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Q4 2023

HEICO
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Q4 2023

19 Dec, 2023
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Q3 2023

29 Aug, 2023
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Flight Support Group
Electronic Technologies Group
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A global defense giant

HEICO designs, manufactures, and sells aerospace, defense, and electronic-related products and services on a global scale. The company serves niche markets with highly engineered and reliable products. This being the catalyst, HEICO has been able to run its business with strong cash flow generation for a long time.

50,000 different parts in their portfolio

Their product portfolio is highly diversified, and the CEO, Laurans Mendelson stated in their recent Q4’22 Earnings Call that they manufacture over 50,000 different parts, and don’t want any particular product to stand out. He further said that if any one product would fail, nobody would even notice it. 

The company operates mainly in two different business segments:

  • Flight Support Group: which consists of products that are found in the most demanding applications, such as aircraft, spacecraft and defense equipment. And the other one

  • Electronic Technologies Group: with niche electronic, electrooptical, microwave, and other components found in complex equipment within the aviation-, broadcasting-, defense-, and space industries. While little more than half of their revenue stems from the former segment, the latter is more profitable and accounts for most of the EBIT. 

Some of the company’s peers include TransDigm Group, Moog Inc., Spirit AeroSystems Holdings Inc.

History and background

HEICO has almost 70 years of industry experience, and its current management has been involved since 1990. The company has acquired more than 100 companies over the years without having any busts. They have only sold two businesses since inception – a showcase of their owning forever framework. 

Another interesting fact from their recent call came from the Co-President - Eric Mendelson. He explained how some of HEICO’s subsidiaries were buying equipment that wasn’t going to impact any of the coming two years, but was going to impact the two/three years after. This long-term focus is something that HEICO is benefiting from – the result they present today is a result of decisions made 10, 20, and 30 years ago, he said.