Heico Corporation
HEIHIGH VELOCITYFILING INTENSITYHeico Corporation reads as an High Velocity (composite 62/100); Consistent Strategic Buyer deploying $3B across 8 disclosed transactions, up 405% vs the prior cycle · primary market A&D Components, ranked #6 on disclosed spend.
Lens
Disclosed M&A capital (2023–2025)
$3.3B
vs $648M in 2020–2022
Disclosed transactions
8
3/3 active fiscal years in window
Buyer archetype
Consistent Strategic Buyer
Meaningful spend appears across repeat years.
Composite score
62
High Velocity dominates · Filing Intensity
HEICO (HEI) is a public-company acquirer in aerospace & defense with $4.3B of disclosed M&A spend across 40 acquisitions over 15 active years. Strategy mix is led by Geographic Expansion (44%), Bolt On (22%), Horizontal Consolidation (15%). Current capacity: $261M cash, $2.5B total debt, 1.8x net leverage (conservative). Has $1.5B of incremental debt capacity to a 3.0x IG threshold and $4.0B to the 5.0x HY transition. Disclosed median deal size sits at $108M.
- “Acquisitions have been an important element of our growth strategy over the past thirty-five years”- 10-K FY2025
- “A key element of our strategy is growth through the acquisition of additional companies.”- 10-K FY2010
- “In December 2003, we expanded our capabilities within the ETG by an acquisition within the satellite microwave component industry.”- 10-K FY2003
- ▸Continued tuck-in cadence around existing operations
- ▸Disciplined size constraint suggests no transformational deals
- ▸Room for a $4.0B debt-funded acquisition before HY 5.0x.
Behavioral posture, nine reads.
Each index scores the issuer 0–100 against an EDGAR-anchored definition. Scores ≥ threshold elevate the issuer into the index's constituent set; the dominant index drives the masthead label.
Active Acquirer
Companies actively deploying disclosed capital into M&A
- $5.8B disclosed buyer spend
Buyer Cadence
Buyer-side companies with recent filing activity
- 61 acquisition-history signals
- 174 8-Ks
Target Probability
Issuers showing target-side patterns from filings
- 7 activism filings
Spin/Carve
Issuers showing spin-off, carve-out, or sum-of-parts posture
- 7 activism filings
Pressure Watch
Issuers facing activism, governance, or control pressure
- 7 activism filings
- Latest activism 6.3y ago; heavily discounted
Distress Watch
Issuers showing financial-distress filing patterns
- 7 activism filings
Restatement Risk
Issuers with accounting-integrity flags from filings
Capital Velocity
DominantIssuers with the highest filing-activity intensity
- 174 8-Ks
- 5 form types
Quiet Power
Large issuers with low signal volume and clean disclosure cadence
- Enterprise value $43B
- 10-Q 88d ago
- 2 active signals
Capital cadence.
Ten-year disclosed M&A activity. Bars show spend ($MM); ticks show recorded transaction count. Disclosure tier annotated where v6 audited corpus carries an entry.
Disclosed spend $MM Disclosed transactions (right axis)Peak spend year: $2,422M · Peak count: 7
| FY | Disclosed buys | Disclosed spend | Avg ticket | Audited tier |
|---|---|---|---|---|
| 2025 | 3 | $630M | $210M | N/A |
| 2024 | 3 | $219M | $73M | N/A |
| 2023 | 2 | $2.4B | $1.2B | N/A |
| 2022 | 7 | $347M | $50M | N/A |
| 2021 | 5 | $137M | $27M | N/A |
| 2020 | 4 | $164M | $41M | N/A |
Strategy posture.
The buyer's playbook in terms of strategic archetype: what each disclosed move says about how they're deploying capital.
Archetype mix
- Bolt On20%
- Geographic Expansion20%
- Tuck In20%
- Horizontal Consolidation20%
- Platform20%
Strategy keywords
Terms recurring across recent 10-K acquisition disclosures.
- geographic_expansion
- bolt_on
- horizontal_consolidation
- tuck_in
- platform
- technology_acquisition
Filing language.
Direct excerpts from acquisition disclosures and strategy sections: the verbs the buyer chose, in the filings they signed.
“We may not be able to successfully execute our acquisition strategy, and the failure to do so could have a material adverse effect on our business, financial condition and results of operations.”
“We typically target acquisition opportunities that allow us to broaden our product offerings, services and technologies while expanding our customer base and geographic presence”
“In December 2003, we expanded our capabilities within the ETG by an acquisition within the satellite microwave component industry.”
“Our acquisition strategy is affected by and poses a number of challenges and risks, including the following:”
“Acquisitions have been an important element of our growth strategy over the past thirty-five years”
Market context.
Where this issuer sits inside its SE-Cluster rollup wedge, with disclosed-spend rank plus trading comparables against the public peer set.
Primary market
A&D Components
- Market spend (2023–2025)
- $32.8B
- Market spend (2020–2022)
- $12.9B
- Recent vs prior
- +153%
- Issuer rank in market
- #6 of 67
- Share of market capital
- 2.6%
Valuation positioning
HEI trades at a +16.5-turn premium to the A&D Components peer median of 17.6×.
- EV / Revenue
- 9.3×
- Net debt / EBITDA
- 1.8×
- Peer median EV / EBITDA
- 17.6×
Trading comparables
FMP market data · 2026-05-10
| Company | EV / EBITDA | EV / Rev | Net debt / EBITDA | Revenue | M&A 2023–2025 |
|---|---|---|---|---|---|
Heico CorporationHEI | 34.2× | 9.3× | 1.8× | $4.6B | $3.3B |
| 20.1× | 10.1× | 5.7× | $9.5B | $3.5B | |
| 20.0× | 5.4× | 1.9× | $24.8B | N/A | |
| 17.6× | 5.0× | 1.1× | $18.3B | $9.1B | |
DOVER CorpDOV | 17.5× | 3.8× | 1.3× | $8.3B | $1.8B |
| 13.8× | 5.5× | 3.1× | $8.1B | $8.1B |
Trading multiples from FMP market data; disclosed M&A spend from the SE-Cluster EDGAR 10-K corpus. Peer set = top disclosed buyers in A&D Components. Bars scaled to the highest EV/EBITDA in the set.
Target landscape.
Public-issuer targets that fit this buyer's archetype and target categories from filing-derived signal. Scores reflect cross-signal fit; reasons cite the EDGAR-anchored facts that drove the match.
No qualifying public-issuer targets surfaced from the current signal mix.
Stated target categories
No target categories enumerated in the audited corpus for this issuer.
Filing activity & signal stream.
Filing cadence and event-driven signals visible on EDGAR. The signal stream below is curated from restatement / spin-carve / activism categories, providing context for any near-term call.
Filing cadence
- 10-K (annual)292025-12-22
- 10-Q (quarterly)952026-02-27
- 8-K (event)1742026-03-17
- Proxy / DEF 14A402026-01-30
- Activism (13D / DFAN / PREC)72020-01-31
Signals on file
- elevated
Activism on file
2020-01-317 activist filings on file (13D, DFAN14A, PREC14A series).
- info
Signal
Disclosed acquisition spend
- info
Signal
10-K strategy themes
Audited corpus.
No audited record on file for this CIK in the current v6 corpus.
This issuer has not been extracted into the v6 audited acquirer corpus yet. The brief above pulls from ranking-level aggregates and issuer-index signal only.