HEICO Corporation
HEI · Consumer Discretionary · FY2025 filings · Shallow moat ·
Doesn't clear the bar
The four filters
Median gross margin 39.0% over 10y, variable.
Median ROIC 13.8%, above the 9% hurdle in 100% of years.
Net debt/EBITDA 1.6x, interest coverage 8x.
Owner earnings +17.8%/yr, share count growing (dilution).
Margin of safety
- Owner earnings (normalized)
- $484.2M
- Est. intrinsic value / share
- —
- Recent price
- $342.66
- Discount to value
- No price data
Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).
19 years of fundamentals
The business, in plain English
HEICO Corporation booked $4.5B of revenue in FY2025 in the Consumer Discretionary sector and kept 39.8% of it as gross profit — a solid-margin business by that measure. After every other cost, 15.4% of each revenue dollar reached the bottom line.
Across the filed record, revenue grew from $582.3M (FY2008) to $4.5B (FY2025) — about 12.8% a year compounded over 17 years.
It earned 13.6% on invested capital in FY2025, with a median of 14.0% across 18 filed years. The Returns on Capital filter above scores it 73/100.
The balance sheet carried $2.2B of total debt in FY2025 against $813.6M of owner earnings — roughly 2.7 years of owner earnings to retire it all. Balance-Sheet Safety scores it 48/100.
The share count rose 316.5% between FY2009 and FY2020 — existing owners have been diluted over the record. Capital Discipline scores it 60/100.
Put together: Returns on Capital is the strongest of the four filters (73/100) and Pricing Power the weakest (37/100), which is how HEI lands at 55/100 — a Shallow moat.
This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.
Gaps in a line mean that item isn’t in HEI’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.
Moat Score history
Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.
Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars
None yet — HEI has read Shallow moat for every logged capture since Jul 17, 2026.
Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.
Consumer Discretionary context
#133 of 340 scored Consumer Discretionary companies, ranked by Moat Score.
Nearest peers by Moat Score
- #131LMT LOCKHEED MARTIN CORPORATION55.6 out of 100, Shallow moatShallow moat
- #132TNL Travel & Leisure Co.55.3 out of 100, Shallow moatShallow moat
- #134MHH MASTECH DIGITAL, INC.54.6 out of 100, Shallow moatShallow moat
- #135WEN Wendy's Co54.4 out of 100, Shallow moatShallow moat
Compare HEI with its nearest peers →All Consumer Discretionary companies on the Index →
Common questions about HEI
- Does HEICO Corporation have an economic moat?
- Based on its FY2025 SEC filings, the Moat Index scores HEICO Corporation (HEI) 54.7 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 37, returns on capital 73, balance-sheet safety 48, capital discipline 60.
- How has HEI's Moat Score changed over time?
- The record logs 3 readings since Jul 17, 2026; the latest reads 54.7 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.