TTM Technologies, Inc.
- Open
- 138.24
- Day high
- 138.25
- Day low
- 129.49
- Prev close
- 143.62
- Volume
- 2.1M
- Mkt cap
- $12.8B
- P/E (TTM)
- 65.1
- EPS (TTM)
- $2.00
- P/B
- 7.0
- P/S
- 4.1
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$12.8M over the last 3 months (0 open-market buys, 188 sales)
- 🏛Institutions accumulating (13F)
TTM Technologies, Inc. (TTMI) is a Technology company listed on NASDAQ. The stock is up 182% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 188 sales (SEC Form 4).
TTM Technologies, Inc. (TTMI) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
TTMI earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 29, 2026 | $0.66 | $0.75 | +13.6% | $846M | +7.1% |
| Feb 4, 2026 | $0.68 | $0.70 | +2.9% | $774M | +5.2% |
| Oct 29, 2025 | $0.61 | $0.67 | +9.8% | $753M | -0.0% |
| Jul 30, 2025 | $0.52 | $0.58 | +11.5% | $731M | +5.7% |
| Apr 30, 2025 | $0.39 | $0.50 | +28.2% | $649M | +4.4% |
| Feb 5, 2025 | $0.47 | $0.60 | +27.7% | $651M | +3.3% |
| Oct 30, 2024 | $0.41 | $0.41 | +0.0% | $617M | -2.2% |
| Jul 31, 2024 | $0.34 | $0.39 | +14.7% | $605M | +4.4% |
| May 1, 2024 | $0.27 | $0.31 | +14.8% | $570M | +3.3% |
| Feb 7, 2024 | $0.37 | $0.41 | +10.8% | $569M | -0.5% |
| Nov 1, 2023 | $0.28 | $0.43 | +53.6% | $573M | +0.3% |
| Aug 2, 2023 | $0.21 | $0.32 | +52.4% | $547M | -1.1% |
TTMI insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 29, 2026 | Walsh James Pofficer: Chief Operating Officer | Sell | 290 | $210.10 |
| Jun 29, 2026 | Weber Daniel Jofficer: EVP, CLO & Secretary | Sell | 13 | $214.46 |
| Jun 29, 2026 | Walsh James Pofficer: Chief Operating Officer | Sell | 11 | $211.86 |
| Jun 29, 2026 | Soder Douglas Lofficer: EVP, Commercial Sector Pres. | Sell | 689 | $209.06 |
| Jun 29, 2026 | Gridley Catherine Aofficer: EVP, A&D Sector President | Sell | 170 | $204.95 |
| Jun 29, 2026 | Weber Daniel Jofficer: EVP, CLO & Secretary | Sell | 17 | $213.51 |
| Jun 29, 2026 | Clapprood Tomofficer: PresA&D Interconnect Solutions | Sell | 69 | $204.95 |
| Jun 29, 2026 | Clapprood Tomofficer: PresA&D Interconnect Solutions | Sell | 25 | $206.25 |
| Jun 29, 2026 | Farrell Robert P.officer: President C&C | Sell | 7 | $211.86 |
| Jun 29, 2026 | BOEHLE DANIEL L.officer: EVP and CFO | Sell | 216 | $207.04 |
| Jun 29, 2026 | Knecht Dale Martinofficer: SVP Information Technology | Sell | 112 | $204.95 |
| Jun 29, 2026 | Knecht Dale Martinofficer: SVP Information Technology | Sell | 41 | $206.25 |
| Jun 29, 2026 | Knecht Dale Martinofficer: SVP Information Technology | Sell | 103 | $207.04 |
| Jun 29, 2026 | Walsh James Pofficer: Chief Operating Officer | Sell | 43 | $206.25 |
| Jun 29, 2026 | Soder Douglas Lofficer: EVP, Commercial Sector Pres. | Sell | 17 | $213.51 |
Source: TTMI SEC Form 4 filings, latest Jun 29, 2026. For informational purposes only — not investment advice.
See the full TTMI insider & 13F page →TTM Technologies, Inc. company profile
Overview
TTM Technologies, Inc. (NASDAQ:TTMI) is a global manufacturer of printed circuit boards (PCBs) and electronic components founded in 1978 and headquartered in Santa Ana, California. The company went public in 2000 and has evolved from a traditional PCB manufacturer into a more diversified technology solutions provider. TTM operates manufacturing facilities across North America, Asia, and has been strategically expanding its footprint with new advanced facilities in Malaysia and New York to serve high-growth markets including aerospace, defense, and data center computing.
Business
TTM Technologies operates in the electronic manufacturing services industry, specifically focusing on printed circuit boards (PCBs) and related electronic components. PCBs are the fundamental building blocks of virtually all electronic devices - they are thin boards made of fiberglass or other materials that provide the physical foundation and electrical connections for electronic components like microprocessors, memory chips, and sensors. The company operates through two main business segments: 1. **PCB Segment (approximately 85-90% of revenue)**: This includes conventional PCBs, high-density interconnect PCBs, flexible and rigid-flex PCBs, substrate-like PCBs, and specialized products like heavy copper PCBs with thermal management capabilities. These products serve as the "nervous system" of electronic devices, connecting and supporting all the electronic components. 2. **RF&S Components Segment (approximately 10-15% of revenue)**: This segment produces radio frequency components, microwave circuits, advanced ceramic RF components, multi-chip modules, and beamforming networks. These components are critical for wireless communication systems, radar applications, and advanced electronic warfare systems. TTM serves five primary end markets: **Aerospace & Defense** (47% of sales), **Data Center Computing** (21% of sales), **Medical/Industrial/Instrumentation** (13% of sales), **Automotive** (11% of sales), and **Networking** (8% of sales). The company has been strategically shifting toward less cyclical, higher-margin markets, with over 50% of its Aerospace & Defense revenue now coming from engineered and integrated electronic products rather than simple PCB manufacturing.
Revenue model
TTM Technologies generates revenue primarily through **product sales** of manufactured PCBs and electronic components. The company operates as a contract manufacturer, meaning it produces custom-designed products based on specifications provided by original equipment manufacturers (OEMs) and electronic manufacturing services (EMS) companies. The company's customers include major aerospace and defense contractors, hyperscale data center operators, medical device manufacturers, automotive suppliers, and networking equipment companies. Revenue is generated through negotiated contracts that typically span multiple years, with some aerospace and defense programs extending over decades. TTM's profitability is influenced by several key factors. **Positive margin drivers** include: the shift toward higher-value engineered products and integrated solutions rather than commodity PCBs; strong demand in aerospace and defense markets which command premium pricing; the artificial intelligence boom driving data center computing demand; and operational efficiency improvements from facility consolidation and automation investments. **Margin pressures** come from: cyclical downturns in commercial markets like automotive and networking; intense price competition in commodity PCB markets; foreign exchange fluctuations given the company's global manufacturing footprint; raw material cost inflation for copper, gold, and specialty substrates; and the substantial upfront investments required for new facility ramp-ups, such as the current Penang facility which has been dragging margins by approximately 180 basis points during its startup phase. The company's business model benefits from long-term program backlogs, particularly in aerospace and defense where TTM currently holds a record $1.55 billion backlog, providing revenue visibility and stability.
Competitive moat
TTM Technologies operates in a moderately competitive industry with several defensive characteristics but limited sustainable competitive advantages. The company's primary moat stems from **customer switching costs and technical expertise**. Once a PCB design is qualified for a specific application, particularly in aerospace and defense, customers are reluctant to change suppliers due to the extensive re-qualification process, regulatory requirements, and risk of supply disruption. The company has built **specialized manufacturing capabilities** in advanced PCB technologies, including high-frequency RF circuits, thermal management solutions, and complex multilayer boards that require significant technical know-how and capital investment. TTM's integrated approach, combining PCB manufacturing with electronic assembly and system integration, creates additional customer stickiness. **Geographic diversification** provides some competitive advantage, with manufacturing facilities in North America, China, and Malaysia allowing TTM to serve customers with different supply chain requirements and navigate geopolitical tensions. The company's domestic manufacturing capabilities are particularly valuable for aerospace and defense customers requiring ITAR compliance and supply chain security. However, TTM's moat is not particularly strong. The PCB industry remains fragmented with numerous competitors, and many applications involve relatively standardized products where price competition is intense. **Potential disruption** could come from new manufacturing technologies, shifts in electronics design that reduce PCB content, or low-cost competitors, particularly from Asia. The company's transformation toward more engineered solutions and system integration represents an attempt to strengthen its competitive position, but success in this strategy remains to be proven over time.
Risks & safety
TTM Technologies demonstrates a **moderate to strong margin of safety** from a financial stability perspective, though valuation metrics suggest limited upside at current levels. **Financial Strength:** - Strong balance sheet with $411 million in cash and minimal debt (debt-to-equity ratio of 0.002) - Positive free cash flow generation, though volatile ($-74 million in Q1 2025 vs $30 million in Q4 2024) - Current ratio of 2.07 indicates solid short-term liquidity - Net debt-to-EBITDA ratio of approximately 1.2x, well within manageable levels **Valuation Metrics:** - Trading at 16.2x P/E ratio, reasonable for a cyclical industrial company - EV/EBITDA of 4.7x appears attractive relative to historical levels - Price-to-book ratio of 1.32x suggests modest premium to book value - Graham number of $10.52 indicates potential overvaluation at current $25.13 price **Other Considerations:** - Record aerospace and defense backlog provides revenue visibility - Ongoing facility investments (Penang, Syracuse) represent near-term margin pressure but long-term growth potential - Exposure to cyclical end markets creates earnings volatility risk
Recent development
Over the past few years, TTM Technologies has undertaken a strategic transformation aimed at reducing cyclical exposure and increasing differentiation. The company has been **shifting its aerospace and defense business** from traditional PCB manufacturing toward engineered and integrated electronic products, which now represent over 50% of A&D revenues and command higher margins. **Major facility investments** include the construction of a new automated PCB manufacturing facility in Penang, Malaysia, which began production in 2024 and is expected to reach breakeven by Q3 2025. This facility targets data center computing, networking, and medical markets with advanced manufacturing capabilities. Additionally, TTM is building an advanced technology facility in Syracuse, New York, specifically for aerospace and defense applications, with production targeted for mid-2026. The company has been **consolidating its manufacturing footprint**, reducing from 25 facilities to 22 by closing smaller, less efficient operations. This consolidation effort aims to improve capacity utilization and operational efficiency while focusing resources on higher-value markets. **Strategic acquisitions** have included the purchase of Telephonics to expand aerospace and defense capabilities, though this appears to be a smaller-scale transaction. The company has also divested non-core assets, including the sale of its Shanghai backplane assembly facility and its Mobility business unit. TTM has been **capitalizing on the AI boom** in data center computing, with approximately 85% of its data center segment revenue now coming from AI-related applications. The company has also benefited from strong demand in aerospace and defense markets, building a record program backlog of $1.55 billion.
TTMI company profile · for informational purposes only — not investment advice.
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