HEI vs TDG: Heico and Transdigm Group compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Transdigm Group is the larger company, worth $62.4B, about 1.5 times Heico.
- Heico grew revenue faster over the last year (+23.1% vs +22.5%).
- Transdigm Group keeps more of each dollar of revenue as operating profit (46.0% vs 24.0%).
- On earnings, Transdigm Group is the cheaper stock (34.8x vs 59.1x).
- Heico's price assumes faster free cash flow growth: about 17% a year, against 12% for Transdigm Group (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | HEI | TDG |
|---|---|---|
| Market cap | $41.7B | $62.4B |
| Share price | $298.28 | $1,107.99 |
| Revenue (last fiscal year) | $4.5B | $8.8B |
| Free cash flow (last fiscal year) | $861M | $1.8B |
| Revenue growth, last year | +23.1% | +22.5% |
| Revenue growth per year, last 5 fiscal years | +24.5% | +16.5% |
| Operating margin | 24.0% | 46.0% |
| Net margin | 16.4% | 21.3% |
| Return on equity | 17.1% | — |
| P/E (trailing) | 59.1x | 34.8x |
| Price / free cash flow | 48.4x | 34.4x |
| EV / EBITDA | 25.9x | 19.5x |
| FCF growth the price implies | 16.6% | 12.1% |
| Dividend yield | 0.08% | — |
| Debt / equity | 0.87x | — |
| Fundamental grade | C | B |
| Superinvestors holding it | 4 | 9 |
| Insider purchases, last 12 months | 1 | 8 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Heico
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $1.9B | $408M | 21.1% |
| 2022 | $2.2B | $436M | 22.5% |
| 2023 | $3.0B | $399M | 21.1% |
| 2024 | $3.9B | $614M | 21.4% |
| 2025 | $4.5B | $861M | 22.7% |
Transdigm Group
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $4.8B | $808M | 35.2% |
| 2022 | $5.4B | $829M | 40.8% |
| 2023 | $6.6B | $1.2B | 44.4% |
| 2024 | $7.9B | $1.9B | 44.5% |
| 2025 | $8.8B | $1.8B | 47.2% |
Where the revenue comes from
Heico · by segments, 2025
Flight Support Group$3.1B69%
Electronic Technologies Group$1.4B31%
Transdigm Group · by segments, 2025
Power & Control$4.6B52%
Airframe$4.1B47%
Non-aviation$160M2%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open HEI in InvestinglyQuestions
Which is bigger, Heico or Transdigm Group?
Transdigm Group (TDG), at $62.4B against $41.7B.
Is HEI or TDG cheaper?
By trailing P/E, Transdigm Group (34.8x) is cheaper than Heico (59.1x). A lower multiple can also mean the market expects less growth.
Which grows faster, HEI or TDG?
Heico: revenue grew +23.1% over the last year, against +22.5%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.