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HEI

HEICO Corporation

HEI

HEICO Corporation • NYSE
$316.91 ▲ 0.52% (+1.65)
Market Cap $44.02 B
52w High $338.92
52w Low $216.68
Dividend Yield 0.23%
P/E 69.5
Volume 97.34K
Outstanding Shares 138.91M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.148B ▲ $192.138M ▼ $177.341M ▲ 15.453% ▲ $1.27 ▲ $316.448M ▲
Q2-2025 $1.098B ▲ $214.621M ▲ $156.793M ▼ 14.282% ▼ $1.13 ▼ $297.665M ▲
Q1-2025 $1.03B ▲ $202.88M ▲ $167.955M ▲ 16.303% ▲ $1.21 ▲ $273.949M ▲
Q4-2024 $1.014B ▲ $182.979M ▼ $139.688M ▲ 13.78% ▲ $1.01 ▲ $263.977M ▲
Q3-2024 $992.246M $208.267M $136.577M 13.764% $0.99 $261.415M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $261.888M ▲ $8.532B ▲ $3.882B ▲ $4.141B ▲
Q2-2025 $242.309M ▲ $8.092B ▲ $3.62B ▼ $3.968B ▲
Q1-2025 $165.467M ▲ $7.891B ▲ $3.656B ▼ $3.747B ▲
Q4-2024 $162.103M ▼ $7.593B ▲ $3.895B ▲ $3.637B ▲
Q3-2024 $202.94M $7.422B $3.496B $3.54B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $190.68M ▲ $231.211M ▲ $-357.935M ▼ $145.986M ▲ $19.579M ▼ $218.472M ▲
Q2-2025 $170.523M ▼ $204.695M ▲ $-51.764M ▲ $-81.449M ▼ $76.842M ▲ $188.731M ▲
Q1-2025 $181.566M ▲ $203.034M ▼ $-287.995M ▼ $90.712M ▲ $3.364M ▲ $185.699M ▼
Q4-2024 $150.886M ▲ $205.623M ▼ $-181.05M ▼ $-65.346M ▲ $-40.837M ▼ $189.537M ▼
Q3-2024 $147.817M $213.955M $-26.864M $-188.852M $-1.221M $198.105M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Corporate And Eliminations
Corporate And Eliminations
 $-10.00M ▲$0 ▲$-10.00M ▼$-10.00M ▲
Electronic Technologies Group
Electronic Technologies Group
 $320.00M ▲$340.00M ▲$330.00M ▼$340.00M ▲
Flight Support Group
Flight Support Group
 $680.00M ▲$690.00M ▲$710.00M ▲$770.00M ▲

Five-Year Company Overview

Income Statement

Income Statement HEICO’s income statement shows a company that has grown steadily and profitably over the last few years. Sales have climbed strongly each year, and profits have risen even faster than revenue, which suggests good operating leverage and tight cost control. Both gross profit and operating profit margins have improved, indicating the business is extracting more value from each dollar of sales. Net income and earnings per share have advanced at a healthy pace, showing that growth is not just top line, but also bottom line. Overall, the earnings profile looks consistent, scalable, and not overly dependent on one good year. Potential watchpoints: the company is now operating at a larger scale and with more acquired revenue, so sustaining the same pace of margin gains could become more challenging, especially if aerospace demand slows or integration costs rise.

Balance Sheet

Balance Sheet The balance sheet reflects a business that has expanded significantly, especially after recent acquisitions. Total assets have grown meaningfully, and shareholders’ equity has increased over time, which points to value being built rather than eroded. However, debt has also stepped up sharply from previously low levels, largely tied to acquisition activity such as the Wencor deal. Cash on hand is relatively modest compared with total assets, so the company relies more on ongoing cash generation than on a large cash cushion. In simple terms, HEICO has moved from a very lightly levered profile to a more leveraged but still equity-rich structure. The key question going forward is how comfortably cash flows cover interest and debt repayments, especially if the operating environment becomes less favorable.

Cash Flow

Cash Flow HEICO’s cash flow picture is a notable strength. Operating cash flow has grown in line with, and sometimes faster than, earnings, which supports the idea that profits are largely backed by real cash, not just accounting entries. Free cash flow has been consistently positive and has grown over the period, even after funding regular capital spending. Capital expenditure needs appear modest relative to the size of the business, which helps keep free cash flow healthy. This cash profile gives management flexibility to fund acquisitions, pay down debt, and invest in new technologies. The main risk is that a downturn in airline or defense spending could soften cash inflows just as the company is carrying more debt from recent deals.

Competitive Edge

Competitive Edge HEICO occupies an attractive niche in the aerospace and defense ecosystem rather than competing head‑to‑head with the largest manufacturers. In commercial aviation, its strength lies in FAA-approved replacement parts and specialized repairs, where it offers airlines a mix of cost savings and reliability. This position is reinforced by deep regulatory know‑how, a very broad parts catalog, and long-term relationships with major carriers and maintenance providers. On the electronics side, HEICO provides mission‑critical, often custom components for defense, space, medical, and industrial uses. These are typically low-volume but high-value products where performance and reliability matter more than price alone. The combination of regulatory barriers, switching costs for customers, and targeted dominance in small niches gives HEICO a layered competitive moat. Key risks include regulatory changes, pushback from original equipment makers, and potential pricing pressure if more rivals seek entry into the aftermarket space.

Innovation and R&D

Innovation and R&D Innovation is central to HEICO’s strategy rather than an add‑on. In the Flight Support business, the company’s edge comes from mastering the process for approved replacement parts and proprietary repair methods, which requires continuous engineering work and extensive testing. In the Electronic Technologies segment, HEICO focuses on highly specialized components for harsh or mission‑critical environments—such as space, defense systems, and advanced industrial uses—where product performance and qualification standards are extremely demanding. The company invests steadily in research and development and has a long history of using acquisitions to bring in new technologies and niche capabilities. Areas to watch include expansion of its approved parts portfolio, further development of unique repair methods, adoption of advanced manufacturing techniques like additive manufacturing, and growing participation in defense and space programs. The opportunity is to deepen its moat through technology; the risk is that R&D and acquisition spending do not always translate into successful, scalable products.

Summary

Overall, HEICO presents the picture of a specialized industrial company that has grown consistently by focusing on defensible niches in aerospace and high‑reliability electronics. Its income statement shows steady growth and improving profitability, while its cash flows are robust and supportive of ongoing investment. The balance sheet has become more leveraged as the company has executed larger acquisitions, which increases both potential rewards and financial risk. Its competitive position is underpinned by regulatory expertise, cost‑effective solutions versus traditional manufacturers, and a diversified presence across commercial aviation, defense, and space. A strong innovation culture and targeted R&D help sustain that edge. Key strengths include recurring aftermarket demand, high switching costs for customers, and strong cash generation. Key risks include greater leverage than in the past, integration of acquired businesses, exposure to aerospace and defense cycles, and continued dependence on regulatory approvals. The company’s future trajectory will largely hinge on how well it manages these trade‑offs while continuing to innovate and integrate acquisitions effectively.

NEWS

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September 29, 2025 · 8:00 AM UTC

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