DafinchiFor the full year, we still expect that range. We're still in process now of doing budgets and thinking about next year and we'll see how things play out, Larry.
HEI-A2026 Q3Industrial
3w
HEICO Corporation 2026 Q3: Cash-flow emphasis and cash margin framing behind margin expansion
Cash-flow emphasis and cash margin framing behind margin expansion
- Management repeatedly emphasized that earnings are opinion while cash flow is fact, citing Q3 operating cash flow of $345.3 million.
- They used “cash margin” (before acquisition-related intangible amortization) as a key performance lens for both FSG and ETG.
- FSG’s acquisition-related amortization consumed about 200 bps of operating margin, leading to a cash margin of ~28.5%.
- ETG’s amortization consumed about 390 bps, with cash margin nearly 30% (29.9%).
- In discussing future cash conversion, they said there were no structural changes and that subsidiary-level sales growth drives lift versus corporate overhead.