A Business at a Glance
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TTM TECHNOLOGIES INC
TTMI
$13.9B
Mkt Cap
$131.41
-9.28%
TTM TECHNOLOGIES INC (TTMI) has a current P/E ratio of 78.2, compared to its historical median P/E of 33.7. The stock is currently considered Expensive based on its historical valuation range.
TTM TECHNOLOGIES INC (TTMI) has a 5-year average return on invested capital (ROIC) of 6.3%. This is below average and may indicate limited pricing power.
TTM TECHNOLOGIES INC (TTMI) has a market capitalization of $13.6B. It is classified as a large-cap stock.
TTM TECHNOLOGIES INC (TTMI) does not currently pay a regular dividend.
Based on historical P/E analysis, TTM TECHNOLOGIES INC (TTMI) appears expensive. The current P/E of 78.2 is 132% above its historical median of 33.7. The estimated fair value CAGR (P/E method) is 1.1%.
TTM TECHNOLOGIES INC (TTMI) operates in the Printed Circuit Boards industry, within the Technology sector.
TTM TECHNOLOGIES INC (TTMI) reported annual revenue of $2.9 billion in its most recent fiscal year, based on SEC EDGAR filings.
TTM Technologies is a leading global manufacturer of advanced technology products serving aerospace and defense, data center computing, automotive, medical, industrial, instrumentation, and networking markets. The company operates three reportable segments: Aerospace & Defense (13 domestic system, subsystem, and PCB fabrication plants), Commercial (nine PCB fabrication plants across North America and Asia), and RF&S Components (two RF component plants in North America and China), generating approximately $2.9 billion in net sales with approximately 18,200 employees across 24 specialized facilities in North America and Asia. TTM's business model combines design-to-specification engineering, advanced interconnect products including PCBs and substrates, RF microwave/microelectronic assemblies, and mission systems, offering customers an integrated one-stop solution that reduces time-to-market and accelerates product development cycles. The company serves a diversified customer base of approximately 1,300 customers including OEMs, EMS providers, ODMs, distributors, and government agencies, with approximately 80% of net sales related to artificial intelligence and defense megatrends. TTM's competitive differentiation stems from its past acquisitions of Anaren and Telephonics, which expanded capabilities beyond build-to-print manufacturing into integrated systems, RF and radar technologies, and collaborative research and development partnerships that enable cost-effective, ready-for-manufacture solutions tailored to customer specifications.
【AI and defense tailwinds driving growth】 Management expects healthy tailwinds from participation in artificial intelligence and defense megatrends, with approximately 80% of net sales currently related to these two strategic directions. The company anticipates continued strong demand in data center and networking end markets driven by AI infrastructure buildout, while aerospace and defense markets benefit from positive defense budget tailwinds and strong strategic program alignment. TTM is executing significant capacity expansion initiatives, including a 750,000 square foot facility in Eau Claire, Wisconsin to support high-volume U.S. data center demand, and a second facility in Malaysia expected to begin volume production in the second half of 2026, with incremental capital expenditure of approximately $200 million to $300 million over the next two to three years above normal capital spending. Management is focused on growth as a strategic priority while maintaining operational discipline and improving yields across manufacturing operations to support customer production cycles.
| Metric | Target | Period |
|---|---|---|
| Full year net sales growth | 15%–20% increase over 2025 | FY2026 |
Full year net sales growth (FY2026): “we expect our full year 2026 total net sales to increase in the range of 15%-20% over 2025 total net sales”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | 3.1B | 2.9B | 2.4B | 2.5B | 2.2B | 2.1B |
| Net Income | 195M | 177M | 56M | 95M | 54M | 178M |
| EPS | $1.89 | $1.68 | $0.54 | $0.91 | $0.50 | $1.67 |
| Free Cash Flow | -12M | -683K | 51M | 170M | 95M | 184M |
| ROIC | 10.5% | 10.9% | 1.4% | 6.5% | 5.3% | 7.4% |
| Gross Margin | 21.0% | 20.7% | 19.5% | 18.4% | 16.5% | 17.1% |
| Debt/Equity | 0.50 | 0.52 | 0.61 | 0.61 | 0.64 | 0.58 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 287M | 265M | 42M | 210M | 126M | 28M |
| Operating Margin | 9.2% | 9.1% | 1.7% | 8.4% | 5.6% | 1.3% |
| ROE | 10.6% | 10.8% | 3.7% | 6.3% | 3.7% | 13.0% |
| Shares Outstanding | 104M | 106M | 104M | 104M | 109M | 106M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 1.3B | 1.4B | 1.3B | 2.1B | 2.5B | 2.2B | 2.1B | 2.1B | 2.2B | 2.5B | 2.4B | 2.9B | 3.1B |
| Gross Margin | 16.7% | 15.9% | 14.7% | 14.8% | 16.7% | 18.0% | 17.7% | 17.1% | 16.5% | 18.4% | 19.5% | 20.7% | 21.0% |
| R&D | N/A | N/A | N/A | N/A | N/A | 14M | 18M | 20M | 18M | 25M | 32M | 29M | 29M |
| SG&A | 98M | 106M | 101M | 168M | 147M | 138M | 129M | 122M | 125M | 158M | 170M | 192M | 217M |
| EBIT | -142M | 69M | 47M | 61M | 173M | 119M | 110M | 28M | 126M | 210M | 42M | 265M | 287M |
| Op. Margin | -10.5% | 5.1% | 3.5% | 2.9% | 6.8% | 5.3% | 5.1% | 1.3% | 5.6% | 8.4% | 1.7% | 9.1% | 9.2% |
| Net Income | -175M | 22M | 15M | -26M | 35M | 174M | 41M | 178M | 54M | 95M | 56M | 177M | 195M |
| Net Margin | -12.9% | 1.6% | 1.1% | -1.2% | 1.4% | 7.8% | 1.9% | 8.4% | 2.4% | 3.8% | 2.3% | 6.1% | 6.3% |
| Non-Recurring | 170M | 21M | 5.3M | 9.9M | 9.0M | 176M | 5.4M | 323M | 4.2M | 4.1M | 44M | 2.8M | 2.4M |
| Returns on Capital | |||||||||||||
| ROIC | -17.0% | 5.5% | 3.9% | 2.3% | 6.6% | 6.0% | 4.2% | 7.4% | 5.3% | 6.5% | 1.4% | 10.9% | 10.5% |
| ROE | -23.9% | 3.2% | 2.1% | -3.2% | 4.2% | 17.0% | 3.3% | 13.0% | 3.7% | 6.3% | 3.7% | 10.8% | 10.6% |
| ROA | -10.2% | 1.3% | 0.9% | -1.0% | 1.4% | 5.8% | 1.2% | 5.5% | 1.8% | 3.0% | 1.7% | 4.9% | 4.9% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 183M | 71M | 130M | 237M | 298M | 273M | 312M | 287M | 177M | 273M | 237M | 292M | 324M |
| Free Cash Flow | 43M | -32M | 20M | 138M | 213M | 123M | 169M | 184M | 95M | 170M | 51M | -683K | -12M |
| Owner Earnings | 73M | -39M | 18M | 75M | 107M | 104M | 156M | 133M | 37M | 125M | 63M | 103M | -808M |
| CapEx | 140M | 103M | 110M | 100M | 85M | 150M | 143M | 103M | 82M | 103M | 186M | 293M | 336M |
| Maint. CapEx | 99M | 101M | 104M | 152M | 180M | 148M | 139M | 138M | 122M | 128M | 144M | 147M | 1.1B |
| Growth CapEx | 41M | 1.9M | 5.9M | 0 | 0 | 1.8M | 3.4M | 0 | 0 | 0 | 42M | 145M | 0 |
| D&A | 99M | 101M | 104M | 152M | 180M | 148M | 139M | 138M | 122M | 128M | 144M | 147M | 1.1B |
| CapEx/OCF | 76.4% | 144.8% | 84.4% | 42.1% | 28.5% | 45.5% | 45.7% | 36.0% | 46.4% | 37.7% | 85.6% | 100.2% | 103.6% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 65M | 35M | 34M | 18M | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 4.1% | 2.1% | 0.9% | 0.2% | 0.0% |
| Stock-Based Comp | 10M | 9.0M | 7.8M | 9.7M | 11M | 21M | 17M | 16M | 18M | 20M | 30M | 42M | 57M |
| Debt Repayment | 442M | 113M | 96M | 276M | 1.0B | 701M | 1.8M | 0 | 426M | 0 | 292M | 3.8M | 3.8M |
| Balance Sheet | |||||||||||||
| Net Debt | 114M | 40M | 73M | 810M | 763M | 1.2B | 1.1B | 392M | 391M | 527M | 414M | 415M | 506M |
| Cash & Equiv. | 285M | 331M | 279M | 259M | 256M | 256M | 380M | 452M | 538M | 403M | 504M | 501M | 410M |
| Long-Term Debt | 370M | 274M | 375M | 1.0B | 909M | 1.5B | 1.2B | 843M | 928M | 879M | 914M | 912M | 912M |
| Debt/Equity | 0.61 | 0.53 | 0.88 | 1.62 | 1.24 | 1.22 | 1.15 | 0.58 | 0.64 | 0.61 | 0.61 | 0.52 | 0.50 |
| Interest Coverage | -5.5 | 2.9 | 2.0 | 1.0 | 2.3 | 1.6 | 1.3 | 0.4 | 2.8 | 4.6 | 0.9 | 5.8 | 5.8 |
| Equity | 654M | 705M | 715M | 819M | 821M | 1.2B | 1.3B | 1.4B | 1.5B | 1.5B | 1.5B | 1.8B | 1.8B |
| Total Assets | 1.7B | 1.7B | 1.6B | 2.6B | 2.5B | 3.5B | 3.6B | 2.9B | 3.0B | 3.3B | 3.5B | 3.8B | 4.0B |
| Total Liabilities | 924M | 968M | 170M | 1.8B | 1.7B | 2.2B | 2.3B | 1.5B | 1.6B | 1.8B | 1.9B | 2.1B | -17M |
| Intangibles | 37M | 28M | 19M | 151M | 127M | 376M | 326M | 281M | 240M | 288M | 192M | 155M | 146M |
| Retained Earnings | 46M | 64M | 76M | 46M | 75M | 433M | 474M | 652M | 706M | 801M | 838M | 1.0B | 1.1B |
| Working Capital | 396M | 347M | 302M | 278M | 324M | 534M | 396M | 731M | 849M | 732M | 798M | 893M | 898M |
| Current Assets | 766M | 805M | 798M | 1.0B | 1.0B | 1.2B | 1.3B | 1.2B | 1.4B | 1.5B | 1.6B | 1.9B | 1.9B |
| Current Liabilities | 370M | 458M | 496M | 745M | 689M | 673M | 947M | 518M | 558M | 761M | 809M | 962M | 1.0B |
| Per Share Data | |||||||||||||
| EPS | -2.13 | 0.26 | 0.18 | -0.28 | 0.34 | 1.38 | 0.39 | 1.67 | 0.50 | 0.91 | 0.54 | 1.68 | 1.89 |
| Owner EPS | 0.89 | -0.46 | 0.22 | 0.82 | 1.04 | 0.83 | 1.47 | 1.25 | 0.34 | 1.20 | 0.60 | 0.98 | -7.78 |
| Book Value | 7.98 | 8.38 | 8.76 | 8.86 | 8.01 | 9.76 | 12.08 | 13.58 | 13.37 | 14.77 | 14.49 | 16.68 | 17.70 |
| Cash Flow/Share | 2.23 | 0.85 | 1.59 | 2.57 | 2.91 | 2.17 | 2.95 | 2.70 | 1.62 | 2.63 | 2.27 | 2.76 | 12.23 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 82.0M | 84.1M | 81.6M | 92.4M | 102.5M | 125.8M | 105.9M | 106.3M | 108.8M | 103.9M | 104.3M | 105.6M | 103.8M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | 32.9 | 41.1 | N/A | 46.2 | 9.3 | 38.4 | 8.2 | 29.0 | 17.6 | N/A | 42.7 | 69.6 |
| P/FCF | 17.2 | N/A | 29.9 | 4.6 | 7.6 | 9.9 | 9.4 | 7.9 | 16.7 | 9.8 | 51.0 | N/A | N/A |
| EV/EBIT | N/A | 7.6 | 14.5 | 23.5 | 12.8 | 10.2 | 23.3 | 58.8 | 11.4 | 8.5 | 59.5 | 28.3 | 49.3 |
| Price/Book | 1.1 | 1.0 | 0.8 | 0.8 | 2.0 | 0.9 | 1.2 | 1.0 | 1.1 | 1.1 | 1.7 | 4.3 | 7.4 |
| Price/Sales | 0.6 | 0.5 | 0.5 | 0.4 | 0.6 | 0.7 | 0.6 | 0.6 | 0.7 | 0.6 | 0.9 | 1.5 | 4.4 |
| FCF Yield | 5.8% | -4.4% | 3.3% | 21.8% | 13.2% | 10.7% | 10.7% | 12.6% | 6.0% | 10.2% | 2.0% | -0.0% | -0.1% |
| Market Cap | 739M | 720M | 604M | 629M | 1.6B | 1.2B | 1.6B | 1.5B | 1.6B | 1.7B | 2.6B | 7.6B | 13.6B |
| Avg. Price | 10.20 | 8.70 | 7.58 | 8.25 | 15.98 | 15.81 | 11.57 | 12.19 | 14.20 | 13.82 | 18.45 | 40.78 | 131.41 |
| Year-End Price | 9.01 | 8.56 | 7.40 | 6.81 | 15.71 | 9.64 | 14.97 | 13.75 | 14.51 | 16.03 | 25.04 | 71.72 | 131.41 |
TTM TECHNOLOGIES INC passes 3 of 9 quality checks, indicating weak fundamentals.
TTM TECHNOLOGIES INC trades at 78.2x trailing earnings, compared to its 15-year median P/E of 33.7x, suggesting it is currently Expensive relative to its historical range. The company's 5-year average ROIC is 6.3% with a gross margin of 18.4%. At current prices, the estimated annualized return to fair value is -16.8%.
TTM TECHNOLOGIES INC (TTMI) has a net profit margin of 6.1%. This is a modest margin.
TTM TECHNOLOGIES INC (TTMI) generated $-683 thousand in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
TTM TECHNOLOGIES INC (TTMI) has a debt-to-equity ratio of 0.52. This indicates moderate leverage.
TTM TECHNOLOGIES INC (TTMI) reported earnings per share (EPS) of $1.68 in its most recent fiscal year.
TTM TECHNOLOGIES INC (TTMI) has a return on equity (ROE) of 10.8%. This indicates moderate shareholder returns.
TTM TECHNOLOGIES INC (TTMI) has a 5-year average gross margin of 18.4%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 15 years of financial data for TTM TECHNOLOGIES INC (TTMI), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
TTM TECHNOLOGIES INC (TTMI) has a book value per share of $16.68, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects healthy tailwinds from participation in artificial intelligence and defense megatrends, with approximately 80% of net sales currently related to these two strategic directions. The company anticipates continued strong demand in data center and networking end markets driven by AI infrastructure buildout, while aerospace and defense markets benefit from positive defense budget tailwinds and strong strategic program alignment. TTM is executing significant capacity expansion initiatives, including a 750,000 square foot facility in Eau Claire, Wisconsin to support high-volume U.S. data center demand, and a second facility in Malaysia expected to begin volume production in the second half of 2026, with incremental capital expenditure of approximately $200 million to $300 million over the next two to three years above normal capital spending. Management is focused on growth as a strategic priority while maintaining operational discipline and improving yields across manufacturing operations to support customer production cycles.
Based on recent SEC filings and earnings calls, TTM TECHNOLOGIES INC (TTMI) has provided the following forward guidance: Full year net sales growth: 15%–20% increase over 2025 (FY2026).