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Aeroflot (AFLT) USD

Aeroflot Group is Russia's flag carrier and largest airline group (Aeroflot, Rossiya, Pobeda), operating domestic and international passenger flights from its Moscow Sheremetyevo hub.

At a glance: strengths & risks
✗Profit falling (-76% y/y, Q2 2026)✗Margins compressing (26%→23%, Q2 2026)✗Dividend-trap risk

Sector: Transport & Logistics

RU_AFLT

Price chart

35.27 RUBDay -2.33%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
35.27 RUB · -2.33%
Market cap
1.7 bn USD

Growth

Δ revenue y/y
8.9%
Δ EBITDA y/y
-39.0%

Multiples

P/E (LTM)
4.4x
3y avg: 3.5x
P/B (FY)
2.6x
P/E (ann.)
2.9x
EV/EBITDA (LTM)
3.5x
3y avg: 3.7x
EV/EBITDA (ann.)
3.1x

Cash return

Dividend yield
14.8%
FCF yield (LTM)
27.7%

Value creation

fundamental value/yr, % of market cap
Value created / year
-111.5%
↓ details

Liquidity

Daily turnover (MOEX)
913.9 mln RUB

Shares: connector/market_inputs

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-06-30Q2 2026 (3M)OK3.0
y/y 8.9%
0.3
y/y -59.1%
0.4
y/y 5.1%
0.7
y/y -39.0%
0.2
y/y -74.4%
0.6-0.214.2
y/y 1.1%
0.4
y/y 47.0%
151.1%6.8Report (PDF)
2026-03-31Q1 2026 (3M)OK2.5
y/y 23.3%
0.0
y/y -89.5%
0.4
y/y 8.5%
0.4
y/y -29.7%
-0.2
y/y -151.8%
0.3-0.214.0
y/y 7.1%
0.4
y/y —
-113.1%6.9Report (PDF)
2025-12-31Q4 2025 (3M)OK2.8
y/y 30.6%
-0.1
y/y -140.9%
0.3
y/y 20.9%
0.3
y/y -36.5%
0.0
y/y 71.1%
0.5-0.514.4
y/y 26.6%
0.6
y/y —
208.6%7.3Report (PDF)
2025-09-30Q3 2025 (3M)OK3.2
y/y 11.7%
0.8
y/y 410.3%
0.3
y/y 11.8%
1.1
y/y 140.2%
0.4
y/y 106.3%
0.3-0.813.8
y/y 12.2%
0.6
y/y —
133.9%6.9Report (PDF)
2025-06-30Q2 2025 (3M)OK2.8
y/y 22.8%
0.8
y/y 84.3%
0.4
y/y 14.3%
1.1
y/y 54.6%
0.6
y/y 28.3%
0.6-0.914.0
y/y 9.0%
0.3
y/y —
5702.0%6.6Report (PDF)
2025-03-31Q1 2025 (3M)OK2.1
y/y 7.7%
0.2
y/y -39.1%
0.3
y/y 3.2%
0.5
y/y -18.7%
0.3
y/y 2281.4%
0.6-0.313.1
y/y 8.6%
-0.2
y/y —
-263.3%6.5Report (PDF)
2024-12-31Q4 2024 (3M)OK2.2
y/y 7.8%
0.2
y/y -88.1%
0.3
y/y -17.8%
0.5
y/y -74.0%
0.0
y/y -104.0%
0.5-0.311.4
y/y -8.4%
-0.7
y/y —
-92.6%6.2Report (PDF)
2024-09-30Q3 2024 (3M)OK2.9
y/y 45.0%
0.1
y/y -80.9%
0.3
y/y -14.5%
0.5
y/y -59.7%
0.2
y/y —
0.30.012.3
y/y 8.0%
-0.6
y/y —
-43.0%6.7Report (PDF)
2024-06-30Q2 2024 (3M)OK2.3
y/y 31.2%
0.4
y/y 1363.0%
0.3
y/y -24.3%
0.7
y/y 67.1%
0.5
y/y —
0.8-0.312.9
y/y 5.6%
-0.7
y/y —
-212.6%7.0Report (PDF)
2024-03-31Q1 2024 (3M)OK1.9
y/y 23.7%
0.3
y/y —
0.3
y/y -35.8%
0.7
y/y 56.8%
0.0
y/y —
0.6-0.312.0
y/y —
-1.1
y/y —
-4.5%7.1Report (PDF)
2023-12-31Q4 2023 (3M)OK1.8
y/y —
1.2
y/y —
0.3
y/y —
1.5
y/y —
1.0
y/y —
0.8-0.712.4
y/y —
-1.1
y/y —
10.8%7.2Report (PDF)
2023-09-30Q3 2023 (3M)OK2.0
y/y —
0.8
y/y —
0.4
y/y —
1.1
y/y —
-0.1
y/y —
0.4-0.311.4
y/y —
-2.0
y/y —
6.3%6.6Report (PDF)
2023-06-30Q2 2023 (3M)OK1.7
y/y —
0.0
y/y —
0.4
y/y —
0.4
y/y —
-0.7
y/y —
0.4-0.112.2
y/y —
-2.1
y/y —
—6.7Report (PDF)
2023-03-31Q1 2023 (3M)PARTIAL1.5
y/y —
-0.1
y/y —
0.5
y/y —
0.4
y/y —
-0.6
y/y —
0.5-0.1—
y/y —
—
y/y —
—7.2Report (PDF)

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)1 396
Long-term debt (incl. LT leases)5 989
− Cash & equivalents553
Net debt6 832

Net debt / LTM EBITDA: 2.8x

Conversion to USD. Balance sheet: rate effective on 2026-06-30, fixing date 2026-06-30. Flows: sampled average at each calculation period's bounds and monthly 15ths. Latest source row: 2026-04-01 — 2026-06-30. Source: Bank of Russia R01235. Rates

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01 0002 0003 0004 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Year-over-year change

-100%-50%0%50%100%150%2024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-600-400-20002004006002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

02 0004 0006 0008 0002024 q12024 q22024 q32024 q42025 q12025 q22025 q32025 q42026 q12026 q2

Profit and cash

Worth a look
In a typical year of 2021–2025 operating cash flow came to 2.63x of reported net profit; after capex, 0.80x. Loss years (2021, 2022, 2023) are left out of the ratio.
year2021202320242025
cash flow / profit——3.71x1.56x
accruals, % of assets-11.7%-17.2%-12.9%-5.2%
Last twelve months (to 2026-06-30): 4.34x of profit came back as operating cash flow.
net debt / EBITDA 2.0x · EBIT covers interest 2.3x · capex 0.7x of depreciation · dividends 8% of free cash flow
● EBIT covers interest 2.3x.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

FX-adjusted deleveraging

Net foreign-currency debt (IFRS currency-risk note): part of the reduction is FX revaluation of foreign-currency debt as the rouble strengthened, not cash repayment.

CurrencyNet-debt Δ 2024→2025, bn RUBof which FX revaluation, bn RUBorganic (cash flow), bn RUB
¥ (CNY)+1.5+0.1+1.5
Other−1.2+0.0−1.2
$ (USD)−210.3−99.4−110.9
Total−210.0−99.4−110.6

≈ 99.4 bn RUB (47%) of the net FX-debt reduction is rouble strength, not FCF; organic reduction ≈ 110.6 bn RUB.

ПАО Аэрофлот, Консолидированная МСФО за 2025, Прим. 28 (валютный риск); CBR RUB/USD,RUB/CNY (last business day)

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Operating statistics

Production indicators — supplementary, not part of the financial statements

PeriodPassengers carried
млн		Domestic
млн		International
млн		Passenger load factor
%
Sep 20264.83
−4.2%		3.48
−9.6%		1.34
+13.6%		90.30
Aug 20265.75
−1.3%		4.29
−6.4%		1.45
+17.8%		93.70
Jul 20265.66
−0.6%		4.25
−6.1%		1.41
+20.8%		92.50
Jun 20265.06
−4.3%		3.80
−9.1%		1.26
+14.0%		90.60
May 20264.64
+0.3%		3.41
−3.3%		1.23
+11.9%		89.40
Apr 20264.42
+0.5%		3.25
−2.1%		1.17
+8.7%		91.70
Mar 20264.123.011.1192
Feb 20263.652.670.9790.80
Jan 20264.112.971.1490.80
Dec 20254.022.941.0887.90
Nov 20254.112.951.1692.80
Oct 20254.743.421.3292.30
Sep 20255.043.861.1890
Aug 20255.824.591.2392
Jul 20255.704.531.1791.20
Jun 20255.284.181.1089.80
May 20254.633.531.1088.90
Apr 20254.393.321.0791.30

Группа «Аэрофлот», операционная статистика (ir.aeroflot.ru/ru/reporting/traffic-statistics/, сводный файл Traffic figures — помесячные перевозки Группы). Последний месяц в файле: 2026-09-30. Обновляется автоматически вместе с месячным релизом эмитента.

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: -111.5%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-06-30 vs 2025-06-30)
= (695 − 1 139) × 3.54
-343
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (1 711 + 6 832) ÷ 2 460
3.5x
3. Target multiple
(Current EV/EBITDA + 6.5) ÷ 2
= (3.5 + 6.5) ÷ 2
5.0x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -207 + 9 + 0 − 0
-198
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (-343 × 5.0 + -198) ÷ 1 711
-111.5%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • EBITDA growth from 3-yr FY trend, min of avg & latest YoY (anomalous latest-period delta)
  • EBITDA-growth term clamped to ±market cap

Revenue growth & acceleration

Growth decelerating ▼
Last-year revenue growth +5% vs +40% the year before — a -34.6 pp move. 3-year CAGR +30%.
revenue growth by year: 2023 +48% · 2024 +40% · 2025 +5%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — daily history

Current 3.5x · 3-year 75th pct 3.9x

EV/EBITDA3-year 75th pct

Peer comparison

Group: industrials (Russia). Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
SCF GroupRussia2.54.4x
EuroElTechRussia0.14.4x
FESCORussia2.610.8x
SollersRussia0.111.5x
KamazRussia0.545.0x
Group median10.8x
Group average15.2x
This companyRussia1.73.5x

Group median 10.8x; this company 3.5x — a 68% discount.

Group average 15.2x; against the average this company is at a 77% discount. The average sits 41% above the median: Kamaz (45.0x) skews the group.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.9x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.7x, India 18.8x, Indonesia 5.1x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-22; the company's own is live.

Dividend potential

High yield on falling profit

The forecast yield is high but full-year profit fell >20% — the payout rests on past earnings and is likely to be cut. Upside is suppressed to avoid flagging a yield trap as a buy.

1 · Forecast dividend (per policy)
Smoothed net profit (median YTD-ann./LTM/FY)31 bn RUB
Payout ratio28%
Free cash flow (FY, OCF − capex) — not a cap (leverage 2.0x)-45 bn RUB
Recent actual dividend (3-yr median)5.29 ₽
= Forecast dividend per share5.29 ₽
2 · Fair yield (spread to key rate)
CBR key rate14.0%
Historical yield spread to rate (3-yr median)-5.2 pp
= Fair dividend yield8.8%
3 · Valuation → upside
Current price35.66 ₽
Forecast dividend yield14.8%
Fair price (dividend-based)59.93 ₽

Forecast, not investment advice. Earnings annualization and policy assumptions are estimates.

Dividend history

Paid, trailing 12-mo: 5.29 RUB/sh · 14.8%

Pay yearDividend /sh
20265.29 ₽
20255.27 ₽
20192.69 ₽
201812.81 ₽
201717.48 ₽
20142.50 ₽
20131.16 ₽
20121.81 ₽
Payments by period
PeriodLast day to buy/sh
2026 q32026-07-165.29 ₽
2025 q32025-07-175.27 ₽
2019 q32019-07-032.69 ₽
2018 q32018-07-0412.81 ₽
2017 q32017-07-1217.48 ₽
2014 q32014-07-042.50 ₽
2013 q22013-05-021.16 ₽
2012 q22012-05-081.81 ₽
2011 q22011-05-091.09 ₽
2010 q22010-04-300.35 ₽

Dividends

No dividend rows found for this issuer.

Trading microstructure: order book & tape

Share of volume initiated by buyers (crossing the spread):
1d: 46% buy — balanced5d: 48% buy — balanced20d: 50% buy — balanced

No iceberg levels detected last session.
No characteristic robot clips detected last session.

DayBuyer initiativeIcebergs bid/askRobots bid/askTrades
21.1046%0/00/012,474
20.1055%0/00/09,734
19.1047%0/00/012,262
16.1054%2/00/010,259
15.1040%0/00/015,839

Source: L2 order book + trade tape (TQBR main session, ~23 liquid names). Trade side = the aggressor crossing the spread. Iceberg = level filled a multiple of its displayed size with regular refills. Robot clip = a non-round order size recurring hundreds of times across dozens of price levels (an algo's fingerprint migrating with price); ping = 1-2 lot probe orders. Updated nightly.

Investment-community mentions

Substantive mentions last 7 days: 0, last 30 days: 2 (2 negative) across tracked channels, broker research and shows. 11 passing mentions (digests, calendars) hidden.

Sources: Telegram channels (bloggers — blue chip, broker research — green), YouTube shows via transcripts (orange). Tone (▲/▼) is an automatic assessment in the stock's context. Quotes are fragmentary; authors' views are not our recommendations.

Corporate events

31.08.26Material event★ Сведения, оказывающие, по мнению эмитента, существенное влияние на стоимость его эмиссионных ценных бумаг
Аэрофлот опубликовал консолидированную финансовую отчетность за 6 месяцев 2026 года, что может повлиять на стоимость его ценных бумаг. Дата публикации отчета - 31.08.2026.
30.06.26Filing★ ▲ Дата определения (фиксации) лиц, имеющих право на осуществление прав по ценным бумагам эмитента
ПАО «Аэрофлот» объявило, что 17 июля 2026 года будет определена дата для фиксирования лиц, имеющих право на получение дивидендов по обыкновенным акциям. Протокол общего собрания акционеров, на котором было принято это решение, датирован 29 июня 2026 года.
30.06.26AGM / Board★ ▲ Решения общих собраний участников (акционеров)
На годовом собрании акционеров ПАО «Аэрофлот» 29 июня 2026 года было принято решение о выплате дивидендов в размере 21,03 млрд. руб. (5,29 руб. на акцию) по итогам 2025 года. Также утверждены годовой отчет и бухгалтерская отчетность за 2025 год, а также размер вознаграждений членам Совета директоров и Ревизионной комиссии.
01.06.26Earnings★ Сведения, оказывающие, по мнению эмитента, существенное влияние на стоимость его эмиссионных ценных бумаг: Опубликование консолидированной финансовой отчетности Группы Аэрофлот за 1 квартал 2026 года и пресс-релиза об этом
Аэрофлот опубликовал консолидированную финансовую отчетность за 1 квартал 2026 года, что может повлиять на стоимость его акций. Дата события - 1 июня 2026 года.
30.04.26Earnings★ Сведения, оказывающие, по мнению эмитента, существенное влияние на стоимость его эмиссионных ценных бумаг: Опубликование бухгалтерской (финансовой) отчетности ПАО «Аэрофлот» за 3 месяца 2026 года и пресс-релиза об этом.
22.09.26AGM / BoardРешения совета директоров (наблюдательного совета)
Совет директоров ПАО «Аэрофлот» одобрил изменения в сделки с ООО «АФЛТ-Системс» и АО «Почта России». Общая стоимость услуг по контролю качества проектов на платформе «1С:Предприятие» составит 613,3 млн. руб. без НДС, а стоимость авиационной перевозки почты — 10,8 млрд. руб. с НДС.
01.09.26BuybackПриобретение голосующих акций другого акционерного общества
ПАО «Аэрофлот» приобрело 100% голосующих акций АО «Аэромар», увеличив свою долю участия в уставном капитале до 100%. Сделка завершилась 01.09.2026.
31.07.26EarningsСведения, оказывающие, по мнению эмитента, существенное влияние на стоимость его эмиссионных ценных бумаг:Опубликование бухгалтерской (финансовой) отчетности ПАО «Аэрофлот» на 30.06.2026 и пресс-релиза об этом.
ПАО «Аэрофлот» опубликовало финансовую отчетность за 1 полугодие 2026 года, что может повлиять на стоимость его акций. Дата публикации отчетности - 31.07.2026.

Source: e-disclosure material filings over the last 180 days; ★ — flagged important by the classifier; summaries are automatic.

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Aeroflot (AFLT) — from primary filings.

Frequently asked questions

What is Aeroflot (AFLT)'s P/E ratio?
Aeroflot (AFLT) trades at a P/E of 4.4x (price to trailing 12-month earnings).
What is Aeroflot (AFLT)'s EV/EBITDA?
Aeroflot (AFLT) trades at 3.5x EV/EBITDA.
What is Aeroflot (AFLT)'s P/B ratio?
Aeroflot (AFLT) trades at a P/B of 2.6x.
What is Aeroflot (AFLT)'s dividend yield?
Aeroflot (AFLT)'s trailing 12-month dividend yield is 14.8%.
What is Aeroflot (AFLT)'s return on equity (ROE)?
Aeroflot (AFLT)'s ROE is 151.1%.
What is Aeroflot (AFLT)'s market capitalization?
Aeroflot (AFLT)'s market cap is 1.7 bn USD.

Bonds by this issuer

IssueYTMCouponPrice, %1DVolume today, ₽Avg vol. 20D, ₽Maturity
Аэрофл2Б01floatfloat101.61-0.04%536K18.5M04.2028
Аэрофл2Б02floatfloat99.91-0.17%16.1M9.2M08.2030

Price, YTM and turnover from MOEX; 1D is the current price vs the previous session close; floaters have no fixed YTM. Not investment advice.

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