HEICO CorporationHEI
NYSE•Industrials•Aerospace & Defense
HEICO Corporation provides aerospace, defense, and electronic related products and services in the United States and internationally. Its Flight Support Group segment offers jet engine and aircraft component replacement parts; thermal insulation blankets and parts; renewable/reusable insulation systems; and specialty components and assemblies. This segment also distributes hydraulic, pneumatic, structural, interconnect, mechanical, and electro-mechanical components for the commercial, regional, and general aviation markets; and offers repair and overhaul services for jet engine and aircraft component parts, avionics, instruments, composites, and commercial aircraft surfaces, as well as for avionics and navigation systems, subcomponents, and other military aircraft instruments. The company's Electronic Technologies Group segment provides electro-optical infrared simulation and test equipment; electro-optical laser products; electro-optical, microwave, and other power equipment; electromagnetic and radio frequency (RF) interference shielding and suppression filters; power electronics; power conversion and interface products; interconnection devices; and underwater locator and emergency locator transmission beacons. This segment also offers traveling wave tube amplifiers and microwave power modules; memory products and specialty semiconductors; environment connectivity products and molded cable assemblies; RF and microwave products; communications and electronic intercept receivers and tuners; self-sealing auxiliary fuel systems; active antenna systems and airborne antennas; nuclear radiation detectors; power amplifiers; ceramic-to-metal feedthroughs and connectors; technical surveillance countermeasures equipment; RF receivers and sources; radiation assurance, embedded computing, and silicone solutions; test sockets and adapters; and electronic components and rotary joint assemblies. The company was incorporated in 1957 and is headquartered in Hollywood, Florida.
Heico Corporation (HEI) reported trailing twelve months revenue of $4.91B as of April 2026, a 18.8% increase year-over-year. Quarterly revenue reached $1.38B, reflecting continued top-line momentum.
Heico Corporation generated $789.63M in TTM net income, with quarterly EBITDA of $407.07M. The operating margin expanded from 22.6% to 25.5%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (25.5%) and net margin (17.0%) indicates moderate non-operating costs. Net margin has improved from 14.3% a year ago, signaling stronger bottom-line efficiency.
HEI trades at a P/E of 46.1x (a premium multiple) and a P/S of 7.4x. The price-to-book ratio of 7.6x indicates a significant premium over book value.
The company generated $273.92M in free cash flow over the trailing twelve months, a 45.1% increase year-over-year, indicating cash generation ability. The balance sheet shows $9.59B in total assets with $2.58B in long-term debt against $4.77B in stockholders equity for a debt-to-equity ratio of 0.5. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~22.7%, suggesting durable pricing power and cost discipline.
ROE averages 15.6% but has fluctuated — the competitive advantage may be cyclical or emerging.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (6 of 7 quarters up), with ~9.9% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~23.4% — no sign of cost or pricing stress.
FCF covers net income by 1.2x on average — earnings are well-supported by cash generation.
D/E ratio is 0.5 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation