HEICO Corporation (NYSE: HEI) is an aerospace and defense company that manufactures FAA-approved replacement parts for commercial aircraft and produces electronic and electro-optical components for military and defense applications. It earns revenue through two segments: the Flight Support Group (FSG), which sells aftermarket aircraft parts, performs repair and overhaul services, and distributes FAA-approved components, and the Electronic Technologies Group (ETG), which designs and manufactures defense electronics including RF and microwave assemblies, laser rangefinder receivers, power supplies, and underwater locator beacons. The FSG accounted for 70% of net sales in fiscal 2025 (fiscal year ended October 31, 2025), while the ETG contributed 30%, per the 10-K filed December 22, 2025. The ETG derived approximately 51% of its net sales in fiscal 2025 from U.S. and foreign military agencies, prime defense contractors, and satellite and spacecraft manufacturers. HEICO is headquartered in the United States and operates across 19 U.S. states and 10 countries for the FSG, and 19 U.S. states and 7 countries for the ETG. The company has paid 94 consecutive semi-annual cash dividends since 1979.
- Revenue model
- Transactional sales of FAA-approved aftermarket aircraft replacement parts and defense electronic components, repair and overhaul service fees, and distribution of third-party aerospace parts. The FSG also provides niche accessory component exchange services as an alternative to OEM spares.
- Products and services
- FSG: FAA-approved PMA replacement parts for commercial aircraft, repair and overhaul of fuel pumps, generators, fuel controls, pneumatic valves, starters, actuators, hydraulic pumps, wheels and brakes, composite flight controls, auxiliary power unit accessories, and thrust reverse actuation systems; component exchange services; distribution of hydraulic, pneumatic, structural, and electro-mechanical components. ETG: RF and microwave amplifiers, transmitters and receivers; laser rangefinder receivers; infrared simulation and test equipment; electrical and back-up power supplies; power conversion products; underwater locator beacons; emergency locator transmission beacons; flight deck annunciators; electromagnetic and radio frequency interference shielding and filters; high voltage interconnection devices; traveling wave tube amplifiers; nuclear radiation detectors; crashworthy auxiliary fuel systems for military rotorcraft; active antenna systems; airborne antennas; in-flight entertainment components; cockpit displays.
- Customers and end markets
- Commercial airlines, regional operators, asset management companies, MRO providers, U.S. government agencies, foreign military agencies, prime defense contractors, commercial and defense satellite and spacecraft manufacturers, aircraft repair and overhaul companies, law enforcement and homeland security agencies.
- Value-chain role
- Aftermarket parts manufacturer and distributor sitting between OEMs and aircraft operators/MRO providers for the FSG; specialized defense electronics sub-system and component manufacturer supplying prime contractors and military end-users for the ETG.
- Geographic exposure
- United States (primary, facilities in 19 states for both FSG and ETG as of FY2025 10-K). FSG international presence in 10 countries: France, Germany, India, Laos, Netherlands, Singapore, Thailand, Turkey, United Arab Emirates, and United Kingdom. ETG international presence in 7 countries: Canada, France, India, Morocco, South Korea, United Kingdom, and Vietnam.
