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TTM Technologies
(NASDAQ:TTMI)
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Rating:61Neutral
Price Target:
$85.00
▼(-24.31% Downside)
Action:Reiterated
Date:10/24/26
TTMI scores as a mid-range setup driven by improving fundamentals and a very strong earnings-call outlook (record results, raised 2026 guidance, bullish 2027 preliminary guidance). Offsetting this is weak cash generation (slightly negative free cash flow and only moderate debt coverage) and very bearish technicals with the stock trading far below major moving averages. Valuation also looks demanding at ~31x earnings without a dividend cushion.
Positive Factors
End-market growth and backlog
Rapid growth across data center, medical, industrial, aerospace and defense broadens demand beyond one application. A 2.1x book-to-bill and sharply higher backlog provide stronger forward revenue visibility, supporting sustained capacity utilization and multi-quarter expansion.
Negative Factors
Weak cash conversion
Negative trailing free cash flow limits the funds available for debt reduction, reinvestment and shareholder returns despite improved earnings. If working-capital needs or investment remain elevated, cash conversion could constrain financial flexibility through a weaker operating period.
Read all positive and negative factors
Positive Factors
Negative Factors
End-market growth and backlog
Rapid growth across data center, medical, industrial, aerospace and defense broadens demand beyond one application. A 2.1x book-to-bill and sharply higher backlog provide stronger forward revenue visibility, supporting sustained capacity utilization and multi-quarter expansion.
Read all positive factors
TTM Technologies (TTMI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$8.44B
Dividend YieldN/A
Average Volume (3M)3.38M
Price to Earnings (P/E)31.2
Beta (1Y)2.31
Revenue Growth37.56%
EPS Growth99.62%
CountryUS
Employees18,200
SectorTechnology
Sector Strength88
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)2.28
Shares Outstanding105,348,860
10 Day Avg. Volume6,226,404
30 Day Avg. Volume3,384,274
Financial Highlights & Ratios
PEG Ratio0.19
Price to Book (P/B)4.15
Price to Sales (P/S)2.51
P/FCF Ratio-10.70K
Enterprise Value/Market Cap1.68
Enterprise Value/Revenue4.19
Enterprise Value/Gross Profit20.22
Enterprise Value/Ebitda28.56
Forecast
1Y Price Target
$190.80Price Target Upside69.90% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)4.81
Revenue Forecast (FY)$4.41B
TTM Technologies Business Overview & Revenue Model
Company Description
Operating globally, TTM Technologies, Inc. (TTMI) specializes in the production and distribution of printed circuit boards (PCBs). The company's operations are structured into two key segments: Printed Circuit Boards (PCBs) and RF&S Components. Th...
How the Company Makes Money
TTM Technologies makes money primarily by selling manufactured PCBs and associated services to electronics original equipment manufacturers (OEMs) and other electronics producers. Its revenue model is largely transactional and volume-driven: custo...
TTM Technologies Earnings Call Summary
Earnings Call Date:Oct 22, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Feb 10, 2027
Earnings Call Sentiment Positive
The call was strongly positive, with record revenue, EPS, margins, bookings, backlog, broad-based end-market growth, raised 2026 guidance, and an optimistic 2027 outlook. The company also reported strong N+M momentum, substantial capacity investments, and strategic acquisition progress. Offsetting issues included project-timing-related data center variability, longer material lead times, higher costs, increased interest expense from acquisition financing, a larger foreign exchange loss, and a higher tax rate, but these challenges were outweighed by the reported operating performance and growth outlook.Positive Updates
Record Third-Quarter Revenue and Earnings
Third-quarter 2026 revenue reached an all-time high of $1.2 billion, up 60% year over year from $753 million. Non-GAAP EPS was a record $1.46 per diluted share, up 118% from $0.67 a year ago, and both results exceeded guidance.
Negative Updates
Data Center Revenue Below Prior Guidance
The data center and networking end market came in about 10% below prior third-quarter guidance. Management attributed the shortfall to customer project timing and program fluctuations rather than technical issues, supply availability, or yields.
Read all updates
Q3-2026 Updates
Positive
Negative
Record Third-Quarter Revenue and Earnings
Third-quarter 2026 revenue reached an all-time high of $1.2 billion, up 60% year over year from $753 million. Non-GAAP EPS was a record $1.46 per diluted share, up 118% from $0.67 a year ago, and both results exceeded guidance.
Read all positive updates
Company Guidance
For the fourth quarter of 2026, TTM projects net sales in the range of $1.42 billion to $1.44 billion and non GAAP earnings in the range of $1.77 to $1.83 per diluted share; full year 2026 sales are expected to be approximately $4.47 billion to $4.49 billion and non GAAP earnings in the range of $4.97 to $5.03 per diluted share, based on a diluted share count of 107.5 million shares. For full year 2026, aerospace and defense is expected to deliver approximately 20% growth, data center and networking sales are expected to be more than double year on year, medical, industrial, and instrumentation sales are expected to grow nearly 70% year on year, and automotive sales are expected to improve mid single digits versus our prior expectations for mid single digit decline year on year. Fourth quarter guidance includes SG&A expense of approximately 0.7% of net sales, R&D expenditures of approximately 1% of net sales, interest expense of approximately $33.9 million, interest income of approximately $3 million, realized foreign exchange and other nonoperating expenses of approximately $4.7 million, an effective tax rate between 15% and 19%, depreciation of approximately $39.7 million, amortization of intangibles of approximately $12.1 million, stock based compensation expense of approximately $18.7 million, and noncash interest expense of approximately $900 thousand. Preliminary full year 2027 guidance is net sales in the range of approximately $6.5 billion to $6.75 billion and non GAAP net income in the range of $8.10 to $8.90 per diluted share based on 108.1 million shares.TTM Technologies Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
67
Positive
Cash Flow
46
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.38B | 2.91B | 2.44B | 2.23B | 2.50B | 2.25B |
| Gross Profit | 699.32M | 568.25M | 477.38M | 413.27M | 457.96M | 372.01M |
| EBITDA | 495.12M | 402.84M | 281.59M | 209.15M | 362.29M | 242.86M |
| Net Income | 236.78M | 177.45M | 56.30M | -18.72M | 94.58M | 54.41M |
Balance Sheet | ||||||
| Total Assets | 4.42B | 3.84B | 3.47B | 3.32B | 3.32B | 3.03B |
| Cash, Cash Equivalents and Short-Term Investments | 507.90M | 501.23M | 503.93M | 450.21M | 402.75M | 537.68M |
| Total Debt | 1.08B | 1.12B | 1.02B | 1.02B | 962.60M | 964.45M |
| Total Liabilities | 2.48B | 2.08B | 1.91B | 1.81B | 1.79B | 1.57B |
| Stockholders Equity | 1.93B | 1.76B | 1.56B | 1.51B | 1.54B | 1.46B |
Cash Flow | ||||||
| Free Cash Flow | -15.14M | -683.00K | 51.16M | 27.04M | 169.99M | 94.68M |
| Operating Cash Flow | 322.90M | 291.88M | 236.89M | 187.28M | 272.87M | 176.63M |
| Investing Cash Flow | -307.70M | -273.94M | -146.21M | -92.03M | -395.46M | -84.14M |
| Financing Cash Flow | 44.40M | -20.92M | -36.82M | -47.67M | -11.31M | -7.23M |
TTM Technologies Technical Analysis
Negative
112.30
Price Trends
117.36
Negative
137.79
Negative
128.06
Negative
Market Momentum
-10.08
Positive
33.07
Neutral
17.49
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TTMI, the sentiment is Negative. The current price of 112.3 is above the 20-day moving average (MA) of 111.83, below the 50-day MA of 117.36, and below the 200-day MA of 128.06, indicating a bearish trend. The MACD of -10.08 indicates Positive momentum. The RSI at 33.07 is Neutral, neither overbought nor oversold. The STOCH value of 17.49 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TTMI.
TTM Technologies Risk Analysis
TTM Technologies disclosed 37 risk factors in its most recent earnings report. TTM Technologies reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
TTM Technologies Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | $5.78B | 31.36 | 12.46% | ― | 14.20% | 15.36% | |
66 Neutral | $2.36B | 44.47 | 4.81% | 1.03% | 8.87% | 39.10% | |
64 Neutral | $28.71B | 27.76 | 74.11% | 0.12% | 20.64% | 63.69% | |
64 Neutral | $8.35B | 27.32 | 12.57% | ― | 58.56% | 19.37% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | $8.44B | 31.17 | 14.18% | ― | 37.56% | 99.62% | |
61 Neutral | $28.28B | 29.56 | 18.71% | ― | 12.25% | 14.09% |
* Technology Sector Average
TTMI
TTM Technologies
80.11
21.21
36.01%
BHE
Benchmark Electronics
65.81
23.98
57.32%
FLEX
Flex
76.55
11.89
18.39%
JBL
Jabil
273.97
62.98
29.85%
PLXS
Plexus
216.98
73.71
51.45%
SANM
Sanmina-Sci
155.71
20.75
15.38%
TTM Technologies Corporate Events
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
TTM Technologies to Acquire Ophir Optics Business
Positive
Oct 19, 2026
On October 19, 2026, TTM Technologies agreed to acquire MKS Inc.’s Israel- and Romania-based Ophir Optics business for approximately $650 million in cash, excluding the separate Ophir Instruments laser characterization unit and the Ophir bra...
Business Operations and Strategy
TTM Technologies Boosts AI-Focused Manufacturing Capacity Investments
Positive
Oct 13, 2026
On October 12, 2026, TTM Technologies announced plans to invest an additional $400 million to expand manufacturing capacity across four facilities in China and its plant in Penang, Malaysia. The spending is incremental to its previously disclosed ...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
TTM Technologies Completes Strategic Acquisition of EPIQ Design Solutions
Positive
Sep 30, 2026
On September 30, 2026, TTM Technologies completed the $1.1 billion all-cash acquisition of EPIQ Design Solutions LLC, a premier provider of open-architecture, AI-enabled software-defined radios, high-performance RF products and radiation-tolerant ...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
TTM Technologies Completes $500 Million Senior Notes Offering
Positive
Sep 24, 2026
On September 24, 2026, TTM Technologies completed a $500 million private offering of 6.750% senior notes due 2034, priced at par and guaranteed on a senior unsecured basis by certain subsidiaries that back its existing credit facilities. The notes...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
TTM Technologies Announces Note Offering to Fund Acquisitions
Positive
Sep 10, 2026
On September 10, 2026, TTM Technologies, Inc. announced a private offering of $500 million in senior unsecured notes due 2034, guaranteed by subsidiaries that back its senior secured credit facilities. The notes, sold to qualified institutional bu...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
TTM Technologies Announces $1.1 Billion Epiq Acquisition
Positive
Aug 17, 2026
On August 15, 2026, TTM Technologies agreed to acquire Epiq Solutions for an all-cash purchase price of approximately $1.1 billion, with its TTM Technologies North America unit buying all of Epiq’s membership interests from EDS TopCo. The de...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.