HEICO
26 named things its latest annual report says its results depend on, each in the company's own words. 18 of them are also named by other companies we've read.
Customers
Foreign customers
earns from · approximately 38% of our consolidated net salesnamed as a riskWe market our products and services to approximately 130 countries, with approximately 38% of our consolidated net sales in fiscal 2025 derived from sales to foreign customers.Risk factors (Item 1A)
Defense, space and homeland security spending
earns from · approximately 31% of our net salesnamed as a riskIn fiscal 2025, approximately 31% of our net sales were derived from the sale of defense, commercial and defense satellite and spacecraft components, and homeland security products.Risk factors (Item 1A)
Commercial aviation industry
earns from · 70%named as a riskOur Flight Support Group (“FSG”), consisting of HEICO Aerospace Holdings Corp. and HEICO Flight Support Corp. and their collective subsidiaries, accounted for 70%, 68% and 60% of our net sales in fiscal 2025, 2024 and 2023, respectively.Business (Item 1)
Five largest customers
concentrated in · approximately 20%Net sales to our five largest customers accounted for approximately 20%, 19% and 18% of total net sales in fiscal 2025, 2024 and 2023, respectively.Business (Item 1)
Military agencies, defense contractors and satellite manufacturers (ETG)
earns from · approximately 51%The ETG derived approximately 51%, 51% and 49% of its net sales in fiscal 2025, 2024 and 2023, respectively, from the sale of products and services to U.S. and foreign military agencies, prime defense contractors and both commercial and defense satellite and spacecraft manufacturers.Business (Item 1)
U.S. Department of Defense
earns fromAdditionally, the FSG is a leading supplier, distributor, and integrator of military aircraft parts and support services primarily to the U.S. Department of Defense, defense prime contractors, and foreign military organizations allied with the U.S.Business (Item 1)
Also named by ACN, ALSN, AVAV, CLS, CRWD, FLR, JCI, LMT and 12 more
U.S. Navy
earns fromThe FSG also engineers, designs and manufactures thermal insulation blankets and parts as well as removable/reusable insulation systems for aerospace, defense, commercial and industrial applications; manufactures expanded foil mesh for lightning strike protection in fixed and rotary wing aircraft; distributes aviation electrical interconnect products and electromechanical parts; overhauls industrial pumps, motors, and other hydraulic units with a focus on the support of legacy systems for the U.S. Navy; performs tight-tolerance machining, brazing, fabricating and welding services for aerospace, defense and other industrial applications; and manufactures emergency descent devices ("EDDs") and personnel and cargo parachute products.Business (Item 1)
Other companies
Revolving credit facility
depends on · $960 millionBased on our aggregate outstanding variable rate debt balance of $960 million as of October 31, 2025, a hypothetical 10% increase in interest rates would not have a material effect on our results of operations, financial position or cash flows.Market risk (Item 7A)
Also named by AAON, BRO, BX, CG, CRGY, FIVE, FIX, IR and 22 more
F-16 fighter aircraft
earns fromFurther, we believe the FSG is a leading provider of products and services necessary to maintain up-to-date F-16 fighter aircraft operational capabilities.Business (Item 1)
Competitors
Pratt & Whitney
competes withnamed as a riskHistorically, the three principal jet engine OEMs, General Electric (including CFM International), Pratt & Whitney and Rolls Royce, have been the sole source of substantially all jet engine replacement parts for their jet engines.Business (Item 1)
Rolls-Royce
competes withnamed as a riskHistorically, the three principal jet engine OEMs, General Electric (including CFM International), Pratt & Whitney and Rolls Royce, have been the sole source of substantially all jet engine replacement parts for their jet engines.Business (Item 1)
Also named by BRK/B
General Electric (including CFM International)
competes withnamed as a riskHistorically, the three principal jet engine OEMs, General Electric (including CFM International), Pratt & Whitney and Rolls Royce, have been the sole source of substantially all jet engine replacement parts for their jet engines.Business (Item 1)
Places
Florida
operates innamed as a riskOur corporate headquarters and facilities located in Florida are particularly susceptible to hurricanes, storms, tornadoes or other natural disasters that could disrupt our operations, delay production and shipments, and result in large expenses to repair or replace the facility or facilities.Risk factors (Item 1A)
Also named by ABR, ALLY, AN, AXP, AZO, BBY, BJ, BRO and 54 more
Hazards
Hurricanes
concentrated innamed as a riskOur corporate headquarters and facilities located in Florida are particularly susceptible to hurricanes, storms, tornadoes or other natural disasters that could disrupt our operations, delay production and shipments, and result in large expenses to repair or replace the facility or facilities.Risk factors (Item 1A)
Also named by AIG, AN, ASO, BAC, BBY, BJ, BPOP, BRO and 89 more
Commodities and inputs
High temperature alloy sheet metal and castings
depends onnamed as a riskWhile certain of our raw materials are subject to global market price fluctuations and international trade regulations, including tariffs, such measures have not had, and are not currently expected to have a material impact on our business or results of operations.Business (Item 1)
Euro
exposed to its priceA hypothetical 10% weakening in the exchange rate of the Euro to the U.S. dollar as of October 31, 2025 would not have a material effect on our results of operations, financial position or cash flows.Market risk (Item 7A)
Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more
Regulators
Federal Aviation Administration (FAA)
subject to · approximately 20,000 partsnamed as a riskNon-OEM manufacturers of jet engine and aircraft component replacement parts must receive a PMA from the FAA to sell the replacement part.Business (Item 1)
Also named by ACHR, AIR, ALK, AMT, AVAV, BA, BRK/B, CCI and 27 more
European Aviation Safety Agency (EASA)
subject toULBs are required equipment on all U.S. FAA and European Aviation Safety Agency (“EASA”) approved Flight Data and Cockpit Voice Recorders used in aircraft and on similar systems utilized on large marine shipping vessels.Business (Item 1)
Laws and programs
OECD Pillar Two
subject to · 15% minimum effective tax ratenamed as a riskThe adoption of Pillar Two did not have a significant impact on our fiscal 2025 consolidated financial statements.Risk factors (Item 1A)
Also named by APO, BAM, BAX, BF/B, CHRW, COHR, CPNG, CRM and 45 more
FAA Parts Manufacturer Approval (PMA)
subject to · approximately 400 to 550named as a riskIn recent years, the FAA granted us PMAs for approximately 400 to 550 new parts and we develop numerous new proprietary repairs per year; however, no assurance can be given that the FAA will continue to grant PMAs or DER-Business (Item 1)
Tariffs
subject tonamed as a riskFor example, tariffs, duties or other trade policy changes affecting the import or export of raw materials or components could increase costs or limit availability.Risk factors (Item 1A)
Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more
One Big Beautiful Bill Act
subject tonamed as a riskThe Act did not have a significant impact on our fiscal 2025 consolidated financial statements and weRisk factors (Item 1A)
Also named by AA, ABR, ADI, ADM, ALB, AMAT, AMGN, AMKR and 121 more
Export Administration Regulations (EAR)
subject tonamed as a riskAdditionally, the denial of export licenses could reduce our sales to certain countries and could have a material adverse effect on our business.Risk factors (Item 1A)
Also named by ADI, ALAB, AMD, APP, ARW, AVGO, CARR, CDRE and 40 more
International Traffic in Arms Regulations (ITAR)
subject tonamed as a riskIf we are unable to comply with the applicable trade laws and regulations, it could have a material adverse effect on our consolidated financial statements and competitive positions.Risk factors (Item 1A)
Also named by ACHR, ADI, AIR, ALSN, APH, AVAV, CDRE, CLS and 29 more
Cybersecurity Maturity Model Certification (CMMC)
subject tonamed as a riskCMMC requirements may change over time and could impose additional compliance obligations on us and our suppliers, and failure to meet applicable CMMC requirements could affect our ability to receive or perform certain defense-related contracts.Risk factors (Item 1A)
Also named by ADI, AVAV, BWXT, GE, HLIO, HON, HWM, KTOS and 15 more
Dodd-Frank conflict minerals rule
subject tonamed as a riskGiven the complexity of our supply chain, we may not be able to ascertain the origin of these minerals used in our products in a timely manner, which could cause some of our customers to disqualify us as a supplier to the extent we are unable to certify our products are conflict mineral free.Risk factors (Item 1A)