A Business at a Glance
0 of 1 daily views used (1 remaining). Sign up free for +5 more daily views (6 total), or try AAPL for a full preview.
HEICO CORP
HEI
$49.3B
Mkt Cap
$349.61
+2.66%
HEICO CORP (HEI) has a current P/E ratio of 69.2, compared to its historical median P/E of 52.0. The stock is currently considered Expensive based on its historical valuation range.
HEICO CORP (HEI) has a 5-year average return on invested capital (ROIC) of 12.0%. This indicates solid capital allocation.
HEICO CORP (HEI) has a market capitalization of $49.3B. It is classified as a large-cap stock.
Yes, HEICO CORP (HEI) pays a dividend with a trailing twelve-month yield of 0.07%.
Based on historical P/E analysis, HEICO CORP (HEI) appears expensive. The current P/E of 69.2 is 33% above its historical median of 52.0. The estimated fair value CAGR (P/E method) is 10.8%.
HEICO CORP (HEI) operates in the Aircraft Engines & Engine Parts industry, within the Industrials sector.
HEICO CORP (HEI) reported annual revenue of $4.5 billion in its most recent fiscal year, based on SEC EDGAR filings.
PART I The Company HEICO Corporation through its subsidiaries (collectively, “HEICO,” “we,” “us,” “our” or the “Company”) believes it is the world’s largest manufacturer of Federal Aviation Administration (“FAA”)-approved jet engine and aircraft component replacement parts, other than the original equipment manufacturers (“OEMs”) and their subcontractors. HEICO also believes it is a leading manufacturer of various types of electronic equipment for the aviation, defense, space, medical, telecommunications and electronics industries. The Company was originally organized in 1957 as a holding company known as HEICO Corporation. As part of a reorganization completed in 1993, the original holding company (formerly known as HEICO Corporation) was renamed as HEICO Aerospace Corporation and a new holding corporation known as HEICO Corporation was created.
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | % of Total |
|---|---|---|---|---|---|---|
Aftermarket Replacement Parts | $535M | $695M | $1.04B | $1.66B | $1.92B | 42% |
Electronic Components for Defense, Space and Aerospace | $710M | $672M | $918M | $1.00B | $1.14B | 25% |
Repair and Overhaul Parts and Services | $208M | $265M | $367M | $593M | $749M | 17% |
Specialty Products | $184M | $295M | $363M | $388M | $446M | 10% |
Other Electronic Components | $250M | $300M | $307M | $259M | $271M | 6% |
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 4.6B | 4.5B | 3.9B | 3.0B | 2.2B | 1.9B |
| Net Income | 713M | 690M | 514M | 404M | 352M | 304M |
| EPS | $5.06 | $4.90 | $3.67 | $2.91 | $2.55 | $2.21 |
| Free Cash Flow | 841M | 861M | 614M | 399M | 436M | 408M |
| ROIC | 10.7% | 13.0% | 11.1% | 10.5% | 13.8% | 11.7% |
| Gross Margin | - | 39.8% | 38.9% | 38.9% | 39.1% | 39.0% |
| Debt/Equity | 0.85 | 0.76 | 0.93 | 1.22 | 0.25 | 0.24 |
| Dividends/Share | $0.24 | $0.23 | $0.21 | $0.20 | $0.18 | $0.17 |
| Operating Income | 1.1B | 1.0B | 824M | 625M | 497M | 393M |
| Operating Margin | 22.7% | 22.7% | 21.4% | 21.1% | 22.5% | 21.1% |
| ROE | 15.8% | 17.4% | 15.2% | 14.0% | 14.4% | 14.3% |
| Shares Outstanding | 141M | 141M | 140M | 139M | 138M | 138M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 1.1B | 1.2B | 1.4B | 1.5B | 1.8B | 2.1B | 1.8B | 1.9B | 2.2B | 3.0B | 3.9B | 4.5B | 4.6B |
| Gross Margin | 35.2% | 36.5% | 37.5% | 45.6% | 47.5% | 39.6% | 38.2% | 39.0% | 39.1% | 38.9% | 38.9% | 39.8% | N/A |
| R&D | 37M | 39M | 45M | 46M | 57M | 67M | 66M | 69M | 76M | 96M | 111M | 121M | 125M |
| SG&A | 195M | 205M | 250M | 268M | 314M | 357M | 305M | 335M | 366M | 528M | 677M | 767M | 784M |
| EBIT | 203M | 230M | 265M | 307M | 376M | 457M | 377M | 393M | 497M | 625M | 824M | 1.0B | 1.1B |
| Op. Margin | 18.0% | 19.3% | 19.3% | 20.1% | 21.2% | 22.2% | 21.1% | 21.1% | 22.5% | 21.1% | 21.4% | 22.7% | 22.7% |
| Net Income | 121M | 133M | 156M | 186M | 259M | 328M | 314M | 304M | 352M | 404M | 514M | 690M | 713M |
| Net Margin | 10.7% | 11.2% | 11.3% | 12.2% | 14.6% | 16.0% | 17.6% | 16.3% | 15.9% | 13.6% | 13.3% | 15.4% | 15.4% |
| Non-Recurring | 15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 8.9% | 10.6% | 10.3% | 9.4% | 12.0% | 14.7% | 11.9% | 11.7% | 13.8% | 10.5% | 11.1% | 13.0% | 10.7% |
| ROE | 18.6% | 17.7% | 17.6% | 17.5% | 20.3% | 21.4% | 17.2% | 14.3% | 14.4% | 14.0% | 15.2% | 17.4% | 15.8% |
| ROA | 8.0% | 8.4% | 8.4% | 8.2% | 10.0% | 11.7% | 9.6% | 8.6% | 9.3% | 7.1% | 7.0% | 8.6% | 7.9% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 191M | 173M | 260M | 288M | 328M | 437M | 409M | 444M | 468M | 449M | 672M | 934M | 910M |
| Free Cash Flow | 174M | 155M | 229M | 262M | 287M | 408M | 386M | 408M | 436M | 399M | 614M | 861M | 841M |
| Owner Earnings | 136M | 116M | 188M | 216M | 227M | 301M | 312M | 342M | 362M | 308M | 486M | 723M | 694M |
| CapEx | 16M | 18M | 31M | 26M | 42M | 29M | 23M | 36M | 32M | 49M | 58M | 73M | 69M |
| Maint. CapEx | 48M | 48M | 60M | 65M | 77M | 83M | 89M | 93M | 96M | 130M | 175M | 196M | 201M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 48M | 48M | 60M | 65M | 77M | 83M | 89M | 93M | 96M | 130M | 175M | 196M | 201M |
| CapEx/OCF | 8.6% | 10.6% | 12.4% | 9.0% | 12.7% | 6.6% | 5.6% | 8.1% | 6.8% | 11.0% | 8.7% | 7.8% | 7.6% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 31M | 9.3M | 11M | 13M | 15M | 19M | 22M | 23M | 24M | 27M | 29M | 32M | 33M |
| Dividend Yield | 4.3% | 1.2% | 1.0% | 0.5% | 0.2% | 0.3% | 0.4% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 7.4M | 9.3M | 11M | 7.4M | 24M | 53M | 8.7M | 8.8M | 9.2M | 11M | 11M | 15M | 15M |
| Debt Repayment | 159M | 132M | 170M | 191M | 204M | 283M | 68M | 505M | 0 | 1.6M | 14M | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 635M | 699M | 861M | 1.3B | 996M | 1.1B | 1.1B | 429M | 517M | 3.7B | 3.2B | 3.1B | 3.5B |
| Cash & Equiv. | 20M | 34M | 52M | 52M | 60M | 57M | 407M | 108M | 140M | 171M | 162M | 218M | 261M |
| Long-Term Debt | 329M | 367M | 458M | 674M | 532M | 561M | 739M | 235M | 289M | 2.5B | 2.2B | 2.2B | 2.5B |
| Debt/Equity | 0.94 | 0.90 | 0.95 | 1.16 | 0.75 | 0.67 | 0.77 | 0.24 | 0.25 | 1.22 | 0.93 | 0.76 | 0.85 |
| Interest Coverage | 37.4 | 49.6 | 32.1 | 31.3 | 18.9 | 21.1 | 28.6 | 53.9 | 77.8 | 164.6 | 5.5 | 7.8 | 7.8 |
| Equity | 699M | 810M | 963M | 1.2B | 1.4B | 1.7B | 2.0B | 2.3B | 2.6B | 3.1B | 3.6B | 4.3B | 4.5B |
| Total Assets | 1.5B | 1.7B | 2.0B | 2.5B | 2.7B | 3.0B | 3.5B | 3.5B | 4.1B | 7.2B | 7.6B | 8.5B | 9.0B |
| Total Liabilities | 675M | 752M | 851M | 1.1B | 1.0B | 1.1B | 1.3B | 949M | 1.1B | 3.6B | 3.5B | 3.7B | 4.0B |
| Intangibles | 201M | 273M | 367M | 538M | 506M | 551M | 579M | 582M | 733M | 1.4B | 1.3B | 1.5B | 1.6B |
| Retained Earnings | 438M | 548M | 682M | 844M | 1.1B | 1.4B | 1.7B | 1.9B | 2.3B | 2.6B | 3.1B | 3.6B | 3.8B |
| Working Capital | 279M | 335M | 329M | 382M | 571M | 525M | 924M | 643M | 732M | 1.2B | 1.4B | 1.5B | 1.7B |
| Current Assets | 431M | 504M | 543M | 632M | 734M | 814M | 1.2B | 937M | 1.2B | 1.9B | 2.1B | 2.4B | 2.5B |
| Current Liabilities | 152M | 168M | 214M | 249M | 163M | 289M | 241M | 295M | 421M | 665M | 664M | 832M | 811M |
| Per Share Data | |||||||||||||
| EPS | 4.52 | 4.96 | 4.63 | 3.52 | 1.90 | 6.06 | 5.79 | 2.21 | 2.55 | 2.91 | 3.67 | 4.90 | 5.06 |
| Owner EPS | 5.05 | 4.30 | 5.58 | 4.09 | 1.67 | 5.56 | 5.75 | 2.49 | 2.63 | 2.22 | 3.47 | 5.13 | 4.92 |
| Book Value | 26.05 | 30.10 | 28.57 | 22.00 | 10.25 | 30.78 | 36.54 | 16.44 | 18.90 | 22.68 | 25.96 | 30.56 | 31.93 |
| Cash Flow/Share | 7.10 | 6.42 | 7.70 | 5.46 | 2.41 | 8.08 | 7.55 | 3.23 | 3.39 | 3.24 | 4.80 | 6.63 | 6.48 |
| Dividends/Share | 1.16 | 0.35 | 0.32 | 0.24 | 0.12 | 0.35 | 0.40 | 0.17 | 0.18 | 0.20 | 0.21 | 0.23 | 0.24 |
| Shares Out. | 26.8M | 26.9M | 33.7M | 52.8M | 136.4M | 54.1M | 54.2M | 137.7M | 137.9M | 138.7M | 140.1M | 140.9M | 141.0M |
| Valuation | |||||||||||||
| P/E Ratio | 29.0 | 25.1 | 29.1 | 42.2 | 43.1 | 50.0 | 45.2 | 63.4 | 63.9 | 53.9 | 67.7 | 63.8 | 69.1 |
| P/FCF | 4.1 | 4.4 | 5.0 | 11.6 | 39.0 | 15.9 | 14.5 | 47.2 | 51.6 | 54.5 | 56.7 | 51.1 | 58.6 |
| EV/EBIT | 18.7 | 15.9 | 18.5 | 27.4 | 30.8 | 36.9 | 37.5 | 49.1 | 45.6 | 38.5 | 44.7 | 45.1 | 50.2 |
| Price/Book | 5.0 | 4.1 | 4.7 | 6.8 | 8.0 | 9.8 | 7.2 | 8.5 | 8.6 | 6.9 | 9.6 | 10.2 | 11.0 |
| Price/Sales | 3.2 | 3.1 | 3.0 | 4.1 | 5.5 | 7.1 | 8.1 | 9.7 | 9.0 | 7.8 | 7.6 | 8.8 | 10.6 |
| FCF Yield | 5.0% | 4.6% | 5.0% | 3.3% | 2.6% | 2.5% | 2.7% | 2.1% | 1.9% | 1.8% | 1.8% | 2.0% | 1.7% |
| Market Cap | 3.5B | 3.3B | 4.5B | 7.8B | 11.2B | 16.4B | 14.2B | 19.3B | 22.5B | 21.8B | 34.8B | 44.0B | 49.3B |
| Avg. Price | 27.24 | 28.30 | 30.90 | 45.85 | 71.29 | 106.84 | 105.42 | 131.44 | 144.67 | 166.01 | 209.75 | 278.90 | 349.61 |
| Year-End Price | 26.73 | 25.27 | 34.08 | 57.81 | 81.83 | 119.61 | 103.55 | 140.01 | 163.01 | 156.99 | 248.39 | 312.44 | 349.61 |
HEICO CORP passes 3 of 9 quality checks, indicating weak fundamentals.
HEICO CORP trades at 69.2x trailing earnings, compared to its 15-year median P/E of 52.0x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 22.9x vs a median of 43.1x. The company's 5-year average ROIC is 12.0% with a gross margin of 39.1%. At current prices, the estimated annualized return to fair value is +31.9%.
HEICO CORP (HEI) has a net profit margin of 15.4%. This is a healthy margin.
HEICO CORP (HEI) generated $861 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
HEICO CORP (HEI) has a debt-to-equity ratio of 0.76. This indicates moderate leverage.
HEICO CORP (HEI) reported earnings per share (EPS) of $4.90 in its most recent fiscal year.
HEICO CORP (HEI) has a return on equity (ROE) of 17.4%. This indicates the company generates strong returns for shareholders.
HEICO CORP (HEI) has a 5-year average gross margin of 39.1%. This indicates decent pricing power.
The Ledger Terminal provides 15 years of financial data for HEICO CORP (HEI), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
HEICO CORP (HEI) has a book value per share of $30.56, based on its most recent annual SEC filing.