Below is a focused, factual summary of HEICO Corporation based only on the information you provided.

Company overview

• Name: HEICO Corporation (parent of HEICO Aerospace Holdings Corp., HEICO Flight Support Corp., HEICO Electronic Technologies Corp. and their subsidiaries).
• Founded / history highlights: Organized in 1957; current management assumed control in 1990. HEICO describes itself as the world’s largest manufacturer of FAA‑approved jet engine and aircraft replacement parts other than OEMs and their subcontractors.

Operating structure (two reportable segments)

1. Flight Support Group (FSG)

   • Entities: HEICO Aerospace Holdings Corp. (80% owned) and HEICO Flight Support Corp. (wholly owned) and their subsidiaries.
   • Fiscal 2025 share of consolidated net sales: 70% (Net sales = $3,117,277 thousand).
   • Activities:
     • Research, design, manufacture and sale of FAA‑approved replacement parts (PMA parts) for jet engines and aircraft components.
     • Repair, overhaul and distribution of jet engine and aircraft components, avionics and instruments (commercial, military, business aircraft).
     • Subcontract manufacturing for aerospace/industrial OEMs and U.S. government.
     • Military parts, supplier/distributor/integrator for U.S. Department of Defense and allies.
     • Manufacture of advanced niche components/composite assemblies, thermal insulation blankets and reusable insulation systems, expanded foil mesh (lightning protection), emergency descent devices (EDDs), parachute products, tight‑tolerance machining, brazing, welding, pump/motor overhauls, etc.
   • R&D (FSG): $43.7 million in fiscal 2025.
   • FSG operating income (fiscal 2025): $750,395 thousand (24.1% of FSG net sales; consolidated figure shown below).

2. Electronic Technologies Group (ETG)

   • Entity: HEICO Electronic Technologies Corp. and subsidiaries.
   • Fiscal 2025 share of consolidated net sales: 30% (Net sales = $1,413,120 thousand).
   • Activities / product lines:
     • Electro‑optical infrared simulation & test equipment (e.g., MIRAGE IR scene simulators), laser rangefinder receivers, photodetectors.
     • Power supplies, backup power, capacitor chargers, laser diode drivers, flash lamp drivers, power conversion products.
     • Microwave products: TWTAs, microwave power modules, RF/microwave amplifiers, filters, converters, satellite/space components.
     • EMI/RFI shielding and suppression filters, high‑speed interface products, high‑voltage interconnects and generators, Hi‑Rel ceramic‑to‑metal feedthroughs/connectors.
     • Underwater Locator Beacons (ULBs), emergency locator beacons.
     • Memory products (3‑D stacked microelectronic memory), specialty semiconductors, embedded rugged computing, TSCM equipment, nuclear radiation detectors, crashworthy auxiliary fuel systems, active antenna / airborne antennas.
   • R&D (ETG): $77.2 million in fiscal 2025.
   • ETG operating income (fiscal 2025): $324,952 thousand (23.0% of ETG net sales; consolidated figure shown below).

Financial highlights (consolidated, selected)

• Net sales
  • Fiscal 2025: $4,485.044 million (16% increase vs FY2024)
  • Fiscal 2024: $3,857.669 million
  • Fiscal 2023: $2,968.105 million
• Gross profit / margin (consolidated)
  • Fiscal 2025 gross profit margin: 39.8%
  • Fiscal 2024 gross profit margin: 38.9%
• Operating income (consolidated)
  • Fiscal 2025: $1,018.998 million (22.7% of sales)
  • Fiscal 2024: $824.455 million (21.4% of sales)
• Net income attributable to HEICO (consolidated)
  • Fiscal 2025: $690.385 million; diluted EPS $4.90
  • Fiscal 2024: $514.109 million; diluted EPS $3.67
  • Fiscal 2023: $403.596 million; diluted EPS $2.91
• Net income attributable to noncontrolling interests
  • Fiscal 2025: $55.169 million
  • Fiscal 2024: $44.977 million
• Effective tax rate
  • Fiscal 2025: 16.6% (16.6% reported)
  • Fiscal 2024: 17.5%

Balance sheet / capitalization (as of October 31, 2025)

• Total assets: $8,500.434 million
  • Goodwill: $3,661.624 million
  • Intangible assets, net: $1,471.440 million
  • Goodwill + intangible assets (net) represented ~60% of total assets.
• Cash and cash equivalents: $217.781 million
• Inventories, net: $1,295.336 million
• Total debt (including current maturities): $2,167.945 million
  • Long‑term debt (net of current): $2,164.587 million
  • Current maturities: $3,358 thousand
• Shareholders’ equity: $4,379.175 million
• Total capitalization (debt + equity): $6,547.120 million
• Debt / total capitalization: 33%

Funding / debt instruments (selected)

• Revolving credit facility: capacity increased to $2.0 billion in July 2023 (feature to increase to $2.75B available); unused committed availability as of Dec 19, 2025: ~$1,078 million.
• Senior unsecured notes issued July 27, 2023:
  • $600 million 5.25% due Aug 1, 2028
  • $600 million 5.35% due Aug 1, 2033

M&A strategy and recent acquisitions

• Since 1990: ~107 acquisitions (used to augment organic growth).
• Recent / notable acquisitions (examples provided):
  • Wencor Group (Aug 2023) — major aftermarket/commercial & military aircraft parts and repair services (purchase funded by credit facility and senior notes; total consideration noted).
  • Exxelia International SAS (Jan 2023) — Hi‑Rel passive components and rotary joints.
  • Millennium International, LLC (Jan 2025) — 90% interest (Part 145 repair station).
  • Gables Engineering, Inc. (Jul 2025) — cockpit displays/avionics components.
  • Rosen Aviation, LLC (Apr 2025) — in‑flight entertainment (in‑cabin displays).
  • Multiple other smaller strategic acquisitions across both segments.
• Acquisition discipline: targets small‑to‑mid sized niche businesses that broaden product/service offerings, technologies and geographic/customer reach.

Customers, markets and distribution

• Geographic reach: sells to approximately 130 countries; fiscal 2025 foreign sales accounted for ~38% of consolidated net sales.
• Major markets (consolidated, fiscal 2025): ~58% commercial aviation, ~31% defense & space, ~11% other industrial (electronics, medical, telecommunications).
• Customer concentration: no single customer accounted for ≥10% of consolidated sales in the last three fiscal years; five largest customers accounted for ~20% (FY2025), ~19% (FY2024), ~18% (FY2023) of consolidated net sales.
• Sales channels: in‑house sales personnel and independent manufacturers’ representatives; direct relationships emphasized.

Production / regulatory / technical notes

• FAA / PMA activity:
  • HEICO has developed ~20,000 parts for which FAA PMAs have been issued.
  • Historically awarded ~400–550 new PMAs per year (recent years referenced).
  • Repairs and overhaul operations require FAA certification / DER approvals; many parts are sold as FAA‑approved PMA or as overhauled/repairable parts.
• Product categories (aircraft parts): rotables (including life‑limited), repairables, expendables; factory‑new, new surplus, overhauled, repairable, as‑removed conditions.

Employees and human capital (as of October 31, 2025)

• Total employees: approx. 11,100 (full‑ and part‑time)
  • Flight Support Group: ~5,300 employees (≈900 employed by foreign subsidiaries)
  • Electronic Technologies Group: ~5,800 employees (≈2,600 employed by foreign subsidiaries)
• Labor relations: no U.S. union representation for domestic employees reported.
• Talent practices: benefits include annual bonus opportunities, company‑matched 401(k), health benefits, equity compensation, stock contributions.

R&D and innovation

• Consolidated R&D (included in cost of sales): $120.9 million in fiscal 2025 (Company also states FSG R&D $43.7M and ETG R&D $77.2M in fiscal 2025).
• Focus: design of PMA parts, defense/space electronics, microwave/TWTAs, Hi‑Rel components, in‑cabin systems, power electronics, test and simulation equipment, and other mission‑critical products.

Insurance, regulation and compliance

• Regulated by FAA for aviation parts and repair stations; other regulatory regimes include ITAR/EAR export controls and international trade sanctions; subject to environmental and workplace safety regulations.
• Conflict minerals (Dodd‑Frank) compliance efforts noted.

Other notable statistics and facts

• Employees and facilities: multiple U.S. and international manufacturing, repair and distribution sites (total U.S. and international square footage summarized in the filing; example totals: FSG facilities ~1,998,000 total sq ft leased/owned across U.S. and international sites; ETG facilities ~1,857,000 sq ft leased/owned across U.S. and international sites — see filing for full breakdown).
• Market capitalization proxy: aggregate market value of voting and non‑voting common equity held by non‑affiliates was reported as $28,298,175,000 (based on NYSE closing price as of April 30, 2025).
• Dividends: 94 consecutive semi‑annual cash dividends paid since 1979; July 2025 dividend $0.12 per share (up from $0.11 in Jan 2025); December 2025 board declared $0.12 per share payable January 2026.
• Backlog / working capital: inventories and receivables rose in FY2025 to support backlog growth; inventories at Oct 31, 2025 were $1,295.336 million.
• Goodwill / intangible assets: significant—goodwill $3,661.624M and intangible assets (net) $1,471.440M as of Oct 31, 2025; these are tested for impairment annually (Oct 31) or when indicators exist.

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