The aerospace industry faces fierce and rapidly changing competition worldwide which exercises a considerable amount of strain on its manufacturing subcontractors. In this context, it becomes essential to gain a better understanding of what constitutes the most critical capabilities of the world-class subcontractors. Drawing heavily on the concept of benchmarking and of fit as profile deviation, this paper allows to identify the most critical capabilities of the best performing firms. Results are derived from an international comparison of 384 subcontracting firms operating in the U.S.A., the U.K. and Canada. A very distinct profile emerges from the best subcontractors in terms of their acquired technological and managerial capabilities. The most critical capabilities which are common to subcontractors of all three countries are either intangible, difficult to imitate or not easily transferable. This leads us to believe that the best subcontractors hold a partcular competitive advantage which will be difficult for others to replicate, at least in the short term. This is not however the case for the less performing subcontractors who could well be subjected in the not too far future to the competitive pressures arising from the new industrializing countries.