Heico Corporation

HEIActive

CIK 46619 · Diversified Industrial Compounders

Heico Corporation is a public company in Aerospace & Defense, tracked in the diversified industrial compounders sub-sector, with $4.6B TTM revenue and $1.3B TTM EBITDA.

Market data as of May 10, 2026

Financials: LTM / latest available company filings

Sources: FMP, HEI filings, SEC EDGAR

$40,713

Market cap ($MM)

$42,959

Enterprise value ($MM)

$4,633

Revenue · LTM ($MM)

$1,258

EBITDA · LTM ($MM)

27%

EBITDA margin

9.3x

EV / revenue

34.2x

EV / EBITDA

1.8x

Net debt / EBITDA

Coverage

Coverage view

The analytical read on the name and the balance-sheet capacity behind the program.

Key points

01HEI is a scaled public consolidator in Industrial Compounders, a benchmark for how the sub-sector buys, pays, and trades.
02The relevant peer set is ROP, DHR, EMR, TDG, AME, DOV.

Balance sheet & capacity

Indicative capacity read: 1.8x net debt / EBITDA with EBITDA of $1.3B.

$261

Cash & equiv. ($MM)

$2,508

Total debt ($MM)

$2,247

Net debt ($MM)

1.8x

Net debt / EBITDA

Valuation

Where it trades against its peer set

HEI versus the scaled public Diversified Industrial Compounders comparables.

EV / EBITDA distribution · peer set

HEI 34.2x

Indexed share-price performance

HEI versus available Diversified Industrial Compounders peers and SPY.

+120%

HEI

+47%

Peer med.

+79%

SPY

Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.

Company	Ticker	Revenue ($MM)	EBITDA ($MM)	Margin	Market cap ($MM)	EV ($MM)	EV / rev	EV / EBITDA	Net debt / EBITDA
Heico Corporation	HEI	$4,633	$1,258	27%	$40,713	$42,959	9.3x	34.2x	1.8x
Roper Technologies Inc.	ROP	$8,115	$3,239	40%	$34,647	$44,728	5.5x	13.8x	3.1x
Danaher Corp.	DHR	$24,778	$6,690	27%	$121,142	$133,925	5.4x	20.0x	1.9x
Emerson Electric Co.	EMR	$18,316	$5,140	28%	$79,137	$90,705	5.0x	17.6x	1.1x
TransDigm Group Incorporated	TDG	$9,503	$4,778	50%	$67,964	$96,083	10.1x	20.1x	5.7x
AMETEK, Inc.	AME	$7,598	$2,258	30%	$53,267	$54,963	7.2x	24.3x	0.3x
DOVER Corp	DOV	$8,280	$1,782	22%	$29,603	$31,251	3.8x	17.5x	1.3x
ITT Inc.	ITT	$4,237	$924	22%	$18,430	$18,307	4.3x	19.8x	3.5x
Diversified Industrial Compounders median		$8,198	$2,748	28%	$46,990	$49,846	5.5x	19.9x	1.8x

Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.

M&A program

A sustained, programmatic tuck-in cadence

HEI's disclosed acquisition footprint and the deals behind it.

Disclosed acquisitions

168

Active years

Named deals

Avg / active year

8.4

Acq. cash outflow ($MM)

N/A

Banker read

01HEI reads as a programmatic acquirer: 168 disclosed acquisitions across 20 active years, or 8.4 per active year. The chart shows activity in 11 of the last 12 visible years.
02In the last three years, the file shows 8 acquisitions versus 16 in the prior three; recent activity has cooled versus the prior three-year period.
03Spend changes the read: $5.8B of disclosed spend is concentrated in lumpy years, with FY23 the largest year at $2.4B. Recent spend is above the prior three-year period.

Annual acquisitions + disclosed spend

count spend named deal

HEI count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.

Program diagnostics

Recent / prior

8 / 16

Last three years is down 50% vs prior three.

Peak count year

FY15

7 disclosed acquisitions in the peak visible year.

Recent spend

$3.3B

is up 405% vs prior three; peak FY23 at $2.4B.

Named evidence

5 rows

3.0% selected source-cited transaction coverage.

Selected transactions

Date	Target	Segment	Consideration ($MM)	Strategic rationale	Source
Aug 4, 2023	Wencor Group	Diversified industrial compounders	$2,054	On August 4, 2023, the Company acquired Wencor Group ("Wencor") from affiliates of Warburg Pincus LLC and Wencor’s management (the “Wencor Acquisition”). The Wencor Acquisition...	10-K^†
Jan 5, 2023	Exxelia International SAS	Diversified industrial compounders	$504	On January 5, 2023, the Company, through HEICO Electronic, acquired 93.69% of the outstanding common stock and all of the preferred stock of Exxelia International SAS (“Exxelia”...	10-K^†
Sep 15, 2017	AeroAntenna Technology, Inc.	Diversified industrial compounders	$331	On September 15, 2017, the Company, through HEICO Electronic, acquired all of the outstanding stock of AeroAntenna Technology, Inc. ("AAT"). The purchase price of this acquisiti...	10-K^†
Jan 11, 2016	Robertson Fuel Systems, LLC	Diversified industrial compounders	$253	On January 11, 2016, the Company, through HEICO Electronic, acquired all of the limited liability company interests of Robertson Fuel Systems, LLC ("Robertson"). The purchase pr...	10-K^†
Nov 22, 2011	Switchcraft, Inc.	Diversified industrial compounders	$143	On November 22, 2011, the Company, through HEICO Electronic, acquired Switchcraft, Inc. (“Switchcraft”) through the purchase of all of the stock of Switchcraft’s parent company,...	10-K^†

Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 10 SEC-backed facts across 3 cited filings.

Evidence

Source archive

A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.

Annual 10-Ks

Named deal filings

Recent SEC filings

Evidence clips

Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.23 rows+

Fiscal year	Filing date	Form	Status	Count	Cash spend	Purchase consideration	Source
FY2025	Dec 22, 2025	Annual M&A 10-K	quarantined (2 issue)	3	$630MM	$2.6B	SEC filing
FY2024	Dec 19, 2024	Annual M&A 10-K	quarantined (1 issue)	5	$219MM	$2.6B	SEC filing
FY2023	Dec 20, 2023	Annual M&A 10-K	accepted	2	$2.4B	$2.6B	SEC filing
FY2022	Dec 21, 2022	Annual M&A 10-K	accepted	7	$347MM	$455MM	SEC filing
FY2021	Dec 21, 2021	Annual M&A 10-K	accepted	5	$137MM	$155MM	SEC filing
FY2020	Dec 23, 2020	Annual M&A 10-K	accepted	4	$164MM	$188MM	SEC filing
FY2019	Dec 19, 2019	Annual M&A 10-K	accepted	5	$241MM	$245MM	SEC filing
FY2018	Dec 20, 2018	Annual M&A 10-K	accepted	N/A	$59.8MM	$57.5MM	SEC filing
FY2017	Dec 21, 2017	Annual M&A 10-K	quarantined (1 issue)	3	$418MM	$462MM	SEC filing
FY2016	Dec 15, 2016	Annual M&A 10-K	accepted	1	$264MM	$253MM	SEC filing
FY2015	Dec 17, 2015	Annual M&A 10-K	accepted	7	$167MM	$188MM	SEC filing
FY2014	Dec 18, 2014	Annual M&A 10-K	accepted	1	$8.7MM	$6.8MM	SEC filing
FY2013	Dec 19, 2013	Annual M&A 10-K	accepted	2	$223MM	$223MM	SEC filing
FY2012	Dec 20, 2012	Annual M&A 10-K	quarantined (1 issue)	4	$197MM	$177MM	SEC filing
FY2011	Dec 22, 2011	Annual M&A 10-K	warning (1 warn)	2	$94.7MM	N/A	SEC filing
FY2010	Dec 22, 2010	Annual M&A 10-K	warning (1 warn)	N/A	$39.1MM	N/A	SEC filing
FY2009	Dec 23, 2009	Annual M&A 10-K	quarantined (1 issue)	2	$71.1MM	$71.1MM	SEC filing
FY2008	Dec 24, 2008	Annual M&A 10-K	accepted	N/A	$29.0MM	$29.0MM	SEC filing
FY2007	Dec 28, 2007	Annual M&A 10-K	accepted	N/A	$48.4MM	$48.4MM	SEC filing
FY2006	Jan 12, 2007	Annual M&A 10-K	accepted	4	$58.1MM	$58.1MM	SEC filing
FY2005	Jan 17, 2006	Annual M&A 10-K	quarantined (1 issue)	5	$41.5MM	$41.5MM	SEC filing
FY2004	Jan 14, 2005	Annual M&A 10-K	accepted	N/A	$28.1MM	$31.1MM	SEC filing
FY2003	Jan 12, 2004	Annual M&A 10-K	warning (1 warn)	N/A	$1.6MM	N/A	SEC filing

Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.3 rows+

Filing date	Form	Targets / topics	Support	Source
Dec 22, 2025	10-K	Wencor Group; Exxelia International SAS	FinancialsAnnual M&ANamed deals	SEC filing
Dec 20, 2018	10-K	AeroAntenna Technology, Inc.; Robertson Fuel Systems, LLC	Annual M&ANamed deals	SEC filing
Dec 18, 2014	10-K	Switchcraft, Inc.	Annual M&ANamed deals	SEC filing

Recent SEC filingsThe latest profile filings, kept separate so someone can investigate beyond M&A.10 rows+

Filing date	Form	Items	Description	Support	Source
Dec 22, 2025	10-K	N/A	10-K	FinancialsAnnual M&ANamed dealsRecent SEC	SEC filing
Mar 17, 2026	8-K	5.07	8-K	Recent SEC	SEC filing
Feb 27, 2026	10-Q	N/A	10-Q	Recent SEC	SEC filing
Feb 25, 2026	8-K	2.02,9.01	8-K	Recent SEC	SEC filing
Feb 1, 2026	10-Q	N/A	Quarterly report from SEC company index	Recent SEC	SEC filing
Jan 30, 2026	DEFA14A	N/A	DEFA14A	Recent SEC	SEC filing
Jan 30, 2026	DEF 14A	N/A	DEF 14A	Recent SEC	SEC filing
Dec 22, 2025	8-K	5.02,9.01	8-K	Recent SEC	SEC filing
Dec 18, 2025	8-K	2.02,9.01	8-K	Recent SEC	SEC filing
Dec 1, 2025	10-K	N/A	Annual report from SEC company index	Recent SEC	SEC filing

Evidence clipsShort excerpts used on the page; expand only when you want the language.5 rows+

Wencor Acquisition

10-K - Dec 22, 2025

Medium

On August 4, 2023, the Company acquired Wencor Group ("Wencor") from affiliates of Warburg Pincus LLC and Wencor’s management (the “Wencor Acquisition”). The Wencor Acquisition was completed pursuant to an Agreement and…

SEC source

Exxelia Acquisition

10-K - Dec 22, 2025

Medium

On January 5, 2023, the Company, through HEICO Electronic, acquired 93.69% of the outstanding common stock and all of the preferred stock of Exxelia International SAS (“Exxelia”). Exxelia designs, manufactures and sells…

SEC source

AAT Acquisition

10-K - Dec 20, 2018

Medium

On September 15, 2017, the Company, through HEICO Electronic, acquired all of the outstanding stock of AeroAntenna Technology, Inc. ("AAT"). The purchase price of this acquisition was paid in cash using proceeds from th…

SEC source

Robertson Acquisition

10-K - Dec 20, 2018

Medium

On January 11, 2016, the Company, through HEICO Electronic, acquired all of the limited liability company interests of Robertson Fuel Systems, LLC ("Robertson"). The purchase price of this acquisition was paid in cash u…

SEC source

Switchcraft Acquisition

10-K - Dec 18, 2014

Medium

On November 22, 2011, the Company, through HEICO Electronic, acquired Switchcraft, Inc. (“Switchcraft”) through the purchase of all of the stock of Switchcraft’s parent company, Switchcraft Holdco, Inc., for approximate…

SEC source

Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.

Search

Coverage view

Where it trades against its peer set

A sustained, programmatic tuck-in cadence

Source archive