By Sergey Kustov – Source:, CC BY-SA 3.0, Source:

Aeroflot is among airlines to earn their cost of capital over a 10-year period, with Russia’s flag carrier ranking first among global players (i.e., excluding regional and low-cost carriers) for return on invested capital (ROIC).

A study by McKinsey & Company found that Aeroflot’s average ROIC, a benchmark metric for financial performance in the industry, from 2005 to 2015 was 11.9%, higher than other major global carriers.

Success factors that help explain sustainable high returns on capital include a unique offering, cost advantages versus peers, a strong brand and organisational health, according to McKinsey.

Aeroflot’s offering has won numerous awards for excellence and plaudits from industry and passengers alike. An important competitive differentiator is seamless connectivity on East-West transit routes, with Moscow recently recognised as the No.1 transport hub connecting Europe and China.

This year Aeroflot was named the strongest airline brand globally by Brand Finance, the world’s leading independent branded business valuation and strategy consultancy. Aeroflot also ranks among the world’s top airlines by level of digitalisation, which drives the high level of efficiency of the company’s operations and business processes.

The full report can be read on McKinsey’s website: