# Singapore Airlines (SIA1.F)

Canonical: https://gigainvestors.com/s/SIA1.F

Analysis as of: 2026-10-16T07:33:38.210Z. Financial observations: FY2014–FY2026.

Listing currency: EUR. Reporting currency: SGD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 4.49 per share; close as of 2026-10-15.

Estimated value: low EUR 8.28 per share, central EUR 11.07 per share, high EUR 12.69 per share. Buy at or below the central value EUR 11.07 per share. Valuation as of 2026-10-16T07:33:38.210Z; scenarios are not confidence intervals.

Expected annual return: 25.3% at the stated quote. About 25.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; SG 10-year bond 2.3% + 4 points).

## Checklist

### understandable: fail

- 3 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 3

- Operating margin variation: 109.79×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.03×

- FY2018: 0.07×

- FY2019: 0.07×

- FY2020: 0.05×

- FY2021: -0.60×

- FY2022: -0.10×

- FY2023: 0.15×

- FY2024: 0.14×

- FY2025: 0.09×

- FY2026: 0.12×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 5.6%

- ROIC, second-lowest year: -2.4%

- Typical minus recent gross margin: -5.3 pp

- Typical gross margin (annual median): 25.4%

- Recent gross margin (lower of latest and 3-year median): 30.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 29.2%

- ROIC including acquisitions, ten-year median: -11.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 4.0%

- FY2018: 5.8%

- FY2019: 5.3%

- FY2020: 3.6%

- FY2021: -8.2%

- FY2022: -2.4%

- FY2023: 11.2%

- FY2024: 12.0%

- FY2025: 6.9%

- FY2026: 10.0%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.77×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: SGD 6.1B

- Net income, five-year total: SGD 7.8B

- Return on incremental invested capital: 10.8%

- Working capital / revenue, annual change: -0.5 pp

- Working capital / revenue, change between three-year averages: -4.7 pp

- Working capital / revenue, final three-year average: -13.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.77×

- FY2023: 0.83×

- FY2024: 1.04×

- FY2025: 0.94×

- FY2026: 0.50×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 5.3% vs 10.0%

- Per-share earnings: 0.27 to 0.90 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 1.2%

- Market cap gain: SGD 3.7B

- Cumulative retained earnings: SGD -2.4B

- Diluted shares, 5-year annual growth: 1.2%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 19.0%

- Per-share value change: SGD 0.63

- Per-share value, starting three-year median: SGD 0.27

- Per-share value, ending three-year median: SGD 0.90

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 0.3%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Acquisition spending: SGD 151M

- Cumulative net income, 10 years: SGD 5.3B

- ROIC, first three-year median: 5.3%

- ROIC, last three-year median: 10.0%

Chart: Earnings per share; fiscal year observations.

- FY2017: SGD 0.21

- FY2018: SGD 0.33

- FY2019: SGD 0.27

- FY2020: SGD -0.08

- FY2021: SGD -1.44

- FY2022: SGD -0.32

- FY2023: SGD 0.73

- FY2024: SGD 0.90

- FY2025: SGD 0.93

- FY2026: SGD 0.38

### accounting: pass

- Sloan accruals: -9.0%

- Receivables to sales index (DSRI): 1.28×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.6%

- Earnings backed by cash: Yes

- Operating cash / earnings: 4.31×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.02×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -8.8%

- FY2018: -6.2%

- FY2019: -6.9%

- FY2020: -8.7%

- FY2021: -2.6%

- FY2022: -8.2%

- FY2023: -14.2%

- FY2024: -5.3%

- FY2025: -4.5%

- FY2026: -9.0%

## Holders

## Price story

Price needs cash profits to shrink 9% a year for ten years · "Singapore Airlines Profit Drops 57% As Air India Losses Weigh" (finance.yahoo.com, May 2026) · sales +5%

Story as of 2026-10-16T09:59:56.335Z; price observation 2026-10-15.

Price needs cash profits to shrink 9% a year for ten years

- 2025-07-28: Singapore Airlines Profit Slumps as Passenger Yields, Inflation Weigh ([finance.yahoo.com](https://finance.yahoo.com/m/25fdc709-fb80-3700-a8a1-511cd5ec5a93/singapore-airlines-profit.html))

- 2025-11-13: Singapore Airlines Profit Plunges on Air India Losses ([finance.yahoo.com](https://finance.yahoo.com/m/d094d00c-2307-3bc0-aa0e-dbfc3d07342b/singapore-airlines-profit.html))

- 2026-02-24: Singapore Airlines Posts Record Revenue on Strong Demand, Net Profit Slumps ([finance.yahoo.com](https://finance.yahoo.com/m/51a81fc1-b8a3-3118-844d-88e4124e3639/singapore-airlines-posts.html))

- 2026-05-14: Singapore Airlines Profit Drops 57% As Air India Losses Weigh ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/singapore-airlines-profit-drops-57-235134628.html))

### Sales · FY2025–2026

sales +5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: SGD 15B 

- FY2018: SGD 16B 

- FY2019: SGD 16B 

- FY2020: SGD 16B 

- FY2021: SGD 3.8B 

- FY2022: SGD 7.6B 

- FY2023: SGD 18B 

- FY2024: SGD 19B 

- FY2025: SGD 20B 

- FY2026: SGD 21B 

### Gross margin · FY2026

gross margin 30.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 22.7% 

- FY2018: 25.4% 

- FY2019: 25.5% 

- FY2020: 24.3% 

- FY2022: 10.9% 

- FY2023: 32.5% 

- FY2024: 31.4% 

- FY2025: 28.6% 

- FY2026: 30.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in airlines; annual sales are SGD 20.5 billion.

- Source: https://eodhd.com/api/fundamentals/SIA1.F.json#2026-03-31 (filed 2026-10-16T07:33:38.210Z); FY2026: revenue 20522000000; grossProfit 6316900000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SIA1.F: 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.

### Why customers stay

Margins ranged from 28.6% to 31.4% during 2024–26; it earns 5.6% on its capital.

- Source: https://eodhd.com/api/fundamentals/SIA1.F.json#2024-03-31 (filed 2026-10-16T07:33:38.210Z); FY2024: grossProfit / revenue = 31.4%.

- Source: https://eodhd.com/api/fundamentals/SIA1.F.json#2025-03-31 (filed 2026-10-16T07:33:38.210Z); FY2025: grossProfit / revenue = 28.6%.

- Source: https://eodhd.com/api/fundamentals/SIA1.F.json#2026-03-31 (filed 2026-10-16T07:33:38.210Z); FY2026: grossProfit / revenue = 30.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.210Z); 10-year return on capital observations [[2017,0.039861581004803144],[2018,0.05826852112823574],[2019,0.05331586244727814],[2020,0.036093825468678044],[2021,-0.08182880851447641],[2022,-0.024323847581467672],[2023,0.11189811365575027],[2024,0.11963713417648399],[2025,0.0688456290366597],[2026,0.10033382154239683]]; median 0.055792191787756934. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 35.3% of cash earnings on expansion; earns 10.8% on new investment.

- Source: https://eodhd.com/api/fundamentals/SIA1.F.json#2023-03-31 (filed 2026-10-16T07:33:38.210Z); FY2023: growth capex 0; upkeep 1605600000; owner earnings 1796120000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SIA1.F.json#2024-03-31 (filed 2026-10-16T07:33:38.210Z); FY2024: growth capex 0; upkeep 1327300000; owner earnings 2774260000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SIA1.F.json#2025-03-31 (filed 2026-10-16T07:33:38.210Z); FY2025: growth capex 0; upkeep 1873700000; owner earnings 2604580000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/SIA1.F.json#2026-03-31 (filed 2026-10-16T07:33:38.210Z); FY2026: growth capex 207500000; upkeep 2541400000; owner earnings 588400000. Growth capex / owner earnings = 0.3526512576478586.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.210Z); Incremental return on capital 0.10752236456491011, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.210Z); Dividend observations: [[2017,521300000],[2018,248300000],[2019,449800000],[2020,355500000],[2021,0],[2022,0],[2023,297100000],[2024,1130200000],[2025,1428800000],[2026,1162200000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/SIA1.F.json#2026-03-31 (filed 2026-10-16T07:33:38.210Z); FY2026: cash repurchases 32700000 SGD.

### Are managers owners

Insiders own 0.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); SIA1.F SharesStats.PercentInsiders = 0.211 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 9% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.210Z); Ten-year compound average after fade. Initial solved rate -0.13923088017861773. Price 4.492; FX 0.6958119292237442; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 6.59 per share

- 2016-11: EUR 6.51 per share

- 2016-12: EUR 6.27 per share

- 2017-01: EUR 6.44 per share

- 2017-02: EUR 6.62 per share

- 2017-03: EUR 6.70 per share

- 2017-04: EUR 6.68 per share

- 2017-05: EUR 6.44 per share

- 2017-06: EUR 6.38 per share

- 2017-07: EUR 6.43 per share

- 2017-08: EUR 6.32 per share

- 2017-09: EUR 6.20 per share

- 2017-10: EUR 6.45 per share

- 2017-11: EUR 6.57 per share

- 2017-12: EUR 6.60 per share

- 2018-01: EUR 6.87 per share

- 2018-02: EUR 6.78 per share

- 2018-03: EUR 6.61 per share

- 2018-04: EUR 6.70 per share

- 2018-05: EUR 7.26 per share

- 2018-06: EUR 6.64 per share

- 2018-07: EUR 6.22 per share

- 2018-08: EUR 6.04 per share

- 2018-09: EUR 6.30 per share

- 2018-10: EUR 5.86 per share

- 2018-11: EUR 5.96 per share

- 2018-12: EUR 5.90 per share

- 2019-01: EUR 6.16 per share

- 2019-02: EUR 6.35 per share

- 2019-03: EUR 6.19 per share

- 2019-04: EUR 6.21 per share

- 2019-05: EUR 5.80 per share

- 2019-06: EUR 5.84 per share

- 2019-07: EUR 6.17 per share

- 2019-08: EUR 5.65 per share

- 2019-09: EUR 5.88 per share

- 2019-10: EUR 6.02 per share

- 2019-11: EUR 5.87 per share

- 2019-12: EUR 5.99 per share

- 2020-01: EUR 5.52 per share

- 2020-02: EUR 5.20 per share

- 2020-03: EUR 3.73 per share

- 2020-04: EUR 3.99 per share

- 2020-05: EUR 2.38 per share

- 2020-06: EUR 2.36 per share

- 2020-07: EUR 2.14 per share

- 2020-08: EUR 2.28 per share

- 2020-09: EUR 2.14 per share

- 2020-10: EUR 2.12 per share

- 2020-11: EUR 2.75 per share

- 2020-12: EUR 2.68 per share

- 2021-01: EUR 2.56 per share

- 2021-02: EUR 3.08 per share

- 2021-03: EUR 3.49 per share

- 2021-04: EUR 3.15 per share

- 2021-05: EUR 3.12 per share

- 2021-06: EUR 3.10 per share

- 2021-07: EUR 3.16 per share

- 2021-08: EUR 3.16 per share

- 2021-09: EUR 3.20 per share

- 2021-10: EUR 3.32 per share

- 2021-11: EUR 3.10 per share

- 2021-12: EUR 3.27 per share

- 2022-01: EUR 3.26 per share

- 2022-02: EUR 3.37 per share

- 2022-03: EUR 3.60 per share

- 2022-04: EUR 3.74 per share

- 2022-05: EUR 3.73 per share

- 2022-06: EUR 3.49 per share

- 2022-07: EUR 3.84 per share

- 2022-08: EUR 3.75 per share

- 2022-09: EUR 3.62 per share

- 2022-10: EUR 3.66 per share

- 2022-11: EUR 3.84 per share

- 2022-12: EUR 3.83 per share

- 2023-01: EUR 4.11 per share

- 2023-02: EUR 3.97 per share

- 2023-03: EUR 3.93 per share

- 2023-04: EUR 4.00 per share

- 2023-05: EUR 4.39 per share

- 2023-06: EUR 4.89 per share

- 2023-07: EUR 5.11 per share

- 2023-08: EUR 4.68 per share

- 2023-09: EUR 4.44 per share

- 2023-10: EUR 4.20 per share

- 2023-11: EUR 4.33 per share

- 2023-12: EUR 4.42 per share

- 2024-01: EUR 4.63 per share

- 2024-02: EUR 4.47 per share

- 2024-03: EUR 4.42 per share

- 2024-04: EUR 4.46 per share

- 2024-05: EUR 4.61 per share

- 2024-06: EUR 4.71 per share

- 2024-07: EUR 4.77 per share

- 2024-08: EUR 4.30 per share

- 2024-09: EUR 4.73 per share

- 2024-10: EUR 4.53 per share

- 2024-11: EUR 4.45 per share

- 2024-12: EUR 4.53 per share

- 2025-01: EUR 4.50 per share

- 2025-02: EUR 4.82 per share

- 2025-03: EUR 4.62 per share

- 2025-04: EUR 4.45 per share

- 2025-05: EUR 4.83 per share

- 2025-06: EUR 4.63 per share

- 2025-07: EUR 4.58 per share

- 2025-08: EUR 4.36 per share

- 2025-09: EUR 4.28 per share

- 2025-10: EUR 4.39 per share

- 2025-11: EUR 4.27 per share

- 2025-12: EUR 4.27 per share

- 2026-01: EUR 4.14 per share

- 2026-02: EUR 4.76 per share

- 2026-03: EUR 4.38 per share

- 2026-04: EUR 4.27 per share

- 2026-05: EUR 4.52 per share

- 2026-06: EUR 5.13 per share

- 2026-07: EUR 5.26 per share

- 2026-08: EUR 4.57 per share

- 2026-09: EUR 4.61 per share

- 2026-10: EUR 4.50 per share

## Annual estimated value (EUR per share)

- FY2025: low EUR 8.24 per share, central EUR 10.94 per share, high EUR 12.50 per share

- FY2026: low EUR 8.01 per share, central EUR 10.68 per share, high EUR 12.24 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:23.167Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.