TTM Technologies, Inc. FY25 revenue $2.91B (+19%); op income $262M (+126%); NI $177M (+215%); EPS $1.68 (+211%). FCF effectively $0 ($-1M, capex-dominated at $293M). Adjusted EBITDA margin 16.3% (vs 14.7% FY24). Q4 sales $774M (above guided range); non-GAAP EPS $0.70 (in line). Cash flow from operations $63M Q4 / $292M FY. Book-to-bill ratio 1.35 FY (A&D 1.46; RF&S 0.94). 90-day backlog $654.9M. ~80% of net sales related to AI + defense megatrends. Segment performance — Aerospace + Defense: 41% Q4 sales; +5% Q4 / +13% FY; backlog $1.6B. Data Center Computing: 20% Q4 sales; +57% Q4 / +36% FY. Networking: 8% FY sales; +23% Q4 / +43% FY (combining with data center 2026). Medical/Industrial/Instrumentation: 14% Q4 sales; +28% Q4 / +22% FY. Automotive: 9% Q4 sales (expected ~8% 2026). FY26 guide: Q1 net sales $770-$810M; Q1 non-GAAP EPS $0.64-$0.70; full year net sales +15-20% over 2025; SG&A ~8.5% Q1; R&D ~1%; effective tax rate 12-17%. Risks: A&D backlog conversion timing, hyperscaler AI capex cycle, PCB competition (Hon Hai, Compeq, Tripod, Wus, IBIDEN, AT&S, Unimicron), Penang Malaysia ramp, capex cycle duration, geopolitical / China supply chain.

TTM Technologies 2025-26: A&D Backlog $1.6B, Data Center +57%

FY25 revenue $2.91B (+19%); op income $262M (+126%); NI $177M (+215%); EPS $1.68 (+211%). FCF effectively $0 ($-1M, capex-dominated at $293M). Adjusted EBITDA margin 16.3% (vs 14.7% FY24). Q4 sales $774M (above guided range); non-GAAP EPS $0.70 (in line). Cash flow from operations $63M Q4 / $292M FY. Book-to-bill ratio 1.35 FY (A&D 1.46; RF&S 0.94). 90-day backlog $654.9M at year-end. ~80% of net sales related to AI + defense megatrends. Segment performance — Aerospace + Defense: 41% Q4 sales; +5% Q4 / +13% FY; backlog increased to $1.6B. Data Center Computing: 20% Q4 sales; +57% Q4 / +36% FY. Networking: 8% FY sales; +23% Q4 / +43% FY (combining with data center in 2026). Medical/Industrial/Instrumentation: 14% Q4 sales; +28% Q4 / +22% FY. Automotive: 9% Q4 sales (expected ~8% 2026). FY26 guide: Q1 net sales $770-$810M; Q1 non-GAAP EPS $0.64-$0.70; full-year net sales +15-20% over 2025; SG&A ~8.5% of net sales Q1; R&D ~1%; effective tax rate 12-17%.

Key takeaways

Data Center Computing +57% Q4 / +36% FY — AI infrastructure direct PCB beneficiary. TTM's Data Center Computing segment grew +57% YoY in Q4 2025 and +36% for the full year. The segment now represents 20% of Q4 sales (up from much smaller share historically) and is being combined with Networking (+23% Q4 / +43% FY) starting 2026. Combined "data center + networking" will be ~28% of revenue and growing 35%+ — the cleanest AI infrastructure exposure in the PCB sector. Hyperscaler AI buildouts require advanced PCBs for switches, routers, AI accelerators, and high-speed networking — all categories where TTM has design wins.
Aerospace + Defense backlog $1.6B; book-to-bill 1.46 — multi-year defense compounder. A&D segment delivered +13% FY revenue growth and ended FY25 with backlog of $1.6B (up from prior year). Book-to-bill ratio of 1.46 in A&D means TTM is booking new orders at 46% above shipping rate — strongest defense bookings in TTM's history. Multi-year drivers: F-35 sustainment + new platforms, hypersonic weapons (DoD priority), GMD (ground-based midcourse defense), Patriot, Aegis. Multi-year backlog conversion supports A&D revenue growth into 2027+.
EBITDA margin 16.3% vs 14.7% FY24 — meaningful operating leverage flow-through. Adjusted EBITDA margin expanded 160bp in FY25 to 16.3% (vs 14.7% FY24). Combined with revenue +19%, the operating leverage is meaningful: NI +215% to $177M; EPS +211% to $1.68. The structural margin expansion reflects (a) mix shift toward higher-margin A&D + data center, (b) operational efficiency, (c) Penang Malaysia facility ramping, (d) reduced low-margin business exit.
~80% of net sales related to AI + defense megatrends — concentrated growth exposure. Management explicitly noted that ~80% of net sales are related to AI + defense megatrends. This is a meaningful structural concentration: A&D (41% Q4) + Data Center (20% Q4) + Networking (8% FY, partial AI) + Medical/Industrial/Instrumentation (14% Q4, partial defense/AI) = combined exposure to two multi-year secular tailwinds. Concentration creates risk if either megatrend reverses, but reward from sustained growth.
FY26 guide: revenue +15-20% — sustained mid-to-high-teens growth. Total FY26 revenue guide implies ~$3.35-$3.49B (+15-20%). Q1 net sales $770-$810M (midpoint $790M, +6% YoY vs Q1 FY25 ~$745M implied). Q1 non-GAAP EPS $0.64-$0.70. The full-year guide implies acceleration through the year, supported by A&D backlog conversion + data center pipeline.

Business

TTM Technologies, Inc. is a leading global PCB (printed circuit board) + RF subassemblies + integrated electronics manufacturer, with multi-segment portfolio:

Aerospace + Defense (~40% of revenue): Advanced PCBs + RF/microwave components + radar systems for defense + aerospace platforms. F-35, hypersonic, AESA radars, missile defense. Q4 41% / +5% YoY / +13% FY. Backlog $1.6B; book-to-bill 1.46.
Data Center Computing (~20%, fastest growing): AI accelerator boards + server PCBs + high-speed networking. Q4 +57% / FY +36%.
Networking (~8%, combined with DC in 2026): Ethernet switches, routers, optical networking. Q4 +23% / FY +43%.
Medical/Industrial/Instrumentation (~14%): Medical devices + industrial automation + instrumentation. Q4 +28% / FY +22%.
Automotive (~9%, declining): Automotive electronics + ADAS PCBs. ~8% expected 2026.
Other (~9%): Specialty + remaining commercial.

Strategic moves FY25:

A&D backlog increased to $1.6B; book-to-bill 1.46
Data Center +57% Q4 (AI infrastructure direct beneficiary)
Networking +23% Q4 / +43% FY (combining with data center 2026)
~80% of net sales related to AI + defense megatrends
Adjusted EBITDA margin expanded 160bp to 16.3%
Penang Malaysia facility expansion
Q4 sales above guided range
90-day backlog $654.9M
Buyback $18M (-48% YoY)
Capex $293M (+58%) — capacity investment

FY25 financial performance

Metric (FY)	Jan-22	Jan-23	Jan-24	Dec-24 (stub)	Dec-25 (FY25)
Revenue ($B)	2.25	2.50	2.23	2.44	2.91
Revenue YoY	n/a	+11%	-11%	n/a	+19%
Op income ($M)	126	210	42	116	262
Op margin	5.6%	8.4%	1.9%	4.7%	9.0%
Adj EBITDA margin	n/a	n/a	n/a	14.7%	16.3%
Net income ($M)	54	95	-19	56	177
Diluted EPS ($)	0.50	0.91	-0.18	0.54	1.68
FCF ($M)	95	170	27	51	-1
Capex ($M)	-82	-103	-160	-186	-293
Total debt ($B)	0.96	0.96	1.02	1.02	1.12
Buyback ($M)	-65	-35	-24	-34	-18

Note: TTM changed fiscal year-end from January to December in 2024, creating reporting irregularity. FY25 (Dec-25) is the first full calendar-year fiscal period under new convention.

The earnings progression: revenue grew steadily from $2.25B (Jan-22) to $2.91B (Dec-25, +29% over the comparable cycle). Op margin expanded from 5.6% to 9.0%. EBITDA margin expanded 160bp YoY to 16.3% reflecting mix shift + operating leverage. EPS $1.68 (+211% YoY) reflects both NI inflection + share count discipline.

FCF $0 reflects $293M capex investment cycle. Total debt $1.12B (+10% YoY) reflects capex financing.

Capital allocation

Capex: $-293M FY25 (+58% YoY) — Penang Malaysia + capacity expansion + technology investment.
Dividends: $0 (no dividend).
Buybacks: $-18M FY25 (-48% YoY) — modest given capex investment cycle.
Total debt: $1.12B (+10% YoY).
FCF: ~$0 FY25 (capex-dominated).
Operating cash flow: $292M FY (Q4 $63M).

FY26 outlook (per Q4 FY25 call, 2026-02-04)

FY26 framework	Detail
Q1 net sales	$770M to $810M
Q1 non-GAAP EPS	$0.64 to $0.70
Full year net sales	+15% to +20% over FY25
Q1 SG&A	~8.5% of net sales
Q1 R&D	~1% of net sales
Effective tax rate	12% to 17%
Diluted shares	~106.7M
A&D backlog	$1.6B starting balance
Networking + Data Center	Combined segment from 2026

Management noted continued execution on A&D backlog + data center / AI ramp + Malaysia facility expansion + ~80% sales tied to AI + defense megatrends.

Key risks

A&D backlog conversion timing. $1.6B backlog converts over multi-year horizon. Conversion timing affected by US DoD appropriation + customer schedules + production ramp.

Hyperscaler AI capex cycle. Data Center Computing growth depends on hyperscaler AI capex. Any deceleration creates immediate revenue impact.

Customer concentration in select segments. Defense + hyperscaler customer concentration creates volatility risk.

PCB competitive landscape. TTM competes with Hon Hai, Compeq, Tripod, Wus, IBIDEN, AT&S, Unimicron, others globally. Multi-region competitive intensity.

Penang Malaysia facility ramp. Multi-year facility expansion + ramp execution required to support growth.

Capex investment cycle duration. $293M FY25 capex is part of multi-year investment cycle. FCF compression continues until capex moderates.

Automotive segment decline. ~9% → ~8% mix decline expected. Automotive secular dynamics matter.

Geopolitical / China supply chain. PCB industry historically China-centric; multi-region diversification (Penang, US, Mexico) ongoing but China dynamics matter.

Defense budget cyclicality. Multi-year defense spending dynamics + US DoD appropriations.

Currency / FX. Multi-region operations expose TTM to FX volatility.

Technology transition (advanced HDI / substrate-like PCB). Multi-year technology evolution requires continuous R&D + capital investment.

Material costs (copper, fiberglass, resins). Commodity cost pass-through dynamics.

Labor + talent retention. Engineering + manufacturing talent multi-year competitive market.

Cybersecurity + IP. Defense-related products + customers create cybersecurity attack surface.

Customer M&A dynamics. Customer consolidation + procurement changes.

Bottom line

TTM Technologies FY25 is the AI + defense megatrend acceleration year: revenue $2.91B (+19%); op income $262M (+126%); NI $177M (+215%); EPS $1.68 (+211%). Adjusted EBITDA margin 16.3% (vs 14.7% FY24). Q4 sales $774M (above guided range); non-GAAP EPS $0.70 in line. OCF $63M Q4 / $292M FY. Book-to-bill 1.35 (A&D 1.46; RF&S 0.94); 90-day backlog $654.9M. ~80% of net sales tied to AI + defense megatrends. A&D backlog $1.6B (+13% FY revenue growth). Data Center +57% Q4 / +36% FY. Networking +23% Q4 / +43% FY (combining with data center 2026). Medical/Industrial/Instrumentation +28% Q4 / +22% FY. Automotive ~9% (declining to 8% 2026). Capex $293M (+58%); buyback $18M.

FY26 guide: Q1 net sales $770-$810M; Q1 non-GAAP EPS $0.64-$0.70; full-year net sales +15-20% over FY25; SG&A ~8.5%; R&D ~1%; effective tax rate 12-17%.

The risks are real — A&D backlog conversion timing, hyperscaler AI capex cycle dependency, customer concentration in select segments, PCB competitive landscape (Hon Hai, Compeq, Tripod, Wus, IBIDEN, AT&S, Unimicron), Penang Malaysia facility ramp, capex investment cycle duration, automotive segment decline, geopolitical / China supply chain dynamics, defense budget cyclicality, FX, technology transition (advanced HDI / substrate-like PCB), material costs, labor + talent retention, cybersecurity + IP, customer M&A dynamics.

But the structural thesis (leading global PCB + RF subassemblies manufacturer + multi-segment portfolio + Aerospace + Defense backlog $1.6B + book-to-bill 1.46 + Data Center Computing +57% Q4 / +36% FY + Networking +23% Q4 / +43% FY + Medical/Industrial/Instrumentation +28% / +22% FY + ~80% of sales tied to AI + defense megatrends + 16.3% adj EBITDA margin (+160bp YoY) + Penang Malaysia capacity ramp + 90-day backlog $654.9M + FY26 +15-20% revenue) is intact and FY25 confirms.

Quality global PCB + AI + defense compounder mid-investment-cycle, with multi-segment platform + dual megatrend exposure (AI infrastructure + defense modernization) + multi-year backlog visibility + adjusted EBITDA margin expansion + Penang Malaysia capacity expansion + book-to-bill 1.46 in A&D. The FY25 +19% revenue + +211% EPS + Q4 +57% data center + 1.46 A&D book-to-bill + $1.6B A&D backlog + 16.3% EBITDA margin + ~80% AI+defense exposure + FY26 +15-20% revenue + Q1 EPS $0.64-$0.70 creates one of the cleaner PCB + AI + defense compounding setups for investors seeking exposure to both AI infrastructure buildout + defense modernization + advanced PCB technology + multi-year backlog visibility. The conservative FY26 framework + multi-year A&D backlog + AI capex cycle + Penang capacity + dual megatrend exposure provides multiple paths to outperformance over a multi-year horizon. AI capex cycle + defense budgets + competitive landscape + capex investment + China supply chain remain ongoing risks, but the multi-segment diversification + dual megatrend exposure + EBITDA margin expansion + multi-year backlog support continued compounding through cycles.

Citations

TTM Technologies, Inc. FY25 Form 10-K (filed February 2026, SEC EDGAR).
TTMI Q4 FY25 earnings call, 2026-02-04 — Q4 sales $774.3M (above guided range); non-GAAP EPS $0.70 (met guided range); 2025 sales $2.91B (+19% YoY); adjusted EBITDA margin 16.3% (vs 14.7% FY24); cash flow from operations $63M Q4 / $292M FY; book-to-bill 1.35 FY (A&D 1.46; RF&S 0.94); 90-day backlog $654.9M; ~80% of net sales related to AI + defense megatrends. Segment performance — A&D: 41% Q4 sales; +5% Q4 / +13% FY YoY; backlog $1.6B. Data Center Computing: 20% Q4 sales; +57% Q4 / +36% FY YoY. Networking: 8% FY sales; +23% Q4 / +43% FY YoY; combining with data center 2026. Medical/Industrial/Instrumentation: 14% Q4 sales; +28% Q4 / +22% FY YoY. Automotive: 9% Q4 sales; expected ~8% 2026. FY26 guide: Q1 net sales $770-$810M; Q1 non-GAAP EPS $0.64-$0.70; full year net sales +15-20% over 2025; ~106.7M diluted shares; SG&A ~8.5% of net sales Q1; R&D ~1%; effective tax rate 12-17%.
TTMI Q3 / Q2 / Q1 FY25 earnings calls — supporting A&D backlog + data center ramp + EBITDA margin progression.
Internal financial_statements view (consolidated annual + cash flow + capital structure).

[TTMI] TTM Technologies Thesis 2026: Defense Backlog and Data Center Win Drive Revenue Inflection