Heico Corp. (HEI)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$5.2B

Revenue growth

20.7%

Net income, last twelve months

$847.7M

Earnings per share

$6.01

Gross margin

40.4%

Operating margin

24.0%

Net margin

16.4%

Free cash flow

$1.0B

Return on equity

17.1%

Market value

$17.1B

Price to earnings

51.7x

Dividend yield

0.1%

Cash

$241.0M

Debt

$2.5B

Debt to equity

0.51

Shares outstanding

55.1M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the third quarter of fiscal 2026 results, filed 25 August 2026.

• Record quarter on 23% sales growth. Operating income rose 34% to $355.2 million and net income attributable to HEICO rose 33% to $235.4 million, or $1.67 per diluted share, against $1.26 a year earlier.
• Organic growth reached 14%. Consolidated organic net sales growth was 14% in the quarter, with contributions from fiscal 2025 and fiscal 2026 acquisitions on top of that growth.
• Nine-month sales higher on acquisitions. For the first nine months, net sales rose 21% to $3,967.3 million, operating income rose 30% to $965.5 million, and net income rose 31% to $659.4 million.
• Quarterly EBITDA up 31%. EBITDA rose 31% to $415.2 million in the quarter and 28% to $1,135.5 million for nine months. The reconciliation to net income is in the non-GAAP table.
• Nine-month EPS includes tax benefit. The first quarter of fiscal 2026 included a $22.3 million discrete tax benefit from stock option exercises, which added $0.15 to nine-month diluted EPS.
• Flight Support sales up 18%. Flight Support Group sales rose 18% to a record $947.8 million, with 12% organic growth. Operating income rose 24% to $245.3 million.
• Flight Support margin rose to 25.9%. Operating margin was 25.9% against 24.7%. Management attributed the gross margin gain to a more favorable product mix, alongside SG&A efficiencies from sales growth.
• Electronic Technologies sales up 36%. Sales rose 36% to a record $483.5 million, with 18% organic growth. Operating income rose 55% to $125.6 million, and operating margin reached 26.0% against 22.8%.
• Electronics margin lifted by aerospace. The gross margin gain came mainly from higher aerospace product sales. For nine months, this was partly offset by a lower share of space product sales.
• Flight Support demand broad-based. Management attributed Flight Support organic growth to increased demand across all product lines, for both the quarter and the nine months.
• Electronics demand led by defense and aerospace. Third-quarter organic growth in Electronic Technologies came mainly from other electronics, defense and aerospace products.
• Medical products added in nine months. For nine months, Electronic Technologies organic growth of 14% was mainly attributed to other electronics, defense, aerospace and medical products.
• Consolidated operating margin reached 25.1%. Consolidated operating margin was 25.1% against 23.1% a year earlier. For nine months, it was 24.3% against 22.6%.
• SG&A efficiencies lifted segment margins. Electronic Technologies operating margin rose as SG&A fell as a share of net sales, which management tied to SG&A efficiencies from sales growth, along with gross margin gains.

Revenue by segment

As the company reports it in the segment note of its annual report.

By business, FY2025

By region, FY2025

Company events

The newest 8-K filings of 159 held.

Every filing

The newest filings with the SEC of 443 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

849 funds held it at 30 Jun 2026: 347 added and 268 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• RTX Corp. (RTX): revenue $96.0B, market value $264.6B
• Honeywell International Inc. (HON): revenue $38.1B, market value $68.0B
• Honeywell Aerospace Inc. (HONA): revenue –, market value $56.2B
• StandardAero, Inc. (SARO): revenue $6.3B, market value $7.4B

What the company does

The company says it believes it is the world's largest manufacturer of FAA-approved jet engine and aircraft component replacement parts, other than the original equipment manufacturers (OEMs) and their subcontractors. It was originally organised in 1957 as a holding company and has operated in the aerospace industry for over 65 years. Since 1990 it has completed approximately 107 acquisitions. It had approximately 11,100 full-time and part-time employees as of 31 October 2025.

How the business is organised

HEICO has two operating segments. The Flight Support Group (FSG) accounted for 70% of net sales in fiscal 2025 and the Electronic Technologies Group (ETG) for 30%. The FSG consists of HEICO Aerospace Holdings Corp., which is 80% owned, and HEICO Flight Support Corp., which is wholly owned, along with their subsidiaries. Lufthansa Technik AG holds the 20% noncontrolling interest in HEICO Aerospace Holdings Corp. The ETG consists of HEICO Electronic Technologies Corp. and its subsidiaries. Each segment runs its own distribution, sales and marketing, and sometimes cross-markets with other HEICO units.

What the Flight Support Group does

The FSG uses proprietary technology to design and manufacture replacement parts that are sold at lower prices than OEM parts. These parts are approved by the FAA and are the functional equivalent of OEM parts. A non-OEM maker needs a Parts Manufacturer Approval (PMA) from the FAA to sell each part. HEICO says it is adding approximately 400 to 550 PMAs per year and has developed approximately 20,000 parts with PMAs.

The FSG also repairs and overhauls components such as fuel pumps, generators, starters, actuators, hydraulic pumps, and wheels and brakes. It distributes FAA-approved parts and supplies military aircraft parts and support services, mainly to the U.S. Department of Defense, defense prime contractors and allied foreign military organizations. Its specialty products include thermal insulation blankets, expanded foil mesh for lightning strike protection, emergency descent devices, and parachute products. HEICO has no material patents on its manufacturing techniques and relies mainly on trade secret protection.

What the Electronic Technologies Group does

The ETG designs and makes subcomponents for harsh environments in smaller niche markets. These go into larger systems such as power, targeting, communications, medical imaging and computer systems.

- infrared simulation and test equipment - laser rangefinder receivers - power supplies and power conversion products - underwater locator beacons, which are required on FAA and European Aviation Safety Agency approved flight data and cockpit voice recorders - traveling wave tube amplifiers - three-dimensional stacked memory - microwave products for satellites and spacecraft - crashworthy, ballistically self-sealing auxiliary fuel systems for military rotorcraft - technical surveillance countermeasures equipment

About 51% of ETG net sales in fiscal 2025 came from U.S. and foreign military agencies, prime defense contractors, and satellite and spacecraft manufacturers.

Who buys from it

HEICO sells to commercial and cargo airlines, repair and overhaul facilities, OEMs, military units, electronics manufacturing services companies, and defense, medical, telecommunications, scientific and industrial companies. No single customer accounted for 10% or more of sales in any of the last three fiscal years. The five largest customers accounted for approximately 20% of net sales in fiscal 2025. By market, approximately 58% of fiscal 2025 net sales came from commercial aviation, 31% from defense and space, and 11% from other industrial markets including electronics, medical and telecommunications. Sales work is done mainly by in-house personnel and, to a lesser extent, by independent manufacturers' representatives.

Competition and regulation

The FSG's replacement parts compete mainly with OEMs. The three principal jet engine OEMs, General Electric (including CFM International), Pratt & Whitney and Rolls Royce, have historically been the sole source of substantially all replacement parts for their engines. Competition on interchangeable parts is principally on price and service. Repair and overhaul competitors are OEMs, major airlines and independent service companies, and the filing names quality, turnaround time, service and price as the main factors. The ETG competes in niche markets on design, technology, quality, price and service. The filing notes that some competitors have greater financial and other resources.

The FAA regulates the manufacture, repair and operation of aircraft and aircraft parts in the United States. HEICO says it believes the PMA process is a significant barrier to entry because of its technical demands and its limits on how fast competitors can bring products to market. HEICO is also subject to export and sanctions rules, including the International Traffic in Arms Regulations, the Export Administration Regulations and rules administered by the Office of Foreign Assets Control, as well as environmental and OSHA requirements. Its main raw materials are high temperature alloy sheet metal and castings, forgings, pre-plated metals, electrical components and advanced composite materials.

Its people

Of the approximately 11,100 employees, approximately 5,300 work in the FSG, about 900 of them at foreign subsidiaries. Approximately 5,800 work in the ETG, about 2,600 of them at foreign subsidiaries. None of its employees are represented by a U.S. domestic union. Domestic team members receive an annual 401(k) employer contribution in HEICO stock, and employer matching contributions are also made in stock. Eric A. Mendelson and Victor H. Mendelson, who are brothers, serve as Co-Chief Executive Officers and Co-Chairmen of the Board. Eric leads the Flight Support Group and Victor leads the Electronic Technologies Group.

*From HEICO's annual report on Form 10-K for the year ended 31 October 2025. [The filing](https://www.sec.gov/Archives/edgar/data/46619/000004661925000082/hei-20251031.htm)*

From the company's 10-K.