HEICO
HEI-ANYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $256.60 Prior regular-session close from the quote source.
- $253.50–$260.97 Regular-session low and high so far today.
- 232.2K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Dec 17 projected Projected for 2026-12-17 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $199.35–$279.66 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own HEI-A if HEICO is a high-quality aerospace aftermarket compounder whose value creation depends on FAA-approved alternative parts, disciplined niche acquisitions, and cash conversion continuing to offset OEM power and larger-scale integration risk.
HEI-A price history
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Investment thesis
What must happen next
Airlines and MRO customers continue accepting HEICO’s FAA-approved replacement parts as credible alternatives to OEM parts, so maintenance cost and availability pressure keep translating into demand for HEICO’s aftermarket offerings; needs calibration for organic versus acquired growth.StrengtheningMateriality: High
Item 1 Business description states HEICO believes it is the world’s largest manufacturer of FAA-approved jet engine and aircraft component replacement parts other than OEMs and their subcontractors. If PMA acceptance keeps widening, HEICO can compound through fleet utilization and aftermarket share gains; if acceptance stalls, growth becomes more acquisition-dependent and lower quality.
Watch: GE Aerospace, Safran, RTX/Pratt & Whitney, Boeing or Airbus successfully bundle warranties, service contracts or spare-parts access in ways that discourage airline use of PMA alternatives.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Item 1 Business description states HEICO believes it is the world’s largest manufacturer of FAA-approved jet engine and aircraft component.
Open source ↗Regulatory approval, engineering specialization and small but mission-critical part niches continue to protect HEICO’s pricing power against OEMs and lower-cost competitors.StrengtheningMateriality: High
Estimated GAAP annual gross profit rose from $862.8 million in FY2022 to $1.786 billion in FY2025. Protected pricing lets growth convert into value; if HEICO has to compete mainly on price, the aftermarket thesis weakens even if revenue still grows.
Watch: OEMs such as GE Aerospace, Safran, RTX/Pratt & Whitney or Honeywell reduce spare-part pricing or improve lead times enough to shrink the economic advantage of HEICO alternatives.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Estimated GAAP annual gross profit rose from $862.8 million in FY2022 to $1.786 billion in FY2025.
Open source ↗HEICO’s decentralized acquisition model continues turning fragmented aerospace and electronic-component assets into higher operating profit without losing entrepreneurial execution discipline.StrengtheningMateriality: Medium
GAAP annual operating income increased from $496.8 million in FY2022 to $1.019 billion in FY2025. A large part of HEICO’s compounding depends on reinvesting capital into acquired niches; if integration quality or acquisition returns fall, per-share value creation slows.
Watch: Competition from TransDigm, Parker-Hannifin, Amphenol, private equity or strategic buyers drives acquisition prices high enough that new deals cannot earn attractive returns.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating income increased from $496.8 million in FY2022 to $1.019 billion in FY2025.
Open source ↗HEICO’s earnings remain cash-generative enough to fund reinvestment and acquisition optionality without forcing a permanently more levered balance sheet.StrengtheningMateriality: Medium
GAAP annual operating cash flow rose from $467.9 million in FY2022 to $934.3 million in FY2025. Cash conversion is what lets HEICO compound through internal investment and acquisitions; if working capital or debt absorbs the earnings, growth becomes less valuable to shareholders.
Watch: Inventory builds or receivables stretch materially because aerospace customers demand more availability or longer payment terms.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating cash flow rose from $467.9 million in FY2022 to $934.3 million in FY2025.
Open source ↗The combination of aftermarket demand, pricing discipline and acquisition integration continues to compound owner earnings rather than merely expanding the company’s asset base.StrengtheningMateriality: Medium
GAAP annual diluted EPS increased from $2.55 in FY2022 to $4.90 in FY2025. Shareholders ultimately need per-share earnings power to rise; if growth comes with dilution, overpaid deals or lower returns, business expansion will not translate into attractive stock returns.
Watch: Future acquisitions require meaningful equity issuance at unattractive prices or carry lower returns than HEICO’s existing business.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual diluted EPS increased from $2.55 in FY2022 to $4.90 in FY2025.
Open source ↗
Full investment case & evidence
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Original research
Airlines and MRO customers continue accepting HEICO’s FAA-approved replacement parts as credible alternatives to OEM parts, so maintenance cost and availability pressure keep translating into demand for HEICO’s aftermarket offerings; needs calibration for organic versus acquired growth. If PMA acceptance keeps widening, HEICO can compound through fleet utilization and aftermarket share gains; if acceptance stalls, growth becomes more acquisition-dependent and lower quality.
Regulatory approval, engineering specialization and small but mission-critical part niches continue to protect HEICO’s pricing power against OEMs and lower-cost competitors. Protected pricing lets growth convert into value; if HEICO has to compete mainly on price, the aftermarket thesis weakens even if revenue still grows.
HEICO’s decentralized acquisition model continues turning fragmented aerospace and electronic-component assets into higher operating profit without losing entrepreneurial execution discipline. A large part of HEICO’s compounding depends on reinvesting capital into acquired niches; if integration quality or acquisition returns fall, per-share value creation slows.
HEICO’s earnings remain cash-generative enough to fund reinvestment and acquisition optionality without forcing a permanently more levered balance sheet. Cash conversion is what lets HEICO compound through internal investment and acquisitions; if working capital or debt absorbs the earnings, growth becomes less valuable to shareholders.
The combination of aftermarket demand, pricing discipline and acquisition integration continues to compound owner earnings rather than merely expanding the company’s asset base. Shareholders ultimately need per-share earnings power to rise; if growth comes with dilution, overpaid deals or lower returns, business expansion will not translate into attractive stock returns.
All standing thesis claims
Original report summary
HEICO is a high-quality aerospace aftermarket compounder whose value creation depends on FAA-approved alternative parts, disciplined niche acquisitions, and cash conversion continuing to offset OEM power and larger-scale integration risk.
Bull case and bear case
Bull case and bear case for Heico
Where the evidence on Heico stands: Strengthening on the latest evidence (Nov 7, 2026). Of its 5 thesis points, 5 strengthening.
Bull case: what the evidence supports
Airlines and MRO customers continue accepting HEICO’s FAA-approved replacement parts as credible alternatives to OEM parts, so maintenance cost and availability pressure keep translating into demand for HEICO’s aftermarket offerings; needs calibration for organic versus acquired growth.
Regulatory approval, engineering specialization and small but mission-critical part niches continue to protect HEICO’s pricing power against OEMs and lower-cost competitors.
HEICO’s decentralized acquisition model continues turning fragmented aerospace and electronic-component assets into higher operating profit without losing entrepreneurial execution discipline.
HEICO’s earnings remain cash-generative enough to fund reinvestment and acquisition optionality without forcing a permanently more levered balance sheet.
The combination of aftermarket demand, pricing discipline and acquisition integration continues to compound owner earnings rather than merely expanding the company’s asset base.
Bear case: what would count against it
GE Aerospace, Safran, RTX/Pratt & Whitney, Boeing or Airbus successfully bundle warranties, service contracts or spare-parts access in ways that discourage airline use of PMA alternatives.
OEMs such as GE Aerospace, Safran, RTX/Pratt & Whitney or Honeywell reduce spare-part pricing or improve lead times enough to shrink the economic advantage of HEICO alternatives.
Competition from TransDigm, Parker-Hannifin, Amphenol, private equity or strategic buyers drives acquisition prices high enough that new deals cannot earn attractive returns.
Thesis-Break Engine
Thesis-break watch · Heico
OptimistFi is watching Heico. No break-condition checks are on record yet — they accumulate as new filings are checked.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
Heico filed an SEC 8-K on 2026-08-25: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedEntered a material definitive agreement.
Heico filed an SEC 8-K on 2026-07-16: Entered a material definitive agreement. It is a dated development that tests the current thesis.
- MixedEntered a material definitive agreement.
Heico filed an SEC 8-K on 2026-06-17: Entered a material definitive agreement. It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- GE Aerospace, Safran, RTX/Pratt & Whitney, Boeing or Airbus successfully bundle warranties, service contracts or spare-parts access in ways that discourage airline use of PMA alternatives.
- OEMs such as GE Aerospace, Safran, RTX/Pratt & Whitney or Honeywell reduce spare-part pricing or improve lead times enough to shrink the economic advantage of HEICO alternatives.
- Competition from TransDigm, Parker-Hannifin, Amphenol, private equity or strategic buyers drives acquisition prices high enough that new deals cannot earn attractive returns.
- Inventory builds or receivables stretch materially because aerospace customers demand more availability or longer payment terms.
- Future acquisitions require meaningful equity issuance at unattractive prices or carry lower returns than HEICO’s existing business.
HEI-A news
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Financial statements
HEI-A income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
HEI-A: quick answers
- When does Heico (HEI-A) report earnings next?
- Heico's next results are projected for December 17, 2026, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on August 25, 2026. Earnings calendar
- What is HEI-A's short interest?
- As of October 30, 2026, 1.2M HEI-A shares were sold short, up 49.7% from the count before. At the stock's average daily volume that is 4.0 days to cover. FINRA publishes the count twice a month. HEI-A short interest history
- Have members of Congress traded HEI-A?
- 10 trades in HEI-A have been disclosed under the STOCK Act by members of Congress, the President or senior officials, none in reports made public in the last 90 days. Every disclosed HEI-A trade
- Which well-known investors own HEI-A?
- 1 of the 37 well-known funds tracked here reported HEI-A shares in their latest 13F filing. By share of the fund's portfolio: Markel Group (Tom Gayner), 0.7%. Fund portfolios
HEI-A in well-known investors’ portfolios
1 of 37 funds reported HEI-A shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Tom GaynerMarkel Group | 0.68% | $86.7M | No change | Q3 2026 |