Shares of the United Aircraft Corporation (UAC) took third place among the growth leaders of the Russian market at the end of the third quarter of 2026, second only to ordinary and preferred shares of Kamchatskenergo. The average growth of shares from the top 10 for the quarter was 61%, with a maximum of over 113%.

Finam analysts attribute UAC's dynamics primarily to expectations of large-scale state support for the industry and positive operational news: deliveries of the Tu-214 have begun, and the corporation plans to increase aircraft production by 35% by the end of the year.

The overall market picture, however, remains weak: over nine months, the Moscow Exchange index lost 18%, falling from 2766.62 to 2267.9 points. Of the 251 traded securities, 202 depreciated – by an average of 25.18%; only 48 shares grew with an average growth of 18.35%. 

The overall picture on the exchange looks bleak: the index fell by 18%, and more than 200 companies lost a quarter of their capitalization. Real giants like the developer Samolet and EuroTrans found themselves deep in the red due to heavy debts. Against this background, UAC's surge seems fantastic.

The anti-rating was topped by EuroTrans and Samolet. The former defaulted on bonds, bankruptcy claims are being made against the company, and its executives have been arrested; the latter incurred a loss of 22.3 billion rubles for the half-year and defaulted on bond payments.

UAC's surge is quarterly and largely speculative. As recently as August, the corporation's shares had lost about 34% over the previous year, trading around 0.33–0.35 rubles, and most of the quarter's leaders are third-tier companies with low liquidity, where growth is driven not by fundamentals but by news background and speculative demand.

The corporation also has an ongoing financial reboot: in January, UAC shareholders approved an additional issue of 2.06 trillion shares through a private placement, and in spring 2025, 2.018 trillion shares were already placed at 0.27 rubles – to attract almost 545 billion rubles.