Want to see TTMI full AI Analyst Report?
Top Page
TTM Technologies
(NASDAQ:TTMI)
Select Model
Select Model
Rating:61Neutral
Price Target:
$122.00
▼(-7.16% Downside)
Action:Reiterated
Date:07/31/26
The score is anchored by improving fundamentals and a constructive earnings outlook (strong growth, margin gains, backlog strength), but it is held back by weak intermediate technicals (price below key moving averages), premium valuation (high P/E), and the ongoing concern around free-cash-flow consistency amid elevated CapEx.
Positive Factors
European acquisitions expand tech and footprint
The announced acquisitions create TTM's first European manufacturing footprint and add miniaturized, electro‑optical and rigid‑flex capabilities for medical, aerospace and industrial markets. This materially diversifies geography and high‑value product mix, supporting durable revenue and technology adjacency expansion.
Negative Factors
Weak and volatile free cash flow
Free cash flow has been inconsistent and relatively thin versus earnings, constraining internal funding for capex, debt reduction or shareholder returns. Persistent FCF volatility raises reliance on external financing and limits resilience to demand slowdowns or execution setbacks over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
European acquisitions expand tech and footprint
The announced acquisitions create TTM's first European manufacturing footprint and add miniaturized, electro‑optical and rigid‑flex capabilities for medical, aerospace and industrial markets. This materially diversifies geography and high‑value product mix, supporting durable revenue and technology adjacency expansion.
Read all positive factors
TTM Technologies (TTMI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$11.99B
Dividend YieldN/A
Average Volume (3M)2.65M
Price to Earnings (P/E)61.1
Beta (1Y)2.09
Revenue Growth23.10%
EPS Growth146.72%
CountryUS
Employees18,200
SectorTechnology
Sector Strength88
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)1.89
Shares Outstanding103,850,060
10 Day Avg. Volume1,866,714
30 Day Avg. Volume2,652,001
Financial Highlights & Ratios
PEG Ratio0.19
Price to Book (P/B)4.15
Price to Sales (P/S)2.51
P/FCF Ratio-10.70K
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$209.00Price Target Upside59.04% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)4.05
Revenue Forecast (FY)$4.00B
TTM Technologies Business Overview & Revenue Model
Company Description
Operating globally, TTM Technologies, Inc. (TTMI) specializes in the production and distribution of printed circuit boards (PCBs). The company's operations are structured into two key segments: Printed Circuit Boards (PCBs) and RF&S Components. Th...
How the Company Makes Money
TTM Technologies primarily makes money by manufacturing and selling printed circuit boards and related advanced substrates, typically under customer purchase orders and longer-term supply arrangements. Its core revenue stream is product revenue fr...
TTM Technologies Earnings Call Summary
Earnings Call Date:Apr 29, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Nov 04, 2026
Earnings Call Sentiment Positive
The call presented a strong operational and financial performance: high revenue growth (+30% YoY), significant EPS and adjusted EBITDA expansion, margin improvement, large backlog increase and confident guidance for Q2. Key negatives include elevated capital spending and near-term free cash flow usage, FX losses, and some end-market softness in automotive and supply-chain risks. Overall, the positive growth, margin gains and strong demand signals materially outweigh the cash- and execution-related headwinds.Positive Updates
Record Quarterly Revenue
Net sales of $846.0 million in Q1 FY2026, up 30% year-over-year and an all-time quarterly high.
Negative Updates
Negative Free Cash Flow and Elevated Cash Usage
Free cash flow was a net usage of $85.0 million in Q1 FY2026 (versus $74.0 million usage a year ago); cash provided by operations improved to $21.7 million but net working capital increased to support growth.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Quarterly Revenue
Net sales of $846.0 million in Q1 FY2026, up 30% year-over-year and an all-time quarterly high.
Read all positive updates
Company Guidance
TTM guided Q2 FY2026 net sales of $930 million to $970 million and non‑GAAP EPS of $0.82 to $0.88 per diluted share (based on ~107.5 million diluted shares), and said the first‑half growth trajectory should continue into the second half of the year. For Q2 it expects SG&A of ~7.4% of sales and R&D of ~1% of sales, interest expense of ~$10.6 million, interest income of ~$2.5 million, realized foreign‑exchange and other non‑operating expense of ~$6.9 million, and an effective tax rate of 13%–17%. Management also forecast depreciation of ~ $32.1 million, amortization of intangibles of ~ $9.2 million, stock‑based compensation of ~ $11.5 million and noncash interest expense of ~ $0.5 million, and raised full‑year CapEx expectations to roughly $300 million–$320 million to support accelerated capacity expansion.TTM Technologies Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
70
Positive
Cash Flow
52
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.10B | 2.91B | 2.44B | 2.23B | 2.50B | 2.25B |
| Gross Profit | 635.57M | 568.25M | 477.38M | 413.27M | 457.96M | 372.01M |
| EBITDA | 419.61M | 402.84M | 281.59M | 209.15M | 362.29M | 242.86M |
| Net Income | 195.26M | 177.45M | 56.30M | -18.72M | 94.58M | 54.41M |
Balance Sheet | ||||||
| Total Assets | 3.98B | 3.84B | 3.47B | 3.32B | 3.32B | 3.03B |
| Cash, Cash Equivalents and Short-Term Investments | 410.05M | 501.23M | 503.93M | 450.21M | 402.75M | 537.68M |
| Total Debt | 1.05B | 1.12B | 1.02B | 1.02B | 962.60M | 964.45M |
| Total Liabilities | 2.14B | 2.08B | 1.91B | 1.81B | 1.79B | 1.57B |
| Stockholders Equity | 1.84B | 1.76B | 1.56B | 1.51B | 1.54B | 1.46B |
Cash Flow | ||||||
| Free Cash Flow | -11.81M | -683.00K | 51.16M | 27.04M | 169.99M | 94.68M |
| Operating Cash Flow | 324.28M | 291.88M | 236.89M | 187.28M | 272.87M | 176.63M |
| Investing Cash Flow | -317.52M | -273.94M | -146.21M | -92.03M | -395.46M | -84.14M |
| Financing Cash Flow | -8.30M | -20.92M | -36.82M | -47.67M | -11.31M | -7.23M |
TTM Technologies Technical Analysis
Negative
131.41
Price Trends
166.02
Negative
145.91
Negative
112.74
Positive
Market Momentum
-14.56
Positive
39.39
Neutral
35.67
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TTMI, the sentiment is Negative. The current price of 131.41 is below the 20-day moving average (MA) of 132.86, below the 50-day MA of 166.02, and above the 200-day MA of 112.74, indicating a neutral trend. The MACD of -14.56 indicates Positive momentum. The RSI at 39.39 is Neutral, neither overbought nor oversold. The STOCH value of 35.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TTMI.
TTM Technologies Risk Analysis
TTM Technologies disclosed 37 risk factors in its most recent earnings report. TTM Technologies reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
TTM Technologies Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $6.72B | 36.32 | 12.46% | ― | 14.20% | 15.36% | |
63 Neutral | $5.08B | 101.82 | 5.08% | ― | 5.59% | -28.67% | |
63 Neutral | $9.95B | 32.55 | 12.57% | ― | 58.56% | 19.37% | |
62 Neutral | $3.65B | 24.60 | 16.74% | ― | 6.98% | 8.41% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | $11.99B | 61.08 | 11.26% | ― | 23.10% | 146.72% | |
61 Neutral | $6.74B | 73.48 | 3.18% | 1.05% | -3.37% | -59.55% |
* Technology Sector Average
TTMI
TTM Technologies
121.21
77.36
176.42%
NOVT
Novanta
148.34
32.64
28.21%
OSIS
OSI Systems
225.57
5.93
2.70%
PLXS
Plexus
260.77
130.24
99.78%
SANM
Sanmina-Sci
193.23
76.18
65.08%
ST
Sensata
46.82
17.39
59.07%
TTM Technologies Corporate Events
Business Operations and StrategyM&A Transactions
TTM Technologies Expands into Europe with Dual Acquisitions
Positive
Jun 18, 2026
On June 17, 2026, TTM Technologies announced definitive agreements to acquire Swiss Technology Group AG of Zurich and ILFA GmbH of Hannover in separate all-cash deals, subject to regulatory approvals, marking its first manufacturing presence in Eu...
Business Operations and StrategyPrivate Placements and Financing
TTM Technologies Enhances Liquidity With New Credit Facilities
Positive
Jun 3, 2026
On June 1, 2026, TTM Technologies, Inc. entered into a Second Amended Restated Credit Agreement that repriced and increased its senior secured term loan to $400 million while establishing a new senior secured, multi‑currency revolving credi...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
TTM Technologies Highlights 2026 Outlook and Capital Strategy
Positive
May 27, 2026
At its 2026 Investor Day held on May 27, 2026, in New York, TTM Technologies reiterated its recently raised revenue expectation of $4.0 billion for fiscal 2026 and outlined targets for a non-GAAP operating margin of 13% to 15% and an Adjusted EBIT...
Business Operations and StrategyFinancial Disclosures
TTM Technologies Projects Strong 2026 Revenue Growth Outlook
Positive
May 18, 2026
TTM Technologies disclosed in its April 29, 2026 earnings release that it expected the growth trajectory seen in the first half of 2026 to continue at a similar pace in the second half of the year, signaling confidence in sustained demand across i...
Executive/Board ChangesShareholder Meetings
TTM Technologies Announces Board Refresh and Governance Changes
Neutral
May 8, 2026
On May 7, 2026, TTM Technologies announced governance changes as Class III director John G. Mayer resigned from the board upon reaching the mandatory retirement age of 75, with the company stating there was no disagreement over operations or polic...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.