Ttm Technologies (TTMI)
NASDAQ:TTMI
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TTM Technologies
(NASDAQ:TTMI)
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Rating:67Neutral
Price Target:
$195.00
▲(54.47% Upside)
Action:Reiterated
Date:06/04/26
Score is driven by improved financial performance and a strong technical uptrend, supported by a positive earnings outlook and demand signals from the latest call. The key constraints are weak/volatile free cash flow (including elevated CapEx) and a very high P/E valuation.
Positive Factors
Diverse, high-value product mix
TTM's product breadth across advanced PCBs (HDI, rigid-flex, high-frequency) and exposure to data center, aerospace/defense and medical markets supports durable demand and pricing. High-spec boards have lower supplier substitutability and higher ASPs, sustaining revenue quality and margin resilience over multiple quarters.
Negative Factors
Volatile and thin free cash flow
Despite solid accounting earnings, free cash flow is inconsistent and materially lower than net income, reflecting heavy working capital absorption and capex. Persistent FCF volatility constrains reinvestment, debt paydown and shareholder returns, making the company reliant on external capital during growth periods.
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Positive Factors
Negative Factors
Diverse, high-value product mix
TTM's product breadth across advanced PCBs (HDI, rigid-flex, high-frequency) and exposure to data center, aerospace/defense and medical markets supports durable demand and pricing. High-spec boards have lower supplier substitutability and higher ASPs, sustaining revenue quality and margin resilience over multiple quarters.
Read all positive factors
TTM Technologies (TTMI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$17.41B
Dividend YieldN/A
Average Volume (3M)2.75M
Price to Earnings (P/E)89.1
Beta (1Y)2.05
Revenue Growth23.10%
EPS Growth146.72%
CountryUS
Employees16,400
SectorTechnology
Sector Strength88
IndustryHardware, Equipment & Parts
Share Statistics
EPS (TTM)1.89
Shares Outstanding103,850,060
10 Day Avg. Volume3,129,217
30 Day Avg. Volume2,747,656
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 Cap1.07
Enterprise Value/Revenue6.02
Enterprise Value/Gross Profit29.39
Enterprise Value/Ebitda43.98
Forecast
1Y Price Target
$207.00Price Target Upside63.97% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)4.05
Revenue Forecast (FY)$4.00B
TTM Technologies Business Overview & Revenue Model
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) com...
How the Company Makes Money
TTM Technologies primarily makes money by manufacturing and selling printed circuit boards and related advanced substrates, typically under customer purchase orders and longer-term supply arrangements. Its core revenue stream is product revenue fr...
TTM Technologies Earnings Call Summary
Earnings Call Date:Apr 29, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 05, 2026
Earnings Call Sentiment Positive
The call presented a strong operational and financial performance: high revenue growth (+30% YoY), significant EPS and adjusted EBITDA expansion, margin improvement, large backlog increase and confident guidance for Q2. Key negatives include elevated capital spending and near-term free cash flow usage, FX losses, and some end-market softness in automotive and supply-chain risks. Overall, the positive growth, margin gains and strong demand signals materially outweigh the cash- and execution-related headwinds.Positive Updates
Record Quarterly Revenue
Net sales of $846.0 million in Q1 FY2026, up 30% year-over-year and an all-time quarterly high.
Negative Updates
Negative Free Cash Flow and Elevated Cash Usage
Free cash flow was a net usage of $85.0 million in Q1 FY2026 (versus $74.0 million usage a year ago); cash provided by operations improved to $21.7 million but net working capital increased to support growth.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Quarterly Revenue
Net sales of $846.0 million in Q1 FY2026, up 30% year-over-year and an all-time quarterly high.
Read all positive updates
Company Guidance
TTM guided Q2 FY2026 net sales of $930 million to $970 million and non‑GAAP EPS of $0.82 to $0.88 per diluted share (based on ~107.5 million diluted shares), and said the first‑half growth trajectory should continue into the second half of the year. For Q2 it expects SG&A of ~7.4% of sales and R&D of ~1% of sales, interest expense of ~$10.6 million, interest income of ~$2.5 million, realized foreign‑exchange and other non‑operating expense of ~$6.9 million, and an effective tax rate of 13%–17%. Management also forecast depreciation of ~ $32.1 million, amortization of intangibles of ~ $9.2 million, stock‑based compensation of ~ $11.5 million and noncash interest expense of ~ $0.5 million, and raised full‑year CapEx expectations to roughly $300 million–$320 million to support accelerated capacity expansion.TTM Technologies Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
70
Positive
Cash Flow
52
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.10B | 2.91B | 2.44B | 2.23B | 2.50B | 2.25B |
| Gross Profit | 635.57M | 568.25M | 477.38M | 413.27M | 457.96M | 372.01M |
| EBITDA | 424.72M | 402.84M | 281.59M | 209.15M | 362.29M | 242.86M |
| Net Income | 195.26M | 177.45M | 56.30M | -18.72M | 94.58M | 54.41M |
Balance Sheet | ||||||
| Total Assets | 3.98B | 3.84B | 3.47B | 3.32B | 3.32B | 3.03B |
| Cash, Cash Equivalents and Short-Term Investments | 410.05M | 501.23M | 503.93M | 450.21M | 402.75M | 537.68M |
| Total Debt | 1.05B | 1.12B | 1.02B | 1.02B | 962.60M | 964.45M |
| Total Liabilities | 2.14B | 2.08B | 1.91B | 1.81B | 1.79B | 1.57B |
| Stockholders Equity | 1.84B | 1.76B | 1.56B | 1.51B | 1.54B | 1.46B |
Cash Flow | ||||||
| Free Cash Flow | -11.81M | -683.00K | 51.16M | 27.04M | 169.99M | 94.68M |
| Operating Cash Flow | 324.28M | 291.88M | 236.89M | 187.28M | 272.87M | 176.63M |
| Investing Cash Flow | -317.52M | -273.94M | -146.21M | -92.03M | -395.46M | -84.14M |
| Financing Cash Flow | -8.30M | -20.92M | -36.82M | -47.67M | -11.31M | -7.23M |
TTM Technologies Technical Analysis
Neutral
126.24
Price Trends
144.53
Positive
121.56
Positive
91.25
Positive
Market Momentum
9.64
Positive
50.25
Neutral
42.49
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TTMI, the sentiment is Neutral. The current price of 126.24 is below the 20-day moving average (MA) of 174.45, below the 50-day MA of 144.53, and above the 200-day MA of 91.25, indicating a neutral trend. The MACD of 9.64 indicates Positive momentum. The RSI at 50.25 is Neutral, neither overbought nor oversold. The STOCH value of 42.49 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
73 Outperform | $7.30B | 38.96 | 12.83% | ― | 8.64% | 32.91% | |
72 Outperform | $13.51B | 52.67 | 10.88% | ― | 44.48% | 8.59% | |
69 Neutral | $5.57B | 117.61 | 5.08% | ― | 5.59% | -28.67% | |
67 Neutral | $17.41B | 89.13 | 11.26% | ― | 23.10% | 146.72% | |
62 Neutral | $3.26B | 21.40 | 16.74% | ― | 6.98% | 8.41% | |
62 Neutral | $7.25B | 149.79 | 1.72% | 1.43% | -3.37% | -59.55% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
* Technology Sector Average
TTMI
TTM Technologies
167.62
131.92
369.52%
NOVT
Novanta
156.29
27.59
21.44%
OSIS
OSI Systems
197.73
-30.05
-13.19%
PLXS
Plexus
273.01
138.04
102.27%
SANM
Sanmina-Sci
252.08
164.17
186.75%
ST
Sensata
49.84
22.45
81.95%
TTM Technologies Corporate Events
Business Operations and StrategyPrivate Placements and Financing
TTM Technologies Enhances Liquidity With New Credit Facilities
Positive
Jun 3, 2026
On June 1, 2026, TTM Technologies, Inc. entered into a Second Amended Restated Credit Agreement that repriced and increased its senior secured term loan to $400 million while establishing a new senior secured, multi‑currency revolving credi...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
TTM Technologies Highlights 2026 Outlook and Capital Strategy
Positive
May 27, 2026
At its 2026 Investor Day held on May 27, 2026, in New York, TTM Technologies reiterated its recently raised revenue expectation of $4.0 billion for fiscal 2026 and outlined targets for a non-GAAP operating margin of 13% to 15% and an Adjusted EBIT...
Business Operations and StrategyFinancial Disclosures
TTM Technologies Projects Strong 2026 Revenue Growth Outlook
Positive
May 18, 2026
TTM Technologies disclosed in its April 29, 2026 earnings release that it expected the growth trajectory seen in the first half of 2026 to continue at a similar pace in the second half of the year, signaling confidence in sustained demand across i...
Executive/Board ChangesShareholder Meetings
TTM Technologies Announces Board Refresh and Governance Changes
Neutral
May 8, 2026
On May 7, 2026, TTM Technologies announced governance changes as Class III director John G. Mayer resigned from the board upon reaching the mandatory retirement age of 75, with the company stating there was no disagreement over operations or polic...
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.