olivLaw · US equity research
TTM Technologies, Inc. TTMI
Printed Circuit Boards · SIC 3672 · Vertical: Printed Circuit Boards (SIC 3672)
TTM Technologies makes advanced printed circuit boards, radar systems and RF components for aerospace and defense, data centers and automotive customers. Rapid demand for AI data center infrastructure has lifted the company to record quarterly sales, while analysts follow how a series of recent acquisitions will be absorbed. Net sales in fiscal 2025 were about 2.9 billion dollars, and in the third quarter of 2026 they exceeded 1.2 billion dollars.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, TTM Technologies, Inc. (TTMI) stock was 73.38 USD (−10.11% on the day), with market capitalisation 7.7 bn USD, P/E 29.3 on diluted EPS of 2.51 USD over the last 12 months, beta 2.23, 52-week range 58.45–221.47 USD. Latest reported quarter (Q3 2026): revenue of 1.2 bn USD (+59.9% YoY), net income of 84.8 m USD (+59.8% YoY), diluted EPS 0.79 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 34.4
- weak (30–45)
- Bollinger (20, 2)
- 65.52 – 122.43
- in the lower half of the band · %B 0.14 · band width 60.6%
- SMA 50 / 200
- 111.32 / 127.85
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -10.71 / -9.62
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −44.9% | −1.1% | −43.8 pp | — |
| 3 months | −44.1% | −0.5% | −43.6 pp | — |
| 6 months | −55.4% | +4.4% | −59.8 pp | — |
| Year to date | +6.3% | +12.3% | −6.0 pp | — |
| 1 year | +10.7% | +13.5% | −2.8 pp | −7.9% |
| 3 years | +401.2% | +76.4% | +324.8 pp | +102.9% |
| 5 years | +413.5% | +63.7% | +349.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 28 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 651.0 m | 648.7 m | 730.6 m | 752.7 m | 774.3 m | 846.0 m | 1.0 bn | 1.2 bn |
| Cost of revenue | 524.4 m | 517.7 m | 582.5 m | 596.0 m | 608.5 m | 664.8 m | 792.2 m | 912.0 m |
| Gross profit | 126.5 m | 131.0 m | 148.1 m | 156.7 m | 165.9 m | 181.2 m | 211.9 m | 291.9 m |
| Research & development | 7.9 m | 8.1 m | 7.0 m | 7.0 m | 6.9 m | 7.8 m | 8.0 m | 9.6 m |
| Operating income | 9.0 m | 50.3 m | 61.8 m | 71.9 m | 80.7 m | 72.4 m | 109.1 m | 162.3 m |
| Interest expense | 11.2 m | 11.5 m | 11.1 m | 10.4 m | 12.4 m | 10.6 m | 10.5 m | 12.8 m |
| Pre-tax income | 14.3 m | 41.0 m | 45.5 m | 61.8 m | 62.0 m | 58.5 m | 81.2 m | 141.7 m |
| Income tax | 9.2 m | 8.8 m | 4.0 m | 8.8 m | 11.3 m | 8.5 m | -1.8 m | 56.9 m |
| Net income | 5.2 m | 32.2 m | 41.5 m | 53.1 m | 50.7 m | 50.0 m | 83.0 m | 84.8 m |
| Diluted EPS | 0.05 ≈ | 0.31 | 0.40 | 0.50 | 0.48 ≈ | 0.47 | 0.77 | 0.79 |
| Operating cash flow | 86.1 m | -10.7 m | 97.8 m ≈ | 141.8 m ≈ | 62.9 m | 21.7 m | 96.4 m ≈ | 154.7 m ≈ |
| Capex | 56.0 m | 63.3 m | 60.4 m ≈ | 99.5 m ≈ | 69.4 m | 106.8 m | 62.4 m ≈ | 82.4 m ≈ |
| Share repurchases | 0 | 17.9 m | 0 ≈ | 0 ≈ | 0 | 0 | 0 ≈ | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 59 percentile of its own 29-quarter history (min 5.6, median 23.0, max 84.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.5 bn | 2.2 bn | 2.1 bn | 2.1 bn | 2.2 bn | 2.5 bn | 2.4 bn | 2.9 bn |
| Revenue YoY | unavailable | −11.7% | −4.7% | −1.3% | unavailable | +11.0% | −2.1% | +19.0% |
| Net income | 34.9 m | 173.6 m | 41.3 m | 177.5 m | 54.4 m | 94.6 m | 56.3 m | 177.4 m |
| Net income YoY | unavailable | +397.9% | −76.2% | +329.9% | unavailable | +73.8% | −40.5% | +215.2% |
| Diluted EPS | 0.34 | 1.38 | 0.39 | 1.67 | 0.50 | 0.91 | 0.54 | 1.68 |
| Diluted EPS YoY | unavailable | +305.9% | −71.7% | +328.2% | unavailable | +82.0% | −40.7% | +211.1% |
| net % | 1.4% | 7.8% | 1.9% | 8.4% | 2.4% | 3.8% | 2.3% | 6.1% |
| Free cash flow | 213.2 m | 123.0 m | 169.4 m | 183.9 m | 94.7 m | 170.0 m | 51.2 m | -683.0 k |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 29 Dec 2025
- Cash
- 501.2 m USD
- Financial debt
- 916.2 m USD
- Net debt
- 414.9 m USD
- Equity
- 1.8 bn USD
- Total assets
- 3.8 bn USD
- Debt / equity
- 0.52x
- Current ratio
- 1.93x
- ROE
- 10.7%
- ROA
- 4.9%
- FCF margin
- -0.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 2.1 bn | 2.1 bn | 2.2 bn | 2.5 bn | 2.4 bn | 2.9 bn | SEC (XBRL)· 17 Feb 2026verified |
| Cost of revenue | 1.8 bn | 1.7 bn | 1.9 bn | 2.0 bn | 2.0 bn | 2.3 bn | SEC (XBRL)· 17 Feb 2026verified |
| Gross profit | 377.2 m | 359.0 m | 372.0 m | 458.0 m | 477.4 m | 601.7 m | SEC (XBRL)· 17 Feb 2026verified |
| Research & development | 17.9 m | 19.8 m | 18.1 m | 24.8 m | 31.8 m | 29.0 m | SEC (XBRL)· 17 Feb 2026verified |
| Operating income | 109.6 m | 28.1 m | 126.0 m | 210.4 m | 116.0 m | 264.7 m | SEC (XBRL)· 17 Feb 2026verified |
| Interest expense | 82.1 m | 73.2 m | 45.5 m | 45.5 m | 47.5 m | 45.3 m | SEC (XBRL)· 17 Feb 2026verified |
| Pre-tax income | 34.3 m | -46.3 m | 70.1 m | 182.9 m | 83.9 m | 210.3 m | SEC (XBRL)· 17 Feb 2026verified |
| Income tax | 2.4 m | -29.9 m | 15.6 m | 88.3 m | 27.7 m | 32.9 m | SEC (XBRL)· 17 Feb 2026verified |
| Net income | 41.3 m | 177.5 m | 54.4 m | 94.6 m | 56.3 m | 177.4 m | SEC (XBRL)· 17 Feb 2026verified |
| Diluted EPS | 0.39 | 1.67 | 0.50 | 0.91 | 0.54 | 1.68 | SEC (XBRL)· 17 Feb 2026verified |
| Weighted average diluted shares | 106.3 m | 106.4 m | 108.2 m | 103.9 m | 104.1 m | 105.5 m | SEC (XBRL)· 17 Feb 2026verified |
Balance sheet · USD
| Line | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 379.8 m | 451.6 m | 537.7 m | 402.7 m | 503.9 m | 501.2 m | SEC (XBRL)· 17 Feb 2026verified |
| Receivables | 503.6 m | 381.1 m | 386.3 m | 473.2 m | 448.6 m | 563.7 m | SEC (XBRL)· 17 Feb 2026verified |
| Inventories | 113.8 m | 115.7 m | 127.6 m | 170.6 m | 225.0 m | 250.1 m | SEC (XBRL)· 17 Feb 2026verified |
| Current assets | 1.3 bn | 1.2 bn | 1.4 bn | 1.5 bn | 1.6 bn | 1.9 bn | SEC (XBRL)· 17 Feb 2026verified |
| Property, plant & equipment, net | 678.2 m | 650.4 m | 665.8 m | 724.2 m | 870.0 m | 1.0 bn | SEC (XBRL)· 17 Feb 2026verified |
| Goodwill | 706.5 m | 637.3 m | 637.3 m | 760.4 m | 670.1 m | 670.1 m | SEC (XBRL)· 17 Feb 2026verified |
| Intangibles (excl. goodwill) | 325.7 m | 281.3 m | 239.9 m | 288.0 m | 191.8 m | 154.9 m | SEC (XBRL)· 17 Feb 2026verified |
| Total assets | 3.6 bn | 2.9 bn | 3.0 bn | 3.3 bn | 3.5 bn | 3.8 bn | SEC (XBRL)· 17 Feb 2026verified |
| Accounts payable | 329.9 m | 327.1 m | 361.5 m | 361.8 m | 406.2 m | 543.5 m | SEC (XBRL)· 17 Feb 2026verified |
| Short-term debt | 250.0 m | — | — | 50.0 m | 3.8 m | 3.8 m | SEC (XBRL)· 17 Feb 2026verified |
| Long-term debt | 1.2 bn | 842.9 m | 927.8 m | 879.4 m | 914.4 m | 912.3 m | SEC (XBRL)· 17 Feb 2026verified |
| Current liabilities | 946.7 m | 518.0 m | 558.1 m | 761.3 m | 809.1 m | 962.2 m | SEC (XBRL)· 17 Feb 2026verified |
| Equity | 1.3 bn | 1.4 bn † | 1.5 bn † | 1.5 bn † | 1.6 bn † | 1.8 bn † | SEC (XBRL)· 17 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2019 | 2020 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 311.9 m | 287.2 m | 176.6 m | 272.9 m | 236.9 m | 291.9 m | SEC (XBRL)· 17 Feb 2026verified |
| Capex | 142.6 m | 103.3 m | 82.0 m | 102.9 m | 185.7 m | 292.6 m | SEC (XBRL)· 17 Feb 2026verified |
| Free cash flow | 169.4 m ≈ | 183.9 m ≈ | 94.7 m ≈ | 170.0 m ≈ | 51.2 m ≈ | -683.0 k ≈ | SEC (XBRL)· 17 Feb 2026derived |
| Investing cash flow | -136.0 m | 404.3 m | -84.1 m | -395.5 m | -146.2 m | -273.9 m | SEC (XBRL)· 17 Feb 2026verified |
| Financing cash flow | -31.8 m | -642.3 m | -7.2 m | -11.3 m | -36.8 m | -20.9 m | SEC (XBRL)· 17 Feb 2026verified |
| Share repurchases | — | — | 64.7 m | 35.4 m | 34.5 m | 17.9 m | SEC (XBRL)· 17 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 27 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 7.7 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation2
- Returns33
- Quality28
- Balance sheet51
- Growth48
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.48 – 20.93 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)0.48 – 5.28 (Mid 2.28)WACC 8.5% · starting FCFF 51.0 m USD · terminal value share of EV 76%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/Sales10.75 – 20.93 (Mid 17.73)6 companies used · median multiple 0.7x · quartiles 0.5x – 0.8xBHE, FLEX, JBL, KE, KTCC, SANM
- Peers: EV/EBITDAunavailable · input data missing
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 27/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 22.2% | 0 (on a fixed band) | 11% |
| EBIT margin · Quality | 11.1% | 91 (vs peers) | 9% |
| FCF margin · Quality | 0.4% | 2 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | 8.9% | 36 (on a fixed band) | 18% |
| Revenue growth (YoY) · Growth | 19.0% | 73 (vs peers) | 9% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.7x | 51 (on a fixed band) | 7% |
| EV/Sales · Valuation | 2.2x | 0 (vs peers) | 18% |
| FCF yield · Valuation | 0.2% | 4 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | 0.0% | 33 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial51/100 · 1/2 factors with a value
- Growth48/100 · 2/2 factors with a value
- Quality28/100 · 3/3 factors with a value
- Returns33/100 · 1/1 factors with a value
- Valuation2/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
TTM TECHNOLOGIES, INC. (TTMI). Latest full fiscal year: 2025; data up to 2026-09-28.
Figures computed from the financial statements: revenue 2.9 bn USD in 2025; YoY growth 19.0%; net margin 7.0%; ROE 14.3%.
The estimated value range is 5.62–13.10 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 10.01 USD, the price of 73.38 USD leaves a potential of -86.4% (value / price − 1) and a margin of safety of -633.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 27/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EBIT margin: 11.1%
- Revenue growth (YoY): 19.0%
What contradicts it
- Gross margin: 22.2%
- FCF margin: 0.4%
- EV/Sales: 2.2x
- FCF yield: 0.2%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA.
Versus the vertical median
Printed Circuit Boards (SIC 3672) · same industry (4-digit SIC) · compared with 11 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| CLSCelestica Inc. | 29.8 bn | 22.4 | 30.2% | 6.8% | +28.5% | −31% / +777% |
| FLEXFlex Ltd. | 28.5 bn | 27.9 | 19.1% | 3.4% | +8.1% | +31% / +303% |
| JBLJabil Inc | 26.6 bn | 26.5 | 66.7% | 2.9% | +20.6% | +23% / +124% |
| TTMITtm Technologies, Inc. | 7.7 bn | 29.3 | 14.3% | 7.0% | +19.0% | +11% / +401% |
| SANMSanmina Corporation | 7.7 bn | 25.7 | 11.8% | 2.4% | +7.4% | −8% / +187% |
| PLXSPlexus Corp. | 5.5 bn | 30.5 | 12.6% | 4.6% | +1.8% | +45% / +103% |
| BHEBenchmark Electronics, Inc. | 2.3 bn | 42.2 | 5.0% | 1.9% | +0.1% | +45% / +162% |
| CTSCts Corporation | 1.8 bn | 24.4 | 13.0% | 12.9% | +5.2% | +46% / +60% |
| KEKimball Electronics, Inc. | 619.8 m | 22.9 | 4.8% | 2.0% | −3.7% | −11% / +5% |
| NNDMNano Dimension Ltd. | 278.3 m | — | -28.7% | -135.2% | +77.3% | −25% / −43% |
| ELTKEltek Ltd. | 42.0 m | 52.1 | 1.9% | 1.6% | +11.3% | −27% / −49% |
| KTCCKey Tronic Corp | 16.2 m | — | -51.3% | -12.4% | −17.4% | −44% / −64% |
1- and 3-year price returns: for TTMI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 46.08 Total return -37% · Per year -37% | 81.30 Total return 11% · Per year 11% | 122.23 Total return 67% · Per year 67% |
| 3 years | 48.79 Total return -34% · Per year -13% | 96.46 Total return 31% · Per year 10% | 158.65 Total return 116% · Per year 29% |
| 5 years | 51.66 Total return -30% · Per year -7% | 114.45 Total return 56% · Per year 9% | 205.92 Total return 181% · Per year 23% |
- Exit P/E± 24.12
- Net margin± 16.88
- Annual revenue growth± 13.29
- Annual dilution± 1.42
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 22 Oct 2026; since then the company filed 10-Q (28 Oct 2026).
In brief
TTM Technologies makes advanced printed circuit boards, radar systems and RF components for aerospace and defense, data centers and automotive customers. Rapid demand for AI data center infrastructure has lifted the company to record quarterly sales, while analysts follow how a series of recent acquisitions will be absorbed. Net sales in fiscal 2025 were about 2.9 billion dollars 1, and in the third quarter of 2026 they exceeded 1.2 billion dollars 3.
SWOT
Strengths
- The company has a broad product range, from radar systems to HDI PCBs, allowing integrated solutions for customers 1.
- Demand from data centers and aerospace is reflected in a high book-to-bill ratio and a sizable backlog 3.
- A plant network across several regions gives geographic diversification for customers seeking alternatives to China 12.
Weaknesses
Opportunities
Risks
- Dependence on government contractshigh
A significant part of revenue comes from products sold to the federal government, and budget delays or program cancellations could affect results 1.
- Customer concentrationhigh
The ten largest customers make up a large share of sales, and losing one of them could have significant effects 13.
- Tariffs and international trademedium
Tariffs on PCBs and trade restrictions could reduce margins and revenue 1.
- Debt after acquisitionsmedium
Recent acquisitions have increased debt, and integrating them could prove harder than anticipated 3.
- Currency fluctuationslow
Revenue and costs in Chinese renminbi and Malaysian ringgit can be affected by exchange rate moves, which could change profitability 1.
Investment thesis
What would need to be true (bull case)
- Demand for AI infrastructure and data centers appears to remain strong, and recent quarterly results point to accelerating growth 3.
- A large aerospace and defense backlog and a book-to-bill ratio above one give visibility for several years 3.
- If margins hold up after integrating acquisitions, the company could strengthen its position in advanced PCBs 3.
What would break the thesis
- Reliance on a few cyclical segments such as data centers could produce high sales volatility if investment slows 2.
- Higher debt after recent acquisitions could limit flexibility and investment capacity if cash flow declines 3.
- Tariffs and trade restrictions could reduce margins in a market where price competition is present 1.
What to watch
- Fourth quarter 2026 results and delivery against the full-year 2026 sales outlookQ4 2026
- Completion of the Ophir Optics acquisition and leverage relative to the target rangeQ4 2026
- Start of volume production at the Syracuse facility2026
- Final 2027 guidance compared with the preliminary forecast2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 22 Oct 2026; since then the company filed 10-Q (28 Oct 2026).
The business
TTM Technologies is a global manufacturer of technology products, supplying mission systems, RF components, RF and microelectronic assemblies and advanced interconnect products including printed circuit boards and substrates 1. The company offers a one-stop design, engineering and manufacturing service, called time-to-market, to reduce the time customers need to bring products to market. In 2025 it had about 18,200 employees and 24 specialized facilities in North America and Asia 1. Customers include OEMs, EMS providers, ODMs, distributors and government agencies 1.
The business is organized into three reportable segments: A&D, Commercial and RF&S Components 1. In the second half of 2025 the company reorganized its segments, separating PCB activity into aerospace and defense and commercial units 1. Earlier acquisitions, including Anaren and Telephonics, moved TTM beyond build-to-print manufacturing into integrated systems and deeper RF and radar engagement 1. Further acquisitions in Europe and the United States announced recently point to continued geographic expansion 3.
The company describes its strategy as a mix of technology differentiation, operational efficiency, selective acquisitions and diversification into growing markets 1. Concentration among large customers is significant: the ten largest customers accounted for 55% of 2025 sales 1 and the same share in the first half of 2026 2. Recent investment includes a new facility in Syracuse, New York, with volume production expected in the second half of 2026 12.
Segments
A&D (aerospace and defense)
The A&D segment includes 13 domestic system, subsystem and PCB fabrication plants and is the largest by sales share, at 44% of total sales in 2025 1. It covers radar systems, communications systems and IFF surveillance, sold mainly to tier one subcontractors and government agencies 1. In the third quarter of 2026 the A&D program backlog reached 2.0 billion dollars and the overall book-to-bill ratio was 2.13 3.
Commercial
The Commercial segment includes PCB fabrication plants in the United States, China, Malaysia and Canada and produces multilayer and HDI boards for data centers, networking, automotive and medical equipment 1. It has been the fastest-growing segment in recent years, driven by AI data center build-outs 23. Data center and networking reached 40% of quarterly sales in the second quarter of 2026 2.
RF&S Components
The RF&S Components segment makes passive and active RF components, multi-chip modules and advanced ceramic RF products used in cellular base stations, WLAN and 5G applications 1. It has one domestic plant and one in China 1. Further acquisitions of component and module makers could change this segment's weight in coming years 2.
Market context
Over the medium term the company expects continued healthy growth in its key markets, especially data center and networking and aerospace and defense 3. The preliminary 2027 forecast points to net sales of 6.5 to 6.75 billion dollars, including recently closed acquisitions 3. If data center demand slowed or defense budgets shifted, the effect on these estimates could be significant 13.
Trends
- AI infrastructure build-outtailwind
Construction of AI data centers has raised demand for advanced PCBs and networking products, driving rapid sales growth in the second and third quarters of 2026 23.
- Defense budgets tilting to electronicstailwind
A growing share of defense budgets is directed to radar, communications and surveillance, and AESA systems are gaining importance 1.
- Tariffs and trade policyheadwind
Both the US and Chinese governments have included PCBs among goods subject to import tariffs, which could affect revenue and profitability 1.
- Supply chain diversificationmixed
Customers are seeking suppliers with plants outside China, and TTM is investing in Eau Claire, Syracuse and Penang to meet this need 12. This could support growth but also keep capital spending high 1.
- Acquisitions and borrowingmixed
The recent acquisition series has increased borrowing, and management has indicated leverage would move toward its target range if cash flow stays solid 3. Integrating these businesses could affect margins in the short term 3.
Competitive position
The company competes in markets where PCB and RF component suppliers contest on lead time, quality and capacity, and the official sources do not name specific competitors 1. Price pressure also comes from overseas manufacturers, who could become more competitive if export restrictions were relaxed 1. TTM's stated advantage is its ability to offer integrated solutions from design to volume production 1.
Large customers and reliance on a small group of suppliers can shift bargaining power in negotiations, and the company acknowledges dependence on a small number of customers as a risk factor 3. Competition in RF and microwave is described as shaped by access to technology and government requirements 1.
- MKS Inc. (Ophir Optics business)MKSI
Is selling the Ophir Optics business to TTM, so it is a source of assets rather than a direct competitor in this filing 3.
- Asian PCB manufacturers
Named as potential competitors with lower prices if export rules changed 1.
- US defense electronics makers
Described as principal government suppliers and partners, which makes the market dependent on large contracts 1.
- German PCB manufacturers
The planned ILFA GmbH acquisition shows that relevant European producers exist, which TTM is integrating rather than only competing against 3.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Gigant american pe cale să intre în România se prăbușește la bursă în pofida rezultatelor record. TTM Technologies anunță venituri și un profit record, dar și creșterea îndatorăriiProfit.ro · 22 Oct 2026 · RO
- Tranzacție de 650 de milioane de dolari: Producătorul tehnologic TTM Technologies cumpără divizia Ophir Optics, cu operațiuni în România și IsraelEconomedia · 20 Oct 2026 · RO
- Compania americană TTM Technologies cumpără Ophir Optics – Tranzacția include și fabrica din România, care produce componente pentru sisteme laserCursDeGuvernare.ro · 20 Oct 2026 · RO
- ULTIMA ORĂ Gigant american cumpără o fabrică în România, cu 180 de angajați și planuri de creștere. TTM Technologies, principalul furnizor al Armatei SUA, intră pe piața localăProfit.ro · 19 Oct 2026 · RO
- TTM Technologies CEO Edwin Roks Buys 10,000 Shares for $1.1 Million. What Is He Telling Investors?Yahoo Finance — News · 26 Aug 2026 · EN
The latest news item in our archive is from 22 Oct 2026; the newest SEC filing is from 28 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report28 Oct 2026
- Current report28 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Current report22 Oct 2026Results of operations · Financial statements and exhibits
- Current report19 Oct 2026Other events · Financial statements and exhibits
- Current report13 Oct 2026Regulation FD disclosure · Financial statements and exhibits
- Current report30 Sept 2026Material agreement · Creation of a direct financial obligation · Regulation FD disclosure · Other events · Financial statements and exhibits
- Current report24 Sept 2026Material agreement · Creation of a direct financial obligation · Item 3.03 · Financial statements and exhibits
- Current report10 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Current report17 Aug 2026Material agreement · Regulation FD disclosure · Financial statements and exhibits
- Current report (amendment)06 Aug 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-29 · SEC / TTM Technologies, Inc. · 17 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-29 · SEC / TTM Technologies, Inc. · 05 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / TTM Technologies, Inc. · 22 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.