Education
About Us
Working with TipRanks
Follow Us
TTM Technologies (TTMI)
NASDAQ:TTMI
Top Page
TTM Technologies
(NASDAQ:TTMI)
Select Model
Select Model
Rating:76Outperform
Price Target:
$111.00
▲(15.36% Upside)
The score is driven primarily by strong financial performance and a technically strong uptrend, reinforced by a positive earnings call with solid guidance and backlog. The main offset is valuation risk from a high P/E, with no dividend yield support provided.
Positive Factors
Free Cash Flow Growth
Sustained, >100% free cash flow growth demonstrates meaningful cash-generation improvement, enabling capital reinvestment, capacity expansion, and debt reduction. Over months this increases resilience to cyclical demand swings and funds strategic technology investments without heavy external financing.
Low Financial Leverage
Very low leverage provides durable financial flexibility: it reduces interest burden, supports investment in manufacturing and advanced PCB technologies, and gives capacity to weather industry cyclicality or fund M&A, strengthening the company's long-term competitive positioning.
Strong Backlog & Book-to-Bill
A large aerospace/defense backlog and >1 book-to-bill signal durable revenue visibility and production cadence. This underpins medium-term revenue stability, supports capacity planning, and improves unit economics as fixed costs are absorbed, sustaining margins as contracts convert.
Negative Factors
Revenue Concentration
Heavy exposure to aerospace and data center markets concentrates revenue into cyclical and defense-related segments. While strong today, this raises sensitivity to program funding cycles, capital spending shifts, or a slowdown in hyperscale cloud demand that could materially affect revenue over months.
Automotive Demand Weakness
Ongoing automotive inventory adjustments and declining sales reduce diversification and leave TTMI exposed to a slower-recovering end market. If auto production or content per vehicle remains depressed, this weak segment could weigh on revenue growth and margin mix for several quarters.
Operational Margin Pressure (Penang)
A near-200bps margin hit from one facility highlights operational and execution risk. If remediation requires capex, overtime, or redesign, margins could remain pressured until fixed issues are resolved, reducing sustainable profitability and complicating margin expansion targets over the medium term.
TTM Technologies (TTMI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$9.94B
Dividend YieldN/A
Average Volume (3M)2.75M
Price to Earnings (P/E)76.7
Beta (1Y)2.04
Revenue Growth17.88%
EPS Growth91.41%
CountryUS
Employees16,400
SectorTechnology
Sector Strength88
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)0.70
Shares Outstanding103,330,730
10 Day Avg. Volume4,447,810
30 Day Avg. Volume2,754,255
Financial Highlights & Ratios
PEG Ratio-0.11
Price to Book (P/B)1.61
Price to Sales (P/S)1.03
P/FCF Ratio49.14
Enterprise Value/Market Cap0.91
Enterprise Value/Revenue3.26
Enterprise Value/Gross Profit16.13
Enterprise Value/Ebitda25.91
Forecast
1Y Price Target
$118.50Price Target Upside23.16% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
TTM Technologies Business Overview & Revenue Model
Company DescriptionTTM 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) components, conventional PCBs, RF and microwave circuits, high density interconnect PCBs, substrate-like PCBs, flexible PCBs, rigid-flex PCBs, custom assemblies and system integration products, IC substrates, passive RF components, advanced ceramic RF components, multi-chip modules, and beamforming and switching networks. The company also produces printed circuits with heavy copper cores, as well as embedded and press-fit coins; PCBs with electrically passive heat sinks; and PCBs with electrically active thermal cores. In addition, it offers value-added services, including RF design to specification capability, design for manufacturability, PCB layout design, simulation and testing, and quick turnaround services. The company serves original equipment manufacturers and electronic manufacturing services companies that primarily serve aerospace and defense, data center computing, automotive components, medical, industrial, and instrumentation related products sectors. TTM Technologies, Inc. was incorporated in 1978 and is headquartered in Santa Ana, California.
How the Company Makes MoneyTTM Technologies generates revenue primarily through the manufacturing and sale of printed circuit boards and RF components. Its revenue model is based on direct sales to original equipment manufacturers (OEMs) and contract manufacturers, which often involve long-term contracts and partnerships. Key revenue streams include high-tech PCBs for complex applications in sectors such as telecommunications and aerospace, as well as RF components that are critical for wireless communications. The company also benefits from economies of scale due to its large manufacturing capabilities and strategic relationships with key customers, allowing it to secure repeat business and maintain a competitive edge in pricing and technology advancements.
TTM Technologies Earnings Call Summary
Earnings Call Date:Feb 04, 2026
(Q4-2025)
| 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.Q4-2025 Updates
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).
Record Non-GAAP EPS
Q4 non-GAAP EPS of $0.70 per diluted share met the high end of guidance and was an all-time quarterly record high.
Improved Adjusted EBITDA and Margins
Q4 adjusted EBITDA of $126.2M representing a 16.3% margin (vs 14.7% prior year; +160 bps). Full-year adjusted EBITDA $456.3M (15.7% of sales vs 14.4% prior year; +130 bps).
Gross Margin Expansion
Q4 gross margin improved to 21.7% from 20.5% a year ago (+120 bps). Full-year gross margin 21.3% vs 20.4% prior year (+90 bps), driven by higher volume and favorable mix in data center, networking, and A&D.
Strong Cash Generation
Q4 operating cash flow of $63M (8.1% of sales); full-year operating cash flow of $292M (10% of sales), supporting reinvestment in growth.
Data Center and Networking Outperformance
Data center computing represented 20% of Q4 sales and grew 57% YoY in Q4 (36% YoY for full year). Networking grew 23% YoY in Q4 and 43% for the full year. Combined data center + networking represented ~36% of 2025 sales (expected ~37% in Q1 2026).
Aerospace & Defense Strength and Backlog
A&D was 41% of Q4 sales, grew 5% YoY in Q4 and 13% YoY for the full year. A&D book-to-bill was 1.46 in Q4 (1.04 for FY2025), with program backlog increased to $1.6B (up from $1.56B a year ago).
Guidance and Growth Targets
Q1 FY2026 guidance: net sales $770M–$810M and non-GAAP EPS $0.64–$0.70. Company reiterates target to grow revenues 15%–20% per year and to double earnings from 2025 to 2027 (ambition shared earlier).
Capacity Expansion & CapEx Plan
Progress on capacity expansion in China and U.S. (Syracuse on track; Eau Claire facility available with expected first revenues in ~18–24 months). 2026 CapEx guidance $240M–$260M plus incremental $200M–$300M expected for additional data center capacity in China over the next 2–3 years.
Improved Operating Discipline
Operating margin of 12.7% in Q4 (up 260 bps from 10.1% prior-year quarter). Selling, general & administrative expenses declined as a percentage of sales (G&A Q4 5.6% vs 6.3% prior year; S&M Q4 2.6% vs 2.9% prior year).
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.
Goodwill Impairment in RF&S Segment
A $32.6M goodwill impairment charge related to the RF&S component segment was recorded, negatively affecting GAAP results for FY2025.
RF&S Book-to-Bill Below 1.0
The RF&S reporting segment had a 2025 book-to-bill of 0.94, indicating weaker bookings relative to shipments in that segment.
Automotive End-Market Decline
Automotive sales declined (automotive represented 9% of Q4 sales with noted decline); management plans to be more selective and expects automotive to represent about 8% of total sales in 2026.
Higher Effective Tax Rate and Non-Operating Expenses
Effective tax rate increased (Q4 13.2% vs 12.2% prior-year quarter; FY2025 14.5% vs 12.4% prior-year), increasing tax expense. Other non-operating items swung to a net expense ($3M in Q4 vs net income of $1.4M prior-year quarter).
Q1 Seasonality and Near-Term Cost Pressure
Management cautioned that Q1 profitability is typically impacted by increased operating costs (notably labor) from the Chinese New Year holiday, which may pressure near-term margins.
Backlog Subject to Cancellations
90-day backlog at $654.9M (up from $502.1M prior year) is subject to cancellations, introducing execution and revenue visibility risk despite the larger backlog.
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
Strong overall fundamentals: revenue growth (5.15%) with improving profitability (gross margin 19.95%, net margin 4.74%), materially reduced leverage (debt-to-equity 0.052), and very strong free cash flow growth (102.96%). Cash conversion metrics suggest some room to improve in translating earnings into free cash flow consistency.Income Statement
TTM Technologies shows a strong revenue growth rate of 5.15% in the TTM period, indicating positive momentum. The gross profit margin of 19.95% and net profit margin of 4.74% reflect solid profitability, with improvements over previous periods. The EBIT and EBITDA margins also demonstrate healthy operational efficiency, suggesting effective cost management.82
Very Positive
Balance Sheet
The company's debt-to-equity ratio has significantly improved to 0.052 in the TTM period, indicating a strong reduction in leverage. Return on equity has increased to 8.13%, showcasing enhanced profitability for shareholders. The equity ratio remains stable, reflecting a solid capital structure.78
Positive
Cash Flow
Free cash flow growth of 102.96% in the TTM period highlights robust cash generation capabilities. The operating cash flow to net income ratio of 0.263 indicates efficient conversion of earnings into cash, though slightly lower than previous periods. The free cash flow to net income ratio suggests room for improvement in translating profits into free cash flow.75
Positive
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.78B | 2.44B | 2.23B | 2.50B | 2.25B | 2.11B |
| Gross Profit | 562.36M | 477.38M | 413.27M | 457.96M | 372.01M | 359.02M |
| EBITDA | 350.07M | 281.59M | 209.15M | 362.29M | 242.86M | 193.01M |
| Net Income | 131.93M | 56.30M | -18.72M | 94.58M | 54.41M | 177.53M |
Balance Sheet | ||||||
| Total Assets | 3.72B | 3.47B | 3.32B | 3.32B | 3.03B | 2.90B |
| Cash, Cash Equivalents and Short-Term Investments | 491.12M | 503.93M | 450.21M | 402.75M | 537.68M | 451.56M |
| Total Debt | 1.03B | 1.02B | 1.02B | 962.60M | 964.45M | 868.21M |
| Total Liabilities | 2.02B | 1.91B | 1.81B | 1.79B | 1.57B | 1.45B |
| Stockholders Equity | 1.70B | 1.56B | 1.51B | 1.54B | 1.46B | 1.44B |
Cash Flow | ||||||
| Free Cash Flow | 35.80M | 51.16M | 27.04M | 169.99M | 94.68M | 183.89M |
| Operating Cash Flow | 315.01M | 236.89M | 187.28M | 272.87M | 176.63M | 287.18M |
| Investing Cash Flow | -275.45M | -146.21M | -92.03M | -395.46M | -84.14M | 404.29M |
| Financing Cash Flow | -17.82M | -36.82M | -47.67M | -11.31M | -7.23M | -642.31M |
TTM Technologies Technical Analysis
Positive
96.22
Price Trends
79.33
Positive
69.36
Positive
53.44
Positive
Market Momentum
6.80
Positive
56.93
Neutral
60.30
Neutral
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 96.22 is above the 20-day moving average (MA) of 92.96, above the 50-day MA of 79.33, and above the 200-day MA of 53.44, indicating a bullish trend. The MACD of 6.80 indicates Positive momentum. The RSI at 56.93 is Neutral, neither overbought nor oversold. The STOCH value of 60.30 is Neutral, 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 41 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | $9.94B | 76.69 | 8.12% | ― | 17.88% | 91.41% | |
74 Outperform | $5.25B | 30.50 | 12.63% | ― | 1.82% | 56.52% | |
71 Outperform | $7.96B | 34.86 | 9.74% | ― | 7.40% | 13.79% | |
70 Neutral | $4.89B | 93.48 | 6.84% | ― | 4.07% | -12.34% | |
68 Neutral | $4.17B | 28.70 | 18.33% | ― | 9.37% | 15.70% | |
63 Neutral | $5.26B | -188.71 | -0.92% | 1.43% | -8.07% | 63.50% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
* Technology Sector Average
TTMI
TTM Technologies
96.22
69.50
260.10%
NOVT
Novanta
136.73
-11.88
-7.99%
OSIS
OSI Systems
253.10
47.06
22.84%
PLXS
Plexus
196.28
54.33
38.27%
SANM
Sanmina-Sci
145.69
57.84
65.84%
ST
Sensata
36.10
11.04
44.05%
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 2026 annual meeting of stockholders, with Mayer’s departure triggered by the firm’s mandatory retirement age of 75. To fill the resulting vacancies and strengthen its positioning in aerospace and defense, the board unanimously appointed veteran aerospace and defense executive Daniel G. Korte as a Class I director with a term through 2028 and former U.S. Secretary of the Army Ryan D. McCarthy as a Class III director with a term through 2027, appointments that underscore TTM’s strategic emphasis on defense-related growth and add high-level operational and government expertise to its boardroom.
The most recent analyst rating on (TTMI) stock is a Buy with a $123.00 price target. To see the full list of analyst forecasts on TTM Technologies stock, see the TTMI Stock Forecast page.
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 made its participation publicly accessible via a webcast link on its investor relations website following prior notice in a January 6, 2026 press release. During a publicly broadcast fireside chat at the conference, Dr. Roks responded to a question about the most significant technology developments he has observed since joining TTM, and his answer included projections that were shared with the wider investment community, underscoring the firm’s engagement with investors and emphasis on its evolving technological capabilities.
The most recent analyst rating on (TTMI) stock is a Buy with a $105.00 price target. To see the full list of analyst forecasts on TTM Technologies stock, see the TTMI Stock Forecast page.
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.