HEI-AMEDIUM SIGNALOPPORTUNITY10-K

HEI-A delivered strong across-the-board financial performance with revenue growing 16.3% and net income surging 34.3%, while maintaining consistent customer concentration patterns.

The company demonstrated excellent operational leverage with net income growth (+34.3%) significantly outpacing revenue growth (+16.3%), indicating improving margins and efficiency. The strong cash flow generation (+39% to $934.3M) provides ample resources for growth investments, evidenced by the 25% increase in capital expenditures.

Comparing 2025-12-22 vs 2024-12-19View on EDGAR →
FINANCIAL ANALYSIS

HEI-A posted robust growth across all key metrics, with revenue advancing 16.3% to $4.5B while net income surged 34.3% to $690.4M, demonstrating strong operational leverage. Operating cash flow jumped 39% to $934.3M, far outpacing the 25% increase in capital expenditures, indicating healthy cash generation and disciplined investment. The balance sheet strengthened with stockholders' equity growing 18.4% to $4.3B and cash increasing 29%, though current liabilities also rose 25%, suggesting growth-driven working capital needs.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
+39%
$672.4M→$934.3M

Operating cash flow surged 39% — exceptional cash generation, highest quality earnings signal.

Net Income
P&L
+34.3%
$514.1M→$690.4M

Net income grew 34.3% — bottom-line growth signals improving overall business health.

Cash & Equivalents
Balance Sheet
+28.8%
$108.3M→$139.5M

Cash grew 28.8% — improving liquidity position supports investment and shareholder returns.

Current Liabilities
Balance Sheet
+25.3%
$663.9M→$832.0M

Current liabilities rose 25.3% — increased short-term obligations, watch current ratio.

Capital Expenditure
Cash Flow
+25.1%
$58.3M→$72.9M

Capex increased 25.1% — ongoing investment in capacity or infrastructure for future growth.

Operating Income
P&L
+23.6%
$824.5M→$1.0B

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Stockholders Equity
Balance Sheet
+18.4%
$3.6B→$4.3B

Equity base grew 18.4% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Revenue
P&L
+16.3%
$3.9B→$4.5B

Revenue growing 16.3% — solid top-line momentum, watch margins for quality of growth.

Current Assets
Balance Sheet
+14.3%
$2.1B→$2.4B

Current assets grew 14.3% — improving short-term liquidity or inventory/receivables build.

SG&A Expense
P&L
+13.3%
$677.3M→$767.5M

SG&A increased modestly — likely reflects growth-related hiring or sales expansion investment.

LANGUAGE CHANGES
NEW — 2025-12-22
PRIOR — 2024-12-19
ADDED
Changes in and Disagreements w ith Accountants on Accounting and Financial Disclosure 113 Item 9A.
and their collective subsidiaries, accounted for 70%, 68% and 60% of our net sales in fiscal 2025, 2024 and 2023, respectively.
and its subsidiaries, accounted for 30%, 32% and 40% of our net sales in fiscal 2025, 2024 and 2023, respectively.
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.
An expendable is generally a part which is used up and replaced as opposed to being repaired for further use.
Research and development expenditures by the FSG were $43.7 million in fiscal 2025, $36.7 million in fiscal 2024 and $26.4 million in fiscal 2023.
We design and manufacture next generation wireless cabin control systems, solid state power distribution and management systems, fuel level sensing systems, proprietary in-cabin power and entertainment components and subsystems, and cockpit displays and other avionics components primarily for business jets, general aviation, and the military/defense market.
Research and development expenditures by the ETG were $77.2 million in fiscal 2025, $74.5 million in fiscal 2024 and $69.4 million in fiscal 2023.
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.
Moreover, smaller competitors may be able to offer more attractive pricing because of lower labor costs and other factors.
REMOVED
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 113 Item 9A.
and their collective subsidiaries, accounted for 68%, 60% and 57% of our net sales in fiscal 2024, 2023 and 2022, respectively.
and its subsidiaries, accounted for 32%, 40% and 43% of our net sales in fiscal 2024, 2023 and 2022, respectively.
The ETG derived approximately 51%, 49% and 56% of its net sales in fiscal 2024, 2023 and 2022, respectively, from the sale of products and services to U.S.
An expendable is generally a part which is used and not thereafter repaired for further use.
Research and development expenditures by the FSG, which were approximately $.3 million in fiscal 1991, increased to approximately $36.7 million in fiscal 2024, $26.4 million in fiscal 2023 and $22.2 million in fiscal 2022.
We design and manufacture next generation wireless cabin control systems, solid state power distribution and management systems, fuel level sensing systems, power distribution solutions and proprietary in-cabin power and entertainment components and subsystems primarily for business jets, general aviation, and the military/defense market.
Research and development expenditures by the ETG were $74.5 million in fiscal 2024, $69.4 million in fiscal 2023 and $53.9 million in fiscal 2022.
Net sales to our five largest customers accounted for approximately 19%, 18% and 21% of total net sales in fiscal 2024, 2023 and 2022, respectively.
Moreover, smaller competitors may be in a position to offer more attractive pricing as a result of lower labor costs and other factors.
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