Singapore Airlines Limited

SGX:C6L Stock Report

Market Cap: S$23.1b

Singapore Airlines Future Growth

Future criteria checks 1/6

Singapore Airlines is forecast to grow earnings and revenue by 6.5% and 2.8% per annum respectively. EPS is expected to grow by 6.1% per annum. Return on equity is forecast to be 8.9% in 3 years.

Key information

6.5%

Earnings growth rate

6.13%

EPS growth rate

Airlines earnings growth27.9%
Revenue growth rate2.8%
Future return on equity8.94%
Analyst coverage

Good

Last updated16 Jun 2026

Recent future growth updates

Analysis Article • May 17

Earnings Beat: Singapore Airlines Limited Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Models

Singapore Airlines Limited ( SGX:C6L ) just released its annual report and things are looking bullish. Results were...

Recent updates

Analysis Article • Jun 19

Singapore Airlines (SGX:C6L) Stock Could Be 10.4% Overvalued After May Traffic Update

Singapore Airlines (SGX:C6L) has drawn fresh attention after reporting May 2026 operating data that showed higher passenger and cargo volumes year on year, coinciding with the appointment of veteran corporate lawyer Adrian Chan Pengee to its board. See our latest analysis for Singapore Airlines. At a share price of SGD7.28, Singapore Airlines has seen its momentum build recently, with a 12% 1 month share price return and a 12.87% year to date share price return. The 5 year total shareholder...
Narrative Update • Jun 05

C6L: Wide-Body Fleet Renewal And Passenger Strength Will Support Steady Future Returns

Analysts have adjusted their price target for Singapore Airlines to SGD6.59 from SGD6.66, citing updated assumptions on discount rates, revenue growth, profit margins and future P/E levels. What's in the News Singapore Airlines is reported to be in early talks to buy at least 50 new wide body passenger jets, including Boeing 777X aircraft and Airbus A350-1000 aircraft, in multi billion dollar negotiations, according to recent media reports citing “Boeing Stock Gains As Singapore Airlines, Qantas Reportedly Eye Major Wide-Body Jet Orders”.
Analysis Article • May 25

Singapore Airlines' (SGX:C6L) Problems Go Beyond Weak Profit

Singapore Airlines Limited's ( SGX:C6L ) recent weak earnings report didn't cause a big stock movement. However, we...
Analysis Article • May 17

Earnings Beat: Singapore Airlines Limited Just Beat Analyst Forecasts, And Analysts Have Been Updating Their Models

Singapore Airlines Limited ( SGX:C6L ) just released its annual report and things are looking bullish. Results were...
Narrative Update • Apr 26

C6L: Strong Passenger Load Factors Will Support Steady Future Returns

Analysts have slightly reduced their fair value estimate for Singapore Airlines, from SGD 6.80 to SGD 6.66. This reflects updated views on discount rates, revenue growth, profit margins and future P/E assumptions.
Narrative Update • Apr 11

C6L: Stable Traffic And Load Factors Will Support Fairly Valued Returns

Analysts have trimmed their Singapore Airlines price target slightly, now seeing fair value at about SGD6.80 compared with roughly SGD6.86 before, reflecting updated assumptions around discount rate, revenue growth, profit margins and future P/E. What's in the News In February 2026, passenger operations reported available seats of 10,922.3 km millions, revenue passenger traffic of 9,267.8 km millions, 2,107,100 passengers carried, and a passenger load factor of 84.9% (Announcement of Operating Results).
Narrative Update • Mar 27

C6L: Stable Passenger And Cargo Metrics Will Support Fairly Valued Returns

Analysts now group Singapore Airlines around a SGD6.86 price target, a marginal adjustment from the prior figure that reflects updated inputs for discount rate, revenue growth, profit margin and future P/E assumptions, without a major shift in the underlying thesis. What's in the News Singapore Airlines reported January 2026 group passenger operations with available seats of 15,890.3 million seat-km and revenue passenger traffic of 13,757.2 million revenue passenger-km, with 3,657,100 passengers carried and a passenger load factor of 86.6% (company operating results).
Narrative Update • Mar 13

C6L: Stable Load Factors And Margins Will Support Fairly Valued Returns

Analysts have lifted their Singapore Airlines price target slightly, from SGD6.80 to about SGD6.86. This reflects updated fair value work and a modestly lower discount rate, while revenue growth, profit margin and future P/E assumptions remain broadly in line with prior estimates.
Narrative Update • Feb 26

C6L: Stable Traffic And Margins Will Sustain Fairly Valued Returns

Analysts have raised their SGD fair value estimate for Singapore Airlines from SGD 6.20 to SGD 6.80, citing updated assumptions for revenue growth, profit margins, and future P/E multiples that collectively support a higher price target. What's in the News In January 2026, group passenger operations reported available seat capacity of 15,890.3 km millions and revenue passenger traffic of 13,757.2 km million, with 3,657,100 passengers carried and a passenger load factor of 86.6% (company operating results).
Narrative Update • Feb 10

C6L: Steady Load Factors And Dividends Will Support Fairly Valued Returns

Analysts have raised their fair value estimate for Singapore Airlines from S$6.17 to S$6.20, attributing the change to small adjustments in discount rate assumptions, revenue growth expectations, profit margin forecasts and the projected future P/E multiple. What's in the News Monthly operating statistics for December 2025 show group passenger available seat capacity of 16,101.1 km millions and revenue passenger traffic of 14,158.4 km millions, with 3,755,100 passengers carried and a passenger load factor of 87.9% (company announcement).
Narrative Update • Jan 26

C6L: Steady Load Factors And Dividends Will Support Earnings Stability

Narrative Update Analysts have kept their fair value estimate for Singapore Airlines unchanged at $6.17 while making only slight refinements to key inputs such as the discount rate and future P/E. This reflects a largely steady view on the stock’s risk and earnings profile.
Analysis Article • Jan 14

Does Singapore Airlines (SGX:C6L) Deserve A Spot On Your Watchlist?

Investors are often guided by the idea of discovering 'the next big thing', even if that means buying 'story stocks...
Narrative Update • Jan 10

C6L: Passenger Load Factors And Dividend Payouts Will Support Future Earnings Stability

Analysts have slightly revised their price target for Singapore Airlines, reflecting updated assumptions around discount rates and future P/E. However, they have kept their fair value estimate broadly unchanged at $6.17.
Analysis Article • Dec 30

Singapore Airlines Limited's (SGX:C6L) Price Is Right But Growth Is Lacking

With a price-to-earnings (or "P/E") ratio of 8.9x Singapore Airlines Limited ( SGX:C6L ) may be sending bullish signals...
Narrative Update • Dec 24

C6L: Passenger Demand And Dividend Payouts Will Support Future Earnings Stability

Analysts have modestly raised their price target on Singapore Airlines to reflect a slightly lower perceived risk profile and stable long term growth and margin assumptions, while leaving their fair value estimate unchanged at approximately $6.17 per share. What's in the News Passenger traffic continued to grow in November 2025, with passengers carried rising to about 3.53 million and passenger load factor holding at 87.3%, indicating sustained demand strength (company operating statistics, November 2025).
Narrative Update • Dec 10

C6L: Passenger Strength And Softer Cargo Will Support Steady Future Earnings

Analysts have nudged their price target for Singapore Airlines slightly higher, citing marginal improvements in discount rate, revenue growth expectations, profit margin assumptions, and future earnings multiples that together support a modest uplift in the stock's estimated fair value to about $6.17. What's in the News October 2025 traffic figures showed stronger passenger performance, with available seat capacity up to 15,599.3 km million and revenue passenger km rising to 13,622.7 km million.
Narrative Update • Nov 26

C6L: Passenger And Cargo Volumes Will Support Measured Earnings Performance

Analysts have lowered their price target for Singapore Airlines to $6.17 from $6.32, citing updated expectations for profit margins and earnings. What's in the News Singapore Airlines reported carrying 10,503,000 passengers in the second quarter of 2025, an increase from 9,630,000 a year earlier (Announcement of Operating Results).
Analysis Article • Nov 20

We Believe Singapore Airlines' (SGX:C6L) Earnings Are A Poor Guide For Its Profitability

Even though Singapore Airlines Limited ( SGX:C6L ) posted strong earnings recently, the stock hasn't reacted in a large...
Analysis Article • Nov 16

Singapore Airlines (SGX:C6L) Is Reducing Its Dividend To SGD0.08

The board of Singapore Airlines Limited ( SGX:C6L ) has announced it will be reducing its dividend by 20% from last...
Narrative Update • Nov 11

C6L: Passenger Volumes And Load Factors Will Support Steady Performance Ahead

Analysts have lowered their price target for Singapore Airlines slightly, adjusting it from $6.32 to $6.32. They cited a modest reduction in the assumed discount rate while maintaining expectations for revenue growth and profit margins.
Narrative Update • Oct 28

Passenger Growth And Margins Will Shape Future Capacity And Risk Assessment

Singapore Airlines' analyst price target has seen a slight adjustment downward, with the fair value estimate moving from $6.32 to $6.32 as analysts factor in a marginally higher revenue growth outlook, which is offset by a small decrease in profit margins and discount rates. What's in the News Singapore Airlines carried 3,384,400 passengers in September 2025, up from 3,132,600 a year earlier.
Analysis Article • Oct 19

Returns At Singapore Airlines (SGX:C6L) Are On The Way Up

If you're looking for a multi-bagger, there's a few things to keep an eye out for. Typically, we'll want to notice a...
Narrative Update • Oct 14

Delivery Delays Of Boeing 777 Will Limit Capacity And Compress Future Margins

Analysts have adjusted their fair value estimate for Singapore Airlines slightly downward from $6.39 to $6.32. This reflects nuanced changes in key business assumptions and profit expectations.
Analysis Article • Sep 28

Why Investors Shouldn't Be Surprised By Singapore Airlines Limited's (SGX:C6L) Low P/E

When close to half the companies in Singapore have price-to-earnings ratios (or "P/E's") above 15x, you may consider...
Analysis Article • Jul 15

Singapore Airlines (SGX:C6L) Has Announced A Dividend Of SGD0.30

Singapore Airlines Limited's ( SGX:C6L ) investors are due to receive a payment of SGD0.30 per share on 27th of August...
Analysis Article • Jul 13

Singapore Airlines (SGX:C6L) Might Have The Makings Of A Multi-Bagger

If you're looking for a multi-bagger, there's a few things to keep an eye out for. Firstly, we'll want to see a proven...
Analysis Article • Jun 25

Singapore Airlines (SGX:C6L) Is Due To Pay A Dividend Of SGD0.30

Singapore Airlines Limited's ( SGX:C6L ) investors are due to receive a payment of SGD0.30 per share on 27th of August...
Analysis Article • Jun 24

These 4 Measures Indicate That Singapore Airlines (SGX:C6L) Is Using Debt Reasonably Well

The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...
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New Narrative • Nov 24

Boeing 777 Delays And Rising Costs Threaten Revenue And Margins Amid Intensifying Competition

Boeing 777 delivery delays hinder capacity expansion, impacting growth plans and future revenue potential.

Earnings and Revenue Growth Forecasts

SGX:C6L - Analysts future estimates and past financials data (SGD Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
3/31/202922,9451,5838184,8987
3/31/202821,8001,2104084,73914
3/31/202721,4928703074,63814
3/31/202620,5221,1842,3545,103N/A
12/31/202520,1201,7292,4104,721N/A
9/30/202519,7182,2752,4674,340N/A
6/30/202519,6292,5262,6504,524N/A
3/31/202519,5402,7782,8344,708N/A
12/31/202419,4442,3772,9034,557N/A
9/30/202419,3481,9762,9714,407N/A
6/30/202419,1802,3253,3434,724N/A
3/31/202419,0132,6753,7155,042N/A
12/31/202318,7672,6734,5305,909N/A
9/30/202318,5212,6715,3466,777N/A
6/30/202318,1482,4146,3947,953N/A
3/31/202317,7752,1577,4429,130N/A
12/31/202215,4901,4796,1578,378N/A
9/30/202213,2048024,8727,625N/A
6/30/202210,410-802,3955,333N/A
3/31/20227,615-962-823,042N/A
12/31/20216,312-1,301-1,7821,381N/A
9/30/20215,008-1,640-3,482-279N/A
6/30/20214,412-2,956-4,772-1,786N/A
3/31/20213,816-4,271-6,062-3,292N/A
12/31/20205,906-4,601-5,679-2,829N/A
9/30/20209,286-3,885-4,921-1,653N/A
6/30/202012,691-2,057-3,500547N/A
3/31/202015,976-212-2,4632,732N/A
12/31/201916,870723N/A3,594N/A
9/30/201916,741692N/A3,228N/A
6/30/201916,581654N/A2,984N/A
3/31/201916,323683N/A2,801N/A
12/31/201816,265761N/A2,706N/A
9/30/201816,001866N/A2,738N/A
6/30/201815,7861,103N/A2,626N/A
3/31/201815,8061,302N/A2,611N/A
12/31/201715,500882N/A2,781N/A
9/30/201715,270670N/A2,500N/A
6/30/201715,075442N/A2,418N/A
3/31/201714,869360N/A2,533N/A
12/31/201614,877723N/A2,776N/A
9/30/201614,971821N/A2,787N/A
6/30/201615,163970N/A2,982N/A
3/31/201615,239804N/A3,006N/A
12/31/201515,399619N/A2,446N/A
9/30/201515,556547N/A2,327N/A
6/30/201515,617424N/A2,203N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: C6L's forecast earnings growth (6.5% per year) is above the savings rate (2.6%).

Earnings vs Market: C6L's earnings (6.5% per year) are forecast to grow slower than the SG market (7% per year).

High Growth Earnings: C6L's earnings are forecast to grow, but not significantly.

Revenue vs Market: C6L's revenue (2.8% per year) is forecast to grow slower than the SG market (5.4% per year).

High Growth Revenue: C6L's revenue (2.8% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: C6L's Return on Equity is forecast to be low in 3 years time (8.9%).

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/23 16:33
End of Day Share Price 2026/06/23 00:00
Earnings2026/03/31
Annual Earnings2026/03/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Singapore Airlines Limited is covered by 28 analysts. 14 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
null Research DepartmentAmInvestment Bank Berhad
Wei FangBNP Paribas
Nathan GeeBofA Global Research