Heico Corp Stock Research

Market Summary

USD165.75+0.67

Delayed

0.41%

HEI Alerts

Big jump in Revenue (Y/Y)

HEI Stock Price

HEI RSI Chart

HEI Valuation

Market Cap

9.7B

Price/Earnings (Trailing)

27.48

Price/Sales (Trailing)

4.38

EV/EBITDA

16.53

Price/Free Cashflow

22.17

HEI Price/Sales (Trailing)

HEI Profitability

Operating Margin

39.18%

EBT Margin

22.09%

Return on Equity

13.26%

Return on Assets

7.45%

Free Cashflow Yield

4.51%

HEI Fundamentals

HEI Revenue

Revenue (TTM)

2.3B

Revenue Y/Y

26.63%

Revenue Q/Q

1.85%

HEI Earnings

Earnings (TTM)

357.8M

Earnings Y/Y

7.02%

Earnings Q/Q

-4.3%

Price Action

52 Week Range

126.95177.55

(Low)(High)

Last 7 days

-1.4%

Last 30 days

-4.9%

Last 90 days

7.5%

Trailing 12 Months

6.9%

HEI Financial Health

Current Ratio

2.91

Debt/Equity

0.29

Debt/Cashflow

0.6

HEI Investor Care

Dividend Yield

0.11%

Dividend/Share (TTM)

0.19

Buy Backs (1Y)

59.73%

Diluted EPS (TTM)

2.59

Peers (Alternatives to Heico)

View All Peers In Detail

Name	Mkt Capsorted ascending	Revenue	Price %, 1M	Returns, 1Y	P/E	P/S	Rev 1-Yr	Inc 1-Yr
LARGE-CAP
RTX	139.8B	67.1B	-3.52%	-3.50%	31.33	2.12	4.17%	34.50%
LMT	124.4B	66.0B	-1.04%	6.18%	21.7	1.88	-1.58%	-9.23%
BA	117.7B	66.6B	-4.00%	4.49%	-23.86	1.77	6.94%	-17.44%
TDG	40.2B	5.6B	-5.01%	4.17%	43.17	7.14	15.29%	17.40%
TXT	14.0B	12.9B	-8.05%	-9.27%	16.22	1.09	3.93%	15.42%
MID-CAP
HEI	9.7B	2.3B	-4.88%	6.87%	27.48	4.38	20.68%	11.62%
HII	8.0B	10.7B	-8.87%	-0.16%	13.78	0.75	12.10%	6.43%
BWXT	5.6B	2.2B	3.10%	13.20%	23.51	2.51	5.12%	-22.13%
SPR	2.4B	5.0B	-10.77%	-36.34%	-5.96	0.54	27.24%	-0.91%
AVAV	2.3B	487.1M	5.72%	-9.46%	-290.18	4.67	8.46%	-5840.15%
SMALL-CAP
AIR	1.6B	1.8B	1.32%	7.30%	17.55	0.87	6.02%	23.12%
TGI	677.9M	1.4B	-18.13%	-61.81%	7.02	0.49	-10.88%	191.35%
DCO	637.3M	712.5M	-3.87%	-2.52%	22.14	0.89	10.40%	-78.76%
ATRO	292.4M	492.8M	-14.20%	-7.84%	-14.86	0.62	11.07%	41.98%
SIF	16.3M	83.9M	-21.74%	-43.04%	-1.69	0.19	-15.75%	-1197.44%

Financials for Heico

* denotes actual numbers (not divided by Millions)
Income Statement (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1
Revenue	5.9%	2,339	2,208	2,108	2,010	1,938
Cost Of Revenue	5.7%	1,423	1,346	1,281	1,220	1,179
S&GA Expenses	6.3%	389	366	362	353	348
R&D Expenses	2.4%	78.00	76.00	73.00	72.00	71.00
Costs and Expenses	5.8%	1,811	1,711	1,643	1,573	1,527
EBITDA	5.9%	629	594	561	532	506
EBITDA Margin	0.0%	0.27*	0.27*	0.27*	0.26*	0.26*
Earnings Before Taxes	5.2%	517	491	462	434	407
EBT Margin	-0.6%	0.22*	0.22*	0.22*	0.22*	0.21*
Interest Expenses	82.6%	12.00	6.00	4.00	5.00	6.00
Net Income	1.7%	358	352	341	335	321
Net Income Margin	-3.9%	0.15*	0.16*	0.16*	0.17*	0.17*
Free Cahsflow	-0.8%	432	436	403	378	386

Balance Sheet					(In Millions)
Description	(%) Q/Q	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1
Assets	17.3%	4,805	4,095	3,787	3,685	3,514
Current Assets	14.4%	1,319	1,153	1,082	1,033	975
Cash Equivalents	2.2%	143	140	134	117	125
Inventory	19.7%	697	582	546	519	504
Net PPE	21.5%	274	226	203	194	195
Goodwill	19.2%	1,994	1,672	1,541	1,511	1,446
Liabilities	53.6%	1,720	1,120	998	961	914
Current Liabilities	7.8%	453	421	346	304	274
Long Term Debt	170.7%	781	289	244	264	236
Shareholder's Equity	3.6%	2,699	2,606	2,452	2,382	2,305
Retained Earnings	3.3%	2,329	2,254	2,171	2,100	2,019
Additional Paid-In Capital	-2.2%	389	397	317	311	302
Accumulated Depreciation	4.4%	289	277	273	267	262
Shares Outstanding	0.0%	55.00	55.00	136	-	-
Minority Interest	6.8%	45.00	42.00	40.00	38.00	37.00

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2023Q1	2022Q4	2022Q3	2022Q2	2022Q1
Cashflow From Operations	-0.3%	467	468	434	409	415
Cashflow From Investing	-127.8%	-901	-395	-337	-275	-178
Cashflow From Financing	1445.6%	455	-33.83	-225	-395	-507
Dividend Payments	5.9%	26.00	24.00	24.00	24.00	24.00

Risks for HEI

What is the probability of a big loss on HEI?

39.6%

Probability that Heico stock will be more than 20% underwater in next one year

19.6%

Probability that Heico stock will be more than 30% underwater in next one year.

18.9%

Probability that Heico stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does HEI drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Heico was unfortunately bought at previous high price.

Drawdowns

Returns for HEI

Cumulative Returns on HEI

25.2%

10-Year Cumulative Returns

27.5%

7-Year Cumulative Returns

18.9%

5-Year Cumulative Returns

30.6%

3-Year Cumulative Returns

What are the long-term rolling returns for HEI?

FIve years rolling returns for Heico.

Annualized Returns

Which funds bought or sold HEI recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	reduced	-19.6	-9,299,700	49,073,300	0.05%
2023-03-10	VICTORY CAPITAL MANAGEMENT INC	added	24.36	4,391,010	17,821,000	0.02%
2023-03-06	Rockefeller Capital Management L.P.	reduced	-5.35	-1,000	91,000	-%
2023-03-06	Rockefeller Capital Management L.P.	added	0.88	1,354,000	19,058,000	0.10%
2023-03-02	OLIVER LAGORE VANVALIN INVESTMENT GROUP	unchanged	-	17,552	276,552	0.16%
2023-03-02	OLIVER LAGORE VANVALIN INVESTMENT GROUP	sold off	-100	-	-	-%
2023-02-28	Voya Investment Management LLC	added	139	8,468,170	13,919,200	0.02%
2023-02-28	Voya Investment Management LLC	added	0.36	177,748	3,781,750	-%
2023-02-28	Mezzasalma Advisors, LLC	unchanged	-	66,957	1,063,960	0.93%
2023-02-24	SRS Capital Advisors, Inc.	added	1.67	22,945	378,945	0.05%

Latest Funds Activity

Are funds buying HEI calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own HEI

No. of Funds

HEI Alerts

Big jump in Revenue (Y/Y)

Heico News

Schedule 13G FIlings of Heico

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 15, 2023	principal global investors	8.92%	7,326,981	SC 13G/A
Feb 14, 2023	vulcan value partners, llc	1.68%	1,399,967	SC 13G/A
Feb 13, 2023	capital world investors	6.3%	3,422,555	SC 13G/A
Feb 09, 2023	fmr llc	-	0	SC 13G/A
Feb 09, 2023	vanguard group inc	9.53%	7,824,195	SC 13G/A
Feb 09, 2023	vanguard group inc	6.25%	3,408,048	SC 13G/A
Feb 07, 2023	blackrock inc.	6.2%	5,079,765	SC 13G/A
Jan 24, 2023	blackrock inc.	9.4%	5,120,681	SC 13G/A
Mar 10, 2022	morgan stanley	0.2%	141,547	SC 13G/A
Feb 15, 2022	principal global investors	5.84%	4,745,691	SC 13G

HEI Fair Value

Heico fair value in different scenarios

The table shows the Fair Value estimates for Heico for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.

Fair Value	Very Pessimistic	Pessimistic	Base Case	Optimistic	Very Optimistic
Very Low Inflation	75.30 -54.57%	117.91 -28.86%	174.83 5.48%	244.76 47.67%	297.97 79.77%
Current Inflation	70.32 -57.57%	106.68 -35.64%	154.31 -6.90%	213.41 28.75%	257.59 55.41%
Very High Inflation	64.14 -61.30%	93.30 -43.71%	130.50 -21.27%	177.37 7.01%	211.56 27.64%

Historical Heico Fair Value Estimates

Very Pessimistic Case

Pessimistic Case

Fair Value

Optimistic Case

Very Optimistic Case

Closing Stock Price

Recent SEC filings of Heico

View All Filings

Date Filed	Form Type	Document
Mar 21, 2023	4	Insider Trading
Mar 21, 2023	4	Insider Trading
Mar 21, 2023	4	Insider Trading
Mar 21, 2023	4	Insider Trading
Mar 20, 2023	8-K	Current Report
Mar 06, 2023	4	Insider Trading
Mar 01, 2023	10-Q	Quarterly Report
Feb 27, 2023	8-K	Current Report
Feb 15, 2023	SC 13G/A	Major Ownership Report
Feb 14, 2023	SC 13G/A	Major Ownership Report

About Heico

Laurans A. Mendelson

www.heico.com

5600

HEICO Corporation, through its subsidiaries, designs, manufactures, and sells aerospace, defense, and electronic related products and services in the United States and internationally. The company's Flight Support Group segment provides jet engine and aircraft component replacement parts; thermal insulation blankets and parts; renewable/reusable insulation systems; and specialty components. This segment also distributes hydraulic, pneumatic, structural, interconnect, mechanical, and electro-mechanical components for the commercial, regional, and general aviation markets; and offers repair and overhaul services for jet engine and aircraft component parts, avionics, instruments, composites, and flight surfaces of commercial aircraft, as well as for avionics and navigation systems, subcomponents, and other instruments utilized on military aircraft. Its Electronic Technologies Group segment provides electro-optical infrared simulation and test equipment; electro-optical laser products; electro-optical, microwave, and other power equipment; electromagnetic and RFI shielding and suppression filters; high-speed interface products; high voltage interconnection devices; high voltage advanced power electronics; power conversion products; and underwater locator beacons and emergency locator transmission beacons. This segment also offers traveling wave tube amplifiers and microwave power modules; three-dimensional microelectronic and stacked memory products; harsh environment connectivity products and custom molded cable assemblies; radio frequency and microwave amplifiers, transmitters, and receivers; communications and electronic intercept receivers and tuners; self-sealing auxiliary fuel systems; active antenna systems; and nuclear radiation detectors. The company serves customers primarily in the aviation, defense, space, medical, telecommunications, and electronics industries. HEICO Corporation was incorporated in 1957 and is headquartered in Hollywood, Florida.

HEI Income Statement

2023-01-31

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - UNAUDITED - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Jan. 31, 2023	Jan. 31, 2022
Net sales	$ 620,915	$ 490,343
Operating costs and expenses:
Cost of sales	377,116	300,133
Selling, general and administrative expenses	114,365	91,388
Total operating costs and expenses	491,481	391,521
Operating income	129,434	98,822
Interest expense	(6,068)	(796)
Other (expense) income	639	226
Income before income taxes and noncontrolling interests	124,005	98,252
Income tax expense	21,000	4,000
Net income from consolidated operations	103,005	94,252
Less: Net income attributable to noncontrolling interests	9,978	7,331
Net income attributable to HEICO	$ 93,027	$ 86,921
Net income per share attributable to HEICO shareholders:
Basic (in dollars per share)	$ 0.68	$ 0.64
Diluted (in dollars per share)	$ 0.67	$ 0.63
Weighted average number of common shares outstanding:
Basic (in shares)	136,655	135,635
Diluted (in shares)	138,579	137,966

HEI Balance Sheet

2023-01-31

CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED - USD ($) $ in Thousands	Jan. 31, 2023	Oct. 31, 2022
Current assets:
Cash and cash equivalents	$ 142,619	$ 139,504
Accounts receivable, net	325,764	294,848
Contract assets	101,540	93,978
Inventories, net	697,495	582,471
Prepaid expenses and other current assets	51,381	41,929
Total current assets	1,318,799	1,152,730
Property, plant and equipment, net	274,403	225,879
Goodwill	1,994,347	1,672,425
Intangible assets, net	873,722	733,327
Other assets	343,349	311,135
Total assets	4,804,620	4,095,496
Current liabilities:
Current maturities of long-term debt	1,615	1,654
Trade accounts payable	134,836	116,551
Accrued expenses and other current liabilities	290,693	290,199
Income taxes payable	26,352	12,455
Total current liabilities	453,496	420,859
Long-term debt, net of current maturities	781,174	288,620
Deferred income taxes	113,477	71,162
Other long-term liabilities	372,012	338,948
Total liabilities	1,720,159	1,119,589
Commitments and contingencies
Redeemable noncontrolling interests	340,287	327,601
Shareholders' equity:
Preferred Stock	0	0
Additional Paid in Capital	388,603	397,337
Deferred Compensation Obligation	6,171	5,297
Common Stock Issued, Employee Stock Trust	(6,171)	(5,297)
Accumulated Other Comprehensive Income (Loss), Net of Tax	(19,358)	(46,499)
Retained Earnings (Accumulated Deficit)	2,328,523	2,253,932
Total HEICO shareholders' equity	2,699,137	2,606,136
Noncontrolling interests	45,037	42,170
Total shareholders' equity	2,744,174	2,648,306
Total liabilities and equity	4,804,620	4,095,496
Heico Common Stock [Member]
Shareholders' equity:
Common Stock	547	545
Class A Common Stock [Member]
Shareholders' equity:
Common Stock	$ 822	$ 821