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HEICO

catalyst in 43dNo base rate yet — HEI has 0 graded prints on the record, and the bar is 3.Website
Ticker
HEI
Beat
space
Size
Public Company
Revenue
$1.4B
as of Jul 2026
Cash
$241M
as of Jul 2026
Researched · Fresh
7 days ago

Best-in-class aerospace-aftermarket compounder firing on all engines (18% organic, record margins) — but the moat is in the price; at ~60x forward earnings the stock is a great company priced as a bond you can never lose on, and any organic deceleration re-rates it hard.

Orbit · who it trades with and competes with
3 on the rings · 2 trade · 1 rival
3 mentions across our dossiers
Focus · Space
HEICO
HEI · public
No published house view
Trades with
Competes with
Next prints in its web
Links · 3 companies · 2 trade · 1 rival
“Read: on EV/EBITDA (~26–31), ATRO is at the low end of the niche-supplier pack (below HEICO ~32 and Curtiss-Wright ~35) — which is the bull's "it's cheaper than the compounders" argument.”Astronics · TRADE · from Astronics’s dossier
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Price

Weekly closes

HEI · weekly close
321.36 USD+8.1%
Friday 30 Oct 2026 · last 52 Fridays 264.04–374.67
pick a pin
Every pin is a dated row
Solid: filed with the SEC, settled at FINRA, or a recorded split. Hollow: the scheduled print, past the last close, never a price.
Height is the close · the ribbon is the stored record, a missing week a missing point · a pin stands on its Friday
  1. Short interest: 3,686,093 sh · 8.67 days to cover, FINRA · settled 15 Oct 2026
  2. Insiders bought, 90 days: 82,556 sh · 11 filings, Form 4 · 26 Oct 2026
  3. Next print: in 43 days, Scheduled · 16 Dec 2026, scheduled
321.36USD+8.1%space +0.7%HEI · 112 weekly closes to 2026-10-30

Who is buying

Insiders bought, last 90 daysSEC Form 4 · newest 26 Oct 2026
11 filings · 82,556 shares
Shares sold shortFINRA · settled 15 Oct 2026
3,686,093 shares
Days to unwind the shortFINRA · settled 15 Oct 2026
8.67
see the whole series
Financials

The reported figures

Revenue · quarterly
$1.4B
latest, Q2 ’26 · 12 periods stored
Filed · primary
Q2 ’26
$1.4B USD
as of 31 Jul 2026
Source: sec.gov
Solid = filed (primary) · hollow dashed = estimate · a dashed floor tick is a period with no figure held · quarterly and annual never share an axis
HEICO, quarterly figures held, Q3 ’23 to Q2 ’26
PeriodAs ofRevenueOperating marginFree cash flowCapexCashGradingSource
Q3 ’2331 Oct 2023$936M USD20.2% share of revenue$133M USD$15.3M USD$171M USDFiled · primarysec.gov
Q4 ’2331 Jan 2024$896M USD20.1% share of revenue$98.3M USD$13.4M USD$196M USDFiled · primarysec.gov
Q1 ’2430 Apr 2024$955M USD21.9% share of revenue$128M USD$12.9M USD$204M USDFiled · primarysec.gov
Q2 ’2431 Jul 2024$992M USD21.8% share of revenue$198M USD$15.8M USD$203M USDFiled · primarysec.gov
Q3 ’2431 Oct 2024$1.0B USD21.6% share of revenue$190M USD$16.1M USD$162M USDFiled · primarysec.gov
Q4 ’2431 Jan 2025$1.0B USD22.0% share of revenue$186M USD$17.3M USD$165M USDFiled · primarysec.gov
Q1 ’2530 Apr 2025$1.1B USD22.6% share of revenue$189M USD$16.0M USD$242M USDFiled · primarysec.gov
Q2 ’2531 Jul 2025$1.1B USD23.1% share of revenue$218M USD$12.7M USD$262M USDFiled · primarysec.gov
Q3 ’2531 Oct 2025$1.2B USD23.1% share of revenue$268M USD$26.8M USD$218M USDFiled · primarysec.gov
Q4 ’2531 Jan 2026$1.2B USD22.1% share of revenue$165M USD$13.5M USD$261M USDFiled · primarysec.gov
Q1 ’2630 Apr 2026$1.4B USD25.5% share of revenue$274M USD$18.1M USD$210M USDFiled · primarysec.gov
Q2 ’2631 Jul 2026$1.4B USD25.1% share of revenue$323M USD$22.6M USD$241M USDFiled · primarysec.gov

HEICO’s figures as the company reported them in its filings. Quarters are calendar quarters, so a company whose year ends in January shows each fiscal quarter under the calendar quarter it falls in. An empty slot is a quarter we hold no figure for.

Revenue · quarterlyQ3 ’23 – Q2 ’26
$1.4B+23% vs Q2 ’25

Q2 ’26 · as of Jul 2026

Revenue Q3 ’23: $936M, as of Oct 2023Revenue Q4 ’23: $896M, as of Jan 2024Revenue Q1 ’24: $955M, as of Apr 2024Revenue Q2 ’24: $992M, as of Jul 2024Revenue Q3 ’24: $1.0B, as of Oct 2024Revenue Q4 ’24: $1.0B, as of Jan 2025Revenue Q1 ’25: $1.1B, as of Apr 2025Revenue Q2 ’25: $1.1B, as of Jul 2025Revenue Q3 ’25: $1.2B, as of Oct 2025Revenue Q4 ’25: $1.2B, as of Jan 2026Revenue Q1 ’26: $1.4B, as of Apr 2026Revenue Q2 ’26: $1.4B, as of Jul 2026
Operating margin · quarterlyQ3 ’23 – Q2 ’26
25.1%+2.0 pts vs Q2 ’25

Q2 ’26 · as of Jul 2026

Operating margin Q3 ’23: 20.2%, as of Oct 2023Operating margin Q4 ’23: 20.1%, as of Jan 2024Operating margin Q1 ’24: 21.9%, as of Apr 2024Operating margin Q2 ’24: 21.8%, as of Jul 2024Operating margin Q3 ’24: 21.6%, as of Oct 2024Operating margin Q4 ’24: 22.0%, as of Jan 2025Operating margin Q1 ’25: 22.6%, as of Apr 2025Operating margin Q2 ’25: 23.1%, as of Jul 2025Operating margin Q3 ’25: 23.1%, as of Oct 2025Operating margin Q4 ’25: 22.1%, as of Jan 2026Operating margin Q1 ’26: 25.5%, as of Apr 2026Operating margin Q2 ’26: 25.1%, as of Jul 2026
Free cash flow · quarterlyQ3 ’23 – Q2 ’26
$323M

Q2 ’26 · as of Jul 2026

Free cash flow Q3 ’23: $133M, as of Oct 2023Free cash flow Q4 ’23: $98.3M, as of Jan 2024Free cash flow Q1 ’24: $128M, as of Apr 2024Free cash flow Q2 ’24: $198M, as of Jul 2024Free cash flow Q3 ’24: $190M, as of Oct 2024Free cash flow Q4 ’24: $186M, as of Jan 2025Free cash flow Q1 ’25: $189M, as of Apr 2025Free cash flow Q2 ’25: $218M, as of Jul 2025Free cash flow Q3 ’25: $268M, as of Oct 2025Free cash flow Q4 ’25: $165M, as of Jan 2026Free cash flow Q1 ’26: $274M, as of Apr 2026Free cash flow Q2 ’26: $323M, as of Jul 2026

Operating cash flow minus capital spending.

Cash · quarterlyQ3 ’23 – Q2 ’26
$241M

Q2 ’26 · as of Jul 2026

Cash Q3 ’23: $171M, as of Oct 2023Cash Q4 ’23: $196M, as of Jan 2024Cash Q1 ’24: $204M, as of Apr 2024Cash Q2 ’24: $203M, as of Jul 2024Cash Q3 ’24: $162M, as of Oct 2024Cash Q4 ’24: $165M, as of Jan 2025Cash Q1 ’25: $242M, as of Apr 2025Cash Q2 ’25: $262M, as of Jul 2025Cash Q3 ’25: $218M, as of Oct 2025Cash Q4 ’25: $261M, as of Jan 2026Cash Q1 ’26: $210M, as of Apr 2026Cash Q2 ’26: $241M, as of Jul 2026
Shares outstanding · annualFY21 – FY25
140.8M+2.1% since FY21

FY25 · as of Dec 2025

Shares outstanding FY21: 137.8M, as of Dec 2021Shares outstanding FY22: 138.0M, as of Dec 2022Shares outstanding FY23: 138.9M, as of Dec 2023Shares outstanding FY24: 140.2M, as of Dec 2024Shares outstanding FY25: 140.8M, as of Dec 2025

A rising count is dilution: each existing share owns less of the company.

Latest filing: sec.gov

The record

What happened

What happened
DateTypeWhat happenedSource
2026-10-28filingForm 4 filings: 3 HEICO insiders, option exercisesEric Mendelson, Victor Mendelson and Carlos Macau filed Form 4s dated 26 Oct 2026: option exercises (code M) of 146,000 shares and tax withholding (code F) of 69,601 shares.agent:company-events · SEC EDGAR Form 4
2026-10-27editorial noteSources added: 0 → 3The dossier's cited-link count grew from 0 to 3 (deep-dive-2026-06-21.md → deep-dive-2026-10-27.md).dossier
2026-10-27editorial noteMargin figure revised: 26.2% → 25.1%Margin moved from 26.2% (deep-dive-2026-06-21.md) to 25.1% (deep-dive-2026-10-27.md).dossier
2026-10-13filingHEICO: 8 insiders filed Form 4s, purchases on 8 Oct 20268 insiders filed Form 4s reporting purchases (code P) on 8 Oct 2026 totalling 6,157 Class A shares at $220.30 (7 people) and $294.93 (1 person).agent:company-events · SEC EDGAR Form 4
2026-10-13filingForm 4 cluster: 8 directors/officers, open-market purchases 8 Oct 2026On 8 Oct 2026 eight insiders bought Class A stock: seven bought 795 sh each at $220.3043; Neitzel bought 592 sh at $294.9343. Total 6,157 sh.agent:company-events · SEC EDGAR Form 4
dossier age
7 days
researched 27 Oct 2026 · ring fills at 180
pick a section
Each column is a section of the dossier
Its height is how many times the section names a filing: 12 mentions across 2 sections. A dashed foot names none.
Primary sources
0 of 2 sections name no filing · Enter steps through them
  1. The dossier: Refresh delta (since 2026-06-21), 395 words, 9 filing mentions
  2. The dossier: What held, 52 words, 3 filing mentions
Research

The HEICO dossier

The verdict

Best-in-class aerospace-aftermarket compounder firing on all engines (18% organic, record margins) — but the moat is in the price; at ~60x forward earnings the stock is a great company priced as a bond you can never lose on, and any organic deceleration re-rates it hard.

Primary sources

SEC filings

Source documents — open to read in full

Refresh delta (since 2026-06-21)

  1. Q3 FY2026 results. Net sales a record $1,413.1M vs $1,147.6M (+23%; consolidated organic growth 14%). Operating income a record $355.2M (+34%), operating margin 25.1% vs 23.1%. Net income a record $235.4M ($1.67 per diluted share) vs $177.3M ($1.26). EBITDA $415.2M vs $316.4M. [sec.gov: Form 8-KA filing for something that happened between reports and matters enough to tell shareholders now. filed 2026-08-25, exhibit 99.1, https://www.sec.gov/Archives/edgar/data/46619/000004661926000018/a07312026ex991earningsrele.htm; quarter ended 2026-07-31]
  2. Nine months. Net sales $3,967.3M (+21%), operating income $965.5M (+30%, margin 24.3%), net income $659.4M ($4.67 per diluted share, +31%), EBITDA $1,135.5M. [sec.gov: 8-K filed 2026-08-25, exhibit 99.1, same URL as item 1]
  3. Segments. Flight Support Group net sales $947.8M (+18%, organic +12%), operating income $245.3M (+24%), operating margin 25.9% vs 24.7%; nine-month Flight Support organic growth 15%. [sec.gov: 8-K filed 2026-08-25, exhibit 99.1, same URL as item 1]
  4. Cash flow and leverage. Cash flow from operations $345.3M (+49%). Total debt to net income attributable to HEICO 3.00x and net debt to EBITDA 1.57x at 2026-07-31 (1.60x at 2025-10-31). [sec.gov: 8-K filed 2026-08-25, exhibit 99.1, same URL as item 1]
  5. Senior notes. On 2026-07-16 the company completed a public offering of $550M of 4.950% senior notes due 2031-08-01 and $650M of 5.400% senior notes due 2036-08-01, using the proceeds to repay revolving credit facility borrowings. [sec.gov: 8-K filed 2026-07-16, https://www.sec.gov/Archives/edgar/data/46619/000121390026078776/ea0298133-8k_heico.htm; 8-K filed 2026-08-25, exhibit 99.1, same URL as item 1]
  6. Acquisitions. The Form 10-QThe quarterly version of the annual report. Lighter, and not audited. reports that in June 2026 an 80%-owned Flight Support subsidiary (20% held by William Cook Holdings Limited) acquired Cook Defence (track systems, mobility solutions and armored steel components for military fighting vehicles), and that a HEICO Electronic subsidiary acquired 90% of CalRamic Technologies LLC (high-voltage ceramic capacitors), paid in cash. [sec.gov: 10-Q filed 2026-08-27, https://www.sec.gov/Archives/edgar/data/46619/000004661926000020/hei-20260731.htm]
  7. Where the new filings meet the carried view (stated as fact, no line changed). The carried seed catalyst "Q3 FY2026 print (organic-growth deceleration is the key watch-item; bar is 'record every quarter')" meets items 1 and 3: consolidated organic growth of 14% (the carried verdict cites 18% organic) and record sales, operating income and net income. The carried catalyst "close of the announced military track-systems acquisition (FSG, 80%)" meets item 6: the 10-Q reports the Cook Defence acquisition completed in June 2026 through an 80%-owned subsidiary. The carried risk "redeemable-NCI cash claims" meets item 6 (20% and 10% minority holders). The carried seed's price figures (~$337) and Street target rest on market data this delta does not refresh.

What held

  • Record sales, operating income and net income, with operating margin above 25% (item 1). [sec.gov: 8-K filed 2026-08-25, exhibit 99.1]
  • Leverage ratios eased slightly (item 4). [sec.gov: 8-K filed 2026-08-25, exhibit 99.1]
  • The company continues to buy businesses with cash and debt (items 5, 6). [sec.gov: 10-Q filed 2026-08-27]

How our view changed

2 dossiers

Every dossier we have written on HEICO, newest first.

  1. current

    Best-in-class aerospace-aftermarket compounder firing on all engines (18% organic, record margins)

  2. Best-in-class aerospace-aftermarket compounder firing on all engines (18% organic, record margins)

Company details

IndustrySpace
SizePublic Company
WebsiteVisit HEICO

Others in space

5 names

Where HEICO sits against the other names we cover on this beat. Each line is that company’s verdict, not a summary of it.