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Singapore's state-linked defense and engineering group, building aircraft maintenance, defense electronics, land systems, and marine vessels.
Singapore's state-linked defense and engineering group, building aircraft maintenance, defense electronics, land systems, and marine vessels.
Works largely on multiyear contracts booked as projects progress, so its order book drives results. Commercial aerospace, including maintenance and converting passenger jets to freighters, and defence and public-security systems carry the group, and most revenue comes from outside Singapore. Temasek, Singapore's state investor, is the controlling shareholder.
In one line: A smaller, Southeast Asian General Dynamics / L3Harris.
Moat: narrow (regulatory licence, installed base, scale). State-linked incumbent (Temasek-controlled) with long-standing Singapore defense contracts and MRO scale.
Headquarters: Singapore · Founded: 1997
Size Singapore Technologies Engineering (S63.SI) is a Singapore Industrials company (Aerospace & Defense) with a market value of $22.6B, the 5th largest of 186 Singapore companies the cockpit tracks. Shares closed at S$9.26 on 6 Nov 2026.
Performance Over six months the shares fell 12.9%, against -5.9% for the median peer and -1.2% for the Singapore market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 11.4% over the last twelve months (peer median +19.0%); the operating margin is 9.4% (peer median 10.7%).
Valuation It trades at 27.3× forward earnings against a peer median of 27.4× (10th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 5% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is -6 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 8.4 points above its cost of capital (5.0% WACC).
Next results Next results expected around 26 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | S$13.0B | S$12.3B | S$11.3B | S$10.1B | S$9.04B |
| Revenue growth | — | +9% | +12% | +12% | — |
| Gross profit | S$2.31B | S$2.31B | S$2.13B | S$1.93B | S$1.70B |
| EBITDA | S$1.74B | S$1.74B | S$1.65B | S$1.54B | S$1.29B |
| Net income | S$572M | S$463M | S$702M | S$586M | S$535M |
| Free cash flow | S$1.18B | S$1.07B | S$1.07B | S$413M | -S$122M |
| Capital expenditure | S$672M | S$581M | S$545M | S$616M | S$966M |
| Total debt | n/a | S$4.83B | S$5.82B | S$6.11B | S$6.53B |
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 Technologies Engineering S63.SI | $22.6B | -13% | +11% | 9% | 27.3× | 5.3% |
| L3Harris LHX | $48.4B | -13% | +7% | 12% | 20.1× | 7.0% |
| Thales HO.PA | $51.1B | -1% | +7% | 11% | 20.6× | -2.8% |
| Safran SAF.PA | $138B | +4% | +14% | 13% | 28.5× | 22.2% |
| Elbit Systems ESLT | $32.0B | -13% | +12% | 9% | 46.5× | 10.1% |
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 | S63.SI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -11.9% | +4.5% | 4th lowest of 21 |
| 6-month return | -12.9% | -5.9% | 8th lowest of 21 |
| Distance from 52-week high | -20.4% | -23.7% | 10th highest of 21 |
| Revenue growth (TTM) | +11.4% | +19.0% | 8th lowest of 21 |
| Operating margin | 9.4% | 10.7% | 10th lowest of 21 |
| Forward P/E | 27.3× | 27.4× | 10th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 5.3% | 15.2% | 3rd least demanding of 15 |
| Growth delivered (Del g) | +11.5% | +8.9% | 6th highest of 14 |
| Hurdle (Req g minus delivered) | -6.3 pp | +3.4 pp | 4th least demanding of 14 |
| ROIC minus cost of capital | +8.4 pp | +6.5 pp | 8th highest of 20 |
| EV / EBITDA | 19.3× | 21.6× | 8th cheapest of 16 |
| Net debt / EBITDA | 2.5× | 0.8× | 3rd most indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Singapore Technologies Engineering S63.SI | Singapore | $22.6B | -13% | +11% | 9% | 27.3× | 5.3% | +11.5% |
| Bombardier BBD-B.TO | Canada | $22.5B | +8% | +11% | 11% | 22.1× | 19.0% | +8.9% |
| Arxis ARXS | United States | $21.5B | +42% | +114% | 20% | 54.2× | 58.8% | n/a |
| MTU Aero Engines MTX.DE | Germany | $20.9B | +21% | +12% | 13% | 18.5× | 6.3% | +17.1% |
| AVIC Shenyang Aircraft 600760.SS | China | $20.8B | +4% | -1% | 8% | 45.1× | n/a | n/a |
| Hanwha Aerospace 012450.KS | South Korea | $25.0B | -53% | +28% | 11% | 17.2× | -7.0% | +38.1% |
| Axon Enterprise AXON | United States | $25.4B | -22% | +35% | 1% | 36.5× | n/a | n/a |
| Dassault Aviation AM.PA | France | $26.0B | +6% | +33% | 9% | 19.6× | 5.2% | +6.2% |
| FTAI Aviation FTAI | United States | $18.4B | -33% | +46% | 23% | 16.7× | n/a | n/a |
| Curtiss-Wright CW | United States | $17.1B | -36% | +11% | 19% | 27.4× | 16.2% | +7.9% |
| Bharat Electronics BEL.NS | India | $30.6B | -10% | +20% | 26% | 41.5× | 38.2% | +14.3% |
| Leonardo LDO.MI | Italy | $31.0B | -4% | +10% | 7% | 20.2× | 14.3% | +7.8% |
| Rocket Lab RKLB | United States | $31.8B | -50% | +53% | -29% | n/a | n/a | n/a |
| Kongsberg Gruppen KOG.OL | Norway | $31.8B | +13% | -28% | 17% | 46.3× | 21.7% | +4.3% |
| Elbit Systems ESLT | United States | $32.0B | -13% | +12% | 9% | 46.5× | 10.1% | +11.5% |
| AECC Aviation Power 600893.SS | China | $15.8B | -15% | +18% | 2% | 173.7× | n/a | n/a |
| Saab SAAB-B.ST | Sweden | $33.3B | +19% | +28% | 10% | 40.2× | 6.0% | +17.4% |
| Csg CSG.AS | Netherlands | $14.6B | -20% | +72% | 25% | 11.7× | n/a | n/a |
| Hindustan Aeronautics HAL.NS | India | $35.2B | +4% | +7% | 23% | 33.6× | 42.7% | +7.2% |
| Textron TXT | United States | $14.2B | -8% | +9% | 7% | 11.9× | 8.3% | +4.9% |
| Embraer S.A. Sponsored ADR EMBJ | United States | $14.1B | +23% | +20% | 8% | 23.6× | 16.9% | +14.5% |