HEICO makes and sells FAA-approved replacement parts for commercial and military aircraft and jet engines, and designs and manufactures highly-engineered electronic components for aerospace, defense, and space applications. HEICO operates through two segments: the Flight Support Group (FSG, ~70% of revenue) and the Electronic Technologies Group (ETG, ~30% of revenue). The FSG's core product is PMA (Parts Manufacturer Approval) parts — FAA-approved replacement parts that are functionally equivalent to OEM parts but priced 20%-70% below OEM list prices. Airlines must continuously replace worn or life-limited components to maintain airworthiness, making aftermarket parts demand largely non-discretionary. HEICO has accumulated roughly 20,000 approved parts and adds 400-550 new PMAs per year. The FSG also operates component repair and overhaul services and distributes aviation parts. The ETG designs bespoke, mission-critical electronic subcomponents embedded in radar systems, missiles, satellites, avionics, and surgical equipment, with about half of ETG revenue coming from defense and space customers. HEICO's business model generates strong margins by pricing below OEMs while manufacturing at significantly lower cost. Both segments run EBITA margins in the 26%-28% range. HEICO targets 15%-20% annual net income growth through a combination of organic expansion and acquisitions — it has completed roughly 107 acquisitions since 1990 and runs acquired businesses as decentralized, stand-alone units.