HEICO CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data HEICO CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,376	1,525	1,778	2,056	1,787	1,866	2,208	2,968	3,858	4,485
Cost of revenue	861	950	1,087	1,242	1,105	1,138	1,346	1,815	2,356	2,699
Gross profit	515	575	691	814	682	727	863	1,153	1,502	1,786
Research and development	44.7	46.5	57.5	66.6	65.6	68.9	76.1	95.8	111	121
Selling, general and administrative	250	268	314	357	305	335	366	528	677	767
Operating income	265	307	376	457	377	393	497	625	824	1,019
Interest expense	8.27	9.79	19.9	21.7	13.2	7.29	6.39	3.8	149	130
Other non-operating income	-0.02	1.09	-0.06	2.44	1.37	1.44	0.57	2.93	2.44	4.43
Pre-tax income	257	298	356	438	365	387	491	555	678	894
Income tax	80.9	90.3	70.6	78.1	29	57.3	100	111	119	148
Net income to minority interests	20	21.7	26.5	31.8	21.9	25.5	38.9	40.8	45	55.2
Net income	156	186	259	328	314	304	352	404	514	690
EBITDA	326	371	453	541	465	486	593	755	1,000	1,215
EPS, basic	1.19	1.41	1.96	2.45	2.33	2.25	2.59	2.94	3.71	4.97
EPS, diluted	1.17	1.37	1.90	2.39	2.29	2.21	2.55	2.91	3.67	4.90
Shares, basic (weighted)	131	132	133	134	135	135	136	137	138	139
Shares, diluted (weighted)	133	136	137	137	137	138	138	139	140	141
Dividend per share	0.08	0.10	0.12	0.14	0.16	0.17	0.18	0.20	0.21	0.23

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	52.1	52.1	59.6	57	407	108	140	171	162	218
Receivables	202	222	237	274	210	245	295	509	538	638
Inventory	286	344	402	420	463	478	582	1,014	1,171	1,295
Other current assets	11.7	13.7	21.2	19	24.7	26	41.9	49.8	78.5	86.4
Total current assets	543	632	734	814	1,166	937	1,153	1,855	2,062	2,356
Property, plant and equipment	122	130	155	173	169	194	226	322	339	432
Lease right-of-use assets					57.1	74.6	89.8	121	132	135
Goodwill	866	1,081	1,115	1,269	1,383	1,450	1,672	3,274	3,380	3,662
Intangible assets	367	538	506	551	579	582	733	1,357	1,335	1,471
Other non-current assets	101	131	144	163	251	335	311	386	476	579
Total assets	1,998	2,512	2,653	2,969	3,548	3,498	4,095	7,195	7,593	8,500
Accounts payable	73.3	89.7	107	106	76.2	85.5	117	206	198	231
Accrued liabilities	136	148	172	179	162	207	290	433	428	578
Deferred revenue	32.1	29.2	28.3	23.8	25.6	32.7	58.8	87.6	83.9	79.5
Short-term debt	0.41	0.45	0.86	0.91	1.05	1.52	1.65	17.8	4.11	3.36
Total current liabilities	214	249	282	289	241	295	421	665	664	832
Long-term debt	458	674	532	561	739	235	289	2,460	2,225	2,165
Lease liabilities					44.1	61.8	77	105	113	115
Other non-current liabilities	114	151	158	185	280	378	339	380	526	550
Total liabilities	851	1,133	1,018	1,086	1,316	949	1,120	3,637	3,529	3,654
Total debt	458	674	532	562	740	236	290	2,465	2,229	2,168
Paid-in capital	306	327	321	285	300	321	397	579	599	651
Retained earnings	682	844	1,091	1,397	1,688	1,950	2,254	2,606	3,062	3,648
Other comprehensive income	-25.3	-10.6	-15.3	-16.7	-9.15	-8.55	-46.5	-40.2	-26.1	5.58
Shareholders' equity	963	1,161	1,398	1,667	1,980	2,263	2,606	3,146	3,637	4,305
Minority interests	84.3	87.2	105	28.1	30.4	33.9	42.2	47.2	60.5	73.9
Total equity	1,048	1,248	1,503	1,695	2,011	2,297	2,648	3,193	3,697	4,379
Total liabilities and equity	1,998	2,512	2,653	2,969	3,548	3,498	4,095	7,195	7,593	8,500
Shares outstanding	33.7	52.8	53.4	54.1	54.2	54.3	54.5	54.7	55	55.1

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	176	208	286	360	336	330	391	444	559	746
Depreciation and amortization	60.3	64.8	77.2	83.5	88.6	93	96.3	130	175	196
Deferred income tax	-9.19	-11.1	-13	-6.39	-6	-15.6	8.88	-26.5	-22	-48.6
Change in receivables	-16	7.38	-23.8	-29	71.5	-27.3	-29.3	-65.6	-20.8	-75.6
Change in inventory	-14.4	-21.2	-49.5	-30.1	-28.3	-10.1	-89.2	-125	-133	-44.9
Change in payables	4.07	6.39	17.4	-3.85	-30.3	6.91	25.6	11	-9.82	27.6
Cash from operations	260	288	328	437	409	444	468	449	672	934
Capital expenditures	-30.9	-26	-41.9	-28.9	-22.9	-36.2	-32	-49.4	-58.3	-72.9
Acquisitions	-264	-418	-59.8	-241	-164	-137	-347	-2,422	-219	-630
Cash from investing	-308	-458	-114	-281	-199	-183	-396	-2,484	-293	-732
Debt issued						0	0	1,189	0	0
Stock issued	5.92	5.66	4.03	8.55	6.96	5.34	2.35	6.71	7.95	13.2
Dividends paid	-10.7	-12.8	-15.4	-18.7	-21.6	-23	-24.5	-27.4	-29.1	-32
Cash from financing	56.8	176	-208	-160	138	-559	-33.8	2,065	-389	-151
Exchange rate effect	1.01	3.17	0.09	0.39	2.03	-0.22	-6.99	2.23	1.28	3.78
Net change in cash	9.35	9.11	7.53	-2.6	350	-299	31.2	31.5	-8.95	55.7
Free cash flow	229	262	287	408	386	408	436	399	614	861
Interest paid	8.29	9.63	19.2	22.2	13.4	7.36	6.04
Income taxes paid	87.5	95.9	90.5	82.2	42.6	67.7	81	139	115	214

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to July 31, 2026; growth uses fiscal years. Valuation uses the share price of $308.53 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	40.4%	Gross profit / revenue.
Operating margin	24.0%	Operating income / revenue.
EBITDA margin	26.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	21.6%	Pre-tax income / revenue.
Net margin	16.4%	Net income / revenue.
FCF margin	19.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	21.5%	Cash from operations / revenue.
Effective tax rate	18.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	17.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	8.5%	Net income / average total assets.
Return on invested capital (ROIC)	14.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	2.6%	Research and development expense / revenue.
SG&A / revenue	16.4%	Selling, general and administrative expense / revenue.
Capex / revenue	1.6%	Capital expenditures / revenue.
D&A / revenue	2.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	16.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	26.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	20.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	19.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	27.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	21.2%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	23.6%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	27.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	22.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	21.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	27.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	21.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	34.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	25.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	17.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	33.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	24.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	16.4%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	39.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	25.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	18.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	40.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	25.5%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	17.4%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	9.5%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	8.5%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	7.5%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	18.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	18.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	16.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	12.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	27.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	19.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.72x	Current assets / current liabilities.
Quick ratio	0.97x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.24x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.51x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	25.6%	Total debt / total assets.
Liabilities / assets	43.2%	Total liabilities / total assets.
Net debt	$2.30B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.67x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	9.40x	Operating income / interest expense.
Working capital	$1.72B	Current assets - current liabilities.
Goodwill and intangibles / assets	61.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$1.19B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.52x	Revenue / average total assets.
Fixed asset turnover	10.8x	Revenue / average property, plant and equipment.
Inventory turnover	2.13x	Cost of revenue / average inventory.
Days inventory	171 days	365 x average inventory / cost of revenue.
Receivables turnover	7.03x	Revenue / average receivables.
Days sales outstanding	52 days	365 x average receivables / revenue.
Days payables	35 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	188 days	Days inventory + days sales outstanding - days payables.
FCF conversion	121.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	7.3%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$6.00	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$36.64	Revenue / diluted weighted shares.
FCF per share	$7.29	Free cash flow / diluted weighted shares.
Operating cash flow per share	$7.87	Cash from operations / diluted weighted shares.
Book value per share	$35.02	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$8.39	Tangible book value / shares outstanding.
Cash per share	$1.71	(Cash + short-term investments) / shares outstanding.
Payout ratio	4.1%	Dividends paid / net income, when net income is positive.
Dividends / FCF	3.4%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$43.11B	Share price x shares outstanding.
Enterprise value	$45.41B	Market cap + total debt - cash - short-term investments.
P/E	50.9x	Market cap / net income. Only when net income is positive.
P/S	8.33x	Market cap / revenue.
P/B	8.71x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	41.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	38.8x	Market cap / cash from operations, when positive.
EV/Sales	8.77x	Enterprise value / revenue.
EV/EBIT	36.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	33.0x	Enterprise value / EBITDA, when both are positive.
EV/FCF	44.1x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.4%	Free cash flow / market cap.
Earnings yield	2.0%	Net income / market cap (the inverse of P/E).
Dividend yield	0.1%	Dividends paid over the period / market cap.
Shareholder yield	0.1%	(Dividends paid + share buybacks) / market cap.
PEG	2.09x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was HEICO CORP's revenue in fiscal 2025?

HEICO CORP reported revenue of $4.49B for fiscal 2025, 16.3% higher than the year before.

Was HEICO CORP profitable in fiscal 2025?

Yes. Net income was $690.4M, a net margin of 15.4%.

How much free cash flow did HEICO CORP generate in fiscal 2025?

Cash from operations of $934.3M minus capital expenditures of $72.9M left free cash flow of $861.4M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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