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Wednesday 4 November 2026 Export HEI’s income statement to Excel — free account

Heico Corporation

HEI Industrials Aerospace & Defense

Heico Corporation’s revenue for fiscal 2025 (year ended October 2025) was $4.5 billion, up 16.3% from fiscal 2024.

Revenue
+23.1%
EPS
+33.1%
Free cash flow
+47.7%
Total debt
+3.82%

Quarter to July 2026, against a year earlier

336.31 1.41 −0.42%
Market cap
$39.9B
P/E
55.5×
Fwd P/E
50.7×
Dividend yield
0.07%
F-score
7/9
Altman Z
8.17
Beneish M
−2.40
Dividend safety
84/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by regions Fiscal 2025

  • North America
  • Non-US

Every year since 2009 →

Insider Decisions last twelve months

Bought, $m 2.40
Sold, $m 0.47
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — 1 — — — — — — 8 —
Sell — — — — 1 — 1 — — — — —
Insider Ownership 69.49%

Capital & Financial Ratios $m

Size
Market Cap 39,930.00
Revenue ttm 5,176.76
Net income ttm 912.35
Free cash flow ttm 1,030.28
Net debt Q 2,300.21
Valuation
P/E 55.50 (above 35: high)
Forward P/E 50.70 (above 35: high)
Price / sales 9.11
Forward P/S Powerpack
Price / FCF 45.76
Price / book 9.38 (above 6: high)
Financial health
Current ratio Q 2.72 (at or above 1.5: strong)
Debt / equity Q 0.51
Interest coverage Q 9.89
Growth
Revenue growth Q +23.13% (above 0%: growing)
Operating income growth Q +34.03% (above 0%: growing)
EPS, this year +29.32% (at or above 15%: strong)
EPS, next year A +13.24%
Revenue, next year A +20.56% (at or above 10%: strong)
EPS, past 5 yrs +16.43% (at or above 15%: strong)
EPS, next 5 yrs A +18.24% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 9.6×, against a ten-year median of 8.9×; over the ten years it ranged from 3.4× in 2016 to 11.5× in 2025.
P/E against its own 10 years 48.70%
10-year low 10-year high
P/S against its own 10 years 61.65%
10-year low 10-year high
P/B against its own 10 years 80.29%
10-year low 10-year high
EV/Sales against its own 10 years 62.42%
10-year low 10-year high
EV/FCF against its own 10 years 53.83%
10-year low 10-year high

Dividends raised every year since 2018

Yield
0.07%
Annual rate
0.25
Payout ratio
4.16%
Growth, 2018–26
+10.1%/yr
  1. 0.12 ’18
  2. 0.14 ’19 +21
  3. 0.16 ’20 +14
  4. 0.17 ’21 +6
  5. 0.18 ’22 +6
  6. 0.20 ’23 +11
  7. 0.21 ’24 +5
  8. 0.23 ’25 +10
  9. 0.25 ’26 +9
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 171 162 218 241
Receivables 509 538 638 736
Inventory 1,014 1,171 1,295 1,448
Other 112 112 119 134
1,855 2,062 2,356 2,725
2023 2024 2025 Q'26
Payables 206 198 231 297
ST’ Debt 18 4 3 4
Other — — — —
665 664 832 1,003

Compound Annual Growth %

10y 5y 3y
Sales 14.20% 20.21% 26.64%
Cash Flow 18.38% 17.96% 25.93%
Earnings 17.87% 17.07% 25.21%
Book Value 17.23% 16.85% 18.25%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.51 Actual 1.67

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.20 1.33 Beat by 0.13
Q1 FY26 1.26 1.35 Beat by 0.09
Q2 FY26 1.33 1.66 Beat by 0.33
Q3 FY26 1.51 1.67 Beat by 0.16
Q4 FY26 1.62 — Reports 17 December 2026

EPS $

Jan Apr Jul Oct Year
’26 1.35 1.66 1.67 — —
’25 1.20 1.12 1.26 1.33 4.90
’24 0.82 0.88 0.97 0.99 3.67
’23 0.67 0.76 0.74 0.74 2.91
’22 0.63 0.62 0.60 0.70 2.55
’21 0.51 0.51 0.56 0.62 2.21
’20 0.89 0.55 0.40 0.45 2.29
Fiscal quarters ending in the months shown.

Revenue $m

Jan Apr Jul Oct Year
’26 1,179 1,376 1,413 — —
’25 1,030 1,098 1,148 1,209 4,485
’24 896 955 992 1,014 3,858
’23 621 688 723 936 2,968
’22 490 539 570 610 2,208
’21 418 467 472 509 1,866
’20 506 468 386 426 1,787
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Jan Apr Jul Oct Year
’26 179 292 345 — —
’25 203 205 231 295 934
’24 112 141 214 206 672
’23 77 78 146 148 449
’22 78 97 149 144 468
’21 107 103 124 110 444
’20 81 125 93 110 409
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Jan Apr Jul Oct Year
’26 165 274 323 — —
’25 186 189 218 268 861
’24 98 128 198 190 614
’23 66 67 134 133 399
’22 69 89 141 136 436
’21 92 96 116 104 408
’20 74 119 88 105 386
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 18.0% a year for ten years. It grew 16.1% a year over the last ten.

Implied
18.0%
10 years, reported
16.1%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to October

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jul ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,376 1,525 1,778 2,056 1,787 1,866 2,208 2,968 3,858 4,485 5,177 +14.0% 5,407 6,022 6,560 +13.5%
Gross margin, % 37.46 37.69 38.85 39.59 38.17 38.99 39.07 38.86 38.93 39.83 40.40 +2.4 pt
EBT 257 298 356 438 365 387 491 555 678 894 1,117 +14.8%
EBT margin, % 18.68 19.54 20.04 21.30 20.42 20.75 22.24 18.71 17.56 19.92 21.58 +1.2 pt
Net income 176 208 286 360 336 330 391 444 559 746 912 +17.4%
Per share, $
Per share, $ Revenue 10.51 11.58 13.41 15.38 13.26 13.79 16.24 21.64 27.86 32.26 37.06 +13.3%
Earnings 1.19 1.41 1.96 2.45 2.33 2.25 2.59 2.94 3.71 4.97 6.08 +17.2%
Cash flow 1.98 2.19 2.48 3.27 3.04 3.28 3.44 3.27 4.86 6.72 7.95 +14.5%
Capex (0.24) (0.20) (0.32) (0.22) (0.17) (0.27) (0.24) (0.36) (0.42) (0.52) (0.58) +9.3%
Free cash flow 1.75 1.99 2.16 3.06 2.87 3.01 3.20 2.91 4.44 6.19 7.37 +15.1%
Book value 8.00 9.48 11.34 12.68 14.92 16.97 19.47 23.28 26.70 31.49 35.97 +16.4%
Shares, m 131 132 133 134 135 135 136 137 138 139 139 +0.7%
Valuation, ×
Valuation, × P/E 28.87 41.07 42.68 50.14 46.62 61.24 62.80 53.88 65.85 64.07 55.50 51.7
P/S 3.29 5.01 6.25 8.02 8.19 10.00 10.02 7.32 8.79 9.85 9.11 7.7
P/B 4.32 6.12 7.39 9.73 7.28 8.12 8.35 6.81 9.17 10.09 9.38 7.7
EV/Sales 3.59 5.42 6.52 8.26 8.38 10.06 10.09 8.10 9.33 10.29 9.55 8.0
EV/FCF 21.61 31.51 40.42 41.59 38.77 46.03 51.10 60.20 58.59 53.56 47.99 44.3
Cash, $m
Cash, $m Operating cash flow 260 288 328 437 409 444 468 449 672 934 1,111 +15.3%
Capex (31) (26) (42) (29) (23) (36) (32) (49) (58) (73) (81) +10.0%
Free cash flow 229 262 287 408 386 408 436 399 614 861 1,030 +15.9%
Balance, $m
Balance, $m Working capital 329 382 451 525 924 643 732 1,190 1,398 1,524 1,722 +18.6%
Net debt 415 622 473 505 333 128 151 2,307 2,067 1,950 2,300 +18.8%
Shareholders’ equity 1,048 1,248 1,503 1,695 2,011 2,297 2,648 3,193 3,697 4,379 5,025 +17.2%
Returns, %
Returns, % ROA 8.36 8.25 10.04 11.66 9.64 8.64 9.26 7.15 6.95 8.58 9.18 +0.2 pt
ROIC 11.34 10.25 11.90 12.99 10.04 10.13 11.09 7.11 8.94 10.06 10.62 (1.3) pt
ROE 16.09 16.20 18.84 20.51 16.95 14.12 14.22 13.82 14.92 17.10 18.35 +1.0 pt
People
People Employees 4,700 5,100 5,400 5,900 5,200 5,600 6,500 9,600 10,000 11,100 — +10.0%
Revenue/emp, $m 0.29 0.30 0.33 0.35 0.34 0.33 0.34 0.31 0.39 0.40 — +3.6%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Oct 2025 · latest quarter Jul 2026

Business profile

Updated

HEICO makes aircraft replacement parts and electronic equipment through subsidiaries organized into two businesses. It was originally organized as a holding company in 1957. Eric A. Mendelson and Victor H. Mendelson are its co-chief executive officers.

The Flight Support Group designs and manufactures replacement parts for jet engines and aircraft components. These parts are approved by the Federal Aviation Administration (FAA) and are intended to perform the same function as parts made by the original equipment manufacturers, generally at lower prices. The group also repairs, overhauls and distributes components, avionics and instruments. Customers include commercial airlines, cargo carriers, aircraft repair businesses, military operators and business aircraft operators.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by regions, and margins
North America 2,776 61.90%
Non-US 1,709 38.10%
Gross margin 39.83%
Operating margin 22.72%
Pre-tax margin 19.92%

Revenue by segment since 2009

Heico Corporation vs peers in Aerospace & Defense (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
TDG Transdigm Group Incorporated $66.8B 36.6× 31.8× +22.53% (above 0%: growing) +10.86% (above 0%: growing) +13.44% (above 0%: growing) 59.39% 44.76% Compare
LHX L3Harris Technologies Inc $51.7B 25.4× 22.5× +7.09% (above 0%: growing) +37.49% (above 0%: growing) +198.13% (above 0%: growing) 26.60% 12.97% Compare
HONA Honeywell Aerospace inc. $49.9B — — — — — 36.93% 22.14% Compare
HEI Heico Corporation $39.9B 55.5× 50.7× +23.13% (above 0%: growing) +33.07% (above 0%: growing) +47.74% (above 0%: growing) 41.12% 25.14%
HEI.A Heico Corporation $39.7B 41.1× 50.7× +23.13% (above 0%: growing) +33.07% (above 0%: growing) +47.74% (above 0%: growing) 41.12% 25.14% Compare
ESLT Elbit Systems Ltd. $35.5B 55.1× 53.7× +15.94% (above 0%: growing) +34.42% (above 0%: growing) +113.91% (above 0%: growing) 25.32% 9.57% Compare
AXON Axon Enterprise, Inc $33.8B 168× 123× +35.28% (above 0%: growing) −19.57% (below 0%: shrinking) +99.15% (above 0%: growing) 60.42% 5.17% Compare
RKLB Rocket Lab Corporation $32.6B — (loss-making) — (loss-making) +61.99% (above 0%: growing) n/m −99.66% (below 0%: shrinking) 36.13% (24.57%) Compare
ARXS Arxis, Inc. $22.4B — — +35.96% (above 0%: growing) — +117.42% (above 0%: growing) 54.27% 23.66% Compare
Median of peers $37.6B 41.1× 50.7× +23.13% +33.07% +99.15% 39.03% 17.56%

All 94 Aerospace & Defense stocks →

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 80.92%
Held by the ten largest 40.47%
Holder Shares Stake Change
Vanguard 12.81m 9.17% +136.92k
BlackRock 9.97m 7.14% −313.86k
Principal Financial 7.72m 5.53% −1.16m
Fidelity (FMR) 6.24m 4.47% −619.94k
Capital Group 5.66m 4.06% −592.45k
T. Rowe Price 3.75m 2.68% +3.33m
State Street 3.53m 2.53% −7.88k
UBS 2.48m 1.78% +144.13k
Geode Capital Management 2.20m 1.58% −22.95k
STATE OF WISCONSIN INVESTMENT BOARD 2.14m 1.53% +682.28k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 30 January 2026

Ownership

Directors and executive officers, together 1.69%
Principal Global Investors, LLC 11.60%
The Vanguard Group, Inc. 9.99%
Capital World Investors 9.20%
Dr. Herbert A. Wertheim 7.74%
Blackrock, Inc. 6.31%
FMR LLC 5.87%
Mendelson Reporting Group 1.16%
Arlene H. Mendelson less than 1%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

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HEI metrics, ten years each

stockrow.com/HEI · Data as of Jul 31, 2026 · For information only; not investment advice. · © 2026 stockrow.com