HEICO
HEI · NYSEAircraft Engines & Engine Parts · Fiscal year ends Oct 31
HEICO reported revenue of $4.5B in the fiscal year ended Oct 2025, up 16.3% from the year before. Operating income was $1B, an operating margin of 22.7%, and net income was $690M. Operating cash flow of $934M less capital expenditure of $73M left free cash flow of $861M. Net debt was $2B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Oct 2021 | Oct 2022 | Oct 2023 | Oct 2024 | Oct 2025 |
|---|---|---|---|---|---|
| Revenue | $1.9B | $2.2B | $3B | $3.9B | $4.5B |
| Cost of revenue | $1.1B | $1.3B | $1.8B | $2.4B | $2.7B |
| Gross profit | $727M | $863M | $1.2B | $1.5B | $1.8B |
| Research & development | $69M | $76M | $96M | $111M | $121M |
| Selling, general & admin | $335M | $366M | $528M | $677M | $767M |
| Operating income | $393M | $497M | $625M | $824M | $1B |
| Interest expense | $7M | $6M | $4M | $149M | $130M |
| Pre-tax income | $387M | $491M | $555M | $678M | $894M |
| Income tax | $57M | $100M | $111M | $119M | $148M |
| Net income | $304M | $352M | $404M | $514M | $690M |
| Diluted EPS | 2.21 | 2.55 | 2.91 | 3.67 | 4.90 |
| Diluted shares | 138M | 138M | 139M | 140M | 141M |
Balance sheet
| Fiscal year | Oct 2021 | Oct 2022 | Oct 2023 | Oct 2024 | Oct 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $108M | $140M | $171M | $162M | $218M |
| Receivables | $245M | $295M | $509M | $538M | $638M |
| Inventory | $478M | $582M | $1B | $1.2B | $1.3B |
| Current assets | $937M | $1.2B | $1.9B | $2.1B | $2.4B |
| Net PP&E | $194M | $226M | $322M | $339M | $432M |
| Goodwill | $1.5B | $1.7B | $3.3B | $3.4B | $3.7B |
| Total assets | $3.5B | $4.1B | $7.2B | $7.6B | $8.5B |
| Payables | $86M | $117M | $206M | $198M | $231M |
| Deferred revenue | $33M | $59M | $88M | $84M | $80M |
| Current liabilities | $295M | $421M | $665M | $664M | $832M |
| Short-term debt | – | $2M | $4M | $4M | $3M |
| Long-term debt | $235M | $289M | $2.5B | $2.2B | $2.2B |
| Total liabilities | $949M | $1.1B | $3.6B | $3.5B | $3.7B |
| Shareholders' equity | $2.3B | $2.6B | $3.1B | $3.6B | $4.3B |
Cash flow
| Fiscal year | Oct 2021 | Oct 2022 | Oct 2023 | Oct 2024 | Oct 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $444M | $468M | $449M | $672M | $934M |
| Capital expenditure | $36M | $32M | $49M | $58M | $73M |
| Free cash flow | $408M | $436M | $399M | $614M | $861M |
| Depreciation & amortisation | $93M | $96M | $130M | $175M | $196M |
| Acquisitions | $137M | $347M | $2.4B | $219M | $630M |
| Dividends paid | $23M | $24M | $27M | $29M | $32M |
| Dividend per share | 0.17 | 0.18 | 0.20 | 0.21 | 0.23 |
Key ratios
| Fiscal year | Oct 2021 | Oct 2022 | Oct 2023 | Oct 2024 | Oct 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 18.4% | 34.4% | 30.0% | 16.3% |
| Operating income growth (YoY) | – | 26.5% | 25.9% | 31.8% | 23.6% |
| EPS growth (YoY) | – | 15.4% | 14.1% | 26.1% | 33.5% |
| Gross margin | 39.0% | 39.1% | 38.9% | 38.9% | 39.8% |
| Operating margin | 21.1% | 22.5% | 21.1% | 21.4% | 22.7% |
| Net margin | 16.3% | 15.9% | 13.6% | 13.3% | 15.4% |
| Return on equityBlank when equity is negative | 13.4% | 13.5% | 12.8% | 14.1% | 16.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 12.3% | 13.5% | 9.6% | 11.9% | 13.3% |
| Free cash flow margin | 21.9% | 19.7% | 13.5% | 15.9% | 19.2% |
| Cash conversion (CFO ÷ net income) | 1.46x | 1.33x | 1.11x | 1.31x | 1.35x |
| Receivable days | 48 | 49 | 63 | 51 | 52 |
| Inventory days | 153 | 158 | 204 | 181 | 175 |
| Payable days | 27 | 32 | 41 | 31 | 31 |
| Interest cover | 53.9x | 77.8x | 165x | 5.52x | 7.85x |
| Debt ÷ equity | 0.10x | 0.11x | 0.78x | 0.61x | 0.50x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $127M | $151M | $2.3B | $2.1B | $2B |
| Current ratio | 3.18x | 2.74x | 2.79x | 3.11x | 2.83x |
Recent filings
More in Aircraft Engines & Engine Parts
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.