TTM Technologies (TTMI) AI Stock Analysis

• Market Cap: $9.97B
• Dividend Yield: N/A
• Average Volume (3M): 1.72M
• Price to Earnings (P/E): 76.9
• Beta (1Y): 2.06
• Revenue Growth: 17.88%
• EPS Growth: 91.41%
• Country: US
• Employees: 16,400
• Sector: Technology
• Sector Strength: 88
• Industry: Hardware, Equipment & Parts
• EPS (TTM): 0.67
• Shares Outstanding: 103,330,730
• 10 Day Avg. Volume: 1,585,622
• 30 Day Avg. Volume: 1,718,741
• PEG Ratio: -0.11
• Price to Book (P/B): 1.61
• Price to Sales (P/S): 1.03
• P/FCF Ratio: 49.14
• Enterprise Value/Market Cap: 0.67
• Enterprise Value/Revenue: 2.39
• Enterprise Value/Gross Profit: 11.84
• Enterprise Value/Ebitda: 19.03
• 1Y Price Target: $92.75
• Price Target Upside: -3.91% Downside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 4
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 77 Outperform
• Price Target: $88.00 ▼(-8.83% Downside)

The score is driven primarily by strong financial performance (growth, improving profitability, reduced leverage, and strong free cash flow growth) and supportive technical momentum (price above major moving averages with positive MACD). This is partially offset by a demanding valuation (high P/E), while the latest earnings call adds support through strong execution, backlog strength, and constructive guidance despite localized margin and automotive headwinds.

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 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) 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 Money

TTM 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 Financial Statement Overview

Summary

TTM Technologies demonstrates strong financial health with impressive revenue growth and profitability improvements. The significant reduction in leverage and robust cash flow generation further strengthen the company's financial position. Continued focus on operational efficiency and cash flow management will be key to sustaining this positive trajectory.

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.

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.

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.

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

• Technical Analysis Sentiment: Positive
• Last Price: 96.52
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: 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 96.52 is above the 20-day moving average (MA) of 72.59, above the 50-day MA of 70.34, and above the 200-day MA of 47.87, indicating a bullish trend. The MACD of 4.23 indicates Negative momentum. The RSI at 75.04 is Negative, neither overbought nor oversold. The STOCH value of 91.68 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TTMI.

TTM Technologies Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SANM	79 Outperform	$9.11B	37.48	10.81%	―	7.40%	13.79%
TTMI	77 Outperform	$9.97B	76.93	8.12%	―	17.88%	91.41%
OSIS	76 Outperform	$4.87B	32.49	17.58%	―	9.37%	15.70%
PLXS	76 Outperform	$4.69B	27.95	12.44%	―	1.82%	56.52%
NOVT	70 Neutral	$4.70B	89.79	6.84%	―	4.07%	-12.34%
ST	63 Neutral	$5.10B	-183.17	-0.92%	1.43%	-8.07%	63.50%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%

TTM Technologies Corporate Events

TTM Technologies Highlights Technology Outlook at Needham Conference

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.