HEIHEICO CORP
Aircraft Engines & Engine Parts
- Revenue
- $4.5B
- 16% YoY
- Operating margin
- 22.7%
- 6.3% YoY
- EBITDA
- $1.2B
- 22% YoY
- Market cap
- $17.7B
- Employees
- —
- Net debt / EBITDA
- 1.9×
- $2.3B net debt
- AI in 10-K
- 0.2
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 1 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo135% of net incomeCash flow under 80% of net income
- Dilutive SBCNo—Over 10% of revenue
- Payouts exceed cash flowNo3% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyYes44% of assetsOver 40% of assets
- Shareholder dissentNo91% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AIYes0.2 per 10K words · 11th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo1.9× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$17.7B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$2M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $1.9B | $2.2B | $3.0B | $3.9B | $4.5B | 16% |
| Operating income | $393M | $497M | $625M | $824M | $1.0B | 24% |
| Net income | $304M | $352M | $404M | $514M | $690M | 34% |
| Operating cash flow | $444M | $468M | $449M | $672M | $934M | 39% |
| Capex | $36M | $32M | $49M | $58M | $73M | 25% |
| Dividends | $23M | $24M | $27M | $29M | $32M | 10.0% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Jan 31, 2020 | Wertheim Herbert Alvin | SC 13D/A | 8.6% | Passive |
Insider trading
- Open-market buys, 12 mo
- $2M · 9
- Open-market sells, 12 mo
- $471K · 2
- Net
- $2M
Pay vs performance
No pay-versus-performance disclosure yet.