undamentalytics Newsletter
Sign in

Heico Corp key statistics and ratios

In fiscal 2025, Heico Corp had return on equity of 17.4%, an operating margin of 22.7%, debt equal to 50.4% of equity and a current ratio of 2.83. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Oct 20092010Oct 20102011Oct 20112012Oct 20122013Oct 20132014Oct 20142015Oct 20152016Oct 20162017Oct 20172018Oct 20182019Oct 20192020Oct 20202021Oct 20212022Oct 20222023Oct 20232024Oct 20242025Oct 2025LTMJul 2026
Gross margin33.6%36.0%35.9%36.5%36.8%35.2%36.5%37.5%37.7%38.9%39.6%38.2%39.0%39.1%38.9%38.9%39.8%40.4%
Operating margin16.4%17.7%18.1%18.2%18.2%18.0%19.3%19.3%20.1%21.2%22.2%21.1%21.1%22.5%21.1%21.4%22.7%24.0%
Net margin8.3%8.9%9.5%9.5%10.2%10.7%11.2%11.3%12.2%14.6%16.0%17.6%16.3%15.9%13.6%13.3%15.4%16.4%
Free-cash-flow margin12.2%15.0%15.2%13.7%11.3%15.4%13.0%16.6%17.2%16.1%19.9%21.6%21.9%19.7%13.5%15.9%19.2%19.9%
Return on equity10.8%12.5%14.6%14.9%16.7%18.6%17.7%17.6%17.5%20.3%21.4%17.2%14.3%14.4%14.0%15.2%17.4%18.3%
Return on assets6.1%7.3%8.5%8.0%7.5%8.0%8.4%8.4%8.2%10.0%11.7%9.6%8.6%9.3%7.1%7.0%8.6%9.2%
Asset turnover0.730.810.890.840.740.750.750.740.680.690.730.550.530.580.530.520.560.56
Current ratio3.723.172.572.802.742.832.992.532.532.602.814.833.182.742.793.112.832.72
Debt to equity13.4%3.0%7.6%21.4%62.3%47.1%45.4%47.6%58.0%38.1%33.7%37.4%10.5%11.1%78.8%61.3%50.4%51.4%
Interest cover (operating income ÷ interest)143.5x——67.1x49.4x37.4x49.6x32.1x31.3x18.9x21.1x28.6x53.9x77.8x164.6x5.5x7.8x9.4x
Effective tax rate31.9%33.7%31.0%33.8%31.1%30.1%31.7%31.5%30.3%19.8%17.8%7.9%14.8%20.4%20.0%17.5%16.6%18.3%
R&D as % of revenue3.7%3.7%3.3%3.4%3.3%3.3%3.3%3.2%3.0%3.2%3.2%3.7%3.7%3.4%3.2%2.9%2.7%2.6%
SG&A as % of revenue17.2%18.3%17.8%18.3%18.6%17.2%17.2%18.2%17.6%17.7%17.4%17.1%17.9%16.6%17.8%17.6%17.1%16.4%
Capital spending as % of revenue1.9%1.4%1.2%1.7%1.8%1.4%1.5%2.2%1.7%2.4%1.4%1.3%1.9%1.4%1.7%1.5%1.6%1.6%
Free cash flow ÷ net income146.9%169.0%159.4%144.8%110.9%143.7%115.9%146.5%141.0%110.6%124.6%123.0%134.1%123.9%98.9%119.5%124.8%121.5%
Dividends ÷ net income7.1%6.5%6.2%6.7%117.5%25.7%7.0%6.9%6.9%5.9%5.7%6.9%7.6%7.0%6.8%5.7%4.6%4.1%
Dividends and buybacks ÷ free cash flow17.2%3.8%3.9%4.6%106.0%17.9%6.0%4.7%4.9%5.4%4.6%5.6%5.6%5.6%6.9%4.7%3.7%3.4%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

3 of 7 checks passed · July 31, 2026
What it owns · $9.9bn
Short-term assets $2.7bnLonger-term assets $7.2bn
What it owes, and who funded it · $9.2bn
Short-term liabilities $1.0bnLonger-term liabilities $3.3bnShareholders' equity $4.9bn
  • Short-term assets cover short-term liabilities $2.7bn of assets due within a year against $1.0bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $2.7bn short-term assets against $3.3bn of longer-dated liabilities.
  • More cash than debt $241m of cash against $2.5bn of debt.
  • Debt below 40% of shareholders' equity Debt is 51% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 10% to 51% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.1bn of operating cash flow against $2.5bn of debt.
  • Operating profit covers interest at least five times over Operating income of $1.2bn against $132m of interest.

From Heico Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

80 /100

Strong moat

How hard Heico's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 14 / 20

    Cash operating profit has been a median 11.0% of total assets over 10 years.

  • Pricing power 14 / 20

    Gross margin has been a median 39.0%, moving by 0.8 percentage points (standard deviation) across 10 years.

  • Durability 17 / 20

    Operating margin has been a median 21.8%; its worst year was 20.0%.

  • Cash conversion 19 / 20

    Free cash flow was positive in 10 of 10 years, at a median 18.7% of revenue.

  • Discipline 16 / 20

    The diluted share count rose 2.4% over five years; stock-based pay has been a median 0.3% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: ATI vs HEIHEI vs VVXHEI vs MOG.AHEI vs SARO

More: Aerospace & Defense stocks compared, Industrials sector, rankings of US companies

Figures from Heico Corp's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Heico Corp.