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HEI-A

HEICO Corporation

HEI-A

HEICO Corporation • NYSE
$246.97 ▲ 0.57% (+1.39)
Market Cap $38.08 B
52w High $264.71
52w Low $174.82
Dividend Yield 0.23%
P/E 54.04
Volume 69.43K
Outstanding Shares 154.17M

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 Q4-2024Q1-2025Q2-2025Q3-2025
Corporate And Eliminations
Corporate And Eliminations
 $0 ▲$-10.00M ▼$-10.00M ▲$-10.00M ▲
Electronic Technologies Group
Electronic Technologies Group
 $340.00M ▲$330.00M ▼$340.00M ▲$360.00M ▲
Flight Support Group
Flight Support Group
 $690.00M ▲$710.00M ▲$770.00M ▲$800.00M ▲

Five-Year Company Overview

Income Statement

Income Statement HEICO’s income statement shows a business that has grown steadily and profitably over the last few years. Sales have increased each year, and profits have risen even faster than revenues, which suggests good cost control and strong pricing power in its niches. Gross profit, operating profit, and net income have all expanded consistently, indicating a healthy, scalable business model rather than one‑off gains. Profitability levels look solid for an industrial company, helped by the mix of higher‑margin aerospace aftermarket and specialized electronics. The main watchpoint is that this growth has come during a favorable demand period for aerospace and defense; investors should consider how resilient this performance would be in a weaker cycle.

Balance Sheet

Balance Sheet The balance sheet has grown significantly, reflecting both organic growth and acquisitions. Total assets and shareholders’ equity have risen steadily, which points to a business that is reinvesting and building long‑term value. Debt increased materially a few years ago, likely tied to acquisitions, but has since moderated slightly while equity continued to grow, improving the overall balance between borrowed money and owners’ capital. Cash levels are modest but appear adequate given the stable cash generation and the nature of the business. Overall, the financial position looks sound, but the higher debt load compared with earlier years is a key area to track, especially in a higher interest rate environment or if acquisition activity remains aggressive.

Cash Flow

Cash Flow Cash flow strength is a notable positive. Operating cash flow has grown in line with or slightly faster than earnings, which supports the quality of reported profits. Free cash flow has been consistently positive and has trended upward, even after funding regular investment in equipment and facilities, which has remained relatively modest. This pattern suggests HEICO can both fund its growth and maintain financial flexibility without stretching its resources. The company appears to manage capital spending carefully, focusing on targeted investments rather than heavy, cyclical outlays. A key question for the future is how much additional cash will be required for acquisitions and whether internal cash generation will continue to comfortably support that strategy.

Competitive Edge

Competitive Edge HEICO occupies a strong and defensible position in niche parts of the aerospace and defense ecosystem. In aircraft aftermarket parts and repair, it benefits from deep regulatory expertise, long experience with FAA approvals, and specialized repair capabilities that are difficult for new entrants to replicate. Its value proposition—high‑quality parts and repairs at lower cost than original manufacturers—aligns well with airlines’ and operators’ constant need to reduce expenses. In electronic components, it concentrates on high‑reliability, mission‑critical products where performance and customization matter more than volume. This focus on narrow, demanding applications, combined with long‑term relationships with airlines, defense contractors, and space programs, creates switching costs and customer stickiness. The main risk is that large original equipment manufacturers or well‑funded competitors could intensify their efforts in these profitable niches, or that regulatory or certification frameworks shift in ways that favor incumbents with different business models.

Innovation and R&D

Innovation and R&D Innovation is central to HEICO’s strategy and moat. In its Flight Support Group, the company has developed strong capabilities in reverse‑engineering and certifying replacement parts and proprietary repairs, turning regulatory complexity into a competitive advantage. In its Electronic Technologies Group, HEICO focuses on highly specialized components—such as advanced power supplies, sensors, and imaging systems—designed to operate reliably in harsh or mission‑critical environments, from military systems to space missions. The firm emphasizes customized, customer‑specific solutions rather than standardized, commodity products, which supports pricing power and deepens technical partnerships with clients. Consistent investment in research and development, along with a steady flow of acquisitions that add new technologies and niche capabilities, suggests an innovation engine that is both internal and acquired. The ongoing challenge is maintaining this edge as technology cycles shorten and competition for specialized engineering talent and assets remains intense.

Summary

Overall, HEICO appears to be a steadily growing, highly profitable aerospace and electronics company with a clear niche strategy and meaningful competitive advantages. Its income statement reflects strong, consistent growth and attractive margins; its balance sheet shows a larger, more leveraged but still solid financial foundation; and its cash flows are robust enough to support ongoing investment and acquisitions. The company’s strength lies in its regulatory know‑how, customer relationships, and focus on specialized, high‑value products rather than commoditized volumes. At the same time, its heavier reliance on acquisitions and higher debt compared to earlier years introduce more financial and integration risk. For observers, the key things to monitor going forward are the durability of aerospace and defense demand, the sustainability of its pricing power in niche markets, the discipline of its acquisition strategy, and its ability to keep innovating ahead of both large OEMs and smaller specialized rivals.

NEWS

November 10, 2025 · 9:00 AM UTC

HEICO Corporation to Acquire Storied Aviation and Defense Company

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September 29, 2025 · 8:00 AM UTC

HEICO Corporation Mourns Passing of Executive Chairman Laurans Mendelson

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