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TTM Technologies (TTMI)
NASDAQ:TTMI
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TTM Technologies
(NASDAQ:TTMI)
Rating:79Outperform
Price Target:
$54.00
▲(16.81% Upside)
Positive Factors
Financial Performance
TTM posted much stronger-than-expected Q2 revenues and EPS, driven by the key A&D and data center verticals along with an out-performance in several other commercial markets.
Leadership Change
Dr. Roks' leadership is seen as a strong choice to lead TTM.
Market Outlook
TTM provided a much stronger Q3 outlook, with accelerating growth in data center.
Negative Factors
Industry Pressures
There are concerns about macro pressures in the automotive and Medical Industry & Instrumentation sectors, including negative data in the semiconductor test market.
Tariff Impact
TTM's expanded A&D business is expected to better insulate the company from macro and indirect tariff-related pressures.
TTM Technologies (TTMI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.64B
Dividend YieldN/A
Average Volume (3M)2.50M
Price to Earnings (P/E)51.9
Beta (1Y)2.04
Revenue Growth14.24%
EPS Growth424.78%
CountryUS
Employees16,400
SectorTechnology
Sector Strength84
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)0.58
Shares Outstanding103,313,270
10 Day Avg. Volume2,128,763
30 Day Avg. Volume2,503,712
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)N/A
P/FCF RatioN/A
Enterprise Value/Market Cap1.05
Enterprise Value/Revenue1.93
Enterprise Value/Gross Profit9.83
Enterprise Value/Ebitda16.16
Forecast
1Y Price Target
$55.25Price Target Upside19.51% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
TTM Technologies Business Overview & Revenue Model
Company DescriptionTTM Technologies (TTMI) is a leading global provider of advanced technology solutions and manufacturing services, primarily in the printed circuit board (PCB) and electronic assembly sectors. The company serves a diverse range of end markets, including telecommunications, aerospace and defense, automotive, and medical devices. TTM offers a broad portfolio of products and services, including high-density interconnect (HDI) PCBs, radio frequency (RF) products, and custom electronic assemblies, supporting customers from design through to production.
How the Company Makes MoneyTTM 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 Earnings Call Summary
Earnings Call Date:Jul 30, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Oct 29, 2025
Earnings Call Sentiment Positive
The earnings call presented a strong overall performance with record revenue growth, robust aerospace and defense market results, and strategic expansion initiatives. However, challenges in the Penang facility ramp-up and a decline in the automotive market were notable lowlights. Despite these issues, the positive aspects and growth opportunities significantly outweigh the concerns.Q2-2025 Updates
Positive Updates
Record Revenue Growth
TTM achieved a 21% year-over-year revenue increase, driven by strong demand in aerospace and defense, data center computing, networking, and medical, industrial, and instrumentation end markets.
Strong Aerospace and Defense Market Performance
The aerospace and defense market accounted for 45% of total revenues, with a program backlog of approximately $1.46 billion. Revenues in this market grew 21% year-over-year to a record high.
Non-GAAP EPS Record
Non-GAAP EPS reached a quarterly record of $0.58, reflecting strong performance and adjustments for unrealized foreign exchange gains.
Solid Cash Flow and Financial Position
Cash flow from operations was 13.4% of revenues, with net leverage ending the quarter at a healthy 1.2x.
Expansion Plans and New Facilities
TTM announced the acquisition of a 750,000 square foot facility in Eau Claire, Wisconsin for advanced technology PCB production and continued progress on facilities in Penang, Malaysia and Syracuse, New York.
Defense Spending and Growth Potential
The fiscal year 2025 reconciliation bill included an additional $150 billion in defense spending, providing growth opportunities in radar systems and missile defense.
Negative Updates
Challenges in Penang Facility Ramp-Up
The revenue ramp in the Penang facility has been slower than expected due to extended customer qualifications and training challenges, delaying breakeven achievement.
Automotive Market Decline
Automotive sales declined slightly year-over-year, accounting for 11% of total sales, primarily due to continued inventory adjustments and soft demand.
Aerospace and Defense Book-to-Bill Ratio
The aerospace and defense segment had a book-to-bill ratio of 0.69, below 1 due to order timing, though demand remains healthy.
Company Guidance
During the second quarter of 2025, TTM Technologies delivered strong financial performance, surpassing the high end of its guidance with a 21% year-on-year revenue growth, driven by robust demand in aerospace and defense, data center computing, networking, and medical, industrial, and instrumentation end markets. The aerospace and defense sector, constituting 45% of total revenues, showed outstanding results with a backlog of approximately $1.46 billion. TTM achieved a non-GAAP operating margin of 11.1%, marking a 210 basis point increase from the previous year, and recorded a quarterly record non-GAAP EPS of $0.58. The company's cash flow from operations was a solid 13.4% of revenues, with net leverage ending the quarter at a healthy 1.2x. Looking ahead, TTM projects Q3 2025 net sales to be between $690 million and $730 million, with non-GAAP earnings per diluted share expected to range from $0.57 to $0.63.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.85
Very Positive
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.78
Positive
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.73
Positive
| 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
Positive
46.23
Price Trends
44.07
Positive
36.05
Positive
29.99
Positive
Market Momentum
0.59
Negative
56.31
Neutral
81.74
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 46.23 is above the 20-day moving average (MA) of 43.95, above the 50-day MA of 44.07, and above the 200-day MA of 29.99, indicating a bullish trend. The MACD of 0.59 indicates Negative momentum. The RSI at 56.31 is Neutral, neither overbought nor oversold. The STOCH value of 81.74 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 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
Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $4.64B | 51.88 | 5.89% | ― | 14.24% | 424.78% | |
77 Outperform | $2.27B | 34.80 | 11.44% | ― | 2.46% | 572.04% | |
73 Outperform | $4.74B | 42.18 | 3.78% | 1.51% | -7.23% | 1278.91% | |
72 Outperform | $3.91B | 26.77 | 16.49% | ― | 11.33% | 18.47% | |
69 Neutral | $1.44B | 38.30 | 3.49% | 1.74% | -5.95% | -43.46% | |
62 Neutral | $1.40B | 72.21 | -5.25% | ― | -7.61% | -212.91% | |
61 Neutral | $35.51B | 8.11 | -10.49% | 1.89% | 8.55% | -8.72% |
* Technology Sector Average
Performance Comparison
TTMI
TTM Technologies
46.07
28.91
168.47%
BHE
Benchmark Electronics
40.25
1.65
4.27%
OSIS
OSI Systems
235.71
95.95
68.65%
ROG
Rogers
79.73
-18.85
-19.12%
ST
Sensata
32.24
-2.38
-6.87%
VICR
Vicor
51.90
16.79
47.82%
TTM Technologies Corporate Events
Executive/Board ChangesBusiness Operations and Strategy
TTM Technologies Appoints Edwin Roks as New CEO
Positive
Aug 14, 2025
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.
Executive/Board ChangesBusiness Operations and StrategyFinancial Disclosures
TTM Technologies CEO Retirement Announcement
Positive
Jul 30, 2025
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.
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.