TTM Technologies, Inc. (TTMI) | Investment Case

1. Company Snapshot

1.a. 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.

Show Full description

1.b. Last Insights on TTMI

TTM Technologies' recent performance is driven by strong Q3 earnings, beating estimates with $0.67 per share, up from $0.41 a year ago. Strategic acquisitions in Wisconsin and Penang expand its global PCB production network, positioning the company to benefit from rising demand in defense, AI, and 5G sectors. A strong Aerospace and Defense backlog and double-digit revenue growth contribute to its growth. Rated a "Moderate Buy" by analysts, with a 12-month target price indicating potential upside.

1.c. Company Highlights

Last Price	91.54
Change Percentage	-5.71%
Open	96
Previous Close	97.08
Market Cap ( Millions)	9466
Volume	4214513
Year High	113.46
Year Low	15.77
M A 50	96.64
M A 200	64.62

FCF Yield	-0.01%
Dividend Yield	0.00%
ROE	10.61%
Debt / Equity	63.39%
Net Debt / EBIDTA	152.87%
Price To Book	5.37
Price Earnings Ratio	53.32
Price To FCF	-13858.99
Price To sales	3.26
EV / EBITDA	25.03

2. Strong Q4 2025 Results: TTM Technologies Outperforms Expectations

Publication Date: Mar -09

                                    📋 Highlights
                                    Revenue Growth:
                                                Q4 2025 sales reached $774.3 million, up 19% YoY, driven by 57% growth in data center computing and 23% in networking.
EBITDA Margin Expansion:
                                                Adjusted EBITDA margin rose to 16.3% in 2025, up from 14.7% in 2024, due to volume and mix improvements.
Future Revenue Guidance:
                                                2026 net sales projected at $770–$810 million, with annual growth of 15–20% over three years and a goal to double earnings by 2027.
Capacity Expansion:
                                                $240–$260 million in 2026 CAPEX, with $200–$300 million over 2–3 years for data center capacity in China and US facilities like Eau Claire.
Backlog and Visibility:
                                                $1.6 billion defense backlog with 2–2.5 years visibility, and $1.6 billion total book-to-bill ratio driven by defense and commercial demand.

                                

Revenue Growth and Segment Performance

Margin Expansion and Operational Efficiency

Guidance and Outlook

Valuation and Investment Prospects

Key Takeaways

3. NewsRoom

The Artificial Intelligence (AI) Stocks I'm Watching Closest in March

Mar -20

Source: fool.com

TTMI's PCB Demand Trends Remain Strong: Can it Support Further Upside?

Mar -18

Source: zacks.com

AI Broke the Digital Economy – And Almost Nobody Has Noticed

Mar -18

Source: investorplace.com

TTM Technologies Surges 97% in 6 Months: Should You Buy the Stock?

Mar -17

Source: zacks.com

TTM Technologies, Inc. (NASDAQ:TTMI) Receives Average Recommendation of “Buy” from Brokerages

Feb -28

Source: defenseworld.net

TTM Technologies Stock Surges 250% In a Year, and This Fund Is Betting Nearly $40 Million on More Growth

Feb -26

Source: fool.com

New Strong Buy Stocks for February 26th

Feb -26

Source: zacks.com

TTM Technologies, Inc. $TTMI Shares Sold by Counterpoint Mutual Funds LLC

Feb -25

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.93%)

6. Segments

Printed Circuit Board

Expected Growth: 4.85%

TTM Technologies' Printed Circuit Board segment growth of 4.85% is driven by increasing demand for advanced electronics in automotive, industrial, and aerospace industries. Additionally, the company's strategic acquisitions, investments in technology, and operational efficiencies have contributed to its growth. Furthermore, the rising trend of miniaturization and IoT adoption has led to increased PCB usage, supporting the segment's expansion.

Radio Frequency and Specialty Components

Expected Growth: 9.33%

TTM Technologies' Radio Frequency and Specialty Components segment growth of 9.33% is driven by increasing demand for 5G infrastructure, rising adoption of IoT devices, and growing need for advanced semiconductor packaging. Additionally, the company's strategic acquisitions and investments in emerging technologies, such as autonomous vehicles and aerospace, are contributing to its growth momentum.

7. Detailed Products

Printed Circuit Boards (PCBs)

TTM Technologies, Inc. designs and manufactures printed circuit boards (PCBs) for a wide range of applications, including aerospace, defense, automotive, and industrial markets.

Radio Frequency (RF) Components

TTM Technologies, Inc. offers a range of RF components, including antennas, filters, and switches, designed for high-frequency applications.

Backplane Assemblies

TTM Technologies, Inc. designs and manufactures backplane assemblies for high-speed data transmission and storage applications.

Electromagnetic Interference (EMI) Shielding

TTM Technologies, Inc. offers EMI shielding solutions to reduce electromagnetic interference in electronic devices.

Custom Fabrication

TTM Technologies, Inc. provides custom fabrication services for specialized electronic components and assemblies.

8. TTM Technologies, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for TTM Technologies, Inc. is medium due to the presence of alternative PCB manufacturers and the relatively low switching costs for customers.

Bargaining Power Of Customers

The bargaining power of customers is high due to the concentration of customers in the aerospace and defense industries, which gives them significant negotiating power.

Bargaining Power Of Suppliers

The bargaining power of suppliers is low due to the presence of multiple suppliers of raw materials and the relatively low cost of switching suppliers.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry, including the need for significant capital investment and the complexity of the manufacturing process.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of several established competitors in the PCB manufacturing industry, leading to a highly competitive market.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	38.02%
Debt Cost	3.95%
Equity Weight	61.98%
Equity Cost	10.78%
WACC	8.18%
Leverage	61.35%

11. Quality Control: TTM Technologies, Inc. passed 2 out of 9 key points

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Inefficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Ouster

A-Score: 4.4/10

Value: 6.4

Growth: 5.2

Quality: 4.7

Yield: 0.0

Momentum: 9.5

Volatility: 0.7

1-Year Total Return ->

CTS

A-Score: 4.4/10

Value: 4.4

Growth: 5.8

Quality: 6.9

Yield: 0.0

Momentum: 2.5

Volatility: 6.7

1-Year Total Return ->

SigmaTron International

A-Score: 4.3/10

Value: 9.5

Growth: 2.9

Quality: 2.5

Yield: 0.0

Momentum: 7.5

Volatility: 3.3

1-Year Total Return ->

TTM Technologies

A-Score: 4.1/10

Value: 1.7

Growth: 4.4

Quality: 5.4

Yield: 0.0

Momentum: 10.0

Volatility: 3.0

1-Year Total Return ->

M-tron

A-Score: 4.1/10

Value: 3.4

Growth: 9.0

Quality: 7.8

Yield: 0.0

Momentum: 1.5

Volatility: 2.7

1-Year Total Return ->

Vishay Precision Group

A-Score: 3.7/10

Value: 2.6

Growth: 2.9

Quality: 4.3

Yield: 0.0

Momentum: 9.0

Volatility: 3.7

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

100.00%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

8.18%

TTM Technologies, Inc. - US87305R1095

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on TTMI

1.c. Company Highlights

Fairly Valued

Average Quality

Average Growth

Earnings Beats

Revenues Beats

Cheaper

Lower Quality

Strong Momentum

Medium Volatility

Stable Momentum

Revenues Miss

Average Yield

Expensive

2. Strong Q4 2025 Results: TTM Technologies Outperforms Expectations

Revenue Growth and Segment Performance

Margin Expansion and Operational Efficiency

Guidance and Outlook

Valuation and Investment Prospects

Key Takeaways

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.93%)

6. Segments

Printed Circuit Board

Expected Growth: 4.85%

Radio Frequency and Specialty Components

Expected Growth: 9.33%

7. Detailed Products

Printed Circuit Boards (PCBs)

Radio Frequency (RF) Components

Backplane Assemblies

Electromagnetic Interference (EMI) Shielding

Custom Fabrication

8. TTM Technologies, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: TTM Technologies, Inc. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

11.68$

Current Price

91.54$

Potential

-87.24%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA