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Singapore Airlines Limited logo

Singapore Airlines Limited

C6L.SI
52
Airlines, Airports & Air Services · Industrials
Price
S$7.60
-0.10 (-1.30%)
Market Cap
S$23.95B
Exchange
Singapore Exchange
Winston Score
52
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Aug 9, 2026 · filings through Jun 30, 2026

Share count rising — dilution

+4.3% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 2.97B (2022) → 3.09B (2026)

Singapore Airlines is the national carrier of Singapore and one of the most recognized airline brands in Asia. It flies passengers and cargo to more than 100 destinations across roughly 40 countries, serving both leisure and business travelers. The airline also owns a majority stake in Scoot, a budget carrier that targets cost-conscious travelers on shorter regional routes.

The company earns money primarily through ticket sales, cargo freight, and ancillary services like in-flight purchases and loyalty programs. It is headquartered in Singapore and operates out of Changi Airport, one of the world's busiest international hubs, which gives it a strong geographic advantage as a connecting point between Asia, Europe, and Oceania. Singapore Airlines has long competed on service quality and cabin product rather than price, which helps protect its premium pricing power — but it remains exposed to fuel cost swings, global travel demand cycles, and growing competition from Middle Eastern carriers like Emirates and Qatar Airways.

Winston Score History

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+6.4% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+7.7% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

50.9%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$12.7B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Singapore Airlines Limited is growing revenue at 6% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin
100.0%
Premium pricing power — 100.0% gross margin
Operating Margin
1.8%
Thin — 1.8% operating margin
ROCE
0.4%
Weak — 0.4% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY
+8.3%
Steady sales growth (+8.3% YoY)
EPS YoY
-64.4%
Earnings shrinking (-64.4% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency
2/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion
620%
Turns 620% of profit into real cash
FCF Margin
13.8%
Converts sales into free cash efficiently (13.8%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity
0.44
Conservative — low debt load (0.44)
Interest Cover
100.00x
Comfortably covers interest (100.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)
25.9x
Growth-priced — P/E 25.9

P/E above the market average. People are paying up for expected growth.

P/E vs Forward
-2.9
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield
4.94%
Healthy income — 4.94% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend Growth
-10.5%
Dividend cut (-10.5% YoY) — warning sign

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