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HEI.A

HEI.A is a Class A security of HEICO Corporation under CIK 0000046619. It is not a separate issuer from HEI and must not duplicate issuer-level financials in aggregation.

HEICO Corporation Class A Common Stock

HEICO Corporation Class A Common Stock has direct Aircraft Aftermarket exposure. High and direct at the issuer level. HEI.A and HEI are two NYSE-listed classes of HEICO Corporation and therefore share the same consolidated Q2 FY2026 results, including $929.4 million of Flight Support Group sales and 19% organic growth. Share-class voting differential, liquidity, price discount, licensed current valuation and reviewer acceptance remain unresolved; no separate operating-company claim is permitted.

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Reviewed company research · researched 2026-07-29 · not an individual investment recommendation

Listing: public
Ticker: HEI.A
Exchange: NYSE
HQ: —
Currency: USD
SEC CIK: 0000046619

Investment case

How this company captures the theme economics

Competitive position

Class A security of HEICO Corporation; it represents the same consolidated aftermarket operations as HEI and is not a separate operating issuer. Share-class voting differential, liquidity, price discount, licensed current valuation and reviewer acceptance remain unresolved; no separate operating-company claim is permitted.

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

HEI.A is a security class of HEICO Corporation and has no distinct products or segments; its operating exposure is the issuer's Flight Support Group.

Theme capture

High and direct at the issuer level. HEI.A and HEI are two NYSE-listed classes of HEICO Corporation and therefore share the same consolidated Q2 FY2026 results, including $929.4 million of Flight Support Group sales and 19% organic growth.

Conditions

What must be true

Obtain official share-class voting terms and licensed liquidity and valuation data; prevent issuer-level double counting before human review.
Share-class voting differential, liquidity, price discount, licensed current valuation and reviewer acceptance remain unresolved; no separate operating-company claim is permitted.

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.

Class A security of HEICO Corporation; it represents the same consolidated aftermarket operations as HEI and is not a separate operating issuer.

Aircraft aftermarket scarcity

Evidence: HEICO's Q2 FY2026 Form 10-Q lists both HEI and HEI.A under the same CIK and consolidated issuer. No independent operating financials exist for HEI.A; security-specific voting, liquidity and valuation analysis remains blocked.
Materiality: disclosed — Operating materiality is inherited from the same consolidated issuer, not counted as a second issuer. The canonical subject remains a separate security record solely to preserve the 193-company denominator.

Financial evidence

Official SEC filing evidence

Reference period: FY2025 and Q2 FY2026.

Issuer net sales$1,375.7 million
Q2 FY2026[1]
Issuer Flight Support Group sales$929.4 million
Q2 FY2026[1]
Issuer Flight Support Group organic growth19%
Q2 FY2026[1]

Limitation: Share-class voting differential, liquidity, price discount, licensed current valuation and reviewer acceptance remain unresolved; no separate operating-company claim is permitted. 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

Operating materiality is inherited from the same consolidated issuer, not counted as a second issuer. The canonical subject remains a separate security record solely to preserve the 193-company denominator. The subject remains NOT_READY pending human review, unresolved diligence and licensed current valuation; this is not a personalized recommendation.

Next diligence

Obtain official share-class voting terms and licensed liquidity and valuation data; prevent issuer-level double counting before human review.

Source ledger

Identity and evidence sources

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

HEICO Corporation Q2 FY2026 Form 10-QSEC EDGAR · primary · published 2026-05-29 · accessed 2026-07-29