Heico (HEI)


Market Price (11/10/2026): $342.68 | Market Cap: $47.9 BilSector: Industrials | Industry: Aerospace & Defense

Heico (HEI)


Market Price (11/10/2026): $342.68
Market Cap: $47.9 Bil
Sector: Industrials
Industry: Aerospace & Defense

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 21%

Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 24%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 20%

Low stock price volatility
Vol 12M is 33%

Megatrend and thematic drivers
Megatrends include Advanced Aviation & Space, and Advanced Materials. Themes include Commercial Space Exploration, Advanced Air Mobility, Show more.

Expensive valuation multiples
P/SPrice/Sales ratio is 9.2x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 38x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 43x, P/EPrice/Earnings or Price/(Net Income) is 56x

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.4%

Key risks
HEI key risks include threats to its aftermarket parts business model from [1] original equipment manufacturers (OEMs) insourcing parts production and [2] advancements in additive manufacturing.

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 21%
1 Attractive operating margins
Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 24%
2 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 20%
3 Low stock price volatility
Vol 12M is 33%
4 Megatrend and thematic drivers
Megatrends include Advanced Aviation & Space, and Advanced Materials. Themes include Commercial Space Exploration, Advanced Air Mobility, Show more.
5 Expensive valuation multiples
P/SPrice/Sales ratio is 9.2x, P/EBITPrice/EBIT or Price/(Operating Income) ratio is 38x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 43x, P/EPrice/Earnings or Price/(Net Income) is 56x
6 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.4%
7 Key risks
HEI key risks include threats to its aftermarket parts business model from [1] original equipment manufacturers (OEMs) insourcing parts production and [2] advancements in additive manufacturing.

HEI in ETFs

Weight = HEI's share of each fund

VTI0.01%
ITOT0.02%
IWB0.02%
VUG0.04%
VIG0.05%
VO0.12%
MISL4.4%
ARKX1.8%
+18 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 11/9/2026

Heico (HEI) stock has lost about 5% since 7/31/2026 because of the following key factors:

1. Post-Earnings Pullback Despite Strong Fiscal Q3 2026 Results.

Despite Heico reporting record fiscal Q3 2026 earnings on August 25, 2026 (for the period ended July 31, 2026), with diluted earnings per share (EPS) of $1.67 beating analyst estimates of $1.51 and revenue of $1.41 billion surpassing forecasts by $60 million, the stock experienced a significant pullback of approximately 11-15% in the weeks following the release. This decline was attributed to elevated investor expectations and a broader rotation within the aerospace/industrials sector.

2. Negative Analyst Revisions and Price Target Reductions.

Several analyst firms adjusted their ratings and price targets for Heico during this period, contributing to negative sentiment. Morgan Stanley cut its price target from $365.00 to $345.00 on October 16, 2026, while maintaining an "equal weight" rating. Similarly, TD Cowen decreased its price objective from $350.00 to $330.00 and set a "hold" rating on October 9, 2026. Guggenheim also initiated coverage with a "neutral" rating on September 14, 2026.

Show more
Updated on 11/9/2026

Heico (HEI) stock has lost about 5% since 7/31/2026 because of the following key factors:

1. Post-Earnings Pullback Despite Strong Fiscal Q3 2026 Results.

Despite Heico reporting record fiscal Q3 2026 earnings on August 25, 2026 (for the period ended July 31, 2026), with diluted earnings per share (EPS) of $1.67 beating analyst estimates of $1.51 and revenue of $1.41 billion surpassing forecasts by $60 million, the stock experienced a significant pullback of approximately 11-15% in the weeks following the release. This decline was attributed to elevated investor expectations and a broader rotation within the aerospace/industrials sector.

2. Negative Analyst Revisions and Price Target Reductions.

Several analyst firms adjusted their ratings and price targets for Heico during this period, contributing to negative sentiment. Morgan Stanley cut its price target from $365.00 to $345.00 on October 16, 2026, while maintaining an "equal weight" rating. Similarly, TD Cowen decreased its price objective from $350.00 to $330.00 and set a "hold" rating on October 9, 2026. Guggenheim also initiated coverage with a "neutral" rating on September 14, 2026.

3. Persistent Valuation Concerns.

Heico's valuation remained a point of concern for investors, as indicated by its high trailing price-to-earnings (P/E) ratio of 51.72 as of November 2, 2026. This figure was significantly above the sector average, suggesting that the stock was trading at a premium. Such an elevated multiple often indicates that the stock is priced for perfect growth, making it vulnerable to corrections if market sentiment shifts or if future earnings do not meet high expectations.

4. Broader Aerospace and Industrial Sector Headwinds.

The stock's performance was also influenced by a cautious backdrop within the broader aerospace and industrial sectors. While some large-cap aerospace peers reported strong results and guidance, the overall industrial market experienced a lag. Factors such as rising oil prices, with Brent crude spiking towards $111, contributed to a general negative sentiment within the industrials, impacting Heico despite its strong company-specific fundamentals.

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Stock Movement Drivers

Fundamental Drivers

The -3.8% change in HEI stock from 7/31/2026 to 11/9/2026 was primarily driven by a -10.3% change in the company's P/E Multiple.
(LTM values as of)731202611092026Change
Stock Price ($)356.36342.71-3.8%
Change Contribution By: 
Total Revenues ($ Mil)4,9115,1775.4%
Net Income Margin (%)16.1%16.4%1.9%
P/E Multiple63.056.5-10.3%
Shares Outstanding (Mil)140140-0.1%
Cumulative Contribution-3.8%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2026 to 11/9/2026
ReturnCorrelation
HEI-3.8% 
Market (SPY)0.8%35.7%
Sector (XLI)-6.1%66.1%

Fundamental Drivers

The 27.0% change in HEI stock from 4/30/2026 to 11/9/2026 was primarily driven by a 11.7% change in the company's Total Revenues ($ Mil).
(LTM values as of)430202611092026Change
Stock Price ($)269.82342.7127.0%
Change Contribution By: 
Total Revenues ($ Mil)4,6335,17711.7%
Net Income Margin (%)15.4%16.4%6.5%
P/E Multiple52.856.57.0%
Shares Outstanding (Mil)139140-0.2%
Cumulative Contribution27.0%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 11/9/2026
ReturnCorrelation
HEI27.0% 
Market (SPY)5.0%38.6%
Sector (XLI)-3.0%54.7%

Fundamental Drivers

The 7.9% change in HEI stock from 10/31/2025 to 11/9/2026 was primarily driven by a 20.7% change in the company's Total Revenues ($ Mil).
(LTM values as of)1031202511092026Change
Stock Price ($)317.54342.717.9%
Change Contribution By: 
Total Revenues ($ Mil)4,2895,17720.7%
Net Income Margin (%)15.0%16.4%9.4%
P/E Multiple68.856.5-18.0%
Shares Outstanding (Mil)139140-0.4%
Cumulative Contribution7.9%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 11/9/2026
ReturnCorrelation
HEI7.9% 
Market (SPY)11.3%44.2%
Sector (XLI)9.9%58.4%

Fundamental Drivers

The 116.9% change in HEI stock from 10/31/2023 to 11/9/2026 was primarily driven by a 96.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)1031202311092026Change
Stock Price ($)158.00342.71116.9%
Change Contribution By: 
Total Revenues ($ Mil)2,6415,17796.0%
Net Income Margin (%)15.0%16.4%8.8%
P/E Multiple54.556.53.7%
Shares Outstanding (Mil)137140-1.9%
Cumulative Contribution116.9%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2023 to 11/9/2026
ReturnCorrelation
HEI116.9% 
Market (SPY)86.2%43.8%
Sector (XLI)78.6%56.2%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
HEI Return9%7%17%33%36%6%161%
Peers Return15%1%38%29%26%6%178%
S&P 500 Return27%-19%24%23%16%8%96%

Monthly Win Rates [3]
HEI Win Rate50%42%42%75%58%55% 
Peers Win Rate57%42%63%65%65%51% 
S&P 500 Win Rate75%42%67%75%67%36% 

Max Drawdowns [4]
HEI Max Drawdown-17%-19%-14%-15%-13%-27% 
Peers Max Drawdown-14%-26%-14%-14%-22%-24% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: TDG, CW, TDY, AME, PH. See HEI Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/9/2026 (YTD)

How Low Can It Go

EventHEIS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-13.0%-9.5%
  % Gain to Breakeven14.9%10.5%
  Time to Breakeven42 days24 days
2023 SVB Regional Banking Crisis
  % Loss-11.3%-6.7%
  % Gain to Breakeven12.7%7.1%
  Time to Breakeven27 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-11.0%-24.5%
  % Gain to Breakeven12.3%32.4%
  Time to Breakeven28 days427 days
2020 COVID-19 Crash
  % Loss-52.4%-33.7%
  % Gain to Breakeven110.2%50.9%
  Time to Breakeven237 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-22.2%-19.2%
  % Gain to Breakeven28.5%23.8%
  Time to Breakeven53 days105 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-14.6%-12.2%
  % Gain to Breakeven17.1%13.9%
  Time to Breakeven99 days62 days

Compare to TDG, CW, TDY, AME, PH

In The Past

Heico's stock fell 0.0% during the 2025 US Tariff Shock. Such a loss loss requires a 0.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventHEIS&P 500
2020 COVID-19 Crash
  % Loss-52.4%-33.7%
  % Gain to Breakeven110.2%50.9%
  Time to Breakeven237 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-22.2%-19.2%
  % Gain to Breakeven28.5%23.8%
  Time to Breakeven53 days105 days
2011 US Debt Ceiling Crisis & European Contagion
  % Loss-27.3%-17.9%
  % Gain to Breakeven37.5%21.8%
  Time to Breakeven80 days123 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-20.6%-15.4%
  % Gain to Breakeven25.9%18.2%
  Time to Breakeven61 days125 days
2008-2009 Global Financial Crisis
  % Loss-61.4%-53.4%
  % Gain to Breakeven158.9%114.4%
  Time to Breakeven567 days1085 days

Compare to TDG, CW, TDY, AME, PH

In The Past

Heico's stock fell 0.0% during the 2025 US Tariff Shock. Such a loss loss requires a 0.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Heico (HEI)

HEICO Corporation (HEI) is a diversified global company that designs, manufactures, and sells specialized products and services primarily for the aerospace, defense, and electronics industries. Its business is organized into two main operating segments. The Flight Support Group focuses on the aviation sector, providing jet engine and aircraft component replacement parts, thermal insulation, and other specialty components. This segment also distributes various critical aircraft parts and offers extensive repair and overhaul services for jet engine and aircraft components, avionics, and instruments, primarily serving commercial, regional, general, and military aviation markets.

The Electronic Technologies Group offers a broad array of high-technology electronic products and solutions. Its offerings include electro-optical infrared simulation and laser products, electromagnetic and RFI shielding, high-voltage power electronics and interconnection devices, power conversion products, and emergency locator beacons. This segment also develops advanced microwave and radio frequency amplifiers, specialized microelectronic products, and harsh environment connectivity solutions. This group serves a diverse customer base across the aviation, defense, space, medical, telecommunications, and broader electronics industries.

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1. The AutoZone for airplanes.

2. A specialized Analog Devices or Texas Instruments for defense and medical electronics.

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HEICO (HEI) provides a diverse range of products and services primarily for the aerospace, defense, and electronics industries:

  • Aircraft Component Replacement Parts: Designs and manufactures replacement parts for jet engines and aircraft components.
  • Aircraft Insulation Systems: Provides thermal insulation blankets, parts, and renewable/reusable insulation systems for aircraft.
  • Aircraft Component Distribution: Distributes a variety of hydraulic, pneumatic, and electro-mechanical components for commercial and military aviation.
  • Aircraft Repair & Overhaul Services: Offers repair and overhaul services for jet engine and aircraft components, avionics, and flight surfaces.
  • Electro-Optical & Laser Products: Develops electro-optical infrared simulation and test equipment, along with electro-optical laser products.
  • Power & Microwave Equipment: Supplies electro-optical, microwave, and other power equipment, including power conversion products and microwave power modules.
  • Shielding & Filter Products: Manufactures electromagnetic and RFI shielding and suppression filters.
  • High Voltage & Interconnection Devices: Provides high voltage interconnection devices, advanced power electronics, and harsh environment connectivity solutions.
  • Beacons & Communication Systems: Produces underwater and emergency locator beacons, radio frequency and microwave communication systems, and active antenna systems.
  • Microelectronic Products: Specializes in three-dimensional microelectronic and stacked memory products, along with high-speed interface products.
  • Nuclear Radiation Detectors: Manufactures and supplies nuclear radiation detectors.

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HEICO Corporation (HEI) primarily sells its products and services to other companies, rather than directly to individuals. The provided company description does not list specific customer company names.

Based on the industries it serves, HEICO's major customer categories include companies within the following sectors:

  • Aviation (e.g., airlines, aircraft operators, maintenance and repair organizations, aircraft manufacturers)
  • Defense (e.g., military contractors, government defense agencies)
  • Space
  • Medical
  • Telecommunications
  • Electronics

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Laurans A. Mendelson
Executive Chairman of the Board

Laurans A. Mendelson, born in New York City, received his MBA in Finance and Accounting from Columbia Graduate School of Business. He began his career at Arthur Andersen & Company. A seasoned entrepreneur, he founded and later sold his own Wall Street business focused on taking small companies public, as well as a publicly-held pollution control company. He also established and sold another publicly-held company that acquired industrial and real estate businesses. In 1972, he ventured into real estate development, becoming a significant player in condominium conversions and an investor in public industrial companies. The Mendelson family became the largest shareholder in HEICO, and Mr. Mendelson assumed the roles of Chairman, President, and CEO in 1990. He served as CEO until May 1, 2025, when he transitioned to Executive Chairman of the Board. Under his leadership, HEICO significantly expanded from a modest company with $25 million in sales in 1990 to a major international aerospace and electronics enterprise.

Eric A. Mendelson
Co-Chief Executive Officer, Co-President and Co-Chairman of the Board; President and Chief Executive Officer, HEICO Flight Support Group

Eric A. Mendelson joined HEICO in 1990. He was appointed Co-President in October 2009 and became Co-Chief Executive Officer and Co-Chairman of the Board on May 1, 2025. Mr. Mendelson founded HEICO's Flight Support Group (FSG) in 1993 and has since served as its President and CEO. He played a pivotal role as the principal architect of the company's FAA-approved aircraft replacement parts program, which began in 1992. Additionally, he was the Chief Operating Officer of HEICO's former MediTek Health Corporation subsidiary from 1995 until its profitable sale in 1996. Since 1987, he has also been the Managing Director and a co-founder of Mendelson International Corporation, a private investment company and a significant shareholder of HEICO.

Victor H. Mendelson
Co-Chief Executive Officer, Co-Chairman of the Board and Co-President; President and Chief Executive Officer of HEICO Electronic Technologies Group

Victor H. Mendelson has been associated with HEICO since 1990. He was appointed Co-President in October 2009 and became Co-Chief Executive Officer and Co-Chairman of the Board on May 1, 2025. Mr. Mendelson founded HEICO's Electronic Technologies Group (ETG) in September 1996 and has served as its President and CEO since. He possesses extensive knowledge and experience in the electronic technologies and defense sectors of the business. He also served as the Chief Operating Officer of HEICO's former MediTek Health Corporation subsidiary from 1995 until its profitable sale in 1996. Since 1987, he has also been the President and a co-founder of Mendelson International Corporation, a private investment company and a shareholder of HEICO.

Carlos L. Macau, Jr.
Executive Vice President, Chief Financial Officer and Treasurer

Carlos L. Macau, Jr. joined HEICO as Chief Financial Officer in May 2012. He currently holds the titles of Executive Vice President, Chief Financial Officer, and Treasurer.

Bradley K. Rowen
Chief Accounting Officer and Assistant Treasurer

Bradley K. Rowen was appointed Chief Accounting Officer and Assistant Treasurer of HEICO, effective February 14, 2025. He joined the company in 2011, holding various roles including Assistant Corporate Controller and Director of Financial Reporting, prior to becoming Senior Director of Corporate Accounting and Finance. Before joining HEICO, Mr. Rowen gained experience at PwC as an Audit and Assurance Manager. He is a Certified Public Accountant.

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The key risks to HEICO Corporation's business include its susceptibility to the cyclical nature of the aerospace and defense industries, significant regulatory and compliance challenges, and competitive pressures combined with risks inherent in its acquisition-driven growth strategy.

  1. Dependence on Aerospace and Defense Market Cycles: HEICO's core business is heavily reliant on the aerospace and defense sectors, making it vulnerable to market volatility. Economic downturns, shifts in airline purchasing behavior—such as changes in fleet compositions—and reductions in government defense spending can directly impact the demand for the company's products and services. The performance of its Flight Support Group and the Electronic Technologies Group, in particular, are sensitive to these fluctuations.
  2. Regulatory and Compliance Risks: Operating within highly regulated industries, HEICO faces stringent oversight from various governmental agencies, including the FAA. Non-compliance with these complex regulations, as well as export control policies, can lead to severe penalties, operational disruptions, withdrawal or suspension of necessary authorizations, or denial of export licenses, all of which could materially harm its business.
  3. Competition and Acquisition-Related Risks: HEICO encounters intense competition in the proprietary parts manufacturer approval (PMA) market. Original Equipment Manufacturers (OEMs) may actively resist the adoption of PMA parts through contractual, technical, or legal challenges, which could slow product certification and reduce profit margins for aftermarket parts. Furthermore, a substantial portion of HEICO's growth strategy relies on strategic acquisitions. This strategy carries inherent risks, including difficulties in identifying suitable targets at reasonable prices, challenges in integrating acquired companies, harmonizing systems, ensuring cultural fit, and managing customer overlap, which could impede the realization of expected synergies and impact future performance.

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Heico (HEI) operates in several addressable markets related to aerospace, defense, and electronics. The estimated market sizes for their main products and services are as follows:

  • Commercial Aircraft Aftermarket Parts & MRO Services: The global commercial aircraft aftermarket parts market was valued at approximately USD 49.3 billion in 2024 and is projected to reach USD 108.8 billion by 2034. In 2024, North America held a significant share of this market, valued at USD 18.8 billion.
  • Aerospace Insulation: The global aerospace insulation market, which includes thermal insulation, was valued at USD 11.32 billion in 2024 and is projected to reach approximately USD 17.07 billion by 2034. The U.S. aerospace insulation market alone was valued at USD 3.57 billion in 2024 and is projected to reach around USD 5.42 billion by 2034.
  • Electro-Optical Infrared (EO/IR) Systems: The global electro-optical infrared system market was valued at USD 11.10 billion in 2025 and is projected to grow to USD 13.78 billion by 2034. North America dominated this market with a 35.22% share in 2025.
  • Electromagnetic Interference (EMI) Shielding: The global EMI shielding material market was valued at USD 7.88 billion in 2025 and is projected to reach USD 13.06 billion by 2034. In 2024, the U.S. accounted for 86.30% of the total North American EMI shielding market.
  • Power Electronics: The global power electronics market was valued at USD 27.23 billion in 2025 and is projected to grow to USD 49.04 billion by 2034. The U.S. market for power electronics is projected to reach USD 5.44 billion by 2026.
  • Overall Aerospace Electronics: The broader global aerospace electronics market was valued at USD 127.20 billion in 2025 and is predicted to increase to USD 237.33 billion by 2035.

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Expected Drivers of Future Revenue Growth for Heico (HEI)

Over the next 2-3 years, HEICO Corporation's revenue growth is expected to be driven by a combination of strategic initiatives and favorable market dynamics:

  1. Strategic Acquisitions: HEICO consistently pursues bolt-on acquisitions of niche, founder-led businesses that are market leaders in their respective areas. This strategy aims to expand the company's scale, diversify its revenue streams, and enhance its technological capabilities, often with immediate accretion to earnings. A notable example is the Wencor Group acquisition in 2024, which significantly bolstered its Flight Support Group.
  2. Robust Commercial Aerospace Aftermarket Demand: The Flight Support Group is poised for continued growth due to strong demand for aftermarket replacement parts and repair and overhaul services. Factors contributing to this include the ongoing recovery in air travel, increased flight hours, and the aging global aircraft fleet.
  3. Growth in Defense and Space Markets: HEICO's Electronic Technologies Group serves the defense and space sectors. The company anticipates continued demand from these markets, including defense modernization spending and expansion into areas such as space avionics, RF/microwave, and radiation-hardened subsystems.
  4. Organic Growth and New Product Development: Beyond acquisitions, HEICO expects organic sales growth across both its Flight Support and Electronic Technologies groups. This is driven by increased demand for existing products and services, as well as the ongoing development and expansion of its FAA-approved Parts Manufacturer Approval (PMA) parts and Designated Engineering Representative (DER) repairs.
  5. Geographic Expansion: HEICO is actively scaling its operations in key international regions, such as Europe and the Middle East. This expansion aims to capture growth opportunities arising from increasing commercial fleet activity and defense modernization efforts in these areas.

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Share Repurchases

  • HEICO repurchased $26.00 million in shares as of October 31, 2022.
  • The company's shares buyback ratio was -0.38% as of February 12, 2026, indicating a net reduction in outstanding shares.

Share Issuance

  • HEICO has experienced a negative share buyback ratio in recent years, such as -0.38% as of February 12, 2026, suggesting a net increase in shares outstanding. This can be influenced by factors like stock-based compensation.

Outbound Investments

  • HEICO's capital allocation strategy heavily prioritizes reinvesting cash into acquiring smaller, high-margin companies.
  • In fiscal year 2023, HEICO acquired Exxelia International, marking its largest acquisition to date in terms of purchase price and revenue.
  • Recent acquisitions in late fiscal 2024 and early fiscal 2026 include the Aerial Delivery and Descent Devices divisions of Capewell Aerial Systems (August 2024), Marotta Controls, Inc. and Marway Power Solutions, Inc. (October 2024), Axillon Aerospace's Fuel Containment Business (January 2026), and EthosEnergy Accessories and Components (February 2026), all of which are expected to be accretive to earnings.

Capital Expenditures

  • HEICO maintains an asset-light approach, with capital expenditures typically ranging between 2% and 3% of sales.
  • Annual capital expenditures were $72.89 million in fiscal year 2025.
  • Projected capital expenditures for fiscal year 2026 are estimated to be between $80 million and $90 million. A significant portion of capital is directed towards research and development activities, with expenditures for the Electronic Technologies Group at $69.4 million (FY2023), $53.9 million (FY2022), and $50.6 million (FY2021), and for the Flight Support Group at $26.4 million (FY2023), $22.2 million (FY2022), and $18.3 million (FY2021).

Better Bets vs. Heico (HEI)

Peer Outperformance in Aerospace & Defense

HEI has outperformed 72% of its 53 Aerospace & Defense peers over 5Y. Aerospace & Defense ranks 4th of 23 industries in Industrials by median 5Y return.
Share of Aerospace & Defense constituents that HEI has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
56%
of 70 industry peers · 6.2% return
3Y
63%
of 59 industry peers · 107.8% return
5Y
72%
of 53 industry peers · 130.0% return
No Aerospace & Defense peer with a comparable growth profile has beaten HEI by more than 20pp over 5Y.
Median price return by industry across the Industrials sector, ranked by 5Y. Aerospace & Defense is HEI's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Construction & Engineering 28 -13.7%106.4%114.2% FIX 1047% · STRL 907% · AGX 633%
Marine Transportation 5 34.7%32.6%113.6% MATX 140% · KEX 117%
Construction Machinery & Heavy Transportation Equipment 14 13.2%69.5%98.2% ALSN 278% · WAB 218% · CAT 210%
Aerospace & Defense ← 54 3.9%57.7%65.2% FTAI 963% · ATI 954% · HWM 563%
Industrial Machinery & Supplies & Components 71 4.3%53.9%33.5% CRS 853% · MLI 306% · SYM 276%
Trading Companies & Distributors 19 15.2%35.5%28.4% DXPE 338% · AIT 199% · URI 199%
Rail Transportation 7 36.9%71.5%27.2% CSX 52% · UNP 38% · NSC 27%
Diversified Support Services 34 19.2%46.7%18.5% CXW 205% · OPLN 140% · CACI 124%
Building Products 34 -3.3%8.5%16.5% MOD 813% · GFF 365% · TT 136%
Cargo Ground Transportation 16 33.6%16.2%5.2% XPO 299% · R 262% · ARCB 22%
Electrical Components & Equipment 39 0.2%61.0%0.6% POWL 1531% · VRT 647% · BE 465%
Office Services & Supplies 10 22.4%27.1%-1.2% PBI 146% · HNI 45% · MSA 19%
Industrial Conglomerates 17 19.2%12.4%-3.3% CSW 109% · CSL 78% · DD 76%
Data Processing & Outsourced Services 6 -8.1%2.7%-13.8% EXLS 60% · BR 18% · G -10%
Agricultural & Farm Machinery 16 23.0%-0.4%-22.9% BLBD 147% · DE 107% · TTC 16%
Research & Consulting Services 13 1.9%-15.6%-23.5% HURN 209% · FCN 36% · BAH 9%
Security & Alarm Services 9 -39.6%45.7%-24.9% BCO 83%
Environmental & Facilities Services 29 -20.7%33.3%-26.4% GEO 222% · CLH 168% · RSG 97%
Passenger Airlines 11 11.0%85.0%-29.1% LTM 3253% · UAL 128% · DAL 114%
Human Resource & Employment Services 22 23.8%-5.4%-36.3% ADP 47% · FA 20% · PAYX 10%
Air Freight & Logistics 12 -29.9%-5.7%-39.9% FDX 76% · EXPD 60% · CHRW 54%
Passenger Ground Transportation 3 -22.6%38.0%-46.2% UBER 56% · CAR -46% · LYFT -70%
Airport Services 4 -38.1%-57.1%-85.7% JOBY -35%
Median of constituents with a full price history over each window. Top names are limited to companies above $2B market cap.

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

HEITDGCWTDYAMEPHMedian
NameHeico TransDigmCurtiss-.Teledyne.AMETEK Parker H. 
Mkt Price342.681,200.56476.18643.20238.20957.21559.69
Mkt Cap47.968.917.529.854.6120.751.2
Rev LTM5,17710,0073,7376,5208,19222,4077,356
Op Inc LTM1,2454,6507121,3042,1344,7961,719
FCF LTM1,0301,9275901,1481,9323,8551,537
FCF 3Y Avg7901,8695271,0381,7533,4401,396
CFO LTM1,1112,1987091,2812,0804,3341,680
CFO 3Y Avg8572,0796091,1501,8893,8751,519

Growth & Margins

HEITDGCWTDYAMEPHMedian
NameHeico TransDigmCurtiss-.Teledyne.AMETEK Parker H. 
Rev Chg LTM20.7%16.6%10.7%8.6%14.3%11.9%13.1%
Rev Chg 3Y Avg25.8%17.1%9.9%5.1%8.2%4.5%9.0%
Rev Chg Q23.1%22.5%9.6%9.4%17.3%17.9%17.6%
QoQ Delta Rev Chg LTM5.4%5.3%2.3%2.3%4.2%4.2%4.2%
Op Inc Chg LTM29.8%17.0%15.3%17.5%13.9%16.2%16.6%
Op Inc Chg 3Y Avg29.0%20.0%14.0%8.2%8.8%12.8%13.4%
Op Mgn LTM24.0%46.5%19.1%20.0%26.0%21.4%22.7%
Op Mgn 3Y Avg22.5%46.1%18.3%18.9%25.9%20.5%21.5%
QoQ Delta Op Mgn LTM0.5%-0.3%0.2%0.6%0.1%-0.2%0.2%
CFO/Rev LTM21.5%22.0%19.0%19.6%25.4%19.3%20.6%
CFO/Rev 3Y Avg19.1%24.0%17.8%19.0%25.5%18.6%19.1%
FCF/Rev LTM19.9%19.3%15.8%17.6%23.6%17.2%18.4%
FCF/Rev 3Y Avg17.6%21.6%15.5%17.2%23.6%16.5%17.4%

Valuation

HEITDGCWTDYAMEPHMedian
NameHeico TransDigmCurtiss-.Teledyne.AMETEK Parker H. 
Mkt Cap47.968.917.529.854.6120.751.2
P/S9.26.94.74.66.75.46.0
P/Op Inc38.514.824.522.825.625.224.8
P/EBIT38.314.923.322.826.123.623.5
P/E56.532.431.529.033.532.432.4
P/CFO43.131.424.723.326.227.927.0
Total Yield1.8%10.6%3.3%3.4%3.5%3.9%3.5%
Dividend Yield0.1%7.6%0.2%0.0%0.6%0.8%0.4%
FCF Yield 3Y Avg1.9%2.4%3.1%4.1%3.8%3.5%3.3%
D/E0.10.50.10.10.10.10.1
Net D/E0.00.40.00.00.10.10.1

Returns

HEITDGCWTDYAMEPHMedian
NameHeico TransDigmCurtiss-.Teledyne.AMETEK Parker H. 
1M Rtn14.9%8.4%-7.1%4.8%-4.2%-0.6%2.1%
3M Rtn-5.8%-1.9%-31.4%-6.8%-5.7%-9.6%-6.3%
6M Rtn18.3%0.2%-34.6%1.7%2.9%9.7%2.3%
12M Rtn6.2%-6.6%-17.6%25.3%22.1%14.1%10.1%
3Y Rtn107.8%41.5%131.1%68.0%61.0%134.4%87.9%
1M Excs Rtn20.4%13.8%-1.6%10.4%1.4%5.0%7.7%
3M Excs Rtn-2.1%1.1%-28.0%-1.1%-2.4%-5.1%-2.2%
6M Excs Rtn18.8%0.6%-34.1%2.2%3.4%10.2%2.8%
12M Excs Rtn-1.8%-15.2%-26.8%17.2%11.7%5.9%2.1%
3Y Excs Rtn42.4%-8.3%64.7%1.5%-1.9%73.0%21.9%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Flight Support Group (FSG)3,1172,6391,7701,255927
Electronic Technologies Group (ETG)1,4131,2641,225972959
Intersegment-45-45-27-19-21
Total4,4853,8582,9682,2081,866


Operating Income by Segment
$ Mil20252024202320222021
Flight Support Group (FSG)750593387267152
Electronic Technologies Group (ETG)325288285269277
Corporate-3-54-47  
Intersegment-53-3-0-40-36
Total1,019824625497393


Assets by Segment
$ Mil20252024202320222021
Flight Support Group (FSG)4,5724,2644,0071,6351,274
Electronic Technologies Group (ETG)3,4372,9812,9152,2311,952
Other, Primarily Corporate491347273  
Intersegment   230272
Total8,5007,5937,1954,0953,498


Price Behavior

Price Behavior
Market Price$342.71 
Market Cap ($ Bil)47.9 
First Trading Date03/17/1992 
Distance from 52W High-8.5% 
   50 Days200 Days
DMA Price$310.99$318.74
DMA Trenddowndown
Distance from DMA10.2%7.5%
 3M1YR
Volatility28.8%33.3%
Downside Capture83.26133.40
Upside Capture47.00124.49
Correlation (S&P 500)27.5%43.9%
HEI Betas & Captures as of 10/31/2026

 1M2M3M6M1Y3Y
Beta0.220.580.721.011.140.83
Up Beta-1.090.280.891.311.360.82
Down Beta0.300.260.470.300.380.68
Up Capture80%63%45%140%142%85%
Bmk +ve Days12182862130427
Stock +ve Days11212862125408
Down Capture-16%81%111%99%124%96%
Bmk -ve Days10253664121325
Stock -ve Days11223664126343

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with HEI
HEI8.0%33.3%0.26-
Sector ETF (XLI)11.7%18.2%0.4558.5%
Equity (SPY)13.3%13.7%0.6544.6%
Gold (GLD)3.7%28.8%0.1225.4%
Commodities (DBC)38.2%21.3%1.42-28.3%
Real Estate (VNQ)13.7%14.3%0.6531.7%
Bitcoin (BTCUSD)-25.3%43.6%-0.5514.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with HEI
HEI20.1%28.0%0.66-
Sector ETF (XLI)11.6%17.8%0.4962.5%
Equity (SPY)11.8%17.3%0.5152.4%
Gold (GLD)17.8%19.1%0.7513.1%
Commodities (DBC)8.0%19.6%0.295.3%
Real Estate (VNQ)1.5%18.9%-0.0341.9%
Bitcoin (BTCUSD)4.4%51.6%0.2720.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with HEI
HEI26.0%30.9%0.81-
Sector ETF (XLI)13.3%20.1%0.5865.8%
Equity (SPY)15.3%18.0%0.7257.4%
Gold (GLD)12.1%16.5%0.607.6%
Commodities (DBC)7.6%18.1%0.3317.3%
Real Estate (VNQ)6.1%20.7%0.2550.0%
Bitcoin (BTCUSD)60.0%66.3%1.0016.9%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date10152026
Short Interest: Shares Quantity3.7 Mil
Short Interest: % Change Since 9302026-0.7%
Average Daily Volume0.4 Mil
Days-to-Cover Short Interest8.7 days
Basic Shares Quantity139.7 Mil
Short % of Basic Shares2.6%

Earnings Returns History

Updated 9/27/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/25/2026-1.4%-7.4%-12.7%
5/27/202611.5%6.4%11.6%
2/25/2026-9.2%-7.2%-20.9%
12/18/20255.8%8.5%12.7%
8/25/20258.8%3.5%3.7%
5/27/20257.4%8.9%17.2%
2/26/202513.9%18.1%18.1%
12/17/2024-8.7%-7.6%-7.5%
...
SUMMARY STATS   
# Positive131112
# Negative111312
Median Positive2.6%6.4%9.2%
Median Negative-2.7%-2.4%-4.8%
Max Positive13.9%18.1%18.1%
Max Negative-9.2%-11.1%-20.9%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/25/2026-1.4%-7.4%-12.7%
5/27/202611.5%6.4%11.6%
2/25/2026-9.2%-7.2%-20.9%
12/18/20255.8%8.5%12.7%
8/25/20258.8%3.5%3.7%
5/27/20257.4%8.9%17.2%
2/26/202513.9%18.1%18.1%
12/17/2024-8.7%-7.6%-7.5%
8/26/20240.6%0.7%6.8%
5/28/20240.5%7.8%6.9%
2/26/2024-2.7%-2.4%-4.3%
12/18/20230.1%-1.9%-3.9%
8/28/2023-1.4%-0.5%-4.5%
5/22/2023-7.9%-11.1%-3.3%
2/27/2023-5.2%-0.0%-3.5%
12/19/20222.6%3.5%10.3%
8/29/2022-2.0%-4.0%-7.1%
5/23/20220.4%6.4%-5.1%
2/23/20222.6%9.8%12.7%
12/15/2021-3.5%-0.3%8.1%
8/24/2021-1.0%-2.5%1.9%
5/25/20210.3%6.2%6.1%
2/23/20210.5%-2.3%-7.3%
12/21/2020-2.0%-0.3%-2.2%
SUMMARY STATS   
# Positive131112
# Negative111312
Median Positive2.6%6.4%9.2%
Median Negative-2.7%-2.4%-4.8%
Max Positive13.9%18.1%18.1%
Max Negative-9.2%-11.1%-20.9%

SEC Filings

Expand for More
Report DateFiling DateFiling
07/31/202608/27/202610-Q
04/30/202605/29/202610-Q
01/31/202602/27/202610-Q
10/31/202512/22/202510-K
07/31/202508/27/202510-Q
04/30/202505/29/202510-Q
01/31/202502/28/202510-Q
10/31/202412/19/202410-K
07/31/202408/28/202410-Q
04/30/202405/30/202410-Q
01/31/202402/28/202410-Q
10/31/202312/20/202310-K
07/31/202308/30/202310-Q
04/30/202305/24/202310-Q
01/31/202303/01/202310-Q
10/31/202212/21/202210-K
Collapse to Preview
Report DateFiling DateFiling
07/31/202608/27/202610-Q
04/30/202605/29/202610-Q
01/31/202602/27/202610-Q
10/31/202512/22/202510-K
07/31/202508/27/202510-Q
04/30/202505/29/202510-Q
01/31/202502/28/202510-Q
10/31/202412/19/202410-K
07/31/202408/28/202410-Q
04/30/202405/30/202410-Q
01/31/202402/28/202410-Q
10/31/202312/20/202310-K
07/31/202308/30/202310-Q
04/30/202305/24/202310-Q
01/31/202303/01/202310-Q
10/31/202212/21/202210-K
07/31/202208/31/202210-Q
04/30/202205/25/202210-Q
01/31/202202/25/202210-Q
10/31/202112/21/202110-K
07/31/202108/26/202110-Q
04/30/202105/27/202110-Q
01/31/202102/25/202110-Q
10/31/202012/23/202010-K
07/31/202008/27/202010-Q
04/30/202005/28/202010-Q
01/31/202002/27/202010-Q
10/31/201912/19/201910-K

Insider Activity

Updated 10/13/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Culligan, Thomas M 409A PlanBuy10132026220.30795175,1422,605,098Form
2Hildebrandt, Mark H 409A PlanBuy10132026220.30795175,14211,063,241Form
3Neitzel, Julie DirectBuy10132026294.93592174,601297,884Form
4Fine, Carol F 409A PlanBuy10132026220.30795175,142323,186Form
5Schriesheim, Alan DirectBuy10132026220.30795175,142264,806Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Culligan, Thomas M 409A PlanBuy10132026220.30795175,1422,605,098Form
2Hildebrandt, Mark H 409A PlanBuy10132026220.30795175,14211,063,241Form
3Neitzel, Julie DirectBuy10132026294.93592174,601297,884Form
4Fine, Carol F 409A PlanBuy10132026220.30795175,142323,186Form
5Schriesheim, Alan DirectBuy10132026220.30795175,142264,806Form
6Henriques, Adolfo 409A PlanBuy10132026220.30795175,1425,477,646Form
7Cheruvatath, Nandakumar DirectBuy10132026220.30795175,1421,074,424Form
8Mendelson, Victor HCo-COB and Co-CEO409A PlanBuy10132026220.30795175,142175,142Form
9Rowen, Bradley KChief Accounting OfficerDirectSell6112026241.631,326  Form
10Neitzel, Julie DirectSell4162026223.00676  Form
11Cheruvatath, Nandakumar DirectBuy3052026244.954,082999,8971,015,574Form
12Hildebrandt, Mark H Irrevocable TrustsBuy10232025248.7640099,504293,786Form
13Henriques, Adolfo 409A PlanBuy10142025243.93676164,8995,871,247Form
14Schriesheim, Alan DirectBuy10142025243.93672163,924163,924Form
15Mendelson, Eric ACo-COB and Co-CEO409A PlanBuy10142025243.93676164,8992,449,585Form
16Neitzel, Julie DirectBuy10142025243.93676164,899164,899Form
17Culligan, Thomas M 409A PlanBuy10142025243.93676164,8992,690,592Form
18Mendelson, Victor HCo-COB and Co-CEODirectBuy10142025243.93676164,89953,316,898Form
19Fine, Carol F 409A PlanBuy10142025243.93672163,924163,924Form
20Hildebrandt, Mark H 409A PlanBuy10142025243.93676164,89912,055,950Form

Investor Activity (13F)

Updated Nov 10, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Silver Heights Capital Management Inc$42.1 Mil16.2%4TRIM -34.9%13F
Maren Capital LLC$159.9 Mil8.4%19ADD +21.6%13F
Gobi Capital LLC$129.1 Mil7.5%10TRIM -6.3%13F
Quantum Capital Management, LLC / NJ$49.5 Mil6.3%34TRIM -20.1%13F
Local Pensions Partnership Investment Ltd$258.9 Mil5.6%32ADD +11.9%13F
Deltroit Asset Management (UK) LLP$31.2 Mil5.4%39ADD +121.6%13F
Weitz Investment Management, Inc.$39.9 Mil2.8%49ADD +16.1%13F
One Madison Group LLC$20.6 Mil2.4%28TRIM -6.3%13F
Mar Vista Investment Partners LLC$13.1 Mil1.3%35Hold13F
Vulcan Value Partners, LLC$37.7 Mil1.0%33TRIM -28.6%13F
Dudley & Shanley, Inc.$5.3 Mil0.9%38Hold13F
Skye Global Management LP$6.2 Mil0.1%44ADD +17.1%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Deltroit Asset Management (UK) LLP$31.2 Mil5.4%39ADD +121.6%13F
Maren Capital LLC$159.9 Mil8.4%19ADD +21.6%13F
Skye Global Management LP$6.2 Mil0.1%44ADD +17.1%13F
Weitz Investment Management, Inc.$39.9 Mil2.8%49ADD +16.1%13F
Local Pensions Partnership Investment Ltd$258.9 Mil5.6%32ADD +11.9%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Silver Heights Capital Management Inc$42.1 Mil16.2%4TRIM -34.9%13F
Vulcan Value Partners, LLC$37.7 Mil1.0%33TRIM -28.6%13F
Quantum Capital Management, LLC / NJ$49.5 Mil6.3%34TRIM -20.1%13F
Gobi Capital LLC$129.1 Mil7.5%10TRIM -6.3%13F
One Madison Group LLC$20.6 Mil2.4%28TRIM -6.3%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Local Pensions Partnership Investment Ltd$258.9 Mil5.6%32ADD +11.9%13F
Maren Capital LLC$159.9 Mil8.4%19ADD +21.6%13F
Gobi Capital LLC$129.1 Mil7.5%10TRIM -6.3%13F
Quantum Capital Management, LLC / NJ$49.5 Mil6.3%34TRIM -20.1%13F
Silver Heights Capital Management Inc$42.1 Mil16.2%4TRIM -34.9%13F
Weitz Investment Management, Inc.$39.9 Mil2.8%49ADD +16.1%13F
Vulcan Value Partners, LLC$37.7 Mil1.0%33TRIM -28.6%13F
Deltroit Asset Management (UK) LLP$31.2 Mil5.4%39ADD +121.6%13F
One Madison Group LLC$20.6 Mil2.4%28TRIM -6.3%13F
Mar Vista Investment Partners LLC$13.1 Mil1.3%35Hold13F
Skye Global Management LP$6.2 Mil0.1%44ADD +17.1%13F
Dudley & Shanley, Inc.$5.3 Mil0.9%38Hold13F
Core Cache Last Updated: 11/9/2026