Heico Corp. (HEI) intrinsic value & 10-year financials
Heico Corp. (HEI) has a Graham intrinsic value of $110.51 per share. At $309.87 on Oct 17, 2026, the stock trades 180% above that value. Over the last 10 fiscal years revenue grew 14.0% a year to $4.5B, with an average return on invested capital of 14.3%.
- Graham intrinsic value
- $110.51
- Share price (Oct 17, 2026)
- $309.87
- Price vs Graham value
- 180% above
- Market cap
- $43.6B
- Revenue (FY2025)
- $4.5B
- Revenue growth (10-yr CAGR)
- 14.0%
- ROIC (10-yr avg)
- 14.3%
- Free cash flow (FY2025)
- $861.4M
HEI 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $4.5B | $690.4M | $4.90 | $861.4M | 22.7% | 14.0% |
| FY2024 | $3.9B | $514.1M | $3.67 | $614.1M | 21.4% | 12.0% |
| FY2023 | $3.0B | $403.6M | $2.91 | $399.3M | 21.1% | 12.0% |
| FY2022 | $2.2B | $351.7M | $2.55 | $435.9M | 22.5% | 15.0% |
| FY2021 | $1.9B | $304.2M | $2.21 | $407.9M | 21.1% | 14.1% |
| FY2020 | $1.8B | $314.0M | $2.29 | $386.2M | 21.1% | 15.4% |
| FY2019 | $2.1B | $327.9M | $2.39 | $408.4M | 22.2% | 18.3% |
| FY2018 | $1.8B | $259.2M | $1.90 | $286.6M | 21.2% | 16.2% |
| FY2017 | $1.5B | $186.0M | $2.14 | $248.9M | 20.1% | 13.1% |
| FY2016 | $1.4B | $156.2M | $2.29 | $218.3M | 19.3% | 12.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
HEICO CORP is a consistent compounder, expanding top-line revenue at 14.0% annually over the past decade.
HEICO CORP returns on capital have been average, hovering around 14.3% ROIC over the decade.
Over the decade, HEICO CORP shows that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, HEICO CORP is modeled at 8.8% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $110.51 per share.