Singapore Airlines Ltd (SINGY) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Singapore Airlines Ltd $12.38, price $10.38, upside +19.3%, quality 54 out of 100. Calculated from audited financials with 26 valuation models and 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 29, 2026.
How to read this chart
60‑month range $5.68 – $12.14 · fair‑value band $9.25 – $15.42 · the $10.38 price screens below the $12.38 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 29, 2026.
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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.
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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 Ltd (SINGY) currently trades at $10.38, while our model-based Fair Value estimate is $12.38, implying the stock looks roughly 16.2% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of $20.25 per share, and 19 of the 26 models we run sit above the $10.38 price.
Bear case: the Earnings-Based group reads lowest at $3.83, and 7 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: $9.25 (bear) to $15.42 (bull), the price of $10.38 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 54/100 (solid quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Singapore Airlines Ltd 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 $17.9B · P/E ratio 17.6 · P/S ratio 1.02 · EPS (TTM) $0.5900 · Dividend yield 2.6% · Net margin 5.8% · Return on equity 7.3% · Return on assets (EBIT) 3.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (medium confidence).
What moves the price
The share trades about 14% below its 52-week high and 8% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 34% fair-value upside, at 19%, SINGY screens richer than that median.
Fair Value models
Bear $9.25Fair Value $12.38Bull $15.42
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. Based on fiscal year 2026 figures (about 6 months old). Earnings retained since then ($0.1631 per share) are deliberately not added.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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.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
+4.9%
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%
Start year 2021 (pandemic). Over 10 years: +3.0% a year
Revenue growth 24 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.
+3.3%
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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.
−4.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year−7.0%
Dividend (yield on the price)2.6%
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.−66% → 11%
⚠ Revenue per share shrinking 3.5%/yr over ~10Y (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).
−12.9%
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.
+2.2%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in SGD, Singapore: IMF forecast 2.0% a year to 2030, 1.7% from 2016 to 2025) that is about −14.7% a year for the price and +0.2% for the forecasts.
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.Very negative
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 Score54 · Top 25%
Fair Value upside+18.3% · Above median
Profitability
Return on equity (TTM)7.3% · Below median
Return on assets3.4% · Above median
Net margin (TTM)5.8% · Above median
Operating margin (TTM)14.5% · Top 25%
Growth and dividend
Revenue growth8.0% · Below median
Dividend yield (TTM)2.6% · Above median
Balance sheet
Debt / equity0.33× · Lowest 25%
Valuation Multiplesvs Airlines median · lower = cheaper
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Is Singapore Airlines Ltd (SINGY) overvalued or undervalued?
As of Sep 29, 2026, our model estimates a fair value of $12.38 versus a price of $10.38, about +19% upside (undervalued).
What is the fair value of SINGY?
Our model-based fair value for Singapore Airlines Ltd is $12.38 (as of Sep 29, 2026), built from audited fundamentals. The current price: $10.38.
What is the quality score of SINGY?
Singapore Airlines Ltd has a Quality Score of 54/100. 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 Ltd (SINGY)?
Our model-based price target is the fair value of $12.38 (as of Sep 29, 2026) from 26 valuation models. Cautious scenario $9.25, optimistic scenario $15.42. It is a calculation from audited fundamentals, not an analyst target.
What is the Singapore Airlines Ltd stock forecast for 2026?
Our models put fair value at $12.38, about +19% upside versus a price of $10.38 (undervalued). Cautious scenario $9.25, optimistic scenario $15.42. The calculation is refreshed regularly with new filings.
What is the revenue of Singapore Airlines Ltd (SINGY)?
Singapore Airlines Ltd reported trailing-twelve-month revenue of about 20.5B SGD (latest available figure, as of Sep 29, 2026).
Does Singapore Airlines Ltd pay a dividend?
Singapore Airlines Ltd currently shows a dividend yield of about 2.60% relative to its recent price (as of Sep 29, 2026).
What growth is priced into Singapore Airlines Ltd (SINGY)?
For today's price to be fair in a discounted-cash-flow model, Singapore Airlines Ltd would have to grow free cash flow by -12.9 % per year for five years (discount rate 8.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +40.0 % per year. As of Sep 29, 2026.
What discount rate (WACC) does the fair value of SINGY use?
Our models discount Singapore Airlines Ltd at 8.1 %: a base by market capitalisation (large), damped by beta 0.52, country premium for USA. 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 Ltd that is -12.9 % per year a year over ten years, using the same discount rate (8.1 %) and the same formula as our fair value.
How much growth has Singapore Airlines Ltd (SINGY) delivered so far?
Over the past 5 years revenue at Singapore Airlines Ltd grew +40.0 % a year. The price currently implies -12.9 % 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 Ltd (SINGY) growing?
The median revenue growth in the sector is +7.2 % a year. That is the yardstick for the growth priced into Singapore Airlines Ltd (-12.9 % 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 Ltd (SINGY)?
The free-cash-flow yield on the price is 12.58 %: that much free cash flow Singapore Airlines Ltd produces per unit of market value. When it exceeds the discount rate of our models (8.1 %), 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 Ltd (SINGY)?
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 Ltd it is $12.38 per share (as of Sep 29, 2026), against a price of $10.38. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Singapore Airlines Ltd stock overvalued or undervalued in 2026?
As of Sep 29, 2026, SINGY trades below its calculated fair value: price $10.38, fair value $12.38, a gap of about +19% (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 SINGY?
No. The price is what the market pays today ($10.38); the fair value is what the company's own numbers justify ($12.38). For Singapore Airlines Ltd the two are $2.00 per share apart. That gap is exactly why we show both numbers side by side.
How much is Singapore Airlines Ltd worth?
The market values Singapore Airlines Ltd at about $17.9B (market capitalisation, as of Sep 29, 2026). Per share that is $10.38; our models calculate a fair value of $12.38 per share.
What do the bullish and bearish scenarios say about SINGY?
Our models span a range for Singapore Airlines Ltd: cautious scenario $9.25, base $12.38, optimistic $15.42 per share (as of Sep 29, 2026, price $10.38). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SINGY?
Singapore Airlines Ltd trades at a price-to-earnings ratio of 17.6 (as of Sep 29, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $12.38 is built from several models across several years. Other multiples: PEG 12.3, P/B 1.3, P/S 1.1, EV/EBITDA 4.4.
What is the PEG ratio of SINGY?
The PEG ratio of Singapore Airlines Ltd is 12.30 (P/E divided by earnings growth, as of Sep 29, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Singapore Airlines Ltd (SINGY)?
Balance-sheet figures for Singapore Airlines Ltd (as of Sep 29, 2026): return on equity 7.3%, debt of 0.33 per unit of equity. They feed the Quality Score of 54/100, which measures business quality independently of the share price.
How far is SINGY from its 52-week high?
Singapore Airlines Ltd trades at $10.38, about 14% below its 52-week high of $12.14 and 8% above the low of $9.60 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of $12.38 is for.
Which stocks are comparable to Singapore Airlines Ltd?
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 Ltd stock attractive at the current price?
The data as of Sep 29, 2026: price $10.38, calculated fair value $12.38 (+19%), Quality Score 54/100, 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 SINGY calculated?
We run Singapore Airlines Ltd 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 $12.38, 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 14.5 % above its aggregate fair value. Singapore Airlines Ltd currently trades 16 % 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 Ltd (SINGY)?
The closing price on Oct 2, 2026 was $10.38. Our model-based fair value is $12.38, about +19% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Singapore Airlines Ltd right now?
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.
Where does the earnings growth of Singapore Airlines Ltd (SINGY) come from?
Earnings per share at Singapore Airlines Ltd grew +9.8 % a year from 2015 to 2026. Broken into its drivers: revenue per share −4.0 %, EBIT margin +11.1 %, tax rate +0.2 %, residual (interest, one-offs) +2.7 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Singapore Airlines Ltd
How large is the market capitalisation of Singapore Airlines Ltd (SINGY)?
The market capitalisation of Singapore Airlines Ltd is $17.9B. 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 Ltd (SINGY)?
The price-to-sales ratio of Singapore Airlines Ltd is 1.02 (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 Ltd (SINGY)?
Earnings per share at Singapore Airlines Ltd are $0.5900 (price ÷ EPS = P/E 17.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Singapore Airlines Ltd (SINGY)?
The dividend yield of Singapore Airlines Ltd is 2.6% (payout 45.8%). 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 Ltd (SINGY)?
The net margin of Singapore Airlines Ltd 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 Ltd (SINGY)?
The return on equity (ROE) of Singapore Airlines Ltd 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 Ltd (SINGY)?
On an EBIT basis the return on assets of Singapore Airlines Ltd is 3.9% (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 Ltd (SINGY)?
The operating margin of Singapore Airlines Ltd 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 Ltd (SINGY)?
Revenue at Singapore Airlines Ltd 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 Ltd (SINGY)?
Earnings per share at Singapore Airlines Ltd 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 Ltd (SINGY) carry?
The net debt of Singapore Airlines Ltd is 999M SGD (fiscal year 2026, ≈ 0.4 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 29, 2026