TTM Technologies (TTMI) AI Stock Analysis

• Market Cap: $5.60B
• Dividend Yield: N/A
• Average Volume (3M): 2.19M
• Price to Earnings (P/E): 63.4
• Beta (1Y): 2.02
• Revenue Growth: 14.24%
• EPS Growth: 424.78%
• Country: US
• Employees: 16,400
• Sector: Technology
• Sector Strength: 88
• Industry: Hardware, Equipment & Parts
• EPS (TTM): 0.58
• Shares Outstanding: 103,313,270
• 10 Day Avg. Volume: 2,550,636
• 30 Day Avg. Volume: 2,194,480
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 0.87
• Enterprise Value/Revenue: 1.93
• Enterprise Value/Gross Profit: 9.83
• Enterprise Value/Ebitda: 16.16
• 1Y Price Target: $56.80
• Price Target Upside: 4.89% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5

• Rating: 79 Outperform
• Price Target: $54.00 ▼(-0.28% Downside)

TTM Technologies demonstrates strong financial performance and technical indicators, with positive earnings call sentiment. The high P/E ratio suggests potential overvaluation, but strategic growth initiatives and leadership changes are promising for future prospects.

Positive Factors

Revenue Growth

Strong revenue growth indicates robust demand across key markets like aerospace and defense, supporting long-term business expansion.

Balance Sheet Health

Low leverage and a solid equity ratio highlight financial stability, providing flexibility for future investments and growth initiatives.

Leadership Change

The new CEO brings extensive industry experience, expected to drive innovation and strategic growth, aligning with TTM's long-term objectives.

Negative Factors

Decline in Free Cash Flow

A significant decline in free cash flow could impact the company's ability to fund new projects and return capital to shareholders, posing a risk to future growth.

Challenges in Penang Facility

Delays in the Penang facility's ramp-up can hinder operational efficiency and delay expected contributions to revenue growth.

Automotive Market Decline

A decline in the automotive market could reduce revenue from this segment, affecting overall growth if the trend continues.

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 through the manufacturing and sale of printed circuit boards and electronic assemblies. The company's primary revenue streams include direct sales to original equipment manufacturers (OEMs) and electronics manufacturing services (EMS) providers. TTM also benefits from long-term partnerships with key players in various industries, which provide a steady demand for their products. Additionally, TTM's focus on high-value, technologically advanced products allows it to command premium pricing, thus enhancing its profitability. Factors contributing to its earnings include the increasing demand for advanced electronics in sectors such as automotive and telecommunications, as well as the company's investment in expanding its production capabilities and technological advancements.

TTM Technologies Financial Statement Overview

Summary

TTM Technologies exhibits strong financial performance with solid revenue growth and profitability margins. The balance sheet is robust with low leverage and good equity ratios. However, the decline in free cash flow is a concern that needs addressing to ensure sustainable growth.

Income Statement

TTM Technologies has shown solid growth with a revenue increase of 3.21% in the latest TTM period compared to the previous year. The gross profit margin stands at 19.61%, and the net profit margin has improved to 3.09%. EBITDA and EBIT margins are healthy at 11.93% and 5.96% respectively, indicating stable profitability. The consistent improvement in margins and revenue growth is a positive indicator of the company’s financial health.

Balance Sheet

The company boasts a strong balance sheet with an impressive debt-to-equity ratio of 0.0024, showcasing low leverage. The return on equity (ROE) is decent at 4.91%, and the equity ratio is robust at 45.93%, highlighting a stable capital structure. However, the decrease in cash reserves over the periods is a point to monitor, though current liabilities are well covered by equity.

Cash Flow

TTM Technologies' operating cash flow to net income ratio is 2.34, indicating efficient cash generation from operations. However, the free cash flow has declined by 133.94% in the TTM period, raising concerns about cash retention and capital expenditures. Despite this, the company maintains a positive operating cash flow, which supports its operational needs.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	2.52B	2.44B	2.23B	2.50B	2.25B	2.11B
Gross Profit	494.37M	477.38M	413.27M	457.96M	372.01M	359.02M
EBITDA	300.75M	277.39M	205.91M	308.13M	231.59M	161.88M
Net Income	78.01M	56.30M	-18.72M	94.58M	54.41M	-16.39M
Balance Sheet
Total Assets	3.45B	3.47B	3.32B	3.32B	3.03B	2.90B
Cash, Cash Equivalents and Short-Term Investments	411.26M	503.93M	450.21M	402.75M	537.68M	451.56M
Total Debt	3.80M	1.02B	1.02B	962.60M	964.45M	842.85M
Total Liabilities	1.87B	1.91B	1.81B	1.79B	1.57B	1.45B
Stockholders Equity	1.59B	1.56B	1.51B	1.54B	1.46B	1.44B
Cash Flow
Free Cash Flow	-17.37M	51.16M	27.04M	169.99M	94.68M	183.89M
Operating Cash Flow	182.34M	236.89M	187.28M	272.87M	176.63M	287.18M
Investing Cash Flow	-166.87M	-146.21M	-92.03M	-395.46M	-84.14M	404.29M
Financing Cash Flow	-44.56M	-36.82M	-47.67M	-11.31M	-7.23M	-642.31M

TTM Technologies Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 54.15
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• 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 54.15 is above the 20-day moving average (MA) of 48.93, above the 50-day MA of 46.31, and above the 200-day MA of 31.84, indicating a bullish trend. The MACD of 2.61 indicates Negative momentum. The RSI at 63.32 is Neutral, neither overbought nor oversold. The STOCH value of 81.35 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	80 Outperform	6.03B	24.23	10.13%	―	5.87%	20.66%
TTMI	79 Outperform	$5.60B	63.45	5.89%	―	14.24%	424.78%
PLXS	77 Outperform	3.88B	24.45	11.46%	―	2.31%	48.63%
OSIS	72 Outperform	3.83B	26.17	―	―	11.33%	18.47%
NOVT	65 Neutral	3.79B	62.02	7.66%	―	6.34%	-1.57%
ST	63 Neutral	4.43B	40.48	3.87%	1.58%	-7.23%	1278.91%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%

TTM Technologies Corporate Events

TTM Technologies Appoints Edwin Roks as New CEO

On August 14, 2025, TTM Technologies announced the appointment of Edwin Roks, Ph.D., as the new President and CEO, effective September 2, 2025, succeeding Thomas T. Edman. Dr. Roks, who has extensive experience in the aerospace, defense, and industrial electronics industries, will also join the company’s Board of Directors. This leadership transition is expected to guide TTM into its next phase of growth and innovation, with Mr. Edman continuing as an advisor to ensure a smooth transition. Additionally, the company amended the service-based vesting terms of performance-based restricted stock units for Mr. Edman in light of his retirement, allowing him to remain eligible for shares post-retirement.

TTM Technologies CEO Retirement Announcement

On July 30, 2025, TTM Technologies announced that its President and CEO, Thomas T. Edman, plans to retire following the appointment of his successor. The board has initiated a search for a new CEO, expected to conclude by the end of 2025. TTM reported strong financial results for the second quarter of 2025, with net sales of $730.6 million, a 21% increase from the previous year, and record revenues in the Aerospace and Defense and Data Center Computing markets. The company also highlighted its strategic acquisitions in Wisconsin and Penang to support regional diversification and future growth.