HEICO Corporation (HEI) 10-Year Financial Performance & Capital Metrics

HEI • • Industrial / General

IndustrialsAerospace & DefenseMRO & Aftermarket ServicesAviation MRO Services

AboutHEICO Corporation, through its subsidiaries, designs, manufactures, and sells aerospace, defense, and electronic related products and services in the United States and internationally. The company's Flight Support Group segment provides jet engine and aircraft component replacement parts; thermal insulation blankets and parts; renewable/reusable insulation systems; and specialty components. This segment also distributes hydraulic, pneumatic, structural, interconnect, mechanical, and electro-mechanical components for the commercial, regional, and general aviation markets; and offers repair and overhaul services for jet engine and aircraft component parts, avionics, instruments, composites, and flight surfaces of commercial aircraft, as well as for avionics and navigation systems, subcomponents, and other instruments utilized on military aircraft. Its Electronic Technologies Group segment provides electro-optical infrared simulation and test equipment; electro-optical laser products; electro-optical, microwave, and other power equipment; electromagnetic and RFI shielding and suppression filters; high-speed interface products; high voltage interconnection devices; high voltage advanced power electronics; power conversion products; and underwater locator beacons and emergency locator transmission beacons. This segment also offers traveling wave tube amplifiers and microwave power modules; three-dimensional microelectronic and stacked memory products; harsh environment connectivity products and custom molded cable assemblies; radio frequency and microwave amplifiers, transmitters, and receivers; communications and electronic intercept receivers and tuners; self-sealing auxiliary fuel systems; active antenna systems; and nuclear radiation detectors. The company serves customers primarily in the aviation, defense, space, medical, telecommunications, and electronics industries. HEICO Corporation was incorporated in 1957 and is headquartered in Hollywood, Florida.Show more

Revenue $4.49B +16.3%
EBITDA $1.22B +20.5%
Net Income $690M +34.3%
EPS (Diluted) 4.90 +33.5%
Gross Margin 39.83% -4.7%
EBITDA Margin 27.09% +3.7%
Operating Margin 22.72% +5.1%
Net Margin 15.39% +15.5%
ROE 16.16% +8.3%
ROIC 12.15% +9.8%
Debt/Equity 0.45 -26.6%
Interest Coverage 7.85 +40.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 17.1%
✓FCF machine: 19.2% free cash flow margin
✓10 consecutive years of dividend growth
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 20.2%
✓Healthy 5Y average net margin of 14.9%

✗Weaknesses

✗Expensive at 10.4x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y14.2%

5Y20.21%

3Y26.64%

TTM16.26%

Profit (Net Income) CAGR

10Y17.87%

5Y17.07%

3Y25.21%

TTM34.29%

EPS CAGR

10Y17.11%

5Y16.43%

3Y24.32%

TTM34.15%

ROCE

10Y Avg14.32%

5Y Avg13.07%

3Y Avg13.02%

Latest13.96%

Peer Comparison

Aviation MRO Services

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SAROStandardAero, Inc.	10.89B	32.55	858.84	14.77%	3.15%	7.15%		1.02
AIRAAR Corp.	4.18B	105.74	302.11	19.91%	3.17%	6.03%	0.03%	0.86
VSECVSE Corporation	4.94B	211.34	248.64	25.53%	2.39%	2.7%		0.49
HEIHEICO Corporation	19.74B	358.04	73.07	16.26%	15.39%	14.24%	4.36%	0.45
SKYHSky Harbour Group Corporation	320.54M	9.40	-5.34	94.86%	-17.82%	-2.62%		2.02

Profit & Loss

	Oct 2016	Oct 2017	Oct 2018	Oct 2019	Oct 2020	Oct 2021	Oct 2022	Oct 2023	Oct 2024	Oct 2025
Sales/Revenue+	1.38B	1.52B	1.78B	2.06B	1.79B	1.87B	2.21B	2.97B	3.86B	4.49B
Revenue Growth %	0.16%	0.11%	0.17%	0.16%	-0.13%	0.04%	0.18%	0.34%	0.3%	0.16%
Cost of Goods Sold+	816.04M	903.62M	1.03B	1.18B	1.04B	1.07B	1.27B	1.72B	2.24B	2.7B
COGS % of Revenue	0.59%	0.59%	0.58%	0.57%	0.58%	0.57%	0.57%	0.58%	0.58%	0.6%
Gross Profit+	560.22M	621.2M	748.16M	880.47M	747.69M	796.3M	938.82M	1.25B	1.61B	1.79B
Gross Margin %	0.41%	0.41%	0.42%	0.43%	0.42%	0.43%	0.43%	0.42%	0.42%	0.4%
Gross Profit Growth %	0.18%	0.11%	0.2%	0.18%	-0.15%	0.07%	0.18%	0.33%	0.29%	0.11%
Operating Expenses+	291.81M	313.44M	373.19M	420.63M	370.44M	401.42M	450.87M	601.67M	778.7M	767.47M
OpEx % of Revenue	0.21%	0.21%	0.21%	0.2%	0.21%	0.22%	0.2%	0.2%	0.2%	0.17%
Selling, General & Admin	247.08M	266.97M	315.74M	354M	304.88M	332.55M	374.81M	505.9M	667.43M	767.47M
SG&A % of Revenue	0.18%	0.18%	0.18%	0.17%	0.17%	0.18%	0.17%	0.17%	0.17%	0.17%
Research & Development	44.73M	46.47M	57.45M	66.63M	65.56M	68.88M	76.06M	95.77M	111.27M	0
R&D % of Revenue	0.03%	0.03%	0.03%	0.03%	0.04%	0.04%	0.03%	0.03%	0.03%	-
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	268.41M	307.76M	374.97M	459.83M	377.25M	394.88M	487.95M	647.59M	834.29M	1.02B
Operating Margin %	0.2%	0.2%	0.21%	0.22%	0.21%	0.21%	0.22%	0.22%	0.22%	0.23%
Operating Income Growth %	0.17%	0.15%	0.22%	0.23%	-0.18%	0.05%	0.24%	0.33%	0.29%	0.22%
EBITDA+	328.11M	371.86M	451.07M	542.43M	464.95M	486.78M	583.25M	776.09M	1.01B	1.22B
EBITDA Margin %	0.24%	0.24%	0.25%	0.26%	0.26%	0.26%	0.26%	0.26%	0.26%	0.27%
EBITDA Growth %	0.18%	0.13%	0.21%	0.2%	-0.14%	0.05%	0.2%	0.33%	0.3%	0.21%
D&A (Non-Cash Add-back)	59.7M	64.1M	76.1M	82.6M	87.7M	91.9M	95.3M	128.5M	173.7M	196.08M
EBIT	265.32M	307.75M	376.19M	459.54M	378.01M	394.34M	497.41M	628.27M	826.9M	1.02B
Net Interest Income+	-8.27M	-9.79M	-19.9M	-21.7M	-13.16M	-7.29M	-6.39M	-72.98M	-149.31M	-129.88M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	8.27M	9.79M	19.9M	21.7M	13.16M	7.29M	6.39M	72.98M	149.31M	129.88M
Other Income/Expense	-11.36M	-9.8M	-18.69M	-21.99M	-12.39M	-7.82M	3.07M	-92.31M	-156.71M	-125.44M
Pretax Income+	257.05M	297.96M	356.29M	437.84M	364.86M	387.06M	491.02M	555.28M	677.59M	893.55M
Pretax Margin %	0.19%	0.2%	0.2%	0.21%	0.2%	0.21%	0.22%	0.19%	0.18%	0.2%
Income Tax+	80.9M	90.3M	70.6M	78.1M	29M	57.3M	100.4M	110.9M	118.5M	148M
Effective Tax Rate %	0.61%	0.62%	0.73%	0.75%	0.86%	0.79%	0.72%	0.73%	0.76%	0.77%
Net Income+	156.19M	185.99M	259.23M	327.9M	313.98M	304.22M	351.68M	403.6M	514.11M	690.38M
Net Margin %	0.11%	0.12%	0.15%	0.16%	0.18%	0.16%	0.16%	0.14%	0.13%	0.15%
Net Income Growth %	0.17%	0.19%	0.39%	0.26%	-0.04%	-0.03%	0.16%	0.15%	0.27%	0.34%
Net Income (Continuing)	176.15M	207.66M	285.69M	359.74M	335.86M	329.76M	390.62M	444.38M	559.09M	745.55M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	183.84M	218.34M	236.8M	216.38M	251.64M	286.45M	369.77M	47.16M	60.53M	467.36M
EPS (Diluted)+	1.17	1.37	1.90	2.39	2.29	2.21	2.55	2.91	3.67	4.90
EPS Growth %	0.16%	0.17%	0.39%	0.26%	-0.04%	-0.03%	0.15%	0.14%	0.26%	0.34%
EPS (Basic)	1.19	1.41	1.96	2.45	2.33	2.25	2.59	2.94	3.71	4.97
Diluted Shares Outstanding	133.14M	135.59M	136.7M	137.35M	137.3M	137.85M	138.04M	138.91M	140.2M	140.77M
Basic Shares Outstanding	130.95M	131.7M	132.54M	133.64M	134.75M	135.33M	136.01M	137.19M	138.46M	139.05M
Dividend Payout Ratio	0.07%	0.07%	0.06%	0.06%	0.07%	0.08%	0.07%	0.07%	0.06%	0.05%

Balance Sheet

	Oct 2016	Oct 2017	Oct 2018	Oct 2019	Oct 2020	Oct 2021	Oct 2022	Oct 2023	Oct 2024	Oct 2025
Total Current Assets+	584.22M	631.89M	733.81M	813.73M	1.17B	937.38M	1.15B	1.86B	2.06B	2.36B
Cash & Short-Term Investments	42.95M	52.07M	59.6M	57M	406.85M	108.3M	139.5M	171.05M	162.1M	217.78M
Cash Only	42.95M	52.07M	59.6M	57M	406.85M	108.3M	139.5M	171.05M	162.1M	217.78M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	202.23M	222.46M	251.47M	317.46M	270.86M	324.99M	388.83M	620.78M	650.72M	756.87M
Days Sales Outstanding	53.63	53.25	51.63	56.37	55.32	63.58	64.27	76.34	61.57	61.6
Inventory	286.3M	343.63M	401.55M	420.32M	463.2M	478.05M	582.47M	1.01B	1.17B	1.3B
Days Inventory Outstanding	128.06	138.8	142.36	130.55	162.67	163.17	167.47	215.26	190.4	175.2
Other Current Assets	0	0	0	0	0	0	0	49.84M	78.52M	86.38M
Total Non-Current Assets+	1.46B	1.88B	1.92B	2.16B	2.38B	2.56B	2.94B	5.34B	5.53B	6.14B
Property, Plant & Equipment	121.61M	129.88M	154.74M	173.34M	168.85M	193.64M	225.88M	321.85M	339.03M	431.71M
Fixed Asset Turnover	11.32x	11.74x	11.49x	11.86x	10.58x	9.63x	9.78x	9.22x	11.38x	10.39x
Goodwill	865.72M	1.08B	1.11B	1.27B	1.38B	1.45B	1.67B	3.27B	3.38B	3.66B
Intangible Assets	366.86M	538.08M	506.36M	550.69M	579.04M	582.31M	733.33M	1.36B	1.33B	1.47B
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	101.06M	131.27M	143.66M	162.74M	251.03M	334.68M	311.13M	386.26M	476.43M	579.29M
Total Assets+	2.04B	2.51B	2.65B	2.97B	3.55B	3.5B	4.1B	7.2B	7.59B	8.5B
Asset Turnover	0.67x	0.61x	0.67x	0.69x	0.50x	0.53x	0.54x	0.41x	0.51x	0.53x
Asset Growth %	0.17%	0.23%	0.06%	0.12%	0.19%	-0.01%	0.17%	0.76%	0.06%	0.12%
Total Current Liabilities+	214.42M	249.44M	282.43M	289.14M	241.16M	294.88M	420.86M	665.34M	663.85M	832M
Accounts Payable	73.33M	89.72M	107.22M	106.22M	76.24M	85.54M	116.55M	205.89M	198.43M	0
Days Payables Outstanding	32.8	36.24	38.01	32.99	26.77	29.2	33.51	43.72	32.27	-
Short-Term Debt	411K	451K	859K	906K	1.04M	1.51M	1.65M	17.8M	4.11M	3.36M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	0
Other Current Liabilities	0	0	0	0	0	0	28.85M	37.3M	8.44M	828.65M
Current Ratio	2.72x	2.53x	2.60x	2.81x	4.83x	3.18x	2.74x	2.79x	3.11x	2.83x
Quick Ratio	1.39x	1.16x	1.18x	1.36x	2.91x	1.56x	1.35x	1.27x	1.34x	1.28x
Cash Conversion Cycle	148.89	155.81	155.98	153.92	191.22	197.55	198.23	247.87	219.71	-
Total Non-Current Liabilities+	636.77M	883.58M	735.91M	797.15M	1.07B	654M	698.73M	3.34B	3.23B	2.82B
Long-Term Debt	457.81M	673.53M	531.61M	561.05M	738.79M	234.98M	288.62M	2.46B	2.23B	2.16B
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0
Deferred Tax Liabilities	64.9M	59.03M	46.64M	51.5M	55.66M	40.76M	71.16M	131.85M	114.16M	107.19M
Other Non-Current Liabilities	114.06M	151.03M	157.66M	184.6M	280.29M	378.26M	338.95M	744.45M	892.14M	550.12M
Total Liabilities	851.2M	1.13B	1.02B	1.09B	1.32B	948.88M	1.12B	4B	3.9B	3.65B
Total Debt+	458.23M	673.98M	532.47M	561.96M	754.01M	250.37M	304.93M	2.5B	2.25B	2.17B
Net Debt	415.27M	621.91M	472.87M	504.95M	347.16M	142.07M	165.43M	2.33B	2.09B	1.95B
Debt / Equity	0.40x	0.49x	0.33x	0.30x	0.34x	0.10x	0.10x	0.78x	0.61x	0.45x
Debt / EBITDA	1.40x	1.81x	1.18x	1.04x	1.62x	0.51x	0.52x	3.22x	2.23x	1.78x
Net Debt / EBITDA	1.27x	1.67x	1.05x	0.93x	0.75x	0.29x	0.28x	3.00x	2.07x	1.60x
Interest Coverage	32.45x	31.44x	18.84x	21.20x	28.67x	54.20x	76.41x	8.87x	5.59x	7.85x
Total Equity+	1.15B	1.38B	1.64B	1.88B	2.23B	2.55B	2.98B	3.19B	3.7B	4.85B
Equity Growth %	0.17%	0.2%	0.19%	0.15%	0.19%	0.14%	0.17%	0.07%	0.16%	0.31%
Book Value per Share	8.62	10.17	11.96	13.71	16.25	18.49	21.56	22.99	26.37	34.43
Total Shareholders' Equity	963.38M	1.16B	1.4B	1.67B	1.98B	2.26B	2.61B	3.15B	3.64B	4.38B
Common Stock	673K	845K	1.33M	1.34M	1.35M	1.35M	1.37M	1.38M	1.39M	551K
Retained Earnings	681.7M	844.25M	1.09B	1.4B	1.69B	1.95B	2.25B	2.61B	3.06B	3.65B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-25.33M	-10.56M	-15.26M	-16.74M	-9.15M	-8.55M	-46.5M	-40.18M	-26.08M	0
Minority Interest	183.84M	218.34M	236.8M	216.38M	251.64M	286.45M	369.77M	47.16M	60.53M	467.36M

Cash Flow

	Oct 2016	Oct 2017	Oct 2018	Oct 2019	Oct 2020	Oct 2021	Oct 2022	Oct 2023	Oct 2024	Oct 2025
Cash from Operations+	249.18M	274.88M	328.49M	437.38M	409.13M	444.08M	467.86M	448.74M	672.37M	934.27M
Operating CF Margin %	0.18%	0.18%	0.18%	0.21%	0.23%	0.24%	0.21%	0.15%	0.17%	0.21%
Operating CF Growth %	0.44%	0.1%	0.19%	0.33%	-0.06%	0.09%	0.05%	-0.04%	0.5%	0.39%
Net Income	176.15M	207.66M	285.69M	359.74M	335.86M	329.76M	390.62M	444.38M	559.09M	745.55M
Depreciation & Amortization	60.28M	64.82M	77.19M	83.5M	88.56M	93.02M	96.33M	130.04M	175.33M	196.08M
Stock-Based Compensation	6.43M	7.42M	9.28M	10.33M	10.13M	9.06M	12.65M	15.47M	18.77M	34.38M
Deferred Taxes	-9.19M	-11.1M	-12.98M	-6.39M	-6M	-15.63M	8.88M	-26.53M	-22M	-48.56M
Other Non-Cash Items	9.45M	10.62M	8.32M	9.54M	14.28M	13.58M	5.38M	-10.79M	62.55M	31.17M
Working Capital Changes	16.59M	8.87M	-39.02M	-19.34M	-33.71M	14.3M	-46M	-103.85M	-121.37M	-24.35M
Change in Receivables	-15.96M	2.85M	-28.57M	-17.39M	55.12M	-26.92M	-33.42M	-77.24M	-19.52M	-82.09M
Change in Inventory	-14.42M	-21.2M	-49.45M	-30.08M	-28.32M	-10.12M	-89.19M	-124.78M	-132.93M	-44.85M
Change in Payables	4.07M	6.39M	17.4M	-3.85M	-30.33M	6.91M	25.57M	10.97M	-9.82M	0
Cash from Investing+	-297.62M	-444.81M	-113.51M	-280.65M	-199.04M	-183.45M	-395.83M	-2.48B	-293.2M	-731.69M
Capital Expenditures	-30.86M	-26M	-41.87M	-28.94M	-22.94M	-36.18M	-31.98M	-49.43M	-58.26M	-72.89M
CapEx % of Revenue	0.02%	0.02%	0.02%	0.01%	0.01%	0.02%	0.01%	0.02%	0.02%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-2.94M	-552K	-365K	2.83M	3.74M	-10.77M	-16.54M	-13.24M	-15.65M	-49.42M
Cash from Financing+	56.77M	175.87M	-207.53M	-159.72M	137.74M	-558.97M	-33.83M	2.07B	-389.39M	-150.68M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-10.72M	-12.81M	-15.36M	-18.69M	-21.55M	-23M	-24.47M	-27.37M	-29.07M	-31.97M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-22.5M	-24.44M	-44.17M	-171.03M	-17.7M	-32.52M	-35.77M	-62.31M	-89.44M	-54.53M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	218.32M	248.89M	286.62M	408.44M	386.19M	407.9M	435.87M	399.3M	614.11M	861.38M
FCF Margin %	0.16%	0.16%	0.16%	0.2%	0.22%	0.22%	0.2%	0.13%	0.16%	0.19%
FCF Growth %	0.41%	0.14%	0.15%	0.43%	-0.05%	0.06%	0.07%	-0.08%	0.54%	0.4%
FCF per Share	1.64	1.84	2.10	2.97	2.81	2.96	3.16	2.87	4.38	6.12
FCF Conversion (FCF/Net Income)	1.60x	1.48x	1.27x	1.33x	1.30x	1.46x	1.33x	1.11x	1.31x	1.35x
Interest Paid	0	0	0	0	0	0	6.04M	54.14M	148.9M	0
Taxes Paid	0	0	0	0	0	0	81M	138.67M	114.85M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	14.65%	14.72%	17.2%	18.64%	15.26%	12.73%	12.73%	13.08%	14.92%	16.16%
Return on Invested Capital (ROIC)	13.97%	12.95%	13.69%	15.34%	11.39%	11.24%	12.55%	11.21%	11.07%	12.15%
Gross Margin	40.71%	40.74%	42.09%	42.83%	41.84%	42.68%	42.51%	42.09%	41.81%	39.83%
Net Margin	11.35%	12.2%	14.58%	15.95%	17.57%	16.31%	15.93%	13.6%	13.33%	15.39%
Debt / Equity	0.40x	0.49x	0.33x	0.30x	0.34x	0.10x	0.10x	0.78x	0.61x	0.45x
Interest Coverage	32.45x	31.44x	18.84x	21.20x	28.67x	54.20x	76.41x	8.87x	5.59x	7.85x
FCF Conversion	1.60x	1.48x	1.27x	1.33x	1.30x	1.46x	1.33x	1.11x	1.31x	1.35x
Revenue Growth	15.78%	10.79%	16.59%	15.63%	-13.07%	4.4%	18.37%	34.41%	29.97%	16.26%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Flight Support Group	875.87M	967.54M	1.1B	1.24B	924.81M	927.09M	1.26B	1.77B	2.64B	3.12B
Flight Support Group Growth	-	10.47%	13.48%	12.96%	-25.43%	0.25%	35.39%	41.03%	49.10%	18.11%
Electronic Technologies Group	511.27M	574.26M	701.83M	834.52M	874.99M	959.17M	972.48M	1.23B	1.26B	1.41B
Electronic Technologies Group Growth	-	12.32%	22.21%	18.91%	4.85%	9.62%	1.39%	25.99%	3.13%	11.83%
Corporate And Eliminations	-	-	-	-19.06M	-12.79M	-20.58M	-19.36M	-27.3M	-45.31M	-45.35M
Corporate And Eliminations Growth	-	-	-	-	32.89%	-60.88%	5.89%	-40.99%	-65.96%	-0.09%

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
North America	904.67M	1.01B	1.13B	1.31B	1.19B	1.19B	1.44B	1.96B	2.42B	2.78B
North America Growth	-	11.37%	11.96%	16.04%	-8.82%	0.11%	20.82%	36.01%	23.30%	14.67%
Non-US	-	-	-	-	-	-	-	-	1.44B	1.71B
Non-US Growth	-	-	-	-	-	-	-	-	-	18.94%
Other Countries	471.59M	517.32M	649.72M	746.7M	593.51M	670.81M	764.74M	1B	-	-
Other Countries Growth	-	9.70%	25.59%	14.93%	-20.52%	13.02%	14.00%	31.37%	-	-

Frequently Asked Questions

Valuation & Price

HEICO Corporation (HEI) has a price-to-earnings (P/E) ratio of 73.1x. This suggests investors expect higher future growth.

Growth & Financials

HEICO Corporation (HEI) reported $4.49B in revenue for fiscal year 2025. This represents a 400% increase from $897.3M in 2012.

HEICO Corporation (HEI) grew revenue by 16.3% over the past year. This is strong growth.

Yes, HEICO Corporation (HEI) is profitable, generating $690.4M in net income for fiscal year 2025 (15.4% net margin).

Dividend & Returns

HEICO Corporation (HEI) does not currently pay a meaningful dividend. The company may be reinvesting profits for growth.

HEICO Corporation (HEI) has a return on equity (ROE) of 16.2%. This is reasonable for most industries.

HEICO Corporation (HEI) generated $861.4M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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