Ttm Technologies Inc (NASDAQ: TTMI)

Sector: Technology Industry: Electronic Components CIK: 0001116942
Market Cap 9.30 Bn
P/B 5.46
P/E 70.47
P/S 3.34
ROIC (Qtr) 6.20
Div Yield % 0.00
Rev 1y % (Qtr) 22.09
Total Debt (Qtr) 1.00 Bn
Debt/Equity (Qtr) 0.59
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About

Investment thesis

Bull case

  • Healthy cash reserves of 491.12M provide 128.90x coverage of short-term debt 3.81M, demonstrating strong liquidity position and minimal refinancing risk.
  • Tangible assets of 2.89B provide exceptional 19.32x coverage of deferred revenue 149.37M, showing strong service capability backing.
  • Strong tangible asset base of 2.89B provides 2.88x coverage of total debt 1B, indicating robust asset backing and low credit risk.
  • Robust tangible asset base of 2.89B provides 3.39x coverage of working capital 850.41M, indicating strong operational backing.
  • Tangible assets of 2.89B provide robust 7.31x coverage of other current liabilities 395.01M, indicating strong asset backing.

Bear case

  • Operating cash flow of 315.01M barely covers its investment activities of (275.45M), with a coverage ratio of -1.14, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • Investment activities of (275.45M) provide weak support for R&D spending of 30.03M, which is -9.17x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • Free cash flow of 39.56M provides weak coverage of capital expenditures of 275.45M, with a 0.14 ratio suggesting additional external financing needs for growth initiatives.
  • Operating earnings of 206.82M show weak coverage of depreciation charges of 108.66M, with a 1.90 ratio indicating high capital intensity and potential reinvestment needs.
  • Free cash flow of 39.56M represents just -27.30x of debt issuance (1.45M), suggesting concerning reliance on leverage rather than internal cash generation for growth.

Segments Breakdown of Revenue (2025)

Segments Breakdown of Revenue (2025)

Peer comparison

Companies in the Electronic Components
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 APH Amphenol Corp /De/ 180.75 Bn 42.33 7.83 15.50 Bn
2 GLW Corning Inc /Ny 111.40 Bn 69.80 7.13 8.43 Bn
3 TEL TE Connectivity plc 69.66 Bn 33.75 3.85 5.71 Bn
4 CLS Celestica Inc 33.17 Bn 47.38 2.94 0.78 Bn
5 JBL Jabil Inc 27.80 Bn 39.54 0.89 3.37 Bn
6 FLEX Flex Ltd. 24.18 Bn 28.38 0.90 5.02 Bn
7 FN Fabrinet 17.82 Bn 47.27 4.58 0.06 Bn
8 TTMI Ttm Technologies Inc 9.30 Bn 70.47 3.34 1.00 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 2.65 3.02
EV to Cash from Ops. EV/CFO 31.28 -590.38
EV to Debt EV to Debt 9.84 107.94
EV to EBIT EV/EBIT 47.64 20.68
EV to EBITDA EV/EBITDA 32.67 -27.60
EV to Free Cash Flow [EV/FCF] EV/FCF 249.07 -537.03
EV to Market Cap EV to Market Cap 1.06 -1.14
EV to Revenue EV/Rev 3.54 96.65
Price to Book Value [P/B] P/B 5.46 6.99
Price to Earnings [P/E] P/E 70.47 -8.83
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Dividend Coverage Ratio 0.00 1.07
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 20.91
Dividend per Basic Share Div per Share (Qtr) 0.00 0.26
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 10.42
Interest Coverage Int. cover (Qtr) 4.68 14.05
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) -97.70 -43.87
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 4.60 125.88
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 -0.04
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 56.28 -176.07
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 22.91 14.38
EBIT Growth (1y) % EBIT 1y % (Qtr) 50.76 15.28
EBT Growth (1y) % EBT 1y % (Qtr) 85.89 7.50
EPS Growth (1y) % EPS 1y % (Qtr) 92.54 2.30
FCF Growth (1y) % FCF 1y % (Qtr) -32.93 9.29
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 20.63 15.57
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.75 0.77
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.05
Cash Ratio Cash Ratio (Qtr) 0.54 1.48
Current Ratio Curr Ratio (Qtr) 1.94 3.80
Debt to Equity Ratio Debt/Equity (Qtr) 0.59 0.68
Interest Cover Ratio Int Coverage (Qtr) 4.68 14.05
Times Interest Earned Times Interest Earned (Qtr) 4.68 14.05
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 11.30 21.48
EBIT Margin % EBIT Margin % (Qtr) 7.43 -42.60
EBT Margin % EBT Margin % (Qtr) 5.84 -10.39
Gross Margin % Gross Margin % (Qtr) 20.20 31.37
Net Profit Margin % Net Margin % (Qtr) 4.70 -11.50