Forensic Analysis · Industrials / Manufacturing / Defense · as of Aug 8, 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 compounder
Forensic grade
Safe
Financial health
16.0
Distress distance
Clean
Earnings quality
4
Forensic signals
53.7
P / E (ttm)
16.0%
ROE
$51.4B
Market cap
0.07%
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). 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 compounder) forensic quality grade, and its balance-sheet distress test reads 16.0, 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 total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). 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. The cash-flow cross-check is more mixed: reported earnings ran in line with operating cash by 4% of net operating assets, diverging from the balance-sheet accrual read.
11.1%
FY2025
Return on invested capital.Return on invested capital is 11.1% in the latest fiscal year and steady — a modest positive spread over its ~9% cost of capital — growth adds value, though not dramatically.
+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
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.
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?