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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.

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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

2. TTM Technologies' Q3 2025 Earnings: A Strong Performance

TTM Technologies reported a robust third quarter of 2025, with net sales reaching $752.7 million, a 22% year-over-year increase driven by growth in aerospace and defense, data center computing, networking, and medical, industrial, and instrumentation end markets. The company's non-GAAP earnings per diluted share came in at $0.67, beating estimates of $0.61. Gross margin was 21.5%, slightly down from 22% in the third quarter of 2024, primarily due to ramp-up costs associated with the fabrication plant in Penang, Malaysia. As Daniel Boehle noted, "The year-over-year decrease was primarily due to ramp-up costs in connection with our fabrication plant in Penang, Malaysia."

Publication Date: Nov -29

📋 Highlights
  • Record Q3 Sales Growth: Net sales reached $752.7M (22% YoY), driven by 20% growth in aerospace/defense (45% of total sales) and double-digit gains in data center, medical, and industrial markets.
  • Penang Plant Impact Mitigating: Q3 gross margin dipped to 21.5% (vs. 22% prior year) due to Penang ramp-up costs (195 bps headwind), but Q4 impact is forecasted to improve to 160 bps.
  • Strategic Capacity Expansion: 5 new customers in Penang are in qualification; second facility planned there, alongside balanced North America-Asia Pacific capacity for 2025-2027.
  • Q4 Guidance Released: Projects $730M–$770M sales and $0.64–$0.70 non-GAAP EPS, with SG&A at ~8.9% of sales and R&D at ~1% of sales.

Segment Performance

The aerospace and defense end market represented 45% of third quarter 2025 sales, with sales in this market growing 20% year-over-year to a record high. The data center computing and networking end markets also experienced significant growth, driven by the requirements of generative AI. The company's medical, industrial, and instrumentation end markets also saw double-digit year-over-year sales growth.

Guidance and Outlook

TTM Technologies projects net sales for the fourth quarter of 2025 to be in the range of $730 million to $770 million and non-GAAP earnings to be in the range of $0.64 to $0.70 per diluted share. The company expects SG&A expense to be about 8.9% of net sales in the fourth quarter and R&D to be about 1% of net sales. Analysts estimate next year's revenue growth at 9.2%, indicating a continued upward trajectory for the company.

Valuation

TTM Technologies' current valuation metrics indicate a premium valuation. The company's P/E Ratio stands at 54.21, and its P/S Ratio is 2.61. The EV/EBITDA ratio is 19.74, suggesting that the company's valuation is largely in line with its earnings growth prospects. The ROE of 8.13% and ROIC of 5.58% indicate a relatively efficient use of capital. With a Net Debt / EBITDA ratio of -1.16, the company has a net cash position, which is a positive aspect.

Strategic Focus

Edwin Roks emphasized that TTM's strategic plan is centered around growth, with a focus on maintaining healthy gross margins, generating cash, and investing in facilities. The company is investing in R&D to lead in density and stack micro VS, with 87-layer demonstrations already underway. The company's capacity expansion plans, including a second facility in Penang, are expected to support its growth trajectory.

3. NewsRoom

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Macquarie Small Cap Value Fund Q3 2025 Portfolio Performance

Nov -30

Source: seekingalpha.com

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Here's Why One Fund Just Bet $46 Million on This Surging Printed Circuit Board Stock

Nov -27

Source: fool.com

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TTM Technologies, Inc. Announces Upcoming Conference Participation

Nov -26

Source: globenewswire.com

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Envestnet Asset Management Inc. Sells 3,266 Shares of TTM Technologies, Inc. $TTMI

Nov -26

Source: defenseworld.net

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TTM Technologies, Inc. $TTMI Stock Position Increased by Creative Planning

Nov -25

Source: defenseworld.net

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Wall Street Analysts Think TTM (TTMI) Could Surge 30.03%: Read This Before Placing a Bet

Nov -21

Source: zacks.com

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TTM Technologies: A Value Opportunity Despite Market Revaluation

Nov -12

Source: seekingalpha.com

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TTM Technologies: A Quiet Compounder Positioned To Ride Secular Tech Tailwinds

Nov -07

Source: seekingalpha.com

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

Strength

Weaknesses

Opportunities

Threats

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

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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M-tron

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Growth: 9.0

Quality: 7.8

Yield: 0.0

Momentum: 6.0

Volatility: 2.7

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A-Score: 4.5/10

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Growth: 5.3

Quality: 4.5

Yield: 0.0

Momentum: 10.0

Volatility: 0.7

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A-Score: 4.4/10

Value: 4.7

Growth: 5.8

Quality: 7.0

Yield: 0.0

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TTM Technologies

A-Score: 4.2/10

Value: 1.7

Growth: 4.4

Quality: 5.2

Yield: 0.0

Momentum: 10.0

Volatility: 3.7

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A-Score: 4.0/10

Value: 4.5

Growth: 2.9

Quality: 4.6

Yield: 0.0

Momentum: 8.5

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SigmaTron International

A-Score: 3.2/10

Value: 9.3

Growth: 2.2

Quality: 2.5

Yield: 0.0

Momentum: 5.0

Volatility: 0.0

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

73.74$

Current Price

73.74$

Potential

-0.00%

Expected Cash-Flows