Forensic Analysis · Industrials / Manufacturing / Defense · as of Sep 17, 2026
Heico Corp (HEI)
A forensic read on Heico Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
A · High-quality, lumpy growth
Forensic grade
Safe
Financial health
15.3
Distress distance
Clean
Earnings quality
4
Forensic signals
41.6
P / E (ttm)
16.0%
ROE
$42.4B
Market cap
0.12%
Dividend yield
16.3%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Heico Corp earns an A (High-quality, lumpy growth) forensic quality grade, and its balance-sheet distress test reads 15.3, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of noa).
What the filings flag
+10.8%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +10.8% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by receivables up +18% against revenue +16% and inventory up +11% against +15% in cost of sales. A cash-flow measure on the same base disagrees: reported earnings ran in line with operating cash by 4% of net operating assets, against an accruals ratio of 10.8%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
11.1%
FY2025
Return on invested capital.Return on invested capital is 11.1% in the latest fiscal year, against 11% in FY2021, having run between 7.7% and 11.2% across FY2021–FY2025 with no direction held — a modest positive spread over the ~9% cost of capital we hold this sector to — the capital already deployed adds value, though not dramatically. The capital base behind it cannot be compared across FY2021–FY2025: cash is tagged in one of those two fiscal years and not the other, and an untagged line enters this calculation as zero, so any change in the base would be a change in what the filer tagged.
+0.7%/yr
FY2022–FY2025
Share count.Diluted share count changed +2% over the last 3 years to FY2025 (+0.7%/yr). Roughly flat — the count is neither shrinking nor growing meaningfully. Per-share value isn't being meaningfully helped or hurt by the count.
-76%
FY2014→FY2015
Key fundamentals
Latest Revenue$4.49B
Revenue Growth YoY+16.3%
Revenue CAGR (3yr)+26.6%
Net Margin15.4%
Free Cash Flow$861.4M
Return on Equity16.0%
Debt / Equity0.50x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Heico Corp's actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 17, 2026. Forensic signals flag probability, not certainty.
Dividend — cut.The payout was CUT ~76% in FY2015 (from FY2014) and hasn't been restored since. It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies.