While airline ROIC has been improving, they're still destroying a tremendous amount of shareholder capital. From 2014-2018 the average ROIC improved to 6.7% which is still well below the WACC.
![](https://cdn.commonstock.com/7bd0ea7bb45481e3cea26a45c80c67cbf954259a6bba0b5f5086b9530ba4ba34-444x322.png)

Really shows that not all business are created equally 

Yegor

Airlines are Destroying an Impressive Amount of Value

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