Loading…
Maker of FAA-approved aftermarket replacement parts for jet engines and aircraft, sold cheaper than OEM parts.
Maker of FAA-approved aftermarket replacement parts for jet engines and aircraft, sold cheaper than OEM parts.
Parts demand follows flying hours, because airlines replace components as engines and aircraft run, so hours flown matter more than new aircraft deliveries. Beyond that, it has grown for decades by buying small niche component makers and leaving each independently run. The Mendelson family, the founders, still leads the company.
Moat: narrow (IP / patents, regulatory licence, cost advantage). FAA parts-manufacturer-approval (PMA) status lets it sell cheaper certified alternatives to costly OEM parts.
Headquarters: Hollywood, Florida, US · Founded: 1957 · Employees: 11,100
Size HEICO (HEI) is a United States Industrials company (Aerospace & Defense) with a market value of $39.2B, the 301st largest of 3,117 United States companies the cockpit tracks. Shares closed at $332.65 on 6 Nov 2026.
Performance Over six months the shares gained 13.7%, against -3.6% for the median peer and -1.1% for the United States market (cap-weighted) — 4th highest of 20 in its peer set.
Growth Revenue grew 20.7% over the last twelve months (peer median +12.0%); the operating margin is 23.8% (peer median 11.2%).
Valuation It trades at 47.8× forward earnings against a peer median of 22.1× (2nd most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 25% a year for seven years (Req g). Recent delivered growth is +20%, so the hurdle is +4 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 1.9 points above its cost of capital (10.0% WACC).
Credit HEICO has 4 bonds outstanding ($2.40B), rated Baa1 by the agencies and trading like BBB+ at a weighted spread of 76 bp.
Short interest Short interest is 6.7% of the free float (15 Oct 2026).
Next results Next results expected around 21 Dec 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $5.18B | $4.49B | $3.86B | $2.97B | $2.21B |
| Revenue growth | — | +16% | +30% | +34% | — |
| Gross profit | $2.23B | $1.91B | $1.61B | $1.25B | $939M |
| EBITDA | $1.45B | $1.20B | $1.01B | $776M | $583M |
| Net income | $848M | $690M | $514M | $404M | $352M |
| Free cash flow | $1.03B | $861M | $614M | $399M | $436M |
| Capital expenditure | $81.0M | $72.9M | $58.3M | $49.4M | $32.0M |
| Total debt | $2.54B | $2.31B | $2.37B | $2.60B | $382M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| HEICO HEI | $39.2B | +14% | +21% | 24% | 47.8× | 24.5% |
| TransDigm TDG | $66.2B | -1% | +17% | 47% | 25.5× | 9.7% |
| Howmet Aerospace HWM | $81.8B | -24% | +22% | 28% | 32.6× | 24.1% |
| Curtiss-Wright CW | $17.1B | -36% | +11% | 19% | 27.4× | 16.2% |
| RTX RTX | $256B | +8% | +12% | 11% | 24.4× | 8.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | HEI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +12.4% | +3.1% | 2nd highest of 21 |
| 6-month return | +13.7% | -3.6% | 4th highest of 20 |
| Distance from 52-week high | -11.7% | -20.9% | 2nd highest of 21 |
| Revenue growth (TTM) | +20.7% | +12.0% | 7th highest of 20 |
| Operating margin | 23.8% | 11.2% | 3rd highest of 21 |
| Forward P/E | 47.8× | 22.1× | 2nd most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 24.5% | 7.0% | 4th most demanding of 18 |
| Growth delivered (Del g) | +20.2% | +10.2% | 2nd highest of 17 |
| Hurdle (Req g minus delivered) | +4.3 pp | -1.6 pp | 6th most demanding of 17 |
| ROIC minus cost of capital | +1.9 pp | +8.4 pp | 7th lowest of 20 |
| EV / EBITDA | 29.1× | 18.2× | 6th most expensive of 18 |
| Net debt / EBITDA | 1.6× | 1.2× | 9th most indebted of 19 |
| Bond spread | 76 bp | 80 bp | 5th tightest of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| HEICO HEI | United States | $39.2B | +14% | +21% | 24% | 47.8× | 24.5% | +20.2% |
| Rheinmetall RHM.DE | Germany | $42.5B | -29% | -2% | 18% | 22.0× | 6.5% | +12.9% |
| Hindustan Aeronautics HAL.NS | India | $35.2B | +4% | +7% | 23% | 33.6× | 42.7% | +7.2% |
| Saab SAAB-B.ST | Sweden | $33.3B | +19% | +28% | 10% | 40.2× | 6.0% | +17.4% |
| Elbit Systems ESLT | United States | $32.0B | -13% | +12% | 9% | 46.5× | 10.1% | +11.5% |
| Kongsberg Gruppen KOG.OL | Norway | $31.8B | +13% | -28% | 17% | 46.3× | 21.7% | +4.3% |
| Rocket Lab RKLB | United States | $31.8B | -50% | +53% | -29% | n/a | n/a | n/a |
| L3Harris LHX | United States | $48.4B | -13% | +7% | 12% | 20.1× | 7.0% | +3.7% |
| Honeywell Aerospace HONA | United States | $48.5B | n/a | n/a | 20% | 18.8× | n/a | n/a |
| Leonardo LDO.MI | Italy | $31.0B | -4% | +10% | 7% | 20.2× | 14.3% | +7.8% |
| Bharat Electronics BEL.NS | India | $30.6B | -10% | +20% | 26% | 41.5× | 38.2% | +14.3% |
| Thales HO.PA | France | $51.1B | -1% | +7% | 11% | 20.6× | -2.8% | +7.6% |
| Dassault Aviation AM.PA | France | $26.0B | +6% | +33% | 9% | 19.6× | 5.2% | +6.2% |
| Axon Enterprise AXON | United States | $25.4B | -22% | +35% | 1% | 36.5× | n/a | n/a |
| Hanwha Aerospace 012450.KS | South Korea | $25.0B | -53% | +28% | 11% | 17.2× | -7.0% | +38.1% |
| TransDigm TDG | United States | $66.2B | -1% | +17% | 47% | 25.5× | 9.7% | +11.6% |
| Singapore Technologies Engineering S63.SI | Singapore | $22.6B | -13% | +11% | 9% | 27.3× | 5.3% | +11.5% |
| Bombardier BBD-B.TO | Canada | $22.5B | +8% | +11% | 11% | 22.1× | 19.0% | +8.9% |
| Arxis ARXS | United States | $21.5B | +42% | +114% | 20% | 54.2× | 58.8% | n/a |
| BAE Systems BA..L | United Kingdom | $72.6B | -4% | +7% | 9% | 22.0× | 2.8% | +8.0% |
| MTU Aero Engines MTX.DE | Germany | $20.9B | +21% | +12% | 13% | 18.5× | 6.3% | +17.1% |
HEICO has 4 bonds outstanding with $2.40B face value. The agencies rate it Baa1; its bonds trade like BBB+. Weighted yield 5.42%, a spread of 76 bp over government bonds.