SIA - Singapore Airlines (C6L) AI Stock Analysis

• Market Cap: $21.52B
• Dividend Yield: 6.21%
• Average Volume (3M): 5.25M
• Price to Earnings (P/E): 9.4
• Beta (1Y): 0.78
• Revenue Growth: 1.91%
• EPS Growth: 14.96%
• Country: SG
• Employees: 22,819
• Sector: Industrials
• Sector Strength: 72
• Industry: Airlines, Airports & Air Services
• EPS (TTM): 0.16
• Shares Outstanding: 3,156,670,400
• 10 Day Avg. Volume: 6,235,950
• 30 Day Avg. Volume: 5,245,028
• PEG Ratio: 0.18
• Price to Book (P/B): 1.34
• Price to Sales (P/S): 1.08
• P/FCF Ratio: 7.42
• Enterprise Value/Market Cap: 1.20
• Enterprise Value/Revenue: 1.31
• Enterprise Value/Gross Profit: 2.07
• Enterprise Value/Ebitda: 6.59
• 1Y Price Target: $9.24
• Price Target Upside: 35.15% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 6
• EPS Forecast (FY): 0.33
• Revenue Forecast (FY): $19.94B

• Rating: 70 Outperform
• Price Target: S$7.50 ▲(9.65% Upside)
• Action: Reiterated Date: 10/29/25
• Date: Action: Reiterated 10/29/25

SIA's overall stock score is driven by its strong financial performance, particularly in profitability and valuation metrics. The technical indicators show positive momentum but caution is advised due to potential overbought conditions. The lack of earnings call and corporate events data limits additional insights.

Positive Factors

Passenger Growth

The consistent increase in passenger numbers indicates strong demand recovery, enhancing revenue potential and market position.

Operational Efficiency

Improved profit margins reflect effective cost management and operational efficiency, supporting long-term profitability.

Modern Fleet and Innovation

A modern fleet and innovative services enhance customer satisfaction and competitive advantage, supporting sustained growth.

Negative Factors

Revenue Growth Decline

Declining revenue growth could indicate challenges in market expansion and demand, potentially impacting future earnings.

Free Cash Flow Challenges

Decreasing free cash flow growth may limit investment capacity and financial flexibility, affecting long-term strategic initiatives.

Cargo Segment Weakness

Weakness in the cargo segment could reduce diversification benefits and revenue stability, impacting overall business resilience.

SIA - Singapore Airlines Business Overview & Revenue Model

Company Description

Singapore Airlines Limited, together with subsidiaries, offers passenger and cargo air transportation services under the Singapore Airlines, SilkAir, and Scoot brands in East Asia, the Americas, Europe, Southwest Pacific, West Asia, and Africa. The company operates through Singapore Airlines, SilkAir, Budget Aviation, and SIAEC segments. The company also offers engineering services, pilot training services, air charters, and tour wholesaling and related services; and refurbishes aircraft galleys. In addition, it provides aircraft maintenance services, including technical and non-technical handling at the airport; maintenance, repair, and overhaul of aircraft and cabin components/systems; repair and overhaul of hydromechanical equipment; aviation insurance; and airframe maintenance and overhaul services, as well as manufactures aircraft cabin parts and tooling for the aerospace industry. Further, the company offers marketing and supporting portal services for the air cargo industry; and reservation service systems, as well as travel-related retail services. Additionally, it provides travel booking and related services through an online portal. As of March 31, 2021, it operated a fleet of 168 aircrafts, including 161 passenger aircrafts and 7 freighters. The company was founded in 1947 and is based in Singapore.

How the Company Makes Money

Singapore Airlines generates revenue primarily through passenger ticket sales, which account for the majority of its income. The airline operates a diversified revenue model that includes cargo services, which contribute significantly to its overall earnings, especially during periods of high demand for air freight. Additionally, SIA earns revenue from ancillary services such as in-flight sales, loyalty programs (KrisFlyer), and partnerships with other airlines through codeshare agreements. These partnerships enhance its route network and customer reach, further boosting ticket sales. The company's focus on premium services allows it to command higher fares, especially in its business and first-class segments, contributing to higher profit margins. Moreover, SIA has invested in strategic alliances and joint ventures, which help optimize operational efficiency and expand market presence, thus enhancing its revenue potential.

SIA - Singapore Airlines Financial Statement Overview

Summary

SIA has shown a strong recovery in profitability with improved margins and return on equity. However, challenges remain with recent declines in revenue growth and free cash flow generation. The balance sheet is stable but requires careful management of debt and equity.

Income Statement

SIA has shown a strong recovery in its income statement metrics over the past few years. The company has improved its gross profit margin significantly from negative figures in 2021 to a healthy 28.59% in 2025. Net profit margin has also improved to 14.22% in 2025, indicating better cost management and operational efficiency. However, the revenue growth rate has been negative recently, which could be a concern if it continues. Overall, the profitability metrics are strong, but the recent dip in revenue growth needs attention.

Balance Sheet

The balance sheet reflects a stable financial position with a manageable debt-to-equity ratio of 0.82 in 2025, showing a slight improvement from previous years. Return on equity has improved to 17.74%, indicating effective use of equity to generate profits. However, the equity ratio has decreased slightly, which could indicate increased leverage. Overall, the balance sheet is stable, but maintaining a balance between debt and equity will be crucial.

Cash Flow

SIA's cash flow statement shows a decline in free cash flow growth, with a negative growth rate of -5.85% in 2025. The operating cash flow to net income ratio is 0.34, suggesting that the company is generating sufficient cash from its operations relative to its net income. However, the free cash flow to net income ratio has decreased, indicating potential challenges in converting income into free cash flow. The cash flow situation is stable but could benefit from improved free cash flow generation.

Breakdown	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	19.54B	19.01B	17.77B	7.61B	3.82B
Gross Profit	5.59B	5.96B	3.03B	-198.60M	-1.51B
EBITDA	5.71B	5.57B	5.17B	1.42B	-2.43B
Net Income	2.78B	2.67B	2.16B	-962.00M	-4.27B
Balance Sheet
Total Assets	43.09B	44.26B	50.19B	49.72B	37.58B
Cash, Cash Equivalents and Short-Term Investments	8.78B	11.79B	16.73B	14.17B	8.05B
Total Debt	12.91B	13.45B	15.34B	15.92B	14.56B
Total Liabilities	27.02B	27.52B	29.94B	26.92B	21.30B
Stockholders Equity	15.66B	16.34B	19.86B	22.41B	15.91B
Cash Flow
Free Cash Flow	2.83B	3.81B	7.47B	-289.20M	-6.21B
Operating Cash Flow	4.71B	5.05B	9.15B	2.83B	-3.44B
Investing Cash Flow	-3.30B	-1.44B	-490.10M	-2.32B	-1.40B
Financing Cash Flow	-4.33B	-8.78B	-5.88B	5.16B	9.74B

SIA - Singapore Airlines Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 6.84
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:C6L, the sentiment is Neutral. The current price of 6.84 is above the 20-day moving average (MA) of 6.83, above the 50-day MA of 6.57, and above the 200-day MA of 6.56, indicating a bullish trend. The MACD of 0.15 indicates Negative momentum. The RSI at 52.30 is Neutral, neither overbought nor oversold. The STOCH value of 71.60 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SG:C6L.

SIA - Singapore Airlines Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
C6L	70 Outperform	$21.52B	9.40	14.98%	6.21%	1.91%	14.96%
S59	69 Neutral	$3.77B	25.54	9.03%	2.68%	20.88%	45.05%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
S58	62 Neutral	S$5.48B	22.53	9.76%	1.44%	10.26%	30.63%
S63	60 Neutral	$31.94B	67.18	28.83%	2.01%	8.49%	19.65%

SIA - Singapore Airlines Corporate Events

SIA Group Starts 2026 With Higher Passenger Volumes but Softer Load Factors

Singapore Airlines and its low-cost arm Scoot reported mixed operating metrics for January 2026, with the mainline carrier seeing slight declines in traffic and load factor while Scoot expanded capacity and passenger volumes. The group’s combined passenger capacity rose 2.1% year on year, with passengers carried up 4.1%, indicating resilient underlying demand despite marginal softening in average load factors.

The SIA Group’s cargo business held broadly steady, with cargo load unchanged but volumes carried edging up 1.2% and load factor improving by 1 percentage point as capacity was trimmed by 2%. Regional performance was uneven, with stronger passenger load factors in East Asia and the Americas but weaker loads on European routes, suggesting a shifting demand mix that may influence future network and capacity decisions for both passenger and freight operations.

The most recent analyst rating on (SG:C6L) stock is a Hold with a S$7.23 price target. To see the full list of analyst forecasts on SIA – Singapore Airlines stock, see the SG:C6L Stock Forecast page.

Singapore Airlines Raises S$500 Million via 10-Year Note Issue

Singapore Airlines has raised S$500 million through the issuance of 2.70 per cent. fixed-rate notes due 2036 under its S$10 billion multicurrency medium term note programme, with DBS Bank, Oversea-Chinese Banking Corporation, Standard Chartered Bank (Singapore) and United Overseas Bank acting as joint global coordinators and lead managers. The notes, issued at par in S$250,000 denominations and paying semi-annual coupons, are expected to be listed on the Singapore Exchange from 2 February 2026, reinforcing the airline’s access to long-term capital and diversifying its funding base in the Singapore debt market.

The most recent analyst rating on (SG:C6L) stock is a Hold with a S$6.50 price target. To see the full list of analyst forecasts on SIA – Singapore Airlines stock, see the SG:C6L Stock Forecast page.

Singapore Airlines Prices S$500 Million 2.70% Notes Due 2036 for Fleet and Corporate Funding

Singapore Airlines has launched and priced a S$500 million issue of 2.70 per cent fixed-rate notes due 2036 under its S$10 billion multicurrency medium-term note programme, with DBS Bank, OCBC, Standard Chartered and UOB acting as global coordinators and joint lead managers. Issued at par in S$250,000 denominations and sold to institutional and accredited investors outside the United States under Regulation S and Singapore’s Securities and Futures Act exemptions, the notes will pay semi-annual interest and may be redeemed early at a make-whole price before late 2035, with net proceeds earmarked for aircraft purchases, related payments, general corporate and working capital purposes, and refinancing existing borrowings, underscoring the airline’s ongoing balance sheet and fleet financing strategy.

The most recent analyst rating on (SG:C6L) stock is a Hold with a S$6.50 price target. To see the full list of analyst forecasts on SIA – Singapore Airlines stock, see the SG:C6L Stock Forecast page.

SIA Group Ends 2025 with Strong Cargo Gains and Steady Passenger Growth

The SIA Group reported marginally softer passenger load factors but higher overall traffic and capacity in December 2025, underscoring steady demand across its network. Singapore Airlines’ mainline passenger load factor eased to 87.6% from 88.4% year-on-year despite a 1.0% increase in passengers carried, with regional performance mixed: East Asia and the Americas improved, while Europe and the South West Pacific saw declines. Scoot continued to expand strongly, lifting capacity by 12.3% and passengers carried by 12.9%, with load factors broadly stable at 89.1%, highlighting sustained demand in the low-cost segment. At group level, passenger capacity rose 2.6% and traffic 1.9%, with a 4.8% increase in total passengers carried, though the overall passenger load factor slipped 0.6 percentage points to 87.9%. Cargo operations were a bright spot, with cargo and mail carried up 7.4%, cargo load up 4.5%, and the cargo load factor improving to 55.2%, driven particularly by stronger performance on routes to East Asia, the Americas, and West Asia and Africa. The figures indicate that while the group is absorbing higher capacity with slightly softer passenger yields, its cargo business is strengthening, supporting network utilisation and revenue diversification at year-end 2025.

The most recent analyst rating on (SG:C6L) stock is a Hold with a S$6.50 price target. To see the full list of analyst forecasts on SIA – Singapore Airlines stock, see the SG:C6L Stock Forecast page.

Singapore Airlines Reports November 2025 Operating Results

In November 2025, Singapore Airlines reported a slight increase in passenger numbers and a stable passenger load factor, despite a minor decrease in revenue passenger kilometers. The airline’s subsidiary, Scoot, showed significant growth in passenger numbers and load factors, indicating strong performance in the low-cost segment. The cargo division also experienced robust growth, with a notable increase in cargo load factor, reflecting enhanced capacity utilization and demand across key routes.

The most recent analyst rating on (SG:C6L) stock is a Hold with a S$6.04 price target. To see the full list of analyst forecasts on SIA – Singapore Airlines stock, see the SG:C6L Stock Forecast page.