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HEICO Corporation

HEI-A
75
Aerospace & Defense · Industrials
Price
$233.06
+1.72 (+0.74%)
Market Cap
$43.17B
Exchange
New York Stock Exchange
Winston Score
75
Winston is happy
A high-quality business with solid fundamentals.
Data as of Oct 18, 2026 · filings through Jul 31, 2026

§How the score breaks down

Quality
Strong
23/30
Growth
Exceptional
20/20
Cash Flow
Exceptional
9/10
Stability
Strong
8/10
Valuation
Weak
2/10
Ownership
Good
10/15
Dividends
Good
3/5

75 of 100 counted points = Winston Score 75.

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Share count rising — dilution

+2.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 137.9M (2021) → 140.8M (2025)

§Winston Score History

The full picture

HEICO makes replacement parts for airplanes and jet engines, along with specialized electronic components used in aviation, defense, and space systems. Its customers include airlines, aircraft repair shops, and military contractors who need reliable parts at lower prices than buying directly from original manufacturers. HEICO is one of the largest independent providers of FAA-approved aircraft replacement parts in the world.

The company earns revenue by selling these parts and components, operating through two main segments: Flight Support and Electronic Technologies. Based in Hollywood, Florida, HEICO serves customers primarily in the U.S. but also sells internationally. Its moat comes from FAA certifications that are expensive and time-consuming for competitors to obtain, plus a disciplined acquisition strategy that has added dozens of niche businesses over the years. Key growth drivers include rising global air travel increasing demand for affordable replacement parts, though the company's premium valuation leaves limited room for any slowdown in its acquisition pace or end-market demand.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+23.1% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+33.1% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

↓ Declining (-100% vs prior year)

0.0% of revenue

Below sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

11.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$241M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

HEICO Corporation is a rare growth stock that's already generating positive cash flow while growing at 23%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
41.1%
Healthy — 41.1% gross margin
Profit after running costs
Operating Margin
25.1%
Excellent — 25.1% operating margin
Return on the money invested
ROCE
22.1%
Exceptional — 22.1% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth
Sales YoY
+20.7%
Fast-growing sales (+20.7% YoY)
Profit growth
EPS YoY
+31.6%
Earnings growing fast (+31.6% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
8/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash
Cash Conversion
131%
Turns 131% of profit into real cash
Spare cash per sale
FCF Margin
19.9%
Converts sales into free cash efficiently (19.9%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns
Debt / Equity
0.54
Conservative — low debt load (0.54)
Covers its interest
Interest Cover
9.40x
Comfortably covers interest (9.4x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
38.3x
Pricey — P/E 38.3

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
-4.8
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
0.11%
Small dividend — 0.11% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
+17.1%
Dividend growing fast (17.1% YoY)
Payout Ratio
4%
no trend
Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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