Heico
HEI on NYSE. HEICO sells jet engine and aircraft parts and electronics to aviation and defense customers. Market value $28.3bn.
Price checks use the past 12 months to July 2026. Quality checks use five annual reports, the latest for the year to October 2025.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
What to watch out for
See cheaper Industrials stocks on the list
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $2.41 of spare cash in the past 12 months. A savings account pays about $4.
You pay 36.1 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 13 cents a year. Above 10 is good.
Quality score: 97 of 100. Price score: 24 of 100. Our list needs 70 on quality and 60 on price.
$303.26 a share, 18% above its 1-year low
Over the past year the price has ranged from $256.11 to $376.86.
Dividend: 0.1% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $1.9bn | $2.2bn | $3.0bn | $3.9bn | $4.5bn |
| Operating margin | |||||
| Operating margin | 21.1% | 22.5% | 21.1% | 21.4% | 22.7% |
| Debt to equity | |||||
| Debt to equity | 0.10 | 0.11 | 0.78 | 0.61 | 0.50 |
| Shares outstanding | |||||
| Shares outstanding | 0.14bn | 0.14bn | 0.14bn | 0.14bn | 0.14bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)7 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- Debt0.50× equity
- Revenue growth, five yearsStrong, 20.2% a year
- Buying back its own sharesRoughly flat
The quarter to July 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $1.4 billion last quarter, up 23% on a year ago.
- Profit: $235 million, up 33% on a year ago.
- It keeps 24 cents of each $1 of sales as operating profit, up from 22 cents a year earlier.
- Spare cash over the past 12 months: $1 billion, up from $782 million.
- About the same number of shares as a year ago.
- Debt is $2.3 billion more than cash, up from $2.2 billion a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| October 2024 | $1.0bn |
| January 2025 | $1.0bn |
| April 2025 | $1.1bn |
| July 2025 | $1.1bn |
| October 2025 | $1.2bn |
| January 2026 | $1.2bn |
| April 2026 | $1.4bn |
| July 2026 | $1.4bn |
| Quarter to | Amount |
|---|---|
| October 2024 | $140m |
| January 2025 | $168m |
| April 2025 | $157m |
| July 2025 | $177m |
| October 2025 | $188m |
| January 2026 | $190m |
| April 2026 | $234m |
| July 2026 | $235m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 22 December 2025
- Next quarterly (estimated, 10-Q)
- 26 November 2026
Who owns it
2 long-term investors we follow own it, unchanged from 2 last quarter. 773 funds in all.
- GAMCO InvestorsMario Gabelli
- Value
- $44m
- Share of fund
- 0.4%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| GAMCO InvestorsMario Gabelli | $44m | 0.4% | |
| Gotham Asset ManagementJoel Greenblatt | $13m | <0.1% | Added |
Largest holders overall
- BlackRock$1.4bnCut
- Price T Rowe Associates$1.1bnAdded
- Capital International Investors$1.0bnAdded
- Vanguard Portfolio Management$798m
- State Street$597mCut
- Capital World Investors$595mCut
- FMR$516mCut
- Vanguard Capital Management$495mAdded
- UBS Group AG$488mAdded
- Morgan Stanley$422mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
5 investors own more than 5%.
- PRINCIPAL GLOBAL INVESTORSPassive investorat least 8.6%−2.0 pts(filed with 1 related holder)Since 30 June 2026
- T. Rowe Price Associates, Inc.Passive investor5.8%Since 30 June 2026
- Vanguard Capital ManagementPassive investor5.6%Since 31 March 2026
- Capital International InvestorsPassive investor5.1%Since 31 March 2026
- BlackRock, Inc.Passive investor5.1%−2.9 ptsSince 31 March 2025
- Capital World InvestorsPassive investorSold down below 5%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
PRINCIPAL GLOBAL INVESTORS Passive investor | at least 8.6%−2.0 pts (filed with 1 related holder) | 30 June 2026 | |
T. Rowe Price Associates, Inc. Passive investor | 5.8% | 30 June 2026 | |
Vanguard Capital Management Passive investor | 5.6% | 31 March 2026 | |
Capital International Investors Passive investor | 5.1% | 31 March 2026 | |
BlackRock, Inc. Passive investor | 5.1%−2.9 pts | 31 March 2025 | |
Capital World Investors Passive investor | Sold down below 5% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 9 insiders bought $2m of shares on the open market. 2 sold $471,149.
- Rowen Bradley KChief Accounting OfficerSold
- Date
- 10 June 2026
- Shares
- 1,326
- Price
- $241.63
- Value
- $320,401
- Neitzel JulieDirectorSold
- Date
- 15 April 2026
- Shares
- 676
- Price
- $223.00
- Value
- $150,748
- CHERUVATATH NANDAKUMARDirectorBought
- Date
- 4 March 2026
- Shares
- 4,082
- Price
- $244.95
- Value
- $999,886
- Hildebrandt Mark HDirectorBought
- Date
- 21 October 2025
- Shares
- 400
- Price
- $248.76
- Value
- $99,504
- Fine Carol F.DirectorBought
- Date
- 10 October 2025
- Shares
- 672
- Price
- $243.93
- Value
- $163,921
- Neitzel JulieDirectorBought
- Date
- 10 October 2025
- Shares
- 676
- Price
- $243.93
- Value
- $164,897
- Hildebrandt Mark HDirectorBought
- Date
- 10 October 2025
- Shares
- 676
- Price
- $243.93
- Value
- $164,897
- CULLIGAN THOMAS MDirectorBought
- Date
- 10 October 2025
- Shares
- 676
- Price
- $243.93
- Value
- $164,897
- SCHRIESHEIM ALANDirectorBought
- Date
- 10 October 2025
- Shares
- 672
- Price
- $243.93
- Value
- $163,921
- HENRIQUES ADOLFODirectorBought
- Date
- 10 October 2025
- Shares
- 676
- Price
- $243.93
- Value
- $164,897
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 10 June 2026 | Rowen Bradley K Chief Accounting Officer | Sold | 1,326 | $241.63 | $320,401 |
| 15 April 2026 | Neitzel Julie Director | Sold | 676 | $223.00 | $150,748 |
| 4 March 2026 | CHERUVATATH NANDAKUMAR Director | Bought | 4,082 | $244.95 | $999,886 |
| 21 October 2025 | Hildebrandt Mark H Director | Bought | 400 | $248.76 | $99,504 |
| 10 October 2025 | Fine Carol F. Director | Bought | 672 | $243.93 | $163,921 |
| 10 October 2025 | Neitzel Julie Director | Bought | 676 | $243.93 | $164,897 |
| 10 October 2025 | Hildebrandt Mark H Director | Bought | 676 | $243.93 | $164,897 |
| 10 October 2025 | CULLIGAN THOMAS M Director | Bought | 676 | $243.93 | $164,897 |
| 10 October 2025 | SCHRIESHEIM ALAN Director | Bought | 672 | $243.93 | $163,921 |
| 10 October 2025 | HENRIQUES ADOLFO Director | Bought | 676 | $243.93 | $164,897 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 22 Dec 2025, plus the 10-Q filed 27 Aug 2026 and 6 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It isn't cheap on profits: 36.1× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.