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HEICO

HEICO Corporation is a technology-driven company specializing in the design, manufacture, and distribution of , , and products and services, headquartered at 3000 Taft Street in . Founded in 1957 as Heinicke Instruments Company and renamed HEICO in 1986, it went public in 1960 and has been listed on the since 1999, marking its 65th anniversary in 2022. The company operates through two primary segments: the Flight Support Group (FSG), which focuses on FAA-approved replacement parts, repairs, and distribution for commercial and , holding over 19,000 FAA approvals and developing more than 500 new parts annually; and the Electronic Technologies Group (ETG), which engineers high-reliability electronic, microwave, electro-optical, and data products for applications in , , medical, and industrial sectors. With a global presence across 18 countries and over 70 operating subsidiaries, HEICO serves major airlines, defense contractors, and industrial clients by emphasizing innovation, quality, and cost-effective solutions, including over 700 FAA-DER repairs developed each year. As of 2024, the company employed approximately 10,000 people worldwide. Financially, HEICO has demonstrated consistent , surpassing $1 billion in annual in 2013 and reaching a exceeding $16 billion in 2019, with trailing twelve-month revenue of $4.29 billion as of September 2025 and for the first half of fiscal 2025 rising 37% to $324.7 million. Key leadership includes President and CEO Eric A. Mendelson, who succeeded his father, the late Executive Chairman Laurans A. Mendelson, following the latter's passing in 2025.

History

Founding and Early Development

HEICO Corporation traces its origins to 1957, when Dr. William Heinicke founded the Heinicke Instruments Company in . The company initially concentrated on manufacturing laboratory equipment designed for medical applications, establishing a foundation in precision instrumentation for scientific and healthcare needs. In its early years, Heinicke Instruments developed and produced proprietary tools, focusing on innovative solutions for testing and analysis. This period marked the company's growth through the creation of specialized equipment that supported operations, with operations centered on , fabrication, and sales of these instruments. Revenue during this foundational phase derived primarily from sales of and products, reflecting a dedicated to non-aviation sectors. A significant milestone came in 1960, when Heinicke Instruments transitioned to a public company through its , providing capital for further development and expansion of its product lines. This move enabled the company to scale its operations while maintaining its emphasis on laboratory instrumentation, setting the stage for future diversification, including its entry into the industry in 1974.

Aerospace Entry and Growth

In 1974, Heinicke Instruments Co. acquired Jet Avion Corporation, a manufacturer of parts, marking the company's initial entry into the industry and the production of FAA-approved parts. Building on this foundation, the company expanded its operations throughout the late and early , focusing on the through the design and distribution of FAA-approved parts and the initiation of repair services for commercial s. This period of growth was supported by FAA safety regulations and the of fares, which increased demand for cost-effective solutions. By 1986, the segment—driven largely by Jet Avion—accounted for approximately two-thirds of total sales, demonstrating the transformative impact of this pivot. In , the company rebranded as HEICO Corporation to emphasize its evolving emphasis on diversified high-technology products, particularly in . That year, HEICO achieved earnings of $7.6 million on sales of $46 million, underscoring the success of its initiatives. Key milestones in the included the development of proprietary components and the securing of initial contracts with suppliers, which contributed to sustained expansion in parts sales for both commercial and defense applications.

Acquisitions and Expansion

HEICO Corporation has pursued a robust growth strategy through since the 1990s, completing over 100 acquisitions that complement its niche positions in , defense, space, medical, , and sectors. This approach has focused on smaller, bolt-on deals targeting complementary firms in and , enabling portfolio enhancement with minimal integration challenges and preserving operational autonomy for acquired entities. By emphasizing parts suppliers and repair providers, these acquisitions have bolstered HEICO's Flight Support Group (FSG) and Electronic Technologies Group (ETG) without venturing into high-risk, large-scale overhauls. A pivotal early expansion occurred in 1997 when invested $26 million for a 20% stake in HEICO's , facilitating HEICO's entry into the accessory component repair and overhaul . This partnership provided technical expertise and market access, marking HEICO's initial foray into MRO services during the late 1990s wave of acquisitions that totaled around 49 deals. More recently, in 2023, HEICO executed its largest acquisition to date by purchasing Wencor Group for $2.05 billion from affiliates, significantly expanding FSG's offerings in generic parts and aftermarket . The deal, completed in August 2023, integrated Wencor's repair and distribution capabilities, adding approximately $724 million in annual revenue and strengthening HEICO's position in supply chains. The strategic rationale behind these bolt-on acquisitions centers on accretive , leveraging HEICO's strong flows and conservative to undervalued assets that align with existing bases, such as airlines and OEMs. This disciplined approach avoids overpayment and emphasizes synergies in product development, as evidenced by periods of accelerated activity like seven acquisitions in and another seven in 2019. The impact has been substantial, with acquisitions driving net sales from approximately $203 million in fiscal to $1.787 billion in fiscal , more than tripling revenue through compounded organic and inorganic contributions. In 2025, HEICO continued this trajectory with smaller tech-focused integrations, including the January acquisition of key assets and an exclusive license for Honeywell's and 737NG product lines via its Sunshine Avionics subsidiary, enhancing cockpit avionics capabilities. Additional deals, such as the April purchase of Rosen Aviation for systems and the July acquisition of Gables Engineering for technologies, further exemplify the bolt-on strategy's role in incremental FSG and ETG expansion. These moves, alongside the agreement to acquire Axillon Fuel Containment for specialized defense components, underscore HEICO's ongoing commitment to targeted growth amid a recovering market.

Business Segments

Flight Support Group (FSG)

The Flight Support Group (FSG) of HEICO Corporation specializes in the design, manufacture, and repair of FAA-approved replacement parts for both commercial and military aircraft, with a particular emphasis on jet engines, landing gear, and related components. This segment operates as a leading provider of aftermarket solutions, including Parts Manufacturer Approval (PMA) parts and Designated Engineering Representative (DER) repairs, which offer cost-effective alternatives to original equipment manufacturer (OEM) parts while maintaining stringent safety and performance standards. Through its subsidiaries, such as HEICO Parts Group and HEICO Repair Group, FSG delivers maintenance, repair, and overhaul (MRO) services for flight-critical components, enabling airlines and operators to reduce downtime and operational costs. FSG's product portfolio encompasses over 20,000 proprietary FAA-PMA approved parts, covering a wide range of aircraft systems including sensors for engine monitoring and actuators for control mechanisms. These parts are engineered for compatibility with major engine platforms, such as those from General Electric and Pratt & Whitney, as well as airframe components like landing gear assemblies and fuel pumps. The group's repair capabilities extend to over 32,000 unique aircraft parts, positioning it as one of the world's largest independent MRO providers for such components. By focusing on aftermarket PMA solutions, FSG helps address supply chain challenges in the aerospace industry, providing reliable, FAA-certified alternatives that support extended service life for aging fleets. FSG serves a broad market, including all major commercial airlines and key defense contractors such as and , supplying parts and repair services to sustain both passenger and military operations worldwide. This customer base underscores FSG's role in the global aviation ecosystem, where it contributes approximately 68% of HEICO's total net sales as of fiscal 2024. In 2025, FSG has integrated advanced repair technologies through strategic acquisitions, such as the February purchase of a 90% stake in Millennium International, which enhances capabilities in business and component repairs, and the January acquisition of exclusive licenses for Honeywell's and 737NG product lines. These moves emphasize the development of innovative, cost-efficient repair solutions that further differentiate FSG's offerings from OEM dependencies.

Electronic Technologies Group (ETG)

The Electronic Technologies Group (ETG) of HEICO Corporation designs, manufactures, and sells high-reliability subcomponents and subsystems for demanding applications in , , , , and other sectors. Core offerings include electro-optical sensors such as cameras and receivers, power supplies like DC-to-DC converters, and components including latching ferrite switches and amplifiers, which are engineered for mission-critical performance in , satellites, and devices. These products emphasize durability in extreme conditions, such as high radiation and , supporting systems like the and GPS satellites. Key subsidiaries within ETG, such as VPT, Inc., specialize in DC-DC converters tailored for harsh environments, providing power solutions for , , and space missions. In September 2025, VPT released the VXR125-27000S, a 270 V input isolated DC-DC converter delivering up to 125 W output with single outputs of 3.3 V to 28 V, designed for high-efficiency operation in ground vehicles, commercial aircraft, and aerospace platforms, with a temperature range of -55°C to +105°C and compatibility with EMI filters. Other notable subsidiaries include 3D Plus for radiation testing and software, dB Control for systems, and Analog Modules for electro-optical components, enabling ETG to address diverse niche requirements. In July 2025, ETG acquired Gables Engineering, Inc., enhancing its advanced controls capabilities. ETG contributes approximately 32% to HEICO's total net sales, generating significant revenue from high-reliability products supplied to organizations like , the U.S. Department of Defense (), and medical firms for applications in satellite power systems, missile guidance, diagnostic imaging equipment, and radiation therapy devices. For instance, VPT's converters power next-generation GPS satellites, while ETG's electro-optical and technologies support unmanned aerial systems and medical lasers for and . This segment's focus on customized, ruggedized ensures compliance with standards like MIL-PRF-38534 for space and defense use. Innovation within ETG centers on of radiation-hardened (rad-hard) to withstand cosmic and environments in space and applications. Through subsidiaries like VPT and 3D Plus, ETG invests in and testing for rad-hard components, such as space-qualified power converters that meet Class H and Class K reliability levels, enabling deployment in low-Earth orbit, geostationary satellites, and deep-space missions. This R&D emphasis supports ETG's role in providing resilient solutions for evolving threats in and medical fields, with products demonstrating proven heritage in over 30 years of flight operations.

Operations

Corporate Structure

HEICO Corporation employs a decentralized organizational model, consisting of over 100 autonomous subsidiaries that operate independently while remaining under the oversight of the parent company. This structure allows each subsidiary to function with significant operational autonomy, fostering agility in responding to market demands within the aerospace, defense, and electronics sectors. The company's management approach emphasizes an entrepreneurial culture, with minimal central interference to encourage local and innovation. This philosophy prioritizes cost control through competitive pricing and efficient resource allocation, enabling subsidiaries to maintain focus on high-margin activities. Oversight is provided by co-CEOs who guide strategic direction without micromanaging daily operations. HEICO's primary subsidiary groups are the Flight Support Group (FSG) and the Electronic Technologies Group (ETG), which together encompass approximately 11,000 employees across their units (as of September 2025). Operational principles center on practices and efficiency, tailored to meet stringent standards for quality and reliability. These principles support the production of cost-effective parts and repairs, enhancing overall competitiveness in services.

Global Presence and Facilities

HEICO Corporation's headquarters is located at 3000 Taft Street, , 33021, , where it serves as the primary administrative and operational hub for the company's global activities. This facility oversees the coordination of its two main business segments, the Flight Support Group and the Electronic Technologies Group, while supporting strategic decision-making and corporate functions. The company maintains an extensive global footprint, with operations spanning 15 countries across five continents and 164 facilities worldwide (as of September 2025). In the United States, key facilities include manufacturing and repair sites in California (such as San Leandro and Chatsworth), Ohio (Highland Heights), and Florida, alongside numerous locations in states like Texas and New York. In Europe, HEICO operates in the United Kingdom (Basingstoke and Swindon), Germany (Hamburg and Schkeuditz), France, and the Netherlands, focusing on repair, distribution, and specialized electronics production. Asian operations include facilities in Singapore (Seletar Aerospace Park), Thailand (Chonburi), India (Nashik and Bangalore), and Vietnam, supporting regional manufacturing and aftermarket services. These locations enable HEICO to serve customers in over 100 countries, providing localized support for aerospace and defense needs. HEICO's supply chain is integrated with major original equipment manufacturers (OEMs), including and , as a supplier of replacement parts and repairs. The company emphasizes localized repair centers through its HEICO Repair Group, which operates globally to offer maintenance, repair, and overhaul (MRO) services tailored to regional airlines and operators, reducing downtime and enhancing efficiency. This network facilitates the distribution of FAA-approved components and OEM replacements for commercial and . HEICO's decentralized structure allows its subsidiaries to operate autonomously in their respective regions, fostering agility in global expansion. Recent developments include facility enhancements in Europe, such as the 2024 relocation to a new site near Leipzig Airport in Germany for advanced MRO capabilities supporting the Flight Support Group.

Governance

Leadership

HEICO Corporation's executive leadership is characterized by long-term family involvement and stability, with the Mendelson family playing a central role since taking control in 1990. The current co-chief executive officers and co-chairmen are brothers Eric A. Mendelson and Victor H. Mendelson, who assumed their CEO roles in May 2025 following a planned succession from their father, Laurans A. Mendelson, the company's longtime leader. Following Laurans A. Mendelson's passing on September 27, 2025, Eric and Victor also assumed the roles of co-chairmen of the board. Eric A. Mendelson, aged 59, has served as president and chief executive officer of HEICO's Flight Support Group since its inception in 1993, focusing on the company's core aerospace replacement parts business, while also holding the position of co-president since October 2009. Victor H. Mendelson, aged 57, has led the Electronic Technologies Group as president and chief executive officer since founding it in 1996, overseeing defense and electronics operations, and has been co-president since October 2009. The Mendelson family's enduring commitment is evident in their substantial ownership, with the family holding a significant economic interest in the company, owning approximately 16% of the , which provides substantial voting influence through its full voting rights. Carlos L. Macau, Jr., serves as executive vice president, , and treasurer, a position he has held since June 2012, managing HEICO's financial strategy and reporting. Laurans A. Mendelson, who built HEICO from a small parts manufacturer into a global leader after becoming chairman, president, and CEO in 1990, transitioned to executive chairman in May 2025 before his passing on September 27, 2025, at age 87. This leadership structure underscores HEICO's emphasis on , with no major changes reported as of November 2025 beyond the recent succession. The team reports to the , which provides oversight on strategic matters.

Board of Directors

HEICO Corporation's consists of 9 members, including two family insiders from the Mendelson family (Eric A. Mendelson and Victor H. Mendelson) and seven independent directors with backgrounds in , , and law, as of November 2025. The board is led by Co-Chairmen Eric A. Mendelson and Victor H. Mendelson, who also serve as co-presidents and key executives overseeing the company's primary business groups. The independent directors include Thomas M. Culligan, a former senior at with extensive and experience; Carol F. Fine, a banking and consultant; Adolfo Henriques, former CEO of ; Mark H. Hildebrandt, a specialist; Julie Neitzel, a and acquisitions expert; Dr. Alan Schriesheim, a leader; and Frank J. Schwitter, bringing additional perspective. All directors are elected annually, ensuring accountability to shareholders. The board operates through three key standing committees, each composed entirely of independent directors to maintain objectivity in oversight. The , with five members, focuses on financial reporting, internal controls, and , including cybersecurity and operational risks; it met four times in the fiscal year. The Compensation Committee, comprising three members, reviews policies tied to profitability and metrics, and addresses ; it convened four times. The Nominating Committee, with two members, handles nominations and further supports , meeting three times during the period. These committees play a central role in the board's emphasis on robust oversight and long-term strategic . HEICO's governance structure features a dual-class stock system, with carrying one vote per share and Class A Common Stock entitled to one-tenth vote, which enhances by the Mendelson through their significant of voting shares (). The holds approximately 16.54% of and 1.17% of Class A Common Stock, reinforcing their influence on board decisions. Annual shareholder meetings are held in , with the 2025 meeting taking place on March 14 at the Hotel AKA Brickell in . The board demonstrates a mix of veterans, with approximately 22% representation among directors (two female directors out of nine), and expertise spanning , , and ; no major controversies have been reported as of 2025.

Financial Performance

Historical Overview

HEICO Corporation traces its origins to 1957, when it was founded as Heinicke Instruments Company with initial annual sales of $400,000 in laboratory equipment manufacturing. Following its in 1960 and entry into the sector via acquisition in 1974, the company achieved steady revenue growth in the 1970s and 1980s, reaching approximately $10 million post-IPO through diversification and early acquisitions. By fiscal 1986, sales had expanded to $46 million, supported by further expansion in components. A pivotal shift occurred in the late 1980s with new management led by the Mendelson family, setting the stage for accelerated expansion. In fiscal 1990, net sales from continuing operations stood at $26.2 million. Through consistent acquisitions—totaling over 100 since 1990—and organic development in parts, revenue grew steadily to approximately $203 million by 2000, reflecting HEICO's focus on niche and markets. The 2000-2010 decade saw increase to $617 million by fiscal , fueled by strategic buys and rising demand for replacement parts in and . This period highlighted HEICO's resilience amid economic cycles, with reaching $54.9 million in . From to 2020, further expanded to $1.79 billion, capitalizing on the global boom, increased , and ongoing acquisitions that broadened product offerings. As of fiscal 2024, HEICO reported record revenue of $3.86 billion, attributable to HEICO of $514 million, total assets of $7.6 billion, and a of approximately employees. Throughout its history, the company has maintained consistent annual growth of 10-15%, driven primarily by robust demand in the , where HEICO supplies critical components and services. This trajectory underscores a of 16% in revenue from 1990 to 2024.

Recent Results and Trends

In the third quarter of 2025, ended July 31, 2025, HEICO Corporation reported record of $177.3 million, a 30% increase from $136.6 million in the prior-year quarter. Net sales reached $1.15 billion, up 16% from $992.2 million, while diluted rose to $1.26 from $0.97. Operating income increased 22% to $265.0 million, with the operating margin expanding to 23.1% from 21.8%. For the first nine months of fiscal 2025, HEICO achieved net income of $502.1 million, marking a 34% rise from $374.4 million in the comparable period of 2024. Net sales grew 15% to $3.28 billion from $2.84 billion, and diluted improved to $3.57 from $2.67. Operating income advanced 22% to $740.0 million, lifting the operating margin to 22.6% from 21.3%. These results reflect strong demand in the commercial sector amid ongoing recovery, alongside robust growth in and space products, contributing to twenty consecutive quarters of sequential net sales increases in the Flight Support Group. Acquisition synergies have further enhanced margins, with organic net sales growth across both business segments driving operational efficiencies. Looking ahead, HEICO anticipates full-year fiscal 2025 revenue exceeding $4.0 billion, supported by sustained organic demand and contributions from recent acquisitions, with particular emphasis on elevated spending bolstering long-term prospects. This outlook builds on the company's historical pattern of consistent in and electronics markets.

Investor Information

Stock Performance

HEICO Corporation's common stock trades on the under the ticker symbols HEI for common shares and HEI.A for Class A common shares. The company maintains a dual-class share structure, in which Class A shares (HEI.A) carry 10 votes per share compared to one vote per share for common shares (HEI), allowing greater control by certain shareholders. As of November 18, 2025, HEI shares closed at approximately $314, reflecting a year-to-date increase of about 32% from the start of 2025. The stock reached an all-time high of $338.92 on August 4, 2025, driven by strong demand in the and sectors. Key valuation metrics for HEICO include a of approximately $44 billion, a forward price-to-earnings ratio of around 58x, and a minimal of 0.08%, underscoring the company's emphasis on growth over payouts. HEICO exhibits strong institutional ownership, with approximately 73% of shares held by institutions such as and Capital World Investors. This high level of institutional interest reflects confidence in the company's long-term performance, which aligns with its recent financial results showing robust revenue growth.

Market Position

HEICO Corporation stands as a leading provider in the global , specializing in replacement parts, repair services, and components for commercial, regional, and . The company operates primarily through its Flight Support Group, which focuses on and generates the majority of its from this segment, positioning it as one of the largest independent players in the independent parts , valued at approximately $30 billion in recent years. HEICO competes directly with major firms such as Incorporated and SA, navigating a fragmented where services account for a significant portion of expenditures. A key for HEICO lies in its development of proprietary parts approved under () by the (FAA), which offer 30-50% cost savings compared to (OEM) alternatives while meeting equivalent safety and performance standards. This pricing edge, combined with HEICO's extensive portfolio of over 19,000 active PMA certifications, enables airlines and operators to reduce maintenance expenses without compromising reliability. Furthermore, the stringent FAA certification process—often spanning 3-7 years and costing $5-15 million per part—creates substantial , limiting new competitors and allowing HEICO to maintain high margins and in niche segments. HEICO's strategic positioning is bolstered by robust order backlogs at leading airframers like and , which exceed 14,000 combined as of mid-2025, driving sustained fleet utilization and aftermarket demand for parts and repairs amid production delays. This dynamic has contributed to a strong sector-wide performance in 2025, with stocks outperforming broader markets and achieving gains of over 30% on average, fueled by rising air traffic and defense spending. However, the company remains exposed to dependencies, including shortages and geopolitical disruptions, which have persisted into 2025 and could impact production timelines and costs. As of November 18, 2025, the stock has experienced amid these factors.

Sustainability and ESG

Environmental Initiatives

HEICO Corporation maintains a low environmental footprint across its operations, primarily due to its focus on light assembly, , and clean room environments in many facilities, which generate minimal waste and emissions as small or very small quantity generators of hazardous materials. The company oversees these efforts through its Environmental, , and (E,S&H) Committee, established in 1992, which conducts regular facility audits and reports to the to ensure compliance and continuous improvement. Key initiatives include transitioning to energy-efficient technologies such as LED lighting, solar panels achieving 100% electricity independence at select sites, electric forklifts, and geothermal heat pumps to reduce and carbon emissions. In manufacturing and repair processes, HEICO promotes by minimizing hazardous materials through lead-free and aqueous methods, alongside programs and water-saving devices to lower overall use. Additionally, the company's Designated Engineering Representative (DER) repair services for components emphasize part and , avoiding raw material , foundry emissions, and long-haul shipping, which results in double-digit reductions in component-level CO₂ equivalent emissions. Several HEICO subsidiaries hold ISO 14001 certifications, demonstrating a commitment to systematic environmental protection at major production sites. Compliance with international standards like (Restriction of Hazardous Substances) and REACH (Registration, Evaluation, Authorisation and Restriction of Chemicals) further supports eco-friendly material use across operations. HEICO also enforces a responsible mineral sourcing policy to ensure ethical and of materials, avoiding minerals while prioritizing suppliers that adhere to environmental standards. These environmental practices align with the company's broader framework, contributing to in the sector.

Social and Governance Practices

HEICO Corporation emphasizes through comprehensive employee development programs, including upfront and ongoing to achieve zero-injury goals, as well as competitive compensation and benefits such as plans with employer contributions exceeding $15 million in fiscal 2023. The company fosters and by recruiting without regard to , , or other protected characteristics, in compliance with anti-discrimination laws, resulting in approximately 50% of domestic team members identifying as , , Asian, or other minorities through rather than mandated initiatives. While specific quantitative diversity targets like 30% women in by 2025 are not formally stated, the reflects 20% female representation (2 out of 10 members). Community engagement includes support for local initiatives aligned with workforce development, though detailed STEM programs are not prominently disclosed in corporate reports. In terms of governance, HEICO maintains robust anti-corruption policies compliant with the U.S. , prohibiting bribes to government officials or political candidates and requiring senior approval for related contracts, with annual employee attestations to the Code of Business Conduct. The company adheres to transparent reporting standards as a U.S. Securities and Exchange Commission registrant, filing regular disclosures including proxy statements and annual reports that detail , board activities, and . HEICO's practices contribute to its overall performance, earning an ESG Score of 12 as of July 2025, indicating strong management of material risks in the and sector. HEICO extends its ethical standards to suppliers through codes requiring respect for , including prohibitions on , forced labor, child labor, and , with explicit policies mandating compliance from vendors and subcontractors. As of November 2025, the company has faced no reported labor controversies, reflecting stable employee relations. Key metrics underscore these practices: with an average tenure of 4.9 years; the board comprises 70% directors, all non-family members outside the Mendelson executives.

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