.7B | +19% | +20% | 11% | 8.1× | -12.4% | +20.0% |
| International Consolidated Airlines IAG.L | United Kingdom | $25.3B | +9% | +4% | 14% | 8.3× | -3.9% | +32.4% |
| Deutsche Lufthansa LHA.DE | Germany | $11.4B | +7% | +8% | -1% | 9.7× | n/a | n/a |
| China Eastern Airlines 0670.HK | Hong Kong | $10.8B | -40% | +13% | -4% | n/a | 18.6% | +18.1% |
| Ryanair Holdings PLC Sponsored ADR RYAAY | United States | $29.5B | +2% | +9% | 13% | 17.0× | 6.4% | +56.7% |
| Qantas Airways QAN.AX | Australia | $9.79B | +9% | +8% | 7% | 10.9× | n/a | n/a |
| Ana 9202.T | Japan | $9.77B | +24% | +17% | 8% | 13.1× | -10.0% | +28.4% |
| Japan Airlines 9201.T | Japan | $9.08B | +34% | +10% | 8% | 15.3× | -9.7% | +33.1% |
| American Airlines AAL | United States | $8.73B | -1% | +12% | 2% | n/a | n/a | n/a |
| United Airlines UAL | United States | $36.6B | +13% | +12% | 6% | 13.6× | 7.8% | +30.9% |
| KAL 003490.KS | South Korea | $7.99B | +20% | +21% | 2% | 21.1× | n/a | n/a |
| Hainan Airlines 600221.SS | China | $7.85B | -20% | +6% | -3% | 24.2× | 5.0% | +18.4% |
| Air China Cargo 001391.SZ | China | $7.12B | -21% | +10% | 9% | n/a | n/a | n/a |
| Eva Airways 2618.TW | Taiwan | $7.12B | +28% | +6% | 14% | 10.1× | -17.0% | +19.9% |
| easyJet EZJ.L | United Kingdom | $6.96B | +90% | +10% | 5% | 68.9× | 4.8% | +27.4% |
Singapore Airlines has 1 bond outstanding with $600M face value. Weighted yield 5.14%, a spread of 62 bp over government bonds.