1. The AutoZone for airplanes.

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

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.

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

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.

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.

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.

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.

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).