HEICO CORP
$340.18
+0.67 (+0.20%) · delayed · Nov 13, 2026
Five-year price
52w $256.11 to $376.86
- Market cap
- $47.9B
- Enterprise value
- $49.8B
- P/E
- 69.4×
- 88.9× on 3y avg EPS
- EV / EBIT
- 48.9×
- FCF yield
- 1.8%
- ROIC
- 13.6%
- Debt / equity
- 0.50
- Piotroski F
- 7/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
67
- ●ROIC > 12% (5y avg)5y avg ROIC 12.6%
- ○ROE > 15% (5y avg)5y avg ROE 14.0%
- ●Stable operating marginsMargin volatility 0.7% (σ, 5y)
- ●Earnings convert to cashFCF / net income 120% (5y avg)
- ●Growing revenueRevenue CAGR 5y 20.2%
- ○Shrinking share countDiluted shares 2.5% over 5y
Value
0
- ○P/E below 15P/E 69.4
- ○EV/EBIT below 12EV/EBIT 48.9
- ○FCF yield above 6%FCF yield 1.8%
- ○Price below Graham NumberGraham Number $58.07
- ○P/B below 3P/B 11.1
Safety
75
- ○Debt / equity below 0.5D/E 0.50
- ●Debt payable in < 4 yrs of earningsNet debt $2.0B
- –Interest coverage > 8xCoverage n/ax
- ●Current ratio > 1.5Current ratio 2.83
- ●Piotroski F-score ≥ 6F-score 7/9
Graham Defensive
71
- ●Adequate size (revenue > $2B)Revenue $4.5B
- ●Strong condition (current ratio ≥ 2)Current ratio 2.83
- ●Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 159%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 88.9
- ○P/E × P/B ≤ 22.5Product 988.8
Valuation lab
What do you have to believe?
At $340.18, the market is pricing in about 19.8% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $2.0B · 141M shares · 5y revenue CAGR 20.2%
Intrinsic value
$346.35
Price
$340.18
Margin of safety
2%
What the price implies
The market is paying for 19.8% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
70% of the value sits beyond year 10. That means the answer depends mostly on the long-run assumptions.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,376 | 1,525 | 1,778 | 2,056 | 1,787 | 1,866 | 2,208 | 2,968 | 3,858 | 4,485 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | 265 | 307 | 376 | 457 | 377 | 393 | 497 | 625 | 824 | 1,019 |
| Operating margin | 19.3% | 20.1% | 21.2% | 22.2% | 21.1% | 21.1% | 22.5% | 21.1% | 21.4% | 22.7% |
| Pre-tax income | 257 | 298 | 356 | 438 | 365 | 387 | 491 | 555 | 678 | 894 |
| Income tax | 81 | 90 | 71 | 78 | 29 | 57 | 100 | 111 | 119 | 148 |
| Net income | 156 | 186 | 259 | 328 | 314 | 304 | 352 | 404 | 514 | 690 |
| EPS (diluted) | 1.17 | 1.37 | 1.90 | 2.39 | 2.29 | 2.21 | 2.55 | 2.91 | 3.67 | 4.90 |
| Diluted shares | 133 | 136 | 137 | 137 | 137 | 138 | 138 | 139 | 140 | 141 |
Who owns it