HEICO Corporation HEI.A

IndustrialsAerospace & DefenseUnited States of America

Last close 251.58 USD on Nov 2, 2026, −0.2% year to date

Quant rating

Quant rating B Rank 96 of 486 in Industrials

Growth A 68 of 486
Valuation D 343 of 486
Quality B 136 of 486
Revisions B 89 of 486
Momentum B 172 of 486

Wall Street consensus Buy (2.50)Average target 320.00 USD +27.2%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 39.9B
Enterprise value: 42.9B
52-week range: 199.38 – 278.16
3-year range: 128.95 – 278.16
Dividend yield: 0.11%
Beta (5 years): 1.13
Shares outstanding: 140M
Next earnings: Dec 19, 2026

About the company

HEICO Corporation is a manufacturer of jet engine and aircraft component replacement parts. Its segments include the Flight Support Group (FSG) and the Electronic Technologies Group (ETG). The FSG segment consists of HEICO Aerospace Holdings Corp. and HEICO Flight Support Corp. (HFSC) and their subsidiaries. The FSG uses proprietary technology to design and manufacture jet engines and aircraft component replacement parts. FSG repairs, overhauls and distributes jet engine and aircraft components, avionics and instruments for domestic and foreign commercial air carriers and aircraft repair companies, as well as military and business aircraft operators. The ETG segment consists of HEICO Electronic Technologies Corp. and its subsidiaries. ETG designs, manufactures and sells various types of electronic, data and microwave, and electro-optical products, including infrared simulation and test equipment, laser rangefinder receivers, electrical power supplies, and others.

Growth and profitability fiscal year ends October 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	4,485	3,858	2,968	2,208	1,866	–
Revenue growth	16.3%	30.0%	34.4%	18.4%	4.4%	20.2%
EPS (basic, normalized)	4.90	3.67	2.91	2.55	2.21	–
EPS growth	33.5%	26.1%	14.1%	15.4%	–	–
Gross margin	39.8%	38.9%	38.9%	39.1%	39.0%	39.1%
Net margin	15.4%	13.3%	13.6%	15.9%	16.3%	14.9%
ROE	17.4%	15.2%	14.0%	14.4%	14.3%	15.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	241
Current ratio	2.72x
Long-term debt (mil)	2,538
Net debt (mil)	2,995
Total equity (mil)	4,948
Net debt / equity	0.61x
Net debt / EBITDA	2.46x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	4,485	+16.3%	9.6x	1,220	+21.7%	35.2x	4.90	+33.5%	51.3x
2026	5,400	+20.4%	7.9x	1,518	+24.5%	28.3x	6.31	+28.9%	39.8x
2027	5,839	+8.1%	7.3x	1,674	+10.3%	25.6x	7.09	+12.3%	35.5x
2028	6,248	+7.0%	6.9x	1,804	+7.8%	23.8x	7.95	+12.1%	31.7x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	5,400	+0.1%	+2.0%	+5.9%	6.31	+0.5%	+4.7%	+13.2%
2027	5,839	+0.1%	+0.6%	+6.7%	7.09	+0.7%	+4.9%	+14.0%
2028	6,248	0.0%	+0.9%	+7.9%	7.95	0.0%	+5.7%	+15.9%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Apr 2024	Jul 2024	Oct 2024	Jan 2025	Apr 2025	Jul 2025	Oct 2025	Jan 2026	Apr 2026	Jul 2026
Sales reported (mil)	955	992	1,014	1,030	1,098	1,148	1,209	1,179	1,376	1,413
Sales mean (mil)	955	999	1,034	981	1,060	1,117	1,214	1,182	1,263	1,360
Surprise	0.0%	−0.6%	−2.0%	+5.0%	+3.6%	+2.8%	−0.4%	−0.3%	+8.9%	+3.9%
EPS reported	0.88	0.97	0.99	1.20	1.12	1.26	1.33	1.35	1.66	1.67
EPS mean	0.81	0.93	0.99	0.96	1.02	1.14	1.28	1.35	1.34	1.50
Surprise	+9.3%	+4.5%	+0.4%	+25.0%	+9.3%	+10.6%	+4.6%	0.0%	+24.2%	+11.3%

Peer comparison Aerospace & Defense

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
HEI.A HEICO Corporation	39.9B	2.46x	15.4%	9.54x	39.8x	35.5x	28.3x	25.6x
EADSY Airbus SE	173.3B	–	–	–	26.8x	23.5x	–	–
SAFRY Safran SA	134.5B	–	23.0%	8.23x	27.4x	22.6x	14.5x	12.5x
THLLY Thales SA	53.3B	–	4.7%	–	–	–	–	–
ACHR Archer Aviation Inc.	3.2B	3.02x	−206,066.7%	1.70x	−3.2x	−3.6x	−2.4x	−2.5x
EVEX Eve Holding, Inc.	523M	0.38x	–	22.90x	−2.2x	−2.4x	−1.9x	−2.2x
Mean		1.95x	−51,505.9%	10.59x	17.7x	15.1x	9.6x	8.3x
Median		2.46x	10.0%	8.88x	26.8x	22.6x	6.3x	5.1x

Technical analysis

1M+11.9%
3M−2.2%
1Y+1.7%
3Y+94.9%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, HEICO Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	4,485	3,858	2,968	2,208	1,866	1,787
Cost of revenue	2,699	2,356	1,815	1,346	1,138	1,105
Gross profit	1,786	1,502	1,153	863	727	682
Selling, general & administrative expenses	767	670	528	366	335	305
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	7.5	–	–	–	–
Other operating expenses	0	0	0	0	0	0
Operating income	1,019	824	625	497	393	377
Net interest income (expense)	−130	−149	−73.0	−6.4	−7.3	−13.2
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	4.4	2.4	2.9	0.6	1.4	1.4
Net income before taxes	894	678	555	491	387	365
Provision for taxes	148	118	111	100	57.3	29.0
Minority interest	−55.2	−45.0	−40.8	−38.9	−25.5	−21.9
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	690	514	404	352	304	314
Extraordinary items	–	–	–	–	–	–
Net income	690	514	404	352	304	314
EBIT, normalized	1,019	832	625	497	393	377
EBITDA, normalized	1,215	1,007	755	592	486	465
Basic EPS, normalized	4.90	3.67	2.91	2.55	2.21	–

Balance sheet in millions of USD, fiscal years

Balance sheet, HEICO Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	218	162	171	140	108	407
Receivables	757	651	621	389	325	271
Total inventory	1,295	1,171	1,014	582	478	463
Prepaid expenses	86.4	78.5	49.8	41.9	26.0	24.7
Other current assets	0	0	0	0	0	0
Total current assets	2,356	2,062	1,855	1,153	937	1,166
Property, plant & equipment	567	471	443	316	268	226
Goodwill	3,662	3,380	3,274	1,672	1,450	1,383
Intangibles	1,471	1,335	1,357	733	582	579
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	444	345	265	221	260	194
Total assets	8,500	7,593	7,195	4,095	3,498	3,548
Liabilities
Accounts payable	231	198	206	117	85.5	76.2
Payable/accrued	–	–	–	–	–	–
Accrued expenses	417	335	283	192	148	113
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	3.4	4.1	17.8	1.7	1.5	1.0
Other current liabilities	180	126	159	110	59.5	50.8
Total current liabilities	832	664	665	421	295	241
Long-term debt	2,165	2,225	2,460	289	235	739
Minority interest	541	427	412	370	286	252
Other liabilities	657	640	511	410	419	336
Total liabilities	4,195	3,956	4,049	1,489	1,235	1,568
Shareholders' equity
Preferred stock	0	–	0	–	0	0
Common stock	1.4	1.4	1.4	1.4	1.4	1.4
Additional paid-in capital	651	599	579	397	321	300
Retained earnings (accumulated deficit)	3,648	3,062	2,606	2,254	1,950	1,688
Treasury stock	–	–	–	–	–	–
Other equity	5.6	−26.1	−40.2	−46.5	−8.6	−9.1
Total equity	4,305	3,637	3,146	2,606	2,263	1,980
Total liabilities & shareholders' equity	8,500	7,593	7,195	4,095	3,498	3,548

Cash flow statement in millions of USD, fiscal years

Cash flow statement, HEICO Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	746	559	444	391	330	336
Depreciation, depletion & amortization	196	175	130	96.3	93.0	88.6
Deferred taxes	−48.6	−22.0	−26.5	8.9	−15.6	−6.0
Non-cash items	65.6	27.8	14.7	17.2	20.4	20.1
Changes in working capital	−24.4	−67.8	−114	−45.2	16.5	−29.3
Cash from operations	934	672	449	468	444	409
Investing activities
Capital expenditures	−72.9	−58.3	−49.4	−32.0	−36.2	−22.9
Other investing cash flows	−659	−235	−2,435	−364	−147	−176
Cash from investing	−732	−293	−2,484	−396	−183	−199
Financing activities
Financing cash flow items	−54.5	−89.4	−63.9	−35.8	−32.5	−12.5
Cash dividends paid	−32.0	−29.1	−27.4	−24.5	−23.0	−21.6
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−64.2	−271	2,156	26.4	−503	172
Cash from financing	−151	−389	2,065	−33.8	−559	138
Foreign exchange effects	3.8	1.3	2.2	−7.0	−0.2	2.0
Net change in cash	55.7	−8.9	31.5	31.2	−299	350
Free cash flow	861	614	399	436	408	386

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.