Ttm Technologies TTMI

NASDAQ TTMI

$127.80 -1.55 (-1.20%)

As of: Sep 9, 2026 · 10:34 AM EDT

Key Stats

Market Cap13.24 Bn

P/E58.71

P/S3.92

Div. Yield0.00

Total Debt (Qtr)973.46 Mn

Revenue Growth (1y) (Qtr)37.42

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About

TTm Technologies Inc is a leading global manufacturer of technology products including mission systems RF components RF microwave microelectronic assemblies and technologically advanced interconnect products such as printed circuit boards and substrates. The company operates twenty four specialized facilities in North America and Asia. It focuses on providing time to market and volume production offering a one stop design engineering and manufacturing solution to its…

The company generates revenue primarily through the sale of mission systems RF components assemblies printed circuit boards substrates and related value added services such as design engineering simulation testing and quick turn manufacturing. It serves a diversified customer base of approximately thirteen hundred customers across aerospace defense data center computing automotive medical industrial instrumentation and networking markets. Customers include original equipment manufacturers electronics manufacturing services providers original design manufacturers distributors and government agencies both domestic and allied foreign.

The company operates through the following segments.

The A&D segment consists of thirteen domestic system subsystem and PCB fabrication plants that focus on aerospace and defense mission system subsystems and printed circuit board fabrication.
The Commercial segment includes three domestic PCB fabrication plants four PCB fabrication plants in China one in Malaysia and one in Canada serving commercial markets with printed circuit board production.
The RF&S Components segment comprises one domestic RF component plant and one RF component plant in China providing radio frequency components for various applications.

TTm Technologies Inc holds a strong position as a leading global technology manufacturer with a broad product portfolio and a one stop solution. Principal competitors for the A&D segment include BAE Systems plc Curtiss-Wright Corporation Leonardo DRS Inc Mercury Systems Inc Sanmina Corporation. Principal competitors for the Commercial segment include AT&S Founder Technology Group Co Ltd Gold Circuit Electronics Ltd Isu Petasys Co Ltd Kinwong Electronic Co Ltd Unimicron Technology Corp Victory Giant Technology Co Ltd WUS Printed Circuit Co Ltd. Principal competitors for the RF&S Components segment include Advanced Micro Devices Inc IDT Corporation MACOM Technology Solutions Holdings Inc Microchip Technology Incorporated Qorvo Inc Silicon Laboratories Inc. The company leverages economies of scale an end to end value chain a regionally diversified manufacturing footprint and technology breadth to differentiate itself in the market.

TTm Technologies Inc serves a diverse customer base of approximately thirteen hundred customers including original equipment manufacturers electronics manufacturing services providers original design manufacturers distributors and government agencies across aerospace defense data center computing automotive medical industrial instrumentation and networking markets.

Investment Thesis

▲ Bull case

TTM Technologies is positioned to significantly outperform its 15% to 20% annual revenue growth target over the next three years due to the accelerating convergence of AI infrastructure demand and defense modernization, which together represent approximately 80% of its net sales and are experiencing compounding tailwinds not fully reflected in current guidance. The data center and networking segment delivered 61% year-on-year growth in Q1 FY26, driven not only by volume but by a structural shift toward ultra-high-complexity PCBs (80+ layers, asymmetrical power/signal designs) that command ASPs up to 4x–8x higher than standard boards, creating a self-reinforcing cycle where rising complexity drives both pricing power and capacity utilization. This trend is reinforced by the company’s strategic anchor customer relationships in the hyperscaler space, where multi-year roadmap alignment and joint R&D initiatives are locking in long-term demand visibility beyond typical quarterly cycles, reducing revenue volatility and enabling more predictable capital deployment. Management’s decision to increase FY26 CapEx guidance from $250 million to $300–$320 million reflects not just reactive equipment procurement but a deliberate pre-emptive build-out of capacity in key locations—including the UK facility and Penang—to capture market share from Asian competitors who face longer lead times and geopolitical constraints, giving TTMI a durable first-mover advantage in supplying the most complex interconnect solutions for AI accelerators and edge computing systems. Furthermore, the aerospace and defense segment, while currently contributing 40% of sales, is showing early signs of inflection in munitions and space systems—areas where TTMI’s radiation-hardened designs and subsystems integration capabilities are uniquely positioned to benefit from renewed U.S. defense spending priorities, particularly as geopolitical tensions in Iran and surrounding regions drive accelerated procurement of missile defense, surveillance, and autonomous systems, with book-to-bill ratios already improving and backlog stable at $1.6 billion despite sequential fluctuations. These dynamics suggest that TTMI is not merely benefiting from cyclical demand but is actively shaping its addressable market through technological leadership, creating a moat that could sustain margin expansion well beyond the current 15.7% adjusted EBITDA level as operating leverage kicks in from higher-margin, complex product mix and disciplined SG&A control.

TTM Technologies is positioned to significantly outperform its 15% to 20% annual revenue growth target over the next three years due to the accelerating convergence of AI infrastructure demand and defense modernization, which together represent approximately 80% of its net sales and are experiencing compounding tailwinds not fully reflected in current guidance. The data center and networking segment delivered 61% year-on-year growth in Q1 FY26, driven not only by volume but by a structural shift toward ultra-high-complexity PCBs (80+ layers, asymmetrical power/signal designs) that command ASPs up to 4x–8x higher than standard boards, creating a self-reinforcing cycle where rising complexity drives both pricing power and capacity utilization. This trend is reinforced by the company’s strategic anchor customer relationships in the hyperscaler space, where multi-year roadmap alignment and joint R&D initiatives are locking in long-term demand visibility beyond typical quarterly cycles, reducing revenue volatility and enabling more predictable capital deployment. Management’s decision to increase FY26 CapEx guidance from $250 million to $300–$320 million reflects not just reactive equipment procurement but a deliberate pre-emptive build-out of capacity in key locations—including the UK facility and Penang—to capture market share from Asian competitors who face longer lead times and geopolitical constraints, giving TTMI a durable first-mover advantage in supplying the most complex interconnect solutions for AI accelerators and edge computing systems. Furthermore, the aerospace and defense segment, while currently contributing 40% of sales, is showing early signs of inflection in munitions and space systems—areas where TTMI’s radiation-hardened designs and subsystems integration capabilities are uniquely positioned to benefit from renewed U.S. defense spending priorities, particularly as geopolitical tensions in Iran and surrounding regions drive accelerated procurement of missile defense, surveillance, and autonomous systems, with book-to-bill ratios already improving and backlog stable at $1.6 billion despite sequential fluctuations. These dynamics suggest that TTMI is not merely benefiting from cyclical demand but is actively shaping its addressable market through technological leadership, creating a moat that could sustain margin expansion well beyond the current 15.7% adjusted EBITDA level as operating leverage kicks in from higher-margin, complex product mix and disciplined SG&A control.

▼ Bear case

TTM Technologies’ apparent strength in AI-driven data center growth may be masking a growing vulnerability to customer concentration and pricing pressure from hyperscalers, who are increasingly leveraging their scale to dictate terms and compress supplier margins, despite management’s claims of ASP expansion through complexity. While the company highlights its position among the top 4 PCB suppliers for high-layer-count boards, it avoids disclosing the actual revenue concentration among its top 10 data center networking customers—revealed only obliquely as “substantial names” with one representing 10% of segment sales—raising concerns that a single customer’s shift to in-house design, alternative suppliers, or volume consolidation could disproportionately impact TTMI’s top line, especially as hyperscalers like NVIDIA, Amazon, and Google invest heavily in proprietary interconnect technologies and vertical integration. The rapid ramp-up in CapEx to $300–$320 million for FY26, while framed as responsive to demand, carries significant execution risk: the UK facility remains in early customer identification phase with no anchor commitments disclosed, and Penang’s yield improvements (from 40% to 70–80%) are still below industry benchmarks for mature high-complexity lines, meaning the company may be over-investing in capacity that could face underutilization if demand growth slows or shifts geographically, particularly given the lingering macroeconomic uncertainty in Europe and potential trade policy shifts affecting U.S.-China supply chains. Additionally, the aerospace and defense segment’s 11% year-on-year growth in Q1 FY26 appears fragile when examined through the lens of book-to-bill ratios, which were described as “[indiscernible]” and failed to signal meaningful improvement despite a stable $1.6 billion backlog—suggesting that recent wins (e.g., Alteams Air Defense Radar, Golden Done) may represent one-time project funding rather than sustainable program momentum, and the continued reliance on munitions as a cited upside area (currently only 5% of space-exposed A&D business) highlights a lack of diversification within a segment that is inherently subject to budgetary delays, congressional appropriations cycles, and geopolitical de-escalation risks. Finally, the company’s reliance on non-GAAP metrics to showcase profitability—while excluding stock-based compensation ($11.5 million projected for Q2), amortization, and foreign exchange losses—obscures the true earnings quality, especially as the weakening dollar caused a $7 million FX loss in Q1 FY26, a trend that could persist if global currency volatility remains elevated, further pressuring GAAP margins that remain significantly lower than non-GAAP counterparts and calling into question the sustainability of the reported earnings trajectory.

TTM Technologies’ apparent strength in AI-driven data center growth may be masking a growing vulnerability to customer concentration and pricing pressure from hyperscalers, who are increasingly leveraging their scale to dictate terms and compress supplier margins, despite management’s claims of ASP expansion through complexity. While the company highlights its position among the top 4 PCB suppliers for high-layer-count boards, it avoids disclosing the actual revenue concentration among its top 10 data center networking customers—revealed only obliquely as “substantial names” with one representing 10% of segment sales—raising concerns that a single customer’s shift to in-house design, alternative suppliers, or volume consolidation could disproportionately impact TTMI’s top line, especially as hyperscalers like NVIDIA, Amazon, and Google invest heavily in proprietary interconnect technologies and vertical integration. The rapid ramp-up in CapEx to $300–$320 million for FY26, while framed as responsive to demand, carries significant execution risk: the UK facility remains in early customer identification phase with no anchor commitments disclosed, and Penang’s yield improvements (from 40% to 70–80%) are still below industry benchmarks for mature high-complexity lines, meaning the company may be over-investing in capacity that could face underutilization if demand growth slows or shifts geographically, particularly given the lingering macroeconomic uncertainty in Europe and potential trade policy shifts affecting U.S.-China supply chains. Additionally, the aerospace and defense segment’s 11% year-on-year growth in Q1 FY26 appears fragile when examined through the lens of book-to-bill ratios, which were described as “[indiscernible]” and failed to signal meaningful improvement despite a stable $1.6 billion backlog—suggesting that recent wins (e.g., Alteams Air Defense Radar, Golden Done) may represent one-time project funding rather than sustainable program momentum, and the continued reliance on munitions as a cited upside area (currently only 5% of space-exposed A&D business) highlights a lack of diversification within a segment that is inherently subject to budgetary delays, congressional appropriations cycles, and geopolitical de-escalation risks. Finally, the company’s reliance on non-GAAP metrics to showcase profitability—while excluding stock-based compensation ($11.5 million projected for Q2), amortization, and foreign exchange losses—obscures the true earnings quality, especially as the weakening dollar caused a $7 million FX loss in Q1 FY26, a trend that could persist if global currency volatility remains elevated, further pressuring GAAP margins that remain significantly lower than non-GAAP counterparts and calling into question the sustainability of the reported earnings trajectory.

Segments Breakdown of Revenue (2025)

Peer group

Peer Comparison

Companies in the Electronic Manufacturing Services

S.No.	Ticker	Company	match	Market Cap	P/E	P/S	Total Debt (Qtr)
1	FLEX	Flex Ltd.	primary	41.41 Bn	42.56	1.41	5.22 Bn
2	CLS	Celestica Inc	primary	39.19 Bn	38.63	2.51	0.81 Bn
3	JBL	Jabil Inc	primary	32.97 Bn	38.29	0.98	3.88 Bn
4	FN	Fabrinet	primary	15.18 Bn	32.08	3.27	-
5	TTMI	Ttm Technologies Inc	primary	13.24 Bn	58.71	3.92	0.97 Bn
6	SANM	Sanmina Corp	primary	11.04 Bn	33.78	0.87	2.39 Bn
7	PLXS	Plexus Corp	primary	6.62 Bn	35.73	1.44	0.28 Bn
8	BHE	Benchmark Electronics Inc	primary	2.67 Bn	25.44	0.95	0.18 Bn

Ttm Technologies TTMI

About

Investment Thesis

Geographical Breakdown of Revenue (2025)

Segments Breakdown of Revenue (2025)

Peer Comparison

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