Singapore Airlines Ltd SINGY

IndustrialsPassenger Transportation ServicesSingapore

Last close 10.38 USD on Nov 1, 2026, +9.0% year to date

Quant rating

Quant rating C Rank 175 of 418 in Industrials

Growth B 99 of 418
Valuation B 94 of 418
Quality C 198 of 418
Revisions C 286 of 418
Momentum B 160 of 418

Wall Street consensus Hold (3.08)Average target 5.55 USD −46.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 16.5B
Enterprise value: 18.5B
52-week range: 9.19 – 12.05
3-year range: 8.66 – 12.05
Dividend yield: 4.08%
Beta (5 years): 0.57
Shares outstanding: 3,157M
Next earnings: Nov 11, 2026

About the company

Singapore Airlines Limited is engaged in passenger and cargo air transportation. The activities of the group consist of passenger and cargo air transportation, engineering services, training of pilots, air charters, tour activities, payments and lifestyle reward app, sale of merchandise and related activities. The Company operates through three segments. The FSC segment provides passenger and cargo air transportation under the Singapore Airlines brand, with a focus on the full-service passenger segment. The LCC segment provides passenger air transportation under the Scoot brand, with a focus on the low-cost passenger segment. Its Engineering Services segment provides airframe maintenance and overhaul services, line maintenance, technical ground handling services, and fleet management, as well as manufacturing aircraft cabin equipment, refurbishes aircraft galleys, provides technical and non-technical handling services, and repairs and overhauls hydro-mechanical aircraft equipment.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	15,962	14,559	14,092	13,358	5,621	–
Revenue growth	9.6%	3.3%	5.5%	137.7%	98.1%	41.3%
EPS (basic, normalized)	0.30	0.66	0.46	0.26	−0.11	–
EPS growth	−54.5%	44.1%	77.8%	–	–	–
Gross margin	50.4%	48.7%	51.1%	51.8%	46.0%	49.6%
Net margin	5.8%	14.2%	14.1%	12.1%	−12.6%	6.7%
ROE	7.2%	17.4%	14.8%	10.2%	−5.0%	8.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	7,036
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	12,824
Net debt / equity	–
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	15,962	+9.6%	1.2x	3,855	+16.3%	4.8x	0.30	−54.5%	34.7x
2027	17,792	+11.5%	1.0x	3,333	−13.5%	5.6x	0.20	−34.6%	53.0x
2028	17,878	+0.5%	1.0x	3,656	+9.7%	5.1x	0.34	+74.1%	30.5x
2029	18,225	+1.9%	1.0x	3,723	+1.8%	5.0x	0.38	+12.5%	27.1x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	17,792	+0.8%	+1.9%	+7.7%	0.20	−7.0%	−6.4%	−22.8%
2028	17,878	+1.5%	+1.6%	+6.8%	0.34	−4.5%	+1.0%	+9.9%
2029	18,225	+0.8%	+0.3%	+11.0%	0.38	−3.1%	+1.0%	+74.8%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	4,768	4,718	4,779	5,219	4,824	4,790	4,885	5,506	5,341	5,714
Sales mean (mil)	2,731	4,818	4,745	5,245	4,826	4,811	4,929	5,286	5,096	5,830
Surprise	+74.6%	−2.1%	+0.7%	−0.5%	0.0%	−0.4%	−0.9%	+4.2%	+4.8%	−2.0%
EPS reported	0.15	0.12	0.10	0.52	0.11	0.06	0.02	0.16	0.14	−0.02
EPS mean	0.16	0.16	0.18	0.51	0.14	0.16	0.06	0.13	0.12	−0.04
Surprise	−4.9%	−24.4%	−46.1%	+1.2%	−20.3%	−60.9%	−69.5%	+22.1%	+13.8%	+44.2%

Peer comparison Passenger Transportation Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
SINGY Singapore Airlines Ltd	16.5B	–	5.8%	1.22x	53.0x	30.5x	5.6x	5.1x
ICAGY International Consolidated Airlines Group, S.A.	23.4B	–	–	–	7.9x	6.1x	–	–
LUV Southwest Airlines Co	20.8B	1.08x	1.6%	2.83x	15.4x	10.1x	6.7x	5.4x
AIRYY Air China Limited	15.7B	–	–	–	–	–	–	–
DIDIY DiDi Global Inc.	13.7B	−3.51x	0.4%	1.04x	−90.0x	15.6x	22.7x	6.8x
LTM LATAM Airlines Group S.A.	11.9B	1.67x	10.2%	6.08x	8.3x	6.0x	4.4x	3.6x
Mean		−0.25x	4.5%	2.79x	−1.1x	13.7x	9.8x	5.2x
Median		1.08x	3.7%	2.03x	8.3x	10.1x	6.1x	5.2x

Technical analysis

1M−1.4%
3M−11.0%
1Y+5.7%
3Y+42.9%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Singapore Airlines Ltd, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	15,962	14,559	14,092	13,358	5,621	2,838
Cost of revenue	7,918	7,474	6,891	6,445	3,036	1,609
Gross profit	8,044	7,085	7,201	6,913	2,584	1,229
Selling, general & administrative expenses	3,314	3,047	2,878	2,542	1,177	882
Research & development	–	–	–	–	–	–
Depreciation/amortization	1,977	1,774	1,620	1,564	1,476	1,593
Interest expense (income), operating	–	–	0	−0.4	−57.7	159
Unusual expense (income)	1.5	−818	7.5	−32.6	47.8	1,494
Other operating expenses	906	990	682	785	439	462
Operating income	1,845	2,092	2,014	2,056	−498	−3,361
Net interest income (expense)	−652	117	213	−23.1	−334	−252
Gain (loss) on sale of assets	−3.4	−10.4	48.3	−5.8	63.7	−23.7
Other non-operating income (expense)	68.6	11.4	−24.7	−45.2	−36.1	−50.3
Net income before taxes	1,258	2,209	2,251	1,982	−805	−3,687
Provision for taxes	307	114	253	356	−105	−501
Minority interest	−30.3	−25.5	−15.0	−4.9	−10.3	9.4
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	921	2,070	1,983	1,621	−710	−3,176
Extraordinary items	–	–	–	–	–	–
Net income	921	2,070	1,983	1,621	−710	−3,176
EBIT, normalized	1,846	1,273	2,052	2,023	−508	−1,708
EBITDA, normalized	3,823	3,048	3,673	3,586	968	−115
Basic EPS, normalized	0.30	0.66	0.46	0.26	−0.11	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Singapore Airlines Ltd, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	6,619	6,540	8,737	12,574	10,458	5,990
Receivables	1,479	1,187	1,295	1,093	1,292	770
Total inventory	277	257	199	171	138	145
Prepaid expenses	79.4	81.9	114	78.9	68.8	60.0
Other current assets	2,000	425	1,248	587	1,098	227
Total current assets	10,454	8,491	11,593	14,504	13,056	7,193
Property, plant & equipment	20,924	19,796	19,869	20,808	20,564	19,247
Goodwill	4.9	4.7	4.7	1.2	10.3	10.4
Intangibles	295	248	221	222	213	214
Long-term investments	1,880	2,413	828	798	798	806
Note receivable	–	16.3	97.5	107	61.7	263
Other long-term assets	208	1,135	195	461	1,221	217
Total assets	33,766	32,104	32,808	36,902	35,925	27,950
Liabilities
Accounts payable	3,500	3,377	3,172	2,970	1,955	1,513
Payable/accrued	–	–	–	–	–	–
Accrued expenses	28.5	37.3	42.7	49.8	53.5	53.3
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	1,869	2,049	1,133	2,379	867	1,040
Other current liabilities	5,406	4,934	5,044	4,876	2,933	1,643
Total current liabilities	10,804	10,398	9,392	10,274	5,808	4,249
Long-term debt	6,410	7,573	8,835	9,149	10,718	9,622
Minority interest	330	308	301	294	287	277
Other liabilities	2,797	2,159	2,171	2,259	2,570	1,972
Total liabilities	20,340	20,439	20,699	21,977	19,382	16,120
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	6,298	5,350	5,322	5,396	5,300	5,340
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	6,478	6,239	5,352	4,571	3,386	4,134
Treasury stock	−28.9	−19.7	−27.8	−55.5	−78.6	−99.1
Other equity	679	95.4	1,463	5,012	7,936	2,455
Total equity	13,426	11,665	12,109	14,924	16,543	11,829
Total liabilities & shareholders' equity	33,766	32,104	32,808	36,902	35,925	27,950

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Singapore Airlines Ltd, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	1,258	2,209	2,251	1,982	−805	−3,687
Depreciation, depletion & amortization	1,977	1,774	1,620	1,564	1,476	1,593
Deferred taxes	–	–	–	–	–	–
Non-cash items	818	−726	−135	287	459	2,205
Changes in working capital	−84.0	251	10.2	3,030	1,115	−2,560
Cash from operations	3,969	3,508	3,747	6,862	2,245	−2,449
Investing activities
Capital expenditures	−2,138	−1,396	−984	−1,268	−2,305	−2,060
Other investing cash flows	253	−1,064	−80.7	1,168	647	1,082
Cash from investing	−1,885	−2,460	−1,064	−101	−1,658	−977
Financing activities
Financing cash flow items	−199	−1,517	−3,984	−3,152	−209	−215
Cash dividends paid	−904	−1,065	−838	−223	–	0
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−1,137	−643	−1,685	−1,294	4,017	7,456
Cash from financing	−2,239	−3,224	−6,507	−4,670	3,808	7,242
Foreign exchange effects	−97.8	−58.4	75.3	−164	18.5	−24.2
Net change in cash	−253	−2,234	−3,749	1,928	4,414	3,791
Free cash flow	1,831	2,112	2,763	5,593	−60.2	−4,508

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.