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HEI

Identity and HEI common-stock listing verified against HEICO Corporation's Q2 FY2026 Form 10-Q, CIK 0000046619.

HEICO Corporation

HEICO Corporation has direct Aircraft Aftermarket exposure. High and direct. Q2 FY2026 consolidated net sales were $1,375.7 million, up 25%; Flight Support Group sales were $929.4 million, up 21%, with 19% organic growth driven by aftermarket replacement parts, specialty products, and repair and overhaul services. PMA-only revenue and margin, acquisition-normalized durability, licensed current valuation and reviewer acceptance remain unresolved.

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Reviewed company research · researched 2026-07-29 · not an individual investment recommendation
Listing
public
Ticker
HEI
Exchange
NYSE
HQ
—
Currency
USD
SEC CIK
0000046619
Investment case

How this company captures the theme economics

Competitive position

Aftermarket replacement-parts, specialty-products, and repair-and-overhaul supplier through Flight Support Group. PMA-only revenue and margin, acquisition-normalized durability, licensed current valuation and reviewer acceptance remain unresolved.

Scarce assets

Scarce assets in this value chain include engine shop-visit capacity and induction slots (rolls-royce added capacity in derby, dahlewitz, singapore and jvs in beijing and istanbul; standardaero/mtu ramping leap/cfm56 lines), certified parts supply, including castings, forgings and superalloy/titanium inputs (iata and oliver wyman both flag raw-material shortages), specialist mro labor (~41% of u.s. certified mechanics over 60; ~45,000 retirements expected over a decade).

Products, segments, and customers

Flight Support Group supplies aftermarket replacement parts, specialty products, and repair-and-overhaul parts and services.

Theme capture

High and direct. Q2 FY2026 consolidated net sales were $1,375.7 million, up 25%; Flight Support Group sales were $929.4 million, up 21%, with 19% organic growth driven by aftermarket replacement parts, specialty products, and repair and overhaul services.

Conditions

What must be true

  1. Quantify PMA-only economics, acquisition contribution and customer adoption; complete licensed valuation before human review.
  2. PMA-only revenue and margin, acquisition-normalized durability, licensed current valuation and reviewer acceptance remain unresolved.

Identifiable catalysts

  • Forthcoming quarterly and annual issuer filings
  • Theme-level catalysts detailed in the Aircraft aftermarket scarcity brief
Theme materiality

1 mapped theme

Exposure statements are evidence-qualified. Materiality is only claimed where disclosure supports it.

Aftermarket replacement-parts, specialty-products, and repair-and-overhaul supplier through Flight Support Group.

Aircraft aftermarket scarcity

High and direct. Q2 FY2026 consolidated net sales were $1,375.7 million, up 25%; Flight Support Group sales were $929.4 million, up 21%, with 19% organic growth driven by aftermarket replacement parts, specialty products, and repair and overhaul services.

Evidence
HEICO's Q2 FY2026 Form 10-Q directly reports consolidated and FSG results and identifies both HEI and HEI.A as securities of the same issuer. It does not disclose PMA-only revenue or licensed current valuation.
Materiality
disclosed — Flight Support Group represented about 68% of Q2 FY2026 consolidated sales and disclosed 19% organic growth, establishing material aftermarket exposure.
Financial evidence

Official SEC filing evidence

Reference period: FY2025 and Q2 FY2026.

  • Revenue$4.49 billion
    FY2025[1]
  • Revenue growth16%
    FY2025[1]
  • Operating margin22.7%
    FY2025[1]
  • Net sales$1,375.7 million
    Q2 FY2026[2]
  • Flight Support Group sales$929.4 million
    Q2 FY2026[2]
  • Flight Support Group organic growth19%
    Q2 FY2026[2]

Limitation: PMA-only revenue and margin, acquisition-normalized durability, licensed current valuation and reviewer acceptance remain unresolved. Figures are issuer-reported and are not market-derived valuation data.

Risks

Material risks and break conditions

Material risks

  • Delivery normalization is already underway: H1 2026 was Boeing's best first half since 2018 (+12% YoY) and Airbus's best since 2019 (+15%), with easing engine-supply bottlenecks cited — faster-than-expected recovery compresses the scarcity premium.
  • Engine durability improvement is an explicit OEM program: Rolls-Royce guides shop visits down to 1,300-1,400 mid-term on time-on-wing gains; success on GTF and LEAP fixes would cut shop-visit growth and spare-parts demand.

Thesis-break conditions

  • Combined Airbus+Boeing deliveries sustain an annualized run-rate above ~1,400 aircraft (versus 665 in H1 2026) for two consecutive quarters — delivery normalization break.
  • Rolls-Royce reports or guides shop visits at or below 1,400 before 2028, or GE/Safran report civil spare-parts growth below 5% YoY for two consecutive quarters — engine durability / demand break.
Investability conclusion

Where the evidence lands

Flight Support Group represented about 68% of Q2 FY2026 consolidated sales and disclosed 19% organic growth, establishing material aftermarket exposure. The subject remains NOT_READY pending human review, unresolved diligence and licensed current valuation; this is not a personalized recommendation.

Next diligence

  1. Quantify PMA-only economics, acquisition contribution and customer adoption; complete licensed valuation before human review.
Source ledger

Identity and evidence sources

Identity was verified against official issuer, filing, exchange, or regulator sources where available.

  1. HEICO Corporation FY2025 Form 10-KSEC EDGAR · primary · published 2025-12-22 · accessed 2026-07-29
  2. HEICO Corporation Q2 FY2026 Form 10-QSEC EDGAR · primary · published 2026-05-29 · accessed 2026-07-29