HEICO (HEI) is back on investors’ radar as the company prepares to present at MRO Americas 2026 in Orlando on April 21, with VP of HPG Technical Services Patrick Markham featured.

The upcoming MRO Americas appearance comes during a softer period for the shares, with the 7 day share price return of 9.44% and 90 day share price return of 21.04% contrasting with a 5 year total shareholder return of 88.55%.

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With HEICO shares posting a 21.04% 90 day return but a 5 year total shareholder return of 88.55%, and trading below some valuation estimates, investors have to ask: is there still upside here, or is future growth already priced in?

Most Popular Narrative: 26.3% Undervalued

With HEICO last closing at $264.04 against a narrative fair value of $358.42, the widely followed thesis assumes the current price leaves a sizable gap to close, built on firm views about growth and profitability.

Sustained global growth in air travel, especially driven by rising middle-class populations in Asia-Pacific, and the ongoing recovery and expansion of airline fleets worldwide are fueling robust demand for HEICO's aftermarket components and services, directly supporting double-digit organic revenue growth seen across both core segments and setting the stage for continued top-line expansion.

Read the complete narrative. Read the complete narrative.

Want to see what kind of revenue runway and margin profile are incorporated into that higher fair value, and which long term earnings assumptions have to hold up to support it?

Result: Fair Value of $358.42 (UNDERVALUED)

However, that upside story can be knocked off course if OEMs squeeze out PMA parts or if acquisition-led growth hits integration or regulatory roadblocks.

Another Way To Look At The Price

That 26.3% gap to a fair value of $358.42 rests heavily on long term growth and margin assumptions. On a simpler P/E lens, HEICO trades at 51.7x earnings, richer than the US Aerospace & Defense average of 37.4x and also above an estimated fair ratio of 29.8x, which suggests less room for error if sentiment cools.

For a closer look at how those earnings multiples stack up against peers and the fair ratio the market could move towards, See what the numbers say about this price — find out in our valuation breakdown.

Next Steps

With the mixed signals on valuation, growth expectations and sentiment so far, it makes sense to check the facts yourself and move quickly to form an independent view using 4 key rewards and 1 important warning sign

Looking for more investment ideas?

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.