Singapore Airlines Limited (C6L) fair value: what the stock is really worth
We calculate from audited financials what Singapore Airlines Limited is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 18, 2026.
How to read this chart
60‑month range 3.93 SGD – 7.84 SGD · fair‑value band 5.92 SGD – 9.86 SGD · the 6.51 SGD price screens below the 7.89 SGD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 18, 2026.
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.
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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.
Stock analysis
Singapore Airlines Limited (C6L) currently trades at 6.51 SGD, while our model-based Fair Value estimate is 7.89 SGD, implying the stock looks roughly 17.5% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 13.82 SGD per share, and 19 of the 26 models we run sit above the 6.51 SGD price.
Bear case: the Asset-Based group reads lowest at 3.67 SGD, and 7 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: 5.92 SGD (bear) to 9.86 SGD (bull), the price of 6.51 SGD sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 48/100 (below-average quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
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.
Key figures
Market cap 23.9B SGD (≈ $18.8B) · P/E ratio 17.1 · P/S ratio 0.99 · EPS (TTM) 0.3800 SGD · Dividend yield 5.8% · Net margin 5.8% · Return on equity 7.3% · Return on assets (EBIT) 4.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).
What moves the price
The share trades about 10% below its 52-week high and 5% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 29% fair-value upside, at 21%, C6L screens richer than that median.
Fair Value models
Bear 5.92 SGDFair Value 7.89 SGDBull 9.86 SGD
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.90/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+5.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.9%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+40.0%
Revenue growth 12 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.5%
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What shareholders gained per year (last 3 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 3 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis.
+0.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year−5.2%
Dividend (yield on the price)5.8%
Profit margin 2021 to 2026 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−60% → 12%
⚠ Revenue per share shrinking 5.1%/yr over ~7Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−10.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+2.0%
Yearly sales growth analysts expect, extended to five years.
News mood ⓘNews mood, the average tone of recent news (95 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Neutral
Recent news coverage is roughly neutral, about typical for how stocks are covered.
Compare Singapore Airlines Limited with another stock
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Airlines · 53 stocks
Beats the industry median on 9/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score48 · Above median
Fair Value upside+17% · Above median
Profitability
Return on equity (TTM)7% · Below median
Return on assets3% · Above median
Net margin (TTM)6% · Above median
Operating margin (TTM)14% · Top 25%
Growth and dividend
Revenue growth8% · Below median
Dividend yield (TTM)5.8% · Top 25%
Balance sheet
Debt / equity0.33× · Lowest 25%
Valuation Multiplesvs Airlines median · lower = cheaper
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Is Singapore Airlines Limited (C6L) overvalued or undervalued?
As of Sep 18, 2026, our model estimates a fair value of 7.89 SGD versus a price of 6.51 SGD, about +21% upside (undervalued).
What is the fair value of C6L?
Our model-based fair value for Singapore Airlines Limited is 7.89 SGD (as of Sep 18, 2026), built from audited fundamentals. The current price: 6.51 SGD.
What is the quality score of C6L?
Singapore Airlines Limited has a Quality Score of 48/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Singapore Airlines Limited (C6L)?
Our model-based price target is the fair value of 7.89 SGD (as of Sep 18, 2026) from 26 valuation models. Cautious scenario 5.92 SGD, optimistic scenario 9.86 SGD. It is a calculation from audited fundamentals, not an analyst target.
What is the Singapore Airlines Limited stock forecast for 2026?
Our models put fair value at 7.89 SGD, about +21% upside versus a price of 6.51 SGD (undervalued). Cautious scenario 5.92 SGD, optimistic scenario 9.86 SGD. The calculation is refreshed regularly with new filings.
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 Sep 18, 2026).
Does Singapore Airlines Limited pay a dividend?
Singapore Airlines Limited currently shows a dividend yield of about 5.84% relative to its recent price (as of Sep 18, 2026).
What growth is priced into Singapore Airlines Limited (C6L)?
For today's price to be fair in a discounted-cash-flow model, Singapore Airlines Limited would have to grow free cash flow by -10.6 % per year for five years (discount rate 7.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +40.0 % per year. As of Sep 18, 2026.
What discount rate (WACC) does the fair value of C6L use?
Our models discount Singapore Airlines Limited at 7.9 %: a base by market capitalisation (large), damped by beta 0.52, country premium for Singapore. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Singapore Airlines Limited that is -10.6 % per year a year over ten years, using the same discount rate (7.9 %) and the same formula as our fair value.
How much growth has Singapore Airlines Limited (C6L) delivered so far?
Over the past 5 years revenue at Singapore Airlines Limited grew +40.0 % a year. The price currently implies -10.6 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Singapore Airlines Limited (C6L) growing?
The median revenue growth in the sector is +4.6 % a year. That is the yardstick for the growth priced into Singapore Airlines Limited (-10.6 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Singapore Airlines Limited (C6L)?
The free-cash-flow yield on the price is 11.48 %: that much free cash flow Singapore Airlines Limited produces per unit of market value. When it exceeds the discount rate of our models (7.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Singapore Airlines Limited (C6L)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Singapore Airlines Limited it is 7.89 SGD per share (as of Sep 18, 2026), against a price of 6.51 SGD. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Singapore Airlines Limited stock overvalued or undervalued in 2026?
As of Sep 18, 2026, C6L trades below its calculated fair value: price 6.51 SGD, fair value 7.89 SGD, a gap of about +21% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of C6L?
No. The price is what the market pays today (6.51 SGD); the fair value is what the company's own numbers justify (7.89 SGD). For Singapore Airlines Limited the two are 1.38 SGD per share apart. That gap is exactly why we show both numbers side by side.
How much is Singapore Airlines Limited worth?
The market values Singapore Airlines Limited at about 23.9B SGD (market capitalisation, as of Sep 18, 2026). Per share that is 6.51 SGD; our models calculate a fair value of 7.89 SGD per share.
What do the bullish and bearish scenarios say about C6L?
Our models span a range for Singapore Airlines Limited: cautious scenario 5.92 SGD, base 7.89 SGD, optimistic 9.86 SGD per share (as of Sep 18, 2026, price 6.51 SGD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of C6L?
Singapore Airlines Limited trades at a price-to-earnings ratio of 17.1 (as of Sep 18, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 7.89 SGD is built from several models across several years. Other multiples: PEG 14.1, P/B 1.1, P/S 0.9, EV/EBITDA 3.8.
What is the PEG ratio of C6L?
The PEG ratio of Singapore Airlines Limited is 14.06 (P/E divided by earnings growth, as of Sep 18, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Singapore Airlines Limited (C6L)?
Balance-sheet figures for Singapore Airlines Limited (as of Sep 18, 2026): return on equity 7.3%, debt of 0.33 per unit of equity. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is C6L from its 52-week high?
Singapore Airlines Limited trades at 6.51 SGD, about 10% below its 52-week high of 7.20 SGD and 5% above the low of 6.21 SGD (as of Sep 18, 2026). Distance from the high says nothing about value: that is what the fair value of 7.89 SGD is for.
Which stocks are comparable to Singapore Airlines Limited?
From the same area (Industrials) we also value Delta Air Lines, Inc, United Airlines Holdings, Ryanair Holdings, Southwest Airlines Co, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Singapore Airlines Limited stock attractive at the current price?
The data as of Sep 18, 2026: price 6.51 SGD, calculated fair value 7.89 SGD (+21%), Quality Score 48/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of C6L calculated?
We run Singapore Airlines Limited through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 7.89 SGD, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 16.1 % above its aggregate fair value. Singapore Airlines Limited currently trades 21 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Singapore Airlines Limited (C6L)?
The closing price on Sep 18, 2026 was 6.51 SGD. Our model-based fair value is 7.89 SGD, about +21% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Singapore Airlines Limited right now?
Solid quality (48/100) at a price below fair value, the discount is the argument here, not the business quality. The price sits in the lower half of our model range, the side with the larger margin of safety. The data supports the verdict: every model runs on fully documented inputs.
Key figures of Singapore Airlines Limited
How large is the market capitalisation of Singapore Airlines Limited (C6L)?
The market capitalisation of Singapore Airlines Limited is 23.9B SGD (≈ $18.8B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Singapore Airlines Limited (C6L)?
The price-to-sales ratio of Singapore Airlines Limited is 0.99 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Singapore Airlines Limited (C6L)?
Earnings per share at Singapore Airlines Limited are 0.3800 SGD (price ÷ EPS = P/E 17.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Singapore Airlines Limited (C6L)?
The dividend yield of Singapore Airlines Limited is 5.8% (payout 100%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Singapore Airlines Limited (C6L)?
The net margin of Singapore Airlines Limited is 5.8% (fiscal year 2026). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Singapore Airlines Limited (C6L)?
The return on equity (ROE) of Singapore Airlines Limited is 7.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Singapore Airlines Limited (C6L)?
On an EBIT basis the return on assets of Singapore Airlines Limited is 4.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Singapore Airlines Limited (C6L)?
The operating margin of Singapore Airlines Limited is 14.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Singapore Airlines Limited (C6L)?
Revenue at Singapore Airlines Limited is growing +8.0% versus a year earlier (3y avg +4.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Singapore Airlines Limited (C6L)?
Earnings per share at Singapore Airlines Limited are growing −53.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Singapore Airlines Limited (C6L) carry?
The net debt of Singapore Airlines Limited is 1.3B SGD (fiscal year 2025, ≈ 0.5 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Sep 18, 2026