Over the past decade, ST Engineering (SGX: S63) has expanded across commercial aerospace (CA), defence and public security (DPS), and urban solutions (USS). Its top line, earnings and its order book have surged, leading to a dramatic surge in its share price and market value. Let’s find out why.

ST Engineering 10 Years Ago vs Today – How Much Has the Business Changed?

Metric	FY2015	FY2025	Change
Revenue	S$6.3 billion	S$12.3 billion	95.2%
Net profit	S$529 million	S$850.8 million	60.8%
EBITDA	S$697.6 million	S$1.8 billion	154%
Free cash flow	-S$12 million	S$1.2 billion	N.M.
Order book	S$11.7 billion	S$33.2 billion	183.8%
Dividend per share	S$0.15	S$0.23	53.3%
Share price (4 September)	S$2.92	S$10.48	258.9%
Market capitalisation (4 September)	~S$10 billion	~S$32.5 billion	~225%

*Note: FY2025 figures for net profit, EBITDA, and free cash flow are on a base operating performance (BOP) basis, which strips out one-off impairment losses of S$689 million and divestment gains of S$301 million. BOP better reflects the underlying business. Reported net profit for FY2025 was S$463 million....