SIA - Singapore Airlines (C6L) AI Stock Analysis

• Market Cap: S$19.82B
• Dividend Yield: 6.29%
• Average Volume (3M): 5.25M
• Price to Earnings (P/E): 8.2
• Beta (1Y): 0.90
• 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): 0.02
• 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: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: S$6.19
• Price Target Upside: -1.50% Downside
• Rating Consensus: Moderate Sell
• Number of Analyst Covering: 3
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 70 Outperform
• Price Target: S$7.50 ▲(19.43% Upside)

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	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	19.77B	19.54B	19.01B	17.77B	7.61B	3.82B
Gross Profit	12.46B	5.59B	5.96B	3.03B	-198.60M	-1.51B
EBITDA	3.92B	5.71B	5.57B	5.17B	1.42B	-2.43B
Net Income	3.39B	2.78B	2.67B	2.16B	-962.00M	-4.27B
Balance Sheet
Total Assets	43.09B	43.09B	44.26B	50.19B	49.72B	37.58B
Cash, Cash Equivalents and Short-Term Investments	8.78B	8.78B	11.79B	16.73B	14.17B	8.05B
Total Debt	12.91B	12.91B	13.45B	15.34B	15.92B	14.56B
Total Liabilities	27.02B	27.02B	27.52B	29.94B	26.92B	21.30B
Stockholders Equity	15.66B	15.66B	16.34B	19.86B	22.41B	15.91B
Cash Flow
Free Cash Flow	2.94B	2.83B	3.81B	7.47B	-289.20M	-6.21B
Operating Cash Flow	4.71B	4.71B	5.05B	9.15B	2.83B	-3.44B
Investing Cash Flow	-3.30B	-3.30B	-1.44B	-490.10M	-2.32B	-1.40B
Financing Cash Flow	-4.33B	-4.33B	-8.78B	-5.88B	5.16B	9.74B

SIA - Singapore Airlines Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 6.28
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• 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 Negative. The current price of 6.28 is below the 20-day moving average (MA) of 6.35, below the 50-day MA of 6.45, and below the 200-day MA of 6.48, indicating a bearish trend. The MACD of -0.05 indicates Positive momentum. The RSI at 35.11 is Neutral, neither overbought nor oversold. The STOCH value of 31.68 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SG:C6L.

SIA - Singapore Airlines Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
S63	70 Outperform	S$25.62B	33.33	28.83%	2.07%	8.49%	19.65%
C6L	70 Outperform	S$19.82B	8.25	14.98%	6.29%	1.91%	14.96%
S59	69 Neutral	S$3.86B	24.96	9.03%	2.73%	20.88%	45.05%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
S58	62 Neutral	S$5.42B	20.98	9.76%	1.48%	10.26%	30.63%

SIA - Singapore Airlines Corporate Events

Singapore Airlines Updates Multicurrency Note Programme for Enhanced Financial Flexibility

Singapore Airlines Limited has updated its S$10 billion Multicurrency Medium Term Note Programme, effective from 20 November 2025. This update includes revisions to clearing systems, benchmark rates for floating rate notes, and selling restrictions, which are expected to enhance the company’s financial flexibility and align with current market regulations. The amendments apply to notes issued on or after the effective date, with existing notes remaining unaffected. This strategic move is likely to strengthen Singapore Airlines’ financial operations and support its ongoing growth and stability in the competitive aviation sector.

Singapore Airlines Sees Passenger Growth Amid Cargo Challenges in October 2025

In October 2025, Singapore Airlines reported an increase in passenger metrics, with a 3.7% rise in available seat kilometers and a 5.3% increase in revenue passenger kilometers for the group. Passenger load factors improved across most regions, notably in the Americas and East Asia. However, the cargo segment faced challenges, with a 9.1% decrease in cargo load and a significant drop in cargo load factors, particularly in West Asia and Africa. These results indicate a strong recovery in passenger demand, while cargo operations are experiencing headwinds.

Singapore Airlines Sees Passenger Growth in September 2025, Cargo Faces Challenges

In September 2025, Singapore Airlines reported a slight increase in passenger metrics, with a 1.5% rise in revenue passenger-kilometers and a 4.4% increase in passengers carried compared to the previous year. The passenger load factor improved marginally by 0.5 percentage points. Scoot, the low-cost subsidiary, showed stronger growth with an 11.8% increase in revenue passenger-kilometers and a 15.5% rise in passengers carried. However, the cargo segment faced challenges, with a 3.8% decline in cargo load and a 1.8 percentage point drop in cargo load factor, indicating a potential area of concern for the company’s overall performance.

Singapore Airlines Sees Passenger Growth in August 2025

In August 2025, Singapore Airlines reported a positive performance with an increase in passenger numbers and load factors across its operations. The airline saw a 6.9% rise in passengers carried and a 2.0 percentage point improvement in passenger load factor. Scoot, its low-cost subsidiary, also experienced significant growth with a 14.2% increase in passengers and a 3.1 percentage point rise in load factor. However, the cargo segment showed a slight decline in load factor despite a 3.7% increase in cargo and mail carried. These results indicate a strong recovery in passenger demand, though challenges remain in the cargo sector.