Heico Corp is screened out under 1 exclusion reason spanning 1 issue category.
This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. It is a statement of values.
HEICO Corp. derives a material portion of its revenue from the sale of military equipment. According to SIPRI data, the company's arms sales were approximately $1.0 billion in 2023, representing about 35% of its total revenue that year. This proportion significantly exceeds the threshold for material defense contracting revenue. The company is consistently listed among the world's top arms-producing and military services firms in industry analyses.
HEICO's products are integral to military aerospace and defense systems. The company specializes in manufacturing flight-critical components, including jet engine and aircraft parts, which are sold directly to defense contractors and militaries. This business constitutes a specialized product line targeting military customers, distinct from incidental sales of dual-use commodities.
Research Sources
1 organization
Related Exclusions
Wondering what we do invest in?
The Naughty List
A digest of changes to our exclusion list — new additions, removals, and the evidence behind them. We review the list continuously as new evidence surfaces.
Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
Ethical Capital LLC is a state-registered investment adviser in Utah (CRD #316032). Registration does not imply a certain level of skill or training.