UNAC · Russia
uacrussia.ruFinancials as of FY2021 · latest on file
Builds Su-57 fighter jets and MC-21 passenger planes using state-controlled Russian factories and classified military research.
What this company is and how it runs — written from structure, not news.
United Aircraft Corporation assembles Su-57 fighter jets and MC-21 commercial aircraft by pulling together a fixed sequence of specialist facilities across Russia — titanium forgings from VSMPO-AVISMA at Verkhnaya Salda, composite panels from Ulyanovsk, turbofans from NPO Saturn and Klimov, and final airframes built at Komsomolsk-on-Amur and Irkutsk. The military variants depend on aerodynamic and stealth data that originates inside TsAGI and Russia's classified design bureaus and flows downstream as manufacturing specifications, so the company can only produce Su-57s as fast as it can field engineers who have been security-cleared to handle that data — and those engineers take years to train and vet, meaning the bottleneck is credentialed people rather than factory floor space. Because the same state classification system controls access to that research, no foreign or private competitor can buy, license, or reverse-engineer their way into the Su-57's design parameters, which makes the company effectively irreplaceable to the Russian Aerospace Forces. Western sanctions since 2022 severed access to foreign avionics and composites, forcing every gap to be filled domestically, which stretches development timelines — and if the Russian state were ever to restructure access to TsAGI itself, the upstream data feed that makes military development possible would disappear along with it.
How does this company make money?
The main source of income is selling aircraft — fighters and transport planes to the Russian Ministry of Defense under multi-year production contracts, and MC-21 jets to Russian and CIS airlines. On top of those upfront sales, the company earns money over decades through long-term service agreements: supplying spare parts and technical support for aircraft across their 20-to-30-year working lives.
What makes this company hard to replace?
Russian military aircraft are built to connect with classified Russian command and control systems that no foreign manufacturer can access, so switching to a Western jet would mean rebuilding those connections from scratch. Pilot training programmes, maintenance facilities, and spare parts stockpiles are all designed around Russian aircraft specifications, making a switch a multi-year rebuild of infrastructure. Export customers face lengthy requalification processes before their forces can operate a different platform, adding years of cost and disruption on top of the purchase itself.
What limits this company?
The real ceiling is not factory space or money — it is the small number of engineers who hold security clearances allowing them to handle classified weapons data from TsAGI. Getting that clearance takes years of vetting, and the training on top of it takes more years after that. Until more cleared engineers exist, the assembly lines could physically run faster but the work that feeds them cannot keep up.
What does this company depend on?
The company cannot operate without NPO Saturn and Klimov for turbofan engines, VSMPO-AVISMA in Verkhnaya Salda for titanium alloys, Roselectronics for military-cleared avionics systems, Russia's Federal Air Transport Agency for civilian aircraft type certificates, and Rostec's network of over 100 specialised manufacturing plants that connects all of these suppliers in sequence.
Who depends on this company?
The Russian Aerospace Forces rely on domestic production of Su-57 and Su-35 fighters for their core air combat capability — if deliveries stopped, those capability gaps could not be filled from abroad. Aeroflot and other Russian airlines are counting on MC-21 deliveries because Western sanctions mean they cannot buy new Airbus or Boeing jets to replace ageing fleets. Kazakhstan and other CSTO member states that operate Russian military aircraft would also lose access to spare parts and maintenance support.
How does this company scale?
Manufacturing tooling and assembly-line processes could in principle be copied to additional production sites as order volumes grow. What does not scale at the same pace is the workforce: engineers cleared for classified military programmes take many years to train and vet, so as the company grows, that credentialed human bottleneck stays fixed even when the physical factories could handle more work.
What external forces can significantly affect this company?
Western export controls under ITAR and EU dual-use regulations have already cut off access to foreign aerospace components and materials, forcing the company to find domestic replacements for everything it used to import. Ruble exchange rate swings affect how much imported materials cost and how competitive Russian aircraft are in export markets. International aviation safety authorities no longer recognise Russian civilian aircraft certifications in Western markets, which closes off those customers entirely.
Where is this company structurally vulnerable?
If the Russian state reorganised or cut off access to the classified design bureau network — whether by merging Rostec entities, changing security rules, or letting TsAGI lose its institutional knowledge — the company would lose the upstream data that makes Su-57 development possible. Without that feed, it could not design new weapons integration, could not update stealth parameters, and would become unable to deliver what the Russian Aerospace Forces require.
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As of FY2021 (year ended December 31, 2021). Newer annual figures aren't yet on file.
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Screen for these patternsHow does this company use capital?
Three cash-flow ratios have aligned: trailing twelve-month operating cash margin is in the upper industry-benchmarked range, free cash flow as a share of operating cash flow is in the upper industry-benchmarked range (meaning capex is a small share of operating cash), and annual operating cash flow divided by sales is high on its own scale.
Where is this company structurally exposed?
Three price-behavior observations have aligned: the ulcer index (drawdown depth and duration composite) is elevated, current drawdown from peak is significant, and 20-week annualized volatility is in the upper portion of its mapped range.
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