HEI.US: Aerospace aftermarket + electronics compounder

Snapshot

Price

USD 320

Mkt cap

USD 45.0B

Revenue

USD 4.5B

Gross margin (approx)

0.4

As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)

Thesis

HEICO Compounding platform via PMA aftermarket parts + electronics/defense subsystem M&A: multi-year revenue and OCF expansion with solid margins; rich valuation—watch organic growth, flight hours, M&A discipline.

Business

Model: Flight Support + Electronic Technologies. Flagships: PMA/OEM aftermarket; rad-hard/RF/power electronics. Edge: certification moat, cost vs OEM, M&A culture. Strategy: bolt-on acquisitions to widen install base and electronics content.

Value chain

Mid-stack aero manufacturing/MRO; upstream metals/electronics; downstream airlines, MROs, OEMs, some defense. Risks: certification lead times; materials/chips; flight-hour cycle.

Valuation

Valuation snapshot (multi-lens)

Valuation snapshot (multi-lens)

Metric	Value	Note
TTM PE	N/A	未接入具名行情源；TTM 盈利≤0 或未核验时不填造倍数
PB	N/A	待最新净资产与市值核验
股息率	N/A	待分红公告 / IR
现价语境	约 320	HEI · 以包内 kpi_snapshot 时点为准

Valuation & return · ~3y

Interactive chart available in the reader.

Quality compounder premium (high P/E); sensitive to airline cycle and deal multiples.

Financial trend (~24 months)

Illustrative 8Q with YoY/QoQ (reconstructed from public disclosures; not audit-line):

Revenue · last 8Q

Interactive chart available in the reader.

Gross margin · last 8Q

Interactive chart available in the reader.

Net income · last 8Q

Interactive chart available in the reader.

Financial health (§A.7)

Financial health (OCF / debt / liquidity / audit)

Financial health (OCF / debt / liquidity / audit)

Item	Value	Note
财务健康总评	稳健偏扩张	以最新季报 OCF 与净现金为准
经营现金流	见最新 10-Q	AI 周期龙头通常 OCF 强劲
净负债 / 现金	投资级或净现金	详见 table 与 IR
流动性	充裕	Current ratio / cash & equivalents
审计意见	无保留（常规预期）	以最新 10-K 为准

Operations

Volume: utilization + parts catalog; price: PMA discount vs OEM with margin; cost: deal amortization + manufacturing. Strong OCF.

Key financials

Key financials

Item	Value	YoY	Note
FY2025 rev (approx)	~$4.49B	+16%	Continued compounding
OCF	Strong / rising	—	Cash generation quality
Flight Support	Core aftermarket	—	Flight-hour linked
Electronic Tech	Niche modules	—	Higher tech content

Competition

Peer strengths/weaknesses:

Market share trend · last 8Q

Interactive chart available in the reader.

Peer market share comparison (latest est.)

Interactive chart available in the reader.

Peer map

Peer map

Company	Share/role	Margin	Strength	Weakness
HEICO (self)	PMA+electronics	High teens OM	Compounder M&A	Valuation
TransDigm	Proprietary aero	Very high	Pricing power	Leverage / multiple
Honeywell	Diversified aero	Mid	Scale avionics	Less pure aftermarket
RTX (Collins)	OEM systems	Mid	OEM content	Conglomerate

Management

Management (24m)

Management (24m)

Role	Name	Since	24m change
Co-CEO	Eric Mendelson / Victor Mendelson	long-tenured	No material change
CFO	Carlos Macau	long-tenured	Stable
Board / founders	Mendelson family influence	ongoing	Culture continuity

Stability: Steady: long-tenured family/professional leadership; stable M&A culture.

Outlook

Track Flight Support organic growth, ET orders, M&A pace, multiple digestion.

Scenarios

Risks

Not investment advice; defer to latest company filings.

Tracking

Check next earnings for:

1. Next-quarter revenue & margin vs guide
2. OCF vs CapEx / payout
3. Competitive share shifts
4. Valuation vs historical mid-cycle
5. Key policy / supply-chain variables

Confirm: guide hit, share stable, OCF matches earnings.
Disconfirm: guide cut, share loss, leverage stress.

References

1. HEI IR / latest 10-Q — SEC EDGAR
2. https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=HEI
3. Cross-links in body [[article:]] refs

Not investment advice. Missing valuation points are N/A/null; defer to latest filings and named market data.