HeicoHEI +1.61%93 Beneish M-Score is -2.39 as of Jun. 25, 2026. GuruFocus rates HEI with a GF Score™ of 93/100 and a GF Value™ of $360.03 (Fairly Valued). The stock has 4 warning signs investors should review. Among 326 Aerospace & Defense companies, Heico ranks worse than 52.76% on this metric.
The zones of discrimination for M-Score is as such:
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Good Sign:
Beneish M-Score -2.39 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for Heico's Beneish M-Score or its related term are showing as below:
HEI'
s Beneish M-Score Range Over the Past 10 Years
Min: -2.8 Med: -2.46 Max: -2.22
Current: -2.39
During the past 13 years, the highest Beneish M-Score of Heico was -2.22. The lowest was -2.80. And the median was -2.46.
Heico Beneish M-Score Related Terms
Heico Beneish M-Score Historical Data
* Premium members only.
The historical data trend for Heico's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Aerospace & Defense subindustry, Heico's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Heico Beneish M-Score vs Aerospace & Defense Industry
For the Aerospace & Defense industry and Industrials sector, Heico's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Heico's Beneish M-Score falls into.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Heico for today is based on a combination of the following eight different indices:
M
=
-4.84
+
0.92 * DSRI
+
0.528 * GMI
+
0.404 * AQI
+
0.892 * SGI
+
0.115 * DEPI
=
-4.84
+
0.92 * 1.0186
+
0.528 * 0.9822
+
0.404 * 1.0051
+
0.892 * 1.188
+
0.115 * 1.0904
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9551
+
4.679 * -0.02217
-
0.327 * 1.001
=
-2.39
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
DEPI
=
(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))
/
(Depreciation_t / (Depreciaton_t + PPE_t))
=
(184.097 / (184.097 + 359.32))
/
(208.616 / (208.616 + 462.831))
=
0.338777
/
0.310696
=
1.0904
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
TATA
=
(IncomefromContinuingOperations_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(NetIncome_t - NonOperatingIncome_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(789.626 - 5.176
-
997.107)
/
9592.213
=
-0.02217
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Heico has a M-score of -2.39 suggests that the company is unlikely to be a manipulator.
Heico (HEI) has a Beneish M-Score of -2.39 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Heico and its competitors. According to the industry distribution chart, Heico ranks #172 out of 326 companies in the Aerospace & Defense industry, placing it in the top 52.8%.
Is Heico's Beneish M-Score too high?
Heico's current Beneish M-Score is -2.39. Based on the distribution chart, Heico ranks #172 out of 326 companies in the Aerospace & Defense industry, which is below the industry midpoint. Overall, Heico has a GF Score™ of 93/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Heico's Beneish M-Score compare to AXON and CW?
According to the Aerospace & Defense industry distribution chart, Heico ranks #172 out of 326 companies for Beneish M-Score. This places Heico in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for an Aerospace & Defense company?
A good Beneish M-Score depends on the Aerospace & Defense industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Heico and its competitors. Heico's current Beneish M-Score is -2.39. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Heico stock overvalued right now?
Based on GuruFocus' analysis, Heico (HEI) is currently considered Fairly Valued. The stock's GF Value™ is $360.03, compared to a current price of $340.71 — trading 5.4% below its estimated fair value. The current Beneish M-Score is -2.39. Heico's overall GF Score™ is 93/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Heico (HEI), the current Beneish M-Score is -2.39 as of Jun. 25, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Heico (HEI) Overvalued in 2026?
Based on GuruFocus' analysis, Heico stock appears to be undervalued.
The current stock price of $340.71 is trading 5.4% below its estimated GF Value™ of $360.03.
GuruFocus considers Heico to be Fairly Valued.
Key valuation signals for HEI:
Beneish M-Score: -2.39
GF Value™: $360.03 vs. price of $340.71 (5.4% below fair value)
No single metric tells the full story. See the HEI stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Heico is an aerospace and defense supplier that focuses on creating replacement parts for commercial aircraft and components for defense products. In commercial aerospace, Heico is the largest independent producer of replacement aircraft parts. In the defense market, the company produces niche subcomponents used in targeting technology as well as simulation equipment, among other categories. It operates two segments: the flight support group and the electronic technologies group. Both supply the aerospace and defense sectors to different degrees. Heico is persistently acquisitive, focusing on companies in similar or adjacent markets that offer strong cash flow and profitable growth potential.
93GF Score
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