HEICO (HEI)
Supplies aftermarket aerospace parts and niche electronics through a decentralized, acquisition-built portfolio.
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HEICO makes the replacement parts that keep airliners flying, and sells them for less than the companies that built the engines. Around that core sits a second business: small, fussy electronics tucked inside missiles, satellites, medical scanners and drones. Both halves grow the same way — selling more each year, and buying more small companies, which the family running HEICO then leaves largely alone to run themselves.
Item facts: FY2025 · year ended Oct 31, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
7 in detail · 14 more below
Aftermarket Replacement Parts
Cheaper stand-ins for engine and airframe spares, each cleared one part number at a time by the FAA, America's aviation regulator — about 20,000 cleared so far, with 400 to 550 more a year. Growth tracks how fast new approvals land.
Competes with OEM spare-parts catalogue (GE Aerospace) · Approved substitute parts and repairs (Chromalloy) · Parts Supply distribution (AAR Corp) · Proprietary aftermarket parts (TransDigm)
In plain English
When a jet engine wears out a bracket or a bushing, the airline can buy the replacement from whoever built the engine — or from someone else, provided the regulator has checked the substitute part by part. HEICO is that someone else, on roughly twenty thousand part numbers, adding four to five hundred approvals a year.
Each approval is paid for once and then earns for as long as that aircraft type keeps flying. A second arm simply stocks and resells approved parts made by others, widening the catalogue an airline can order from. No single customer comes close to a tenth of sales; the top five together are about a fifth.
Specialty Products and Defense Sustainment
Made-to-order defense hardware: insulation blankets, fuel systems, missile-defense pieces, copies of spares nobody else still builds. Defense sales in this segment grew in the upper twenties this year, against a missile order backlog management says runs for years.
Competes with Defense spares channel (TransDigm) · Defense structural components (Ducommun) · Missile and interceptor subcomponents (Moog)
In plain English
Militaries keep equipment in service for decades and still need spares for it. HEICO takes an old component it did not design, works out how it was made, and builds it again — alongside purpose-made hardware for newer weapons: heat insulation, crash-resistant fuel tanks, pieces of missile-defense systems.
Governments buy through the big prime contractors, on orders placed years ahead. Management refuses to name the programmes, on the grounds that it would hand competitors a map. What it will say is that the missile backlog stretches over years and that allied countries are refilling stockpiles they have run down.
Defense, Industrial and Medical Electronics
Small, built-to-last electronics sitting inside fighter jets, drones, factory gear and medical scanners. The line that turned: after customers worked off over-ordered stock, its group's growth excluding acquisitions went from 7% to 18% in three quarters. Watch European defense orders.
Competes with Radio and microwave subsystems (Mercury Systems) · Board-level shielding and connectors (Amphenol) · Medical high-voltage power supplies (Spellman)
In plain English
Think of the parts of a machine nobody ever sees: the connector that has to survive a rocket launch, the metal shield that stops one circuit board from scrambling the one beside it, the power box feeding a hospital imaging machine. HEICO owns a shelf of small companies making exactly those pieces — dB Control, Leader Tech, Switchcraft, Lumina Power and others.
The buyers are the firms that build fighter jets, drones and medical equipment. HEICO names the F-15, F-16 and F-18, the TOW missile and the Bradley fighting vehicle among the machines its content goes into.
Repair and Overhaul Services
Licensed shops that overhaul landing gear, hydraulics, pneumatics and on-board electronics, paid per job. It has been the slowest-growing of the three flight-support lines, up about 10% without counting acquisitions — the brake is supply: the shops are waiting on parts.
Competes with Aircraft component overhaul (Lufthansa Technik) · Engine component repair (StandardAero) · TechOps in-house shops (Delta Air Lines)
In plain English
Airlines don't throw away a landing-gear leg when it stops behaving. They ship it to a licensed shop that strips it down, replaces what's worn, tests it and sends it back certified. HEICO runs those shops and gets paid for each unit that comes through the door.
The interesting bit is what goes back inside. Filling a repair with HEICO's own approved parts instead of parts bought from the original maker brings in less revenue per job but keeps more of it as profit. Right now the shops have more work booked than they can finish, waiting on parts to arrive.
Ethos Accessories and Components
Three shops repairing the innards of land-based power turbines, bought in February 2026 — HEICO's first step outside the aircraft aftermarket. Small so far, but turbine orders are already turning up in its other parts businesses.
Competes with Turbine component repair (Chromalloy) · Turbo Services network (Sulzer) · Factory service network (GE Vernova)
In plain English
Power stations burn gas in giant turbines that are close relatives of jet engines, and they wear out blades and accessories the same way aircraft do. Ethos repairs those components from three sites — Connecticut, South Carolina and Aberdeen in Scotland — with about a hundred and seventy-five people.
Wencor, the parts-distribution business HEICO bought in 2023, picked Ethos up in early 2026. The reason management gave was electricity: data centres running artificial intelligence are pushing power demand up. Ethos works under approvals granted by the turbine makers themselves, and HEICO says it will not offer a rival option where one of those relationships already exists.
Space and Satellite Electronics
3D PLUS, VPT and Sierra Microwave build modules, power converters and radio parts made to survive space. HEICO says VPT supplies all the power converters on the newest GPS satellites. Orders are lumpy — space sales dipped early in FY2026.
Competes with Radiation-proof space chips (Microchip) · Interpoint space power converters (Crane Aerospace) · Space radio components (Qorvo)
In plain English
Space is a rough place for electronics: constant radiation, and nobody to come and fix anything. A few HEICO companies make the pieces built to take it — chips stacked inside shielded modules, boxes that turn one voltage into another, components for the radio gear. Content from 3D PLUS and VPT flew on NASA's Artemis II.
Satellite and rocket builders pay for those pieces, then keep buying the same ones, because once a part has been cleared for flight, swapping it for another is expensive. The catch is timing: orders arrive in lumps as constellations and launches get built, so a quiet quarter is normal.
Exxelia
Paris-based maker of capacitors, coils and filters certified for military and space use — the electronics group's biggest purchase when bought in 2023, and now HEICO's platform for buying more European companies.
Competes with Space and military-grade capacitors (KYOCERA AVX) · Military-qualified capacitors and filters (Vishay Intertechnology) · Ceramic capacitors made in volume (Murata)
In plain English
Every circuit needs humble components that store, smooth or filter electricity — capacitors, coils, resistors. Exxelia makes the versions certified to military and European space-agency standards, for jobs where failure is not survivable: satellites, missiles, medical imaging machines. Designing one of them into a new product takes years.
That slowness is the business. Once a part is built into a satellite or a missile, it rarely gets displaced, so the orders repeat. HEICO bought about ninety-four percent of the company in 2023 and now sends it shopping in Europe: it has since taken stakes in SVM and, in mid-2026, CalRamic.
Aftermarket Replacement PartsCheaper stand-ins for engine and airframe spares, each cleared one part number at a time by the FAA, America's aviation regulator — about 20,000 cleared so far, with 400 to 550 more a year. Growth tracks how fast new approvals land.Cheaper stand-ins for engine and airframe spares, each cleared one part number at a time by the FAA, America's aviation regulator — about 20,000 cleared so far, with 400 to 550 more a year. Growth tracks how fast new approvals land.
In plain English
When a jet engine wears out a bracket or a bushing, the airline can buy the replacement from whoever built the engine — or from someone else, provided the regulator has checked the substitute part by part. HEICO is that someone else, on roughly twenty thousand part numbers, adding four to five hundred approvals a year.
Each approval is paid for once and then earns for as long as that aircraft type keeps flying. A second arm simply stocks and resells approved parts made by others, widening the catalogue an airline can order from. No single customer comes close to a tenth of sales; the top five together are about a fifth.
Competes with OEM spare-parts catalogue (GE Aerospace) · Approved substitute parts and repairs (Chromalloy) · Parts Supply distribution (AAR Corp) · Proprietary aftermarket parts (TransDigm)
Specialty Products and Defense SustainmentMade-to-order defense hardware: insulation blankets, fuel systems, missile-defense pieces, copies of spares nobody else still builds. Defense sales in this segment grew in the upper twenties this year, against a missile order backlog management says runs for years.Made-to-order defense hardware: insulation blankets, fuel systems, missile-defense pieces, copies of spares nobody else still builds. Defense sales in this segment grew in the upper twenties this year, against a missile order backlog management says runs for years.
In plain English
Militaries keep equipment in service for decades and still need spares for it. HEICO takes an old component it did not design, works out how it was made, and builds it again — alongside purpose-made hardware for newer weapons: heat insulation, crash-resistant fuel tanks, pieces of missile-defense systems.
Governments buy through the big prime contractors, on orders placed years ahead. Management refuses to name the programmes, on the grounds that it would hand competitors a map. What it will say is that the missile backlog stretches over years and that allied countries are refilling stockpiles they have run down.
Competes with Defense spares channel (TransDigm) · Defense structural components (Ducommun) · Missile and interceptor subcomponents (Moog)
Defense, Industrial and Medical ElectronicsSmall, built-to-last electronics sitting inside fighter jets, drones, factory gear and medical scanners. The line that turned: after customers worked off over-ordered stock, its group's growth excluding acquisitions went from 7% to 18% in three quarters. Watch European defense orders.Small, built-to-last electronics sitting inside fighter jets, drones, factory gear and medical scanners. The line that turned: after customers worked off over-ordered stock, its group's growth excluding acquisitions went from 7% to 18% in three quarters. Watch European defense orders.
In plain English
Think of the parts of a machine nobody ever sees: the connector that has to survive a rocket launch, the metal shield that stops one circuit board from scrambling the one beside it, the power box feeding a hospital imaging machine. HEICO owns a shelf of small companies making exactly those pieces — dB Control, Leader Tech, Switchcraft, Lumina Power and others.
The buyers are the firms that build fighter jets, drones and medical equipment. HEICO names the F-15, F-16 and F-18, the TOW missile and the Bradley fighting vehicle among the machines its content goes into.
Competes with Radio and microwave subsystems (Mercury Systems) · Board-level shielding and connectors (Amphenol) · Medical high-voltage power supplies (Spellman)
Repair and Overhaul ServicesLicensed shops that overhaul landing gear, hydraulics, pneumatics and on-board electronics, paid per job. It has been the slowest-growing of the three flight-support lines, up about 10% without counting acquisitions — the brake is supply: the shops are waiting on parts.Licensed shops that overhaul landing gear, hydraulics, pneumatics and on-board electronics, paid per job. It has been the slowest-growing of the three flight-support lines, up about 10% without counting acquisitions — the brake is supply: the shops are waiting on parts.
In plain English
Airlines don't throw away a landing-gear leg when it stops behaving. They ship it to a licensed shop that strips it down, replaces what's worn, tests it and sends it back certified. HEICO runs those shops and gets paid for each unit that comes through the door.
The interesting bit is what goes back inside. Filling a repair with HEICO's own approved parts instead of parts bought from the original maker brings in less revenue per job but keeps more of it as profit. Right now the shops have more work booked than they can finish, waiting on parts to arrive.
Competes with Aircraft component overhaul (Lufthansa Technik) · Engine component repair (StandardAero) · TechOps in-house shops (Delta Air Lines)
Ethos Accessories and ComponentsThree shops repairing the innards of land-based power turbines, bought in February 2026 — HEICO's first step outside the aircraft aftermarket. Small so far, but turbine orders are already turning up in its other parts businesses.Three shops repairing the innards of land-based power turbines, bought in February 2026 — HEICO's first step outside the aircraft aftermarket. Small so far, but turbine orders are already turning up in its other parts businesses.
In plain English
Power stations burn gas in giant turbines that are close relatives of jet engines, and they wear out blades and accessories the same way aircraft do. Ethos repairs those components from three sites — Connecticut, South Carolina and Aberdeen in Scotland — with about a hundred and seventy-five people.
Wencor, the parts-distribution business HEICO bought in 2023, picked Ethos up in early 2026. The reason management gave was electricity: data centres running artificial intelligence are pushing power demand up. Ethos works under approvals granted by the turbine makers themselves, and HEICO says it will not offer a rival option where one of those relationships already exists.
Competes with Turbine component repair (Chromalloy) · Turbo Services network (Sulzer) · Factory service network (GE Vernova)
Space and Satellite Electronics3D PLUS, VPT and Sierra Microwave build modules, power converters and radio parts made to survive space. HEICO says VPT supplies all the power converters on the newest GPS satellites. Orders are lumpy — space sales dipped early in FY2026.3D PLUS, VPT and Sierra Microwave build modules, power converters and radio parts made to survive space. HEICO says VPT supplies all the power converters on the newest GPS satellites. Orders are lumpy — space sales dipped early in FY2026.
In plain English
Space is a rough place for electronics: constant radiation, and nobody to come and fix anything. A few HEICO companies make the pieces built to take it — chips stacked inside shielded modules, boxes that turn one voltage into another, components for the radio gear. Content from 3D PLUS and VPT flew on NASA's Artemis II.
Satellite and rocket builders pay for those pieces, then keep buying the same ones, because once a part has been cleared for flight, swapping it for another is expensive. The catch is timing: orders arrive in lumps as constellations and launches get built, so a quiet quarter is normal.
Competes with Radiation-proof space chips (Microchip) · Interpoint space power converters (Crane Aerospace) · Space radio components (Qorvo)
ExxeliaParis-based maker of capacitors, coils and filters certified for military and space use — the electronics group's biggest purchase when bought in 2023, and now HEICO's platform for buying more European companies.Paris-based maker of capacitors, coils and filters certified for military and space use — the electronics group's biggest purchase when bought in 2023, and now HEICO's platform for buying more European companies.
In plain English
Every circuit needs humble components that store, smooth or filter electricity — capacitors, coils, resistors. Exxelia makes the versions certified to military and European space-agency standards, for jobs where failure is not survivable: satellites, missiles, medical imaging machines. Designing one of them into a new product takes years.
That slowness is the business. Once a part is built into a satellite or a missile, it rarely gets displaced, so the orders repeat. HEICO bought about ninety-four percent of the company in 2023 and now sends it shopping in Europe: it has since taken stakes in SVM and, in mid-2026, CalRamic.
Competes with Space and military-grade capacitors (KYOCERA AVX) · Military-qualified capacitors and filters (Vishay Intertechnology) · Ceramic capacitors made in volume (Murata)
Named in filings, launches and programs
- Wencor GroupBrandBought for $2.05 billion in 2023 — the one recent price HEICO disclosed. It holds most of the parts catalogue and bought Ethos in 2026.
- Gables EngineeringBrandCockpit displays and the panels pilots use for radio, navigation and surveillance; bought outright in July 2025.
- Rosen AviationBrandCabin displays and control panels for business aircraft; bought outright in April 2025.
- Mid Continent ControlsBrandCabin control systems; HEICO took 87.9% in October 2024.
- Honeywell 777 AIMS and 737NG/P-8/E-7 VIA linesProduct lineAn exclusive licence plus key assets bought from Honeywell in December 2024 — cockpit electronics lines fitted to new Boeings and sold again as spares.
- Rockmart Fuel ContainmentBrandAxillon's fuel-containment business, bought from SK Capital and renamed in January 2026; it already supplied HEICO's own Robertson.
- Robertson Fuel SystemsBrandCrash-resistant fuel systems for aircraft — and a Rockmart customer before HEICO went and bought its supplier.
- HEICO-Cook DefenceBrandTrack systems and steel for armoured vehicles; 80% bought in June 2026, a niche new to HEICO.
- Sherwood Avionics and AccessoriesBrandA licensed repair station, 80% bought in April 2026 — it joins the overhaul shops on the flight-support side.
- Southwest AntennasBrandRugged antennas for ground defense radios; 90% bought in April 2026.
- CalRamic TechnologiesBrandHigh-voltage ceramic capacitors; 90% bought by Exxelia in June 2026.
- SVMBrandCapacitors and similar components for healthcare and industrial gear; 70% bought by Exxelia in November 2024.
- Marway Power SolutionsBrandPower distribution units for equipment racks; 92.5% bought in September 2024.
- Capewell Aerial Delivery and Descent DevicesProduct lineAirdrop and descent hardware, added in August 2024.
Wencor GroupBrand
Bought for $2.05 billion in 2023 — the one recent price HEICO disclosed. It holds most of the parts catalogue and bought Ethos in 2026.
Gables EngineeringBrand
Cockpit displays and the panels pilots use for radio, navigation and surveillance; bought outright in July 2025.
Rosen AviationBrand
Cabin displays and control panels for business aircraft; bought outright in April 2025.
Mid Continent ControlsBrand
Cabin control systems; HEICO took 87.9% in October 2024.
Honeywell 777 AIMS and 737NG/P-8/E-7 VIA linesProduct line
An exclusive licence plus key assets bought from Honeywell in December 2024 — cockpit electronics lines fitted to new Boeings and sold again as spares.
Rockmart Fuel ContainmentBrand
Axillon's fuel-containment business, bought from SK Capital and renamed in January 2026; it already supplied HEICO's own Robertson.
Robertson Fuel SystemsBrand
Crash-resistant fuel systems for aircraft — and a Rockmart customer before HEICO went and bought its supplier.
HEICO-Cook DefenceBrand
Track systems and steel for armoured vehicles; 80% bought in June 2026, a niche new to HEICO.
Sherwood Avionics and AccessoriesBrand
A licensed repair station, 80% bought in April 2026 — it joins the overhaul shops on the flight-support side.
Southwest AntennasBrand
Rugged antennas for ground defense radios; 90% bought in April 2026.
CalRamic TechnologiesBrand
High-voltage ceramic capacitors; 90% bought by Exxelia in June 2026.
SVMBrand
Capacitors and similar components for healthcare and industrial gear; 70% bought by Exxelia in November 2024.
Marway Power SolutionsBrand
Power distribution units for equipment racks; 92.5% bought in September 2024.
Capewell Aerial Delivery and Descent DevicesProduct line
Airdrop and descent hardware, added in August 2024.