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Singapore Airlines Limited (C6L) Fair Value & Analysis

Industrials · SG · Market cap 23.9B SGD

SA Singapore Airlines Limited C6L · SG
Price7.70 SGD
Fair Value7.89 SGD
Upside+2.5%
Quality57/100
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Healthy Growth
Thin margins · 5.8% net margin
Low debt · generates free cash flow
3.54% dividend yield
Ranks above peers (9/15)
Narrow moat 40/100
Evidence: High Range 5.92 SGD – 9.86 SGD Share as image

Fair value as of: Jul 15, 2026

From 26 valuation models · updated 23 days ago

Fair value updated Jul 15, 2026, revised from 9.76 SGD to 7.89 SGD (−19.2%) since Jun 24, 2026. Share price −1.5% over the past month.

A solid business, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • Our model range runs from 5.92 SGD (bear) to 9.86 SGD (bull), base 7.89 SGD. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 57/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

7.84 SGD 3.68 SGD Fair Value 7.89 SGD May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 15, 2026.

How to read this chart

60‑month range 3.68 SGD – 7.84 SGD · fair‑value band 5.92 SGD – 9.86 SGD · the 7.70 SGD price screens below the 7.89 SGD fair value. Dashed = 300-day average. As of Jul 15, 2026.

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Analysis

Singapore Airlines Limited (C6L) currently trades at 7.70 SGD, while our model-based Fair Value estimate is 7.89 SGD, implying the stock looks roughly 2.5% fairly valued today. We read business quality at 57/100 (solid quality), in the Industrials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Singapore Airlines Limited generated revenue of 20.5B SGD at a net margin of 5.8%. Revenue grew 8.0% year over year. It earns a return on equity of 7.3%. Net debt stands at 1.3B SGD. Fundamentals as of Jul 15, 2026

Our scenario range runs from 5.92 SGD (bear case) to 9.86 SGD (bull case); at 7.70 SGD, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 24% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at 45% fair-value upside, at 2%, C6L screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Growth DCF 10.08 SGD 16.74 SGD 27.82 SGD 80
Residual Income 4.47 SGD 4.72 SGD 5.01 SGD 76
Rev-Margin DCF 8.47 SGD 13.74 SGD 20.41 SGD 74
All 26 models by family
DCF Models
FCF DCF 10.10 SGD 17.23 SGD 29.32 SGD 38
Owner Earnings 4.60 SGD 7.56 SGD 12.58 SGD 31
5Y Revenue Exit 8.47 SGD 13.82 SGD 20.95 SGD 39
5Y EBITDA Exit 13.33 SGD 23.65 SGD 36.50 SGD 41
5Y P/E Exit 7.25 SGD 11.34 SGD 15.88 SGD 38
10Y Revenue Exit 8.71 SGD 13.93 SGD 21.67 SGD 36
10Y EBITDA Exit 12.14 SGD 21.06 SGD 34.45 SGD 37
10Y P/E Exit 8.14 SGD 12.14 SGD 17.49 SGD 35
Earnings-Based
Graham-Dodd 2.56 SGD 11.10 SGD 15.17 SGD 54
Lynch FV 2.85 SGD 4.08 SGD 5.30 SGD 50
PEG = 1.0 2.85 SGD 4.08 SGD 5.30 SGD 46
EPV 7.40 SGD 8.52 SGD 9.50 SGD 59
Dividend Discount
Gordon GGM 3.39 SGD 7.04 SGD 11.17 SGD 70
DDM Multi-Stage 3.39 SGD 5.94 SGD 7.39 SGD 61
Multiples
P/E Multiple 5.64 SGD 7.52 SGD 9.39 SGD 63
P/S Multiple 4.79 SGD 6.39 SGD 7.99 SGD 58
P/B Multiple 4.79 SGD 6.39 SGD 7.99 SGD 55
EV/EBIT 11.26 SGD 14.77 SGD 18.29 SGD 53
EV/EBITDA 16.19 SGD 21.35 SGD 26.51 SGD 54
EV/Revenue 7.82 SGD 10.87 SGD 13.91 SGD 43
Asset-Based
NCAV (Graham) 2.74 SGD 3.67 SGD 5.48 SGD 50
Growth DCF
Growth DCF 10.08 SGD 16.74 SGD 27.82 SGD 80
Rev-Margin DCF 8.47 SGD 13.74 SGD 20.41 SGD 74
Economic Profit
Residual Income 4.47 SGD 4.72 SGD 5.01 SGD 76
ROIC Compounder 8.10 SGD 10.70 SGD 14.23 SGD 72
Growth Earnings
Growth-Adj P/E 4.62 SGD 6.59 SGD 8.57 SGD 68

Widest divergence: DCF Models (13.82 SGD) versus Asset-Based (3.67 SGD). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 20.5B SGD
Revenue growth (YoY) +8.0%
Net margin 5.8%
Return on equity 7.3%
Free cash flow 2.4B SGD FY2026
P/E ratio 18.3
More key figures
Operating margin 14.5%
EPS (TTM) 0.3800 SGD
Dividend yield 3.8%
EPS growth (YoY) -53.5%
Net debt 1.3B SGD FY2025

Figures from reported company fundamentals · as of Jul 15, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 57/100

Of which business quality 50 · Market factors (momentum, volatility) 76

Profitability 31
Margins and returns on capital today
Quality Growth 41
Are margins and returns improving?
Cashflow 65
Earnings quality: real cash, not paper profit
Fin. Strength 52
Balance sheet, leverage, solvency risk
Investment 79
Disciplined investing over empire-building
Low Volatility 100
Calm price path (market factor)
Momentum 64
Price trend over the last 3–12 months (market factor)
52W Momentum 71
Distance to the 52-week high (market factor)
Net Issuance 42
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Singapore Airlines Limited, together with subsidiaries, provides passenger and cargo air transportation services under the Singapore Airlines and Scoot brands in East Asia, Europe, South West Pacific, the Americas, West Asia and Africa, and internationally. It operates through The Full-Service Carrier, The Low-Cost Carrier, and Engineering Services segments.

Full company description

Singapore Airlines Limited, together with subsidiaries, provides passenger and cargo air transportation services under the Singapore Airlines and Scoot brands in East Asia, Europe, South West Pacific, the Americas, West Asia and Africa, and internationally. It operates through The Full-Service Carrier, The Low-Cost Carrier, and Engineering Services segments. The company offers engineering services, pilot training services, air charters, and related services; tour activities; refurbishes aircraft galleys; payment and lifestyle reward app; and sells merchandise. It also provides aircraft maintenance services, including technical and non-technical handling at the airport; line maintenance services; maintenance, repair, and overhaul of aircraft and cabin components/systems; fleet management; repair and overhaul of hydromechanical equipment; aviation insurance; and airframe maintenance and overhaul services, as well as manufactures aircraft cabin equipment and tooling for the aerospace industry. In addition, the company offers marketing and supporting portal services for the air cargo industry, as well as travel-related retail services; and payment and related services. Further, it provides travel booking and related services through an online portal; marketing of cargo community system; corporate support; aviation insurance; and educational support services. Singapore Airlines Limited was founded in 1947 and is based in Singapore.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Singapore Airlines Limited reported revenue of 20.5B SGD in FY2026 versus 7.6B SGD in FY2022, a compound +28.1%/yr. Reported net income was 1.2B SGD in FY2026.

Growth Quality 90/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2026)
20.5B SGD
Latest YoY
+5.0%
Avg. growth/yr (3Y)
+4.9%
Avg. growth/yr (5Y)
+40.0%
Avg. growth/yr (12Y)
+2.5%
Revenue +28.1%/yr
FY22 7.6B SGD
FY23 17.8B SGD
FY24 19.0B SGD
FY25 19.5B SGD
FY26 20.5B SGD
Net income
FY22 −962M SGD
FY23 2.2B SGD
FY24 2.7B SGD
FY25 2.8B SGD
FY26 1.2B SGD

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Cite: Fair Value Calculator (2026). "Singapore Airlines Limited Fair Value". https://www.fairvalue-calculator.com/stock/C6L

Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Airlines · 60 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 57 · Top 25%
Fair Value upside +3% · Above median
Return on equity (TTM) 7% · Below median
Return on assets 3% · Above median
Net margin (TTM) 6% · Above median
Operating margin (TTM) 14% · Top 25%
Revenue growth 8% · Below median
Dividend yield (TTM) 3.5% · Top 25%
Debt / equity 0.33× · Lower than median

Valuation Multiples vs Airlines median · lower = cheaper

P/E (TTM) 20.0× · Pricier than median
P/B 1.08× · Cheaper than 75% of peers
P/S (TTM) 0.91× · Pricier than median
P/FCF 8.0× · Pricier than median
EV/EBITDA 3.8× · Cheaper than median
PEG 14.06× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 37 · sector 36
FUTURE 40 · sector 46
PAST 29 · sector 46
HEALTH 83 · sector 72
DIVIDEND 71 · sector 44

Insider activity: 30/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Airlines stocks, each showing price versus our Fair Value estimate (as of Jul 15, 2026).

Stock Price Fair Value vs Fair Value
Delta Air Lines, Inc DAL $84.17 $118.24 +40%
United Airlines Holdings UAL $120.97 $175.62 +45%
Ryanair Holdings RYA €25.47 €41.26 +62%
Southwest Airlines Co LUV $47.56 $14.76 -69%
InterGlobe Aviation Limited INDIGO ₹5,249 ₹3,704 -29%
Air China Limited 601111 ¥5.97 ¥7.16 +20%
LATAM Airlines Group LTM $54.87 $106.79 +95%
Deutsche Lufthansa AG 1LHA €9.98 €15.60 +56%
China Southern Airlines Company 600029 ¥4.99 ¥1.28 -74%
China Eastern Airlines Corporation 600115 ¥3.66 ¥14.20 +288%

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Frequently asked questions

Is Singapore Airlines Limited (C6L) overvalued or undervalued?
As of Jul 15, 2026, our model estimates a fair value of 7.89 SGD versus a price of 7.70 SGD, about +2% (fairly valued).
What is the fair value of C6L?
Our model-based fair value for Singapore Airlines Limited is 7.89 SGD (as of Jul 15, 2026), built from audited fundamentals. The current price is 7.70 SGD.
What is the quality score of C6L?
Singapore Airlines Limited has a Quality Score of 57/100. It combines two groups: business quality (profitability, growth, cash flow, balance-sheet strength) and market factors (price momentum, distance to the 52-week high, volatility). Both subtotals are shown separately in the detail view.
What is the revenue of Singapore Airlines Limited (C6L)?
Singapore Airlines Limited reported trailing-twelve-month revenue of about 20.5B SGD (latest available figure, as of Jul 15, 2026).
What is the net profit margin of C6L?
The net profit margin of Singapore Airlines Limited is about 5.8%, meaning it keeps roughly 5.8% of revenue as net income. Based on the latest reported figures.
Does Singapore Airlines Limited pay a dividend?
Singapore Airlines Limited currently shows a dividend yield of about 3.83% relative to its recent price (as of Jul 15, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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