TTM Technologies (TTMI)
NASDAQ:TTMI
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TTM Technologies
(NASDAQ:TTMI)
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Rating:68Neutral
Price Target:
$132.00
▲(8.65% Upside)
Action:DowngradedDate:02/18/26
The score is driven by a strong 2025 profitability/cash-flow rebound and upbeat FY2026 growth outlook from the earnings call. This is tempered by expensive valuation (high P/E with no dividend support) and only mixed near-term technical momentum alongside higher volatility.
Positive Factors
Cash Generation
TTM’s 2025 operating cash flow of about $292M with free cash flow equaling net income signals materially improved cash conversion and earnings quality. Durable cash generation supports reinvestment, planned capacity buildouts, and continued deleveraging, providing funding optionality for multi-year AI/data-center expansion without relying solely on external financing.
Negative Factors
Earnings cyclicality
TTM’s business demonstrates notable cyclical swings across several years, making forward earnings and margin predictability challenging. Dependence on program ramps, mix shifts and end-market cycles can lead to rapid profit compression, complicating capital planning, sustained margin expansion, and the credibility of multi-year earnings targets unless variability is further dampened.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash Generation
TTM’s 2025 operating cash flow of about $292M with free cash flow equaling net income signals materially improved cash conversion and earnings quality. Durable cash generation supports reinvestment, planned capacity buildouts, and continued deleveraging, providing funding optionality for multi-year AI/data-center expansion without relying solely on external financing.
Read all positive factors
TTM Technologies (TTMI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$12.56B
Dividend YieldN/A
Average Volume (3M)1.70M
Price to Earnings (P/E)41.2
Beta (1Y)2.14
Revenue Growth17.88%
EPS Growth91.41%
CountryUS
Employees16,400
SectorTechnology
Sector Strength88
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)0.70
Shares Outstanding103,404,920
10 Day Avg. Volume1,321,822
30 Day Avg. Volume1,695,402
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 Cap1.05
Enterprise Value/Revenue4.53
Enterprise Value/Gross Profit22.31
Enterprise Value/Ebitda32.71
Forecast
1Y Price Target
$118.50Price Target Upside-2.46% Downside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)3.21
Revenue Forecast (FY)$3.41B
TTM Technologies Business Overview & Revenue Model
Company Description
TTM Technologies, Inc., together with its subsidiaries, engages in the manufacture and sale of printed circuit boards (PCBs) worldwide. The company operates in two segments, PCB and RF&S Components. It offers PCB products, radio frequency (RF) com...
How the Company Makes Money
TTM Technologies primarily makes money by manufacturing and selling PCBs and interconnect solutions to original equipment manufacturers (OEMs) and electronics manufacturing services (EMS) providers. Revenue is generated on a per-order basis from (...
TTM Technologies Earnings Call Summary
Earnings Call Date:Feb 04, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 06, 2026
Earnings Call Sentiment Positive
The call highlighted strong top-line growth (19% YoY for Q4 and full year), record non-GAAP EPS, expanding margins and adjusted EBITDA, solid cash generation, and clear capacity-expansion plans to capitalize on AI-related demand and defense programs. Key challenges include a Penang gross-profit headwind (~180 bps), a $32.6M goodwill impairment in RF&S, softness in the RF&S book-to-bill, an automotive decline, and near-term seasonal cost pressure in Q1. On balance, the strategic positioning, robust bookings (A&D backlog $1.6B), strong data-center growth, and positive guidance outweigh the listed challenges.Positive Updates
Quarterly Revenue Growth
Q4 FY2025 net sales of $774.3M, up 19% year-over-year (vs $651.0M in Q4 FY2024). Full-year 2025 net sales of $2.9B, also up 19% YoY (vs $2.4B in 2024).
Negative Updates
Penang Profitability Headwind
Q4 gross profit in Penang carried an approximate 180 basis point headwind (worse than prior guidance of ~160 bps). Management expects improvement through the year but noted the near-term impact on margins.
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Q4-2025 Updates
Positive
Negative
Quarterly Revenue Growth
Q4 FY2025 net sales of $774.3M, up 19% year-over-year (vs $651.0M in Q4 FY2024). Full-year 2025 net sales of $2.9B, also up 19% YoY (vs $2.4B in 2024).
Read all positive updates
Company Guidance
Management guided Q1 FY2026 net sales of $770–$810 million and non‑GAAP EPS of $0.64–$0.70 per diluted share (based on ~106.7 million diluted shares), noting Q1 profitability headwinds from Chinese New Year; they expect Q1 SG&A ≈8.5% of sales and R&D ≈1% of sales, interest expense ≈$10.6M, interest income ≈$2.2M, other non‑operating expense ≈$2.7M, an effective tax rate of 12%–17%, depreciation ≈$29.8M, amortization ≈$9.2M, stock‑based compensation ≈$11.5M, and non‑cash interest ≈$0.5M. For full‑year 2026 they expect total net sales to increase 15%–20% over FY2025 ($2.9B → roughly $3.335B–$3.48B), disclosed 2026 CapEx expected in the $240–$260M range (plus an incremental ~$200–$300M over 2–3 years for additional AI/data‑center capacity), and reiterated the ambition to grow revenues 15%–20% per year and double earnings from 2025 to 2027.TTM Technologies Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
66
Positive
Cash Flow
78
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.91B | 2.44B | 2.23B | 2.50B | 2.25B |
| Gross Profit | 568.25M | 477.38M | 413.27M | 457.96M | 372.01M |
| EBITDA | 402.84M | 281.59M | 209.15M | 362.29M | 242.86M |
| Net Income | 177.45M | 56.30M | -18.72M | 94.58M | 54.41M |
Balance Sheet | |||||
| Total Assets | 3.84B | 3.47B | 3.32B | 3.32B | 3.03B |
| Cash, Cash Equivalents and Short-Term Investments | 501.23M | 503.93M | 450.21M | 402.75M | 537.68M |
| Total Debt | 1.12B | 1.02B | 1.02B | 962.60M | 964.45M |
| Total Liabilities | 2.08B | 1.91B | 1.81B | 1.79B | 1.57B |
| Stockholders Equity | 1.76B | 1.56B | 1.51B | 1.54B | 1.46B |
Cash Flow | |||||
| Free Cash Flow | -683.00K | 51.16M | 27.04M | 169.99M | 94.68M |
| Operating Cash Flow | 291.88M | 236.89M | 187.28M | 272.87M | 176.63M |
| Investing Cash Flow | -273.94M | -146.21M | -92.03M | -395.46M | -84.14M |
| Financing Cash Flow | -20.92M | -36.82M | -47.67M | -11.31M | -7.23M |
TTM Technologies Technical Analysis
Positive
121.49
Price Trends
99.25
Positive
87.46
Positive
69.21
Positive
Market Momentum
2.88
Negative
67.34
Neutral
94.42
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TTMI, the sentiment is Positive. The current price of 121.49 is above the 20-day moving average (MA) of 99.33, above the 50-day MA of 99.25, and above the 200-day MA of 69.21, indicating a bullish trend. The MACD of 2.88 indicates Negative momentum. The RSI at 67.34 is Neutral, neither overbought nor oversold. The STOCH value of 94.42 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
74 Outperform | $6.10B | 24.74 | 12.39% | ― | 1.82% | 56.52% | |
68 Neutral | $12.56B | 41.17 | 10.61% | ― | 17.88% | 91.41% | |
68 Neutral | $4.83B | 27.58 | 16.91% | ― | 9.37% | 15.70% | |
68 Neutral | $5.68B | 155.81 | 1.11% | 1.43% | -8.07% | 63.50% | |
66 Neutral | $8.07B | 42.40 | 9.86% | ― | 7.40% | 13.79% | |
62 Neutral | $4.47B | 80.88 | 5.84% | ― | 4.07% | -12.34% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
* Technology Sector Average
TTMI
TTM Technologies
121.49
102.81
550.37%
NOVT
Novanta
125.23
10.75
9.39%
OSIS
OSI Systems
293.39
100.69
52.25%
PLXS
Plexus
227.58
106.30
87.65%
SANM
Sanmina-Sci
147.76
71.96
94.93%
ST
Sensata
38.95
19.26
97.85%
TTM Technologies Corporate Events
Business Operations and StrategyExecutive/Board Changes
TTM Technologies Adds Defense-Focused Leaders to Board
Positive
Feb 2, 2026
On February 2, 2026, TTM Technologies announced that former president and CEO Thomas T. Edman, a Class I director, and long-serving Class III director John G. Mayer will retire from the board effective May 7, 2026, following the company’s 20...
Business Operations and Strategy
TTM Technologies Highlights Technology Outlook at Needham Conference
Positive
Jan 13, 2026
On January 13, 2026, TTM Technologies’ President and CEO, Dr. Edwin Roks, and Executive Vice President and CFO, Daniel L. Boehle, took part in the Needham Growth Conference at the Lotte New York Palace Hotel in New York, where the company ma...
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.