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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
The analytical read on the name and the balance-sheet capacity behind the program.
Key points
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
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 | $49,846 | 5.5x | 19.9x | 1.8x |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
HEI's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
168
Active years
20
Named deals
5
Avg / active year
8.4
Acq. cash outflow ($MM)
N/A
Banker read
Annual acquisitions + disclosed spend
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
A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.
Annual 10-Ks
23
Named deal filings
3
Recent SEC filings
10
Evidence clips
5
| 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 |
| 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 |
| 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 |
Wencor Acquisition
10-K - Dec 22, 2025
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…
Exxelia Acquisition
10-K - Dec 22, 2025
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…
AAT Acquisition
10-K - Dec 20, 2018
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…
Robertson Acquisition
10-K - Dec 20, 2018
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…
Switchcraft Acquisition
10-K - Dec 18, 2014
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…
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.