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TTM Technologies
(NASDAQ:TTMI)
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Rating:61Neutral
Price Target:
$116.00
▲(3.29% Upside)
Action:Reiterated
Date:10/13/26
TTMI scores as moderately attractive overall, led by strong earnings-call momentum (upgraded guidance, record results, and robust backlog) and improving profitability. The score is held back by weak cash conversion (slightly negative free cash flow), bearish technicals (below key moving averages with negative MACD), and a high P/E that leaves limited valuation cushion; corporate actions are supportive strategically but add execution and leverage-related risk.
Positive Factors
Revenue and Margin Expansion
The combination of record revenue growth and expanding EBITDA margins indicates stronger operating leverage and favorable product mix. If sustained, these improvements can increase earnings power, support reinvestment, and strengthen the company’s position in higher-value electronics markets.
Negative Factors
Weak Cash Conversion
Negative or inconsistent free cash flow limits the cash available for debt reduction, shareholder returns, and internally funded expansion. Although operating cash flow has improved, weak conversion relative to earnings and debt makes financial performance more dependent on sustained execution.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and Margin Expansion
The combination of record revenue growth and expanding EBITDA margins indicates stronger operating leverage and favorable product mix. If sustained, these improvements can increase earnings power, support reinvestment, and strengthen the company’s position in higher-value electronics markets.
Read all positive factors
TTM Technologies (TTMI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$11.62B
Dividend YieldN/A
Average Volume (3M)1.79M
Price to Earnings (P/E)48.4
Beta (1Y)2.19
Revenue Growth27.59%
EPS Growth149.44%
CountryUS
Employees18,200
SectorTechnology
Sector Strength88
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)2.28
Shares Outstanding105,348,860
10 Day Avg. Volume1,986,881
30 Day Avg. Volume1,791,836
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 Cap1.78
Enterprise Value/Revenue6.13
Enterprise Value/Gross Profit29.59
Enterprise Value/Ebitda41.79
Forecast
1Y Price Target
$211.00Price Target Upside87.89% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)4.84
Revenue Forecast (FY)$4.39B
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:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 04, 2026
Earnings Call Sentiment Positive
The call conveyed a strongly positive operational and financial performance with record quarterly revenue, robust YoY growth across key end markets (notably data center and A&D), meaningful margin expansion, improved guidance for the year, and a healthy backlog and pipeline. Lowlights were limited to FX/derivative mark-to-market losses, modest automotive softness and some supply‑chain pressure in lower‑end materials, pending acquisition disclosure limits, and typical ramp execution risks for new technologies and facilities. Overall, the favorable metrics, upgraded guidance and pipeline strength materially outweigh the negatives.Positive Updates
Record Quarterly Revenue
Net sales of $1.0 billion in Q2 FY2026 — the company's first quarterly result at or above $1.0B — representing 37% year-over-year growth versus Q2 2025 ($731M).
Negative Updates
Foreign Exchange and Derivative Mark-to-Market Losses
Recognized a noncash pretax unrealized loss of $14M related to a deal-contingent cross-currency swap for the pending Swiss acquisition (no hedge accounting); realized foreign exchange and other nonoperating net expense of $4.7M in Q2 driven by weakening U.S. dollar (FX loss $4.9M vs. $1.4M prior year).
Read all updates
Q2-2026 Updates
Positive
Negative
Record Quarterly Revenue
Net sales of $1.0 billion in Q2 FY2026 — the company's first quarterly result at or above $1.0B — representing 37% year-over-year growth versus Q2 2025 ($731M).
Read all positive updates
Company Guidance
TTM guided third-quarter fiscal 2026 net sales of $1.10–$1.14 billion and non‑GAAP EPS of $1.21–$1.27 per diluted share (based on ~107.7 million diluted shares), excluding any contribution from pending acquisitions, and expects SG&A ≈7% of sales and R&D ≈1% of sales; interest expense ≈$11.3M, interest income ≈$2.5M, realized FX/other ≈$5M, an effective tax rate of 13–17%, depreciation ≈$33.5M, amortization ≈$9.2M, stock‑based comp ≈$18.8M and noncash interest ≈$0.7M. For Q3 the company expects sales mix of ~32% aerospace & defense, ~49% data center & networking and ~13% medical/industrial/instrumentation; it now projects full‑year 2026 sales of roughly $4.4 billion and non‑GAAP EPS approaching $5.00 with a sequential uptick into Q4 (guidance excludes pending acquisitions). Management also reiterated medium‑term targets of 15–20% organic revenue growth for 2027–2028, expects A&D full‑year growth in the low‑to‑mid teens, data center sales to more than double in 2026, MI&I to grow ~35–40% for the year, automotive to decline mid‑single digits, and noted it has ~0.9x net leverage while accelerating capex (roughly +$45M to this year’s plan).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
123.99
Negative
145.49
Negative
126.90
Negative
Market Momentum
-0.79
Positive
38.04
Neutral
12.39
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 below the 20-day moving average (MA) of 123.19, below the 50-day MA of 123.99, and below the 200-day MA of 126.90, indicating a bearish trend. The MACD of -0.79 indicates Positive momentum. The RSI at 38.04 is Neutral, neither overbought nor oversold. The STOCH value of 12.39 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 | $6.84B | 37.08 | 12.46% | ― | 14.20% | 15.36% | |
66 Neutral | $2.85B | 53.61 | 4.81% | 0.86% | 8.87% | 39.10% | |
64 Neutral | $32.69B | 31.61 | 74.11% | 0.10% | 20.64% | 63.69% | |
64 Neutral | $11.46B | 37.50 | 12.57% | ― | 58.56% | 19.37% | |
63 Neutral | $43.32B | 45.27 | 18.71% | ― | 12.25% | 14.09% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
61 Neutral | $11.62B | 48.39 | 13.09% | ― | 27.59% | 149.44% |
* Technology Sector Average
TTMI
TTM Technologies
116.10
60.85
110.14%
BHE
Benchmark Electronics
78.75
41.39
110.79%
FLEX
Flex
110.88
51.28
86.04%
JBL
Jabil
317.86
117.50
58.65%
PLXS
Plexus
257.80
117.86
84.22%
SANM
Sanmina-Sci
211.79
86.28
68.74%
TTM Technologies Corporate Events
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.