NYSE : HEI.A
HEICO Corporation — Financial statements
Industrials · Aerospace & Defense · United States
Last price 238.72 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 37.93B
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Financial statements
HEICO Corporation (HEI.A) reported revenue of 5.18B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year November - October; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 5.18B | 4.49B | 3.86B | 2.97B | 2.21B | 1.87B |
| Cost of Revenue | 3.09B | 2.70B | 2.36B | 1.81B | 1.35B | 1.14B |
| Gross Profit | 2.09B | 1.79B | 1.50B | 1.15B | 862.76M | 727.42M |
| Selling, General & Admin | 834.84M | 754.55M | 679.65M | 516.29M | 373.55M | 333.28M |
| Operating Expenses | 834.84M | 754.55M | 679.65M | 516.29M | 373.55M | 333.28M |
| Operating Income | 1.26B | 1.03B | 822.07M | 637.20M | 489.21M | 394.15M |
| Interest Expense | -132.40M | -129.88M | -149.31M | -72.98M | -6.39M | -7.29M |
| Other Non Operating Income (Expenses) | 4.80M | 4.43M | 2.44M | 2.93M | 565.00K | 1.44M |
| EBT Excluding Unusual Items | 1.13B | 906.47M | 675.20M | 567.14M | 483.39M | 388.30M |
| Merger & Restructuring Charges | -21.60M | |||||
| Asset Writedown | -7.50M | |||||
| Other Unusual Items | -11.92M | -12.92M | 9.88M | 9.74M | 7.63M | -1.25M |
| Pretax Income | 1.12B | 893.55M | 677.59M | 555.28M | 491.02M | 387.06M |
| Income Tax Expense | 204.60M | 148.00M | 118.50M | 110.90M | 100.40M | 57.30M |
| Earnings From Continuing Operations | 912.35M | 745.55M | 559.09M | 444.38M | 390.62M | 329.76M |
| Minority Interest in Earnings | -64.63M | -55.17M | -44.98M | -40.79M | -38.95M | -25.54M |
| Net Income | 847.72M | 690.38M | 514.11M | 403.60M | 351.68M | 304.22M |
| Net Income to Common | 847.72M | 690.38M | 514.11M | 403.60M | 351.68M | 304.22M |
| Shares Outstanding (Basic) | 139.46M | 139.05M | 138.46M | 137.19M | 136.01M | 135.33M |
| Shares Outstanding (Diluted) | 141.10M | 140.77M | 140.20M | 138.91M | 138.04M | 137.85M |
| EPS (Basic) | 6.08 | 4.97 | 3.71 | 2.94 | 2.59 | 2.25 |
| EPS (Diluted) | 6.00 | 4.90 | 3.67 | 2.91 | 2.55 | 2.21 |
| Free Cash Flow | 1.03B | 861.38M | 614.11M | 399.30M | 435.87M | 407.90M |
| Free Cash Flow Per Share | 7.30 | 6.12 | 4.38 | 2.88 | 3.16 | 2.96 |
| Dividend Per Share | 0.25 | 0.23 | 0.21 | 0.20 | 0.18 | 0.17 |
| Gross Margin | 40.40% | 39.83% | 38.93% | 38.86% | 39.07% | 38.99% |
| Operating Margin | 24.27% | 23.01% | 21.31% | 21.47% | 22.15% | 21.13% |
| Profit Margin | 16.38% | 15.39% | 13.33% | 13.60% | 15.93% | 16.31% |
| Free Cash Flow Margin | 19.90% | 19.21% | 15.92% | 13.45% | 19.74% | 21.86% |
| EBITDA | 1.47B | 1.23B | 997.40M | 767.24M | 585.55M | 487.17M |
| EBITDA Margin | 28.48% | 27.38% | 25.86% | 25.85% | 26.52% | 26.11% |
| D&A For EBITDA | 217.59M | 196.08M | 175.33M | 130.04M | 96.33M | 93.02M |
| EBIT | 1.26B | 1.03B | 822.07M | 637.20M | 489.21M | 394.15M |
| EBIT Margin | 24.27% | 23.01% | 21.31% | 21.47% | 22.15% | 21.13% |
| Effective Tax Rate | 18.32% | 16.56% | 17.49% | 19.97% | 20.45% | 14.80% |
Balance sheet
Fiscal year November - October; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 240.96M | 217.78M | 162.10M | 171.05M | 139.50M | 108.30M |
| Cash & Short-Term Investments | 240.96M | 217.78M | 162.10M | 171.05M | 139.50M | 108.30M |
| Receivables | 870.78M | 756.87M | 650.72M | 620.78M | 388.83M | 324.99M |
| Inventory | 1.45B | 1.30B | 1.17B | 1.01B | 582.47M | 478.05M |
| Prepaid Expenses | 165.87M | 86.38M | 78.52M | 49.84M | 41.93M | 26.05M |
| Total Current Assets | 2.73B | 2.36B | 2.06B | 1.86B | 1.15B | 937.38M |
| Property, Plant & Equipment | 478.33M | 566.69M | 470.87M | 443.22M | 315.63M | 268.25M |
| Goodwill | 4.36B | 3.66B | 3.38B | 3.27B | 1.67B | 1.45B |
| Other Intangible Assets | 1.78B | 1.47B | 1.33B | 1.36B | 733.33M | 582.31M |
| Other Long-Term Assets | 596.51M | 444.31M | 344.59M | 264.89M | 221.38M | 260.07M |
| Total Assets | 9.94B | 8.50B | 7.59B | 7.20B | 4.10B | 3.50B |
| Accounts Payable | 297.10M | 231.04M | 198.43M | 205.89M | 116.55M | 85.54M |
| Accrued Expenses | 494.03M | 391.45M | 244.03M | 225.12M | 149.10M | 134.44M |
| Short-Term Debt | 13.53M | |||||
| Current Portion of Long-Term Debt | 3.51M | 61.00K | 47.00K | 15.00K | 34.00K | 34.00K |
| Current Portion of Leases | 29.03M | 27.48M | 24.76M | 16.28M | 15.36M | |
| Current Income Taxes Payable | 26.20M | 19.98M | 33.53M | 8.55M | 12.46M | 964.00K |
| Current Unearned Revenue | 134.38M | 79.53M | 83.90M | 87.56M | 58.76M | 32.74M |
| Other Current Liabilities | 47.85M | 80.91M | 76.43M | 99.92M | 67.68M | 25.81M |
| Total Current Liabilities | 1.00B | 832.00M | 663.85M | 665.34M | 420.86M | 294.88M |
| Long-Term Debt | 2.52B | 2.15B | 2.20B | 2.44B | 275.24M | 225.22M |
| Long-Term Leases | 15.84M | 129.47M | 135.26M | 128.32M | 90.34M | 71.59M |
| Long-Term Unearned Revenue | 65.26M | 84.71M | 61.84M | |||
| Pension & Post-Retirement Benefits | 863.00K | |||||
| Long-Term Deferred Tax Liabilities | 181.51M | 107.19M | 114.16M | 131.85M | 71.16M | 40.76M |
| Other Long-Term Liabilities | 506.27M | 350.43M | 350.69M | 274.88M | 261.98M | 315.56M |
| Total Liabilities | 4.29B | 3.65B | 3.53B | 3.64B | 1.12B | 948.88M |
| Common Stock | 1.40M | 1.39M | 1.39M | 1.38M | 1.37M | 1.35M |
| Additional Paid-In Capital | 728.83M | 650.67M | 599.40M | 578.81M | 397.34M | 320.75M |
| Retained Earnings | 4.22B | 3.65B | 3.06B | 2.61B | 2.25B | 1.95B |
| Comprehensive Income & Other | -4.58M | 5.58M | -26.08M | -40.18M | -46.50M | -8.55M |
| Total Common Equity | 4.95B | 4.31B | 3.64B | 3.15B | 2.61B | 2.26B |
| Minority Interest | 695.14M | 541.21M | 426.69M | 411.96M | 369.77M | 286.45M |
| Shareholders' Equity | 5.64B | 4.85B | 4.06B | 3.56B | 2.98B | 2.55B |
| Total Liabilities & Equity | 9.94B | 8.50B | 7.59B | 7.20B | 4.10B | 3.50B |
| Total Debt | 2.54B | 2.31B | 2.37B | 2.60B | 381.89M | 312.20M |
| Net Cash (Debt) | -2.30B | -2.09B | -2.20B | -2.43B | -242.39M | -203.90M |
| Net Cash Per Share | -16.30 | -14.85 | -15.72 | -17.51 | -1.76 | -1.48 |
| Filing Date Shares Outstanding | 139.76M | 139.36M | 138.83M | 138.25M | 136.64M | 135.51M |
| Total Common Shares Outstanding | 139.75M | 139.34M | 138.81M | 138.23M | 136.61M | 135.49M |
| Working Capital | 1.72B | 1.52B | 1.40B | 1.19B | 731.87M | 642.50M |
| Book Value Per Share | 35.40 | 30.90 | 26.20 | 22.76 | 19.08 | 16.70 |
| Tangible Book Value | -1.19B | -827.75M | -1.08B | -1.49B | 200.38M | 230.37M |
| Tangible Book Value Per Share | -8.48 | -5.94 | -7.77 | -10.75 | 1.47 | 1.70 |
| Land | 97.29M | 85.13M | 19.97M | 19.71M | 17.58M | 11.36M |
| Buildings | 269.41M | 255.78M | 217.55M | 202.50M | 148.60M | 134.15M |
| Machinery | 529.49M | 476.74M | 422.50M | 386.60M | 322.25M | 297.30M |
| Construction In Progress | 31.45M | 21.81M | 35.43M | 25.87M | 14.53M | 7.78M |
| Order Backlog | 2.11B |
Cash flow statement
Fiscal year November - October; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 847.72M | 690.38M | 514.11M | 403.60M | 351.68M | 304.22M |
| Depreciation & Amortization | 217.59M | 196.08M | 175.33M | 130.04M | 96.33M | 93.02M |
| Asset Writedown & Restructuring Costs | 7.50M | |||||
| Stock-Based Compensation | 74.62M | 54.82M | 36.39M | 30.75M | 24.83M | 19.15M |
| Other Operating Activities | 79.20M | 28.19M | 60.41M | -11.81M | 41.02M | 13.39M |
| Change in Accounts Receivable | -92.78M | -82.09M | -19.52M | -77.24M | -33.42M | -26.92M |
| Change in Inventory | -63.06M | -44.85M | -132.93M | -124.78M | -89.19M | -10.12M |
| Change in Accounts Payable | 45.95M | 27.59M | -9.82M | 10.97M | 25.57M | 6.91M |
| Change in Income Taxes | -713.00K | -19.43M | 20.22M | -4.50M | 11.60M | 2.82M |
| Change in Other Net Operating Assets | 2.70M | 83.56M | 20.68M | 91.70M | 39.44M | 41.62M |
| Operating Cash Flow | 1.11B | 934.27M | 672.37M | 448.74M | 467.86M | 444.08M |
| Capital Expenditures | -80.95M | -72.89M | -58.26M | -49.43M | -31.98M | -36.18M |
| Cash Acquisitions | -1.02B | -629.83M | -219.29M | -2.42B | -347.31M | -136.50M |
| Other Investing Activities | -7.85M | -28.98M | -15.65M | -13.24M | -16.54M | -10.77M |
| Investing Cash Flow | -1.11B | -731.69M | -293.20M | -2.48B | -395.83M | -183.45M |
| Long-Term Debt Issued | 495.00M | 130.00M | 3.15B | 262.00M | ||
| Short-Term Debt Repaid | -13.92M | -1.59M | ||||
| Long-Term Debt Repaid | -550.00M | -365.00M | -989.00M | -212.00M | -505.00M | |
| Total Debt Repaid | -2.12B | -550.00M | -378.92M | -990.59M | -212.00M | -505.00M |
| Net Debt Issued (Repaid) | 101.51M | -55.00M | -248.92M | 2.16B | 50.00M | -505.00M |
| Issuance of Common Stock | 6.83M | 13.21M | 7.95M | 6.71M | 2.35M | 5.34M |
| Repurchase of Common Stock | -25.33M | -22.39M | -29.91M | -14.85M | -25.95M | -3.79M |
| Common Dividends Paid | -34.89M | -31.97M | -29.07M | -27.37M | -24.47M | -23.00M |
| Other Financing Activities | -74.03M | -54.53M | -89.44M | -62.31M | -35.77M | -32.52M |
| Financing Cash Flow | -25.92M | -150.68M | -389.39M | 2.07B | -33.83M | -558.97M |
| Foreign Exchange Rate Adjustments | 625.00K | 3.78M | 1.28M | 2.23M | -6.99M | -216.00K |
| Net Cash Flow | -20.93M | 55.68M | -8.95M | 31.54M | 31.21M | -298.55M |
| Free Cash Flow | 1.03B | 861.38M | 614.11M | 399.30M | 435.87M | 407.90M |
| Free Cash Flow Margin | 19.90% | 19.21% | 15.92% | 13.45% | 19.74% | 21.86% |
| Free Cash Flow Per Share | 7.30 | 6.12 | 4.38 | 2.88 | 3.16 | 2.96 |
| Levered Free Cash Flow | 845.39M | 669.98M | 367.32M | 15.41M | 331.86M | 301.01M |
| Unlevered Free Cash Flow | 928.14M | 751.15M | 460.65M | 61.03M | 335.85M | 305.57M |
| Cash Interest Paid | 128.97M | 128.97M | 148.90M | 54.14M | 6.04M | 7.36M |
| Cash Income Tax Paid | 206.57M | 206.57M | 113.38M | 134.82M | 78.47M | 66.67M |
| Change in Working Capital | -107.90M | -35.21M | -121.37M | -103.85M | -46.00M | 14.30M |
Ratios
Fiscal year November - October; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 39.91B | 38.34B | 29.52B | 19.28B | 19.31B | 17.76B |
| Enterprise Value | 42.91B | 41.04B | 31.96B | 20.19B | 19.76B | 18.13B |
| Last Close Price | 251.58 | 247.49 | 191.62 | 126.70 | 126.68 | 124.87 |
| PE Ratio | 41.93 | 55.54 | 57.41 | 47.77 | 54.92 | 58.37 |
| PS Ratio | 7.71 | 8.55 | 7.65 | 6.50 | 8.75 | 9.52 |
| PB Ratio | 7.07 | 7.91 | 7.26 | 5.42 | 6.49 | 6.96 |
| P/TBV Ratio | 96.39 | 77.09 | ||||
| P/FCF Ratio | 38.74 | 44.51 | 48.06 | 48.28 | 44.31 | 43.54 |
| P/OCF Ratio | 35.92 | 41.04 | 43.90 | 42.96 | 41.28 | 39.99 |
| EV/Sales Ratio | 8.29 | 9.15 | 8.28 | 6.80 | 8.95 | 9.72 |
| EV/EBITDA Ratio | 29.11 | 33.42 | 32.04 | 26.31 | 33.75 | 37.22 |
| EV/EBIT Ratio | 34.15 | 39.77 | 38.88 | 31.68 | 40.40 | 46.01 |
| EV/FCF Ratio | 41.65 | 47.64 | 52.04 | 50.56 | 45.34 | 44.45 |
| Debt / Equity Ratio | 0.45 | 0.48 | 0.58 | 0.73 | 0.13 | 0.12 |
| Debt / EBITDA Ratio | 1.68 | 1.82 | 2.28 | 3.27 | 0.63 | 0.61 |
| Debt / FCF Ratio | 2.47 | 2.68 | 3.85 | 6.52 | 0.88 | 0.77 |
| Net Debt / Equity Ratio | 0.41 | 0.43 | 0.54 | 0.68 | 0.08 | 0.08 |
| Net Debt / EBITDA Ratio | 1.56 | 1.70 | 2.21 | 3.17 | 0.41 | 0.42 |
| Net Debt / FCF Ratio | 2.23 | 2.43 | 3.59 | 6.09 | 0.56 | 0.50 |
| Asset Turnover | 0.56 | 0.56 | 0.52 | 0.53 | 0.58 | 0.53 |
| Inventory Turnover | 2.24 | 2.19 | 2.16 | 2.27 | 2.54 | 2.42 |
| Quick Ratio | 1.11 | 1.17 | 1.22 | 1.19 | 1.25 | 1.47 |
| Current Ratio | 2.72 | 2.83 | 3.11 | 2.79 | 2.74 | 3.18 |
| Return on Equity (ROE) | 17.73% | 16.73% | 14.67% | 13.60% | 14.14% | 13.79% |
| Return on Assets (ROA) | 8.50% | 8.02% | 6.95% | 7.05% | 8.05% | 6.99% |
| Return on Invested Capital (ROIC) | 13.06% | 13.04% | 11.07% | 11.07% | 13.03% | 12.49% |
| Return on Capital Employed (ROCE) | 14.10% | 13.50% | 11.90% | 9.80% | 13.30% | 12.30% |
| Earnings Yield | 2.38% | 1.80% | 1.74% | 2.09% | 1.82% | 1.71% |
| FCF Yield | 2.58% | 2.25% | 2.08% | 2.07% | 2.26% | 2.30% |
| Dividend Yield | 0.10% | 0.08% | 0.10% | 0.14% | 0.13% | 0.13% |
| Payout Ratio | 4.17% | 4.63% | 5.65% | 6.78% | 6.96% | 7.56% |
| Buyback Yield / Dilution | -0.33% | -0.41% | -0.93% | -0.63% | -0.13% | -0.40% |
| Total Shareholder Return | -0.23% | -0.33% | -0.83% | -0.49% | -0.01% | -0.27% |