TTM Technologies (TTMI) stock analysis

What the Company Does

TTM Technologies is a global manufacturer of mission systems, RF components, RF microwave/microelectronic assemblies, and advanced printed circuit boards and substrates. The company serves markets including aerospace and defense, data center and networking, automotive, medical, industrial, and instrumentation, helping customers shorten product development and time-to-market.

Mission and Vision

• Mission: “Provide customers with market leading, differentiated solutions and an extraordinary customer experience.”
• Vision: “Inspire innovation as a global preeminent technology solutions company.”

Key Leadership

| Role | Name | Background | |---|---|---| | CEO | Edwin Roks, Ph.D. | Joined as President & CEO and director in September 2025; previously CEO of Teledyne Technologies. | | CFO | Daniel L. Boehle | Became EVP & CFO in September 2023; formerly CFO/VP at Aerojet Rocketdyne and held roles at Northrop Grumman and KPMG. |

Company Highlights

• Founded: 1998
• Headquarters: Santa Ana, California
• Recent notable achievements:
• Reported Q1 2026 net sales of $846.0 million, up 30% year over year and an all-time quarterly record.
• Delivered FY 2025 net sales of $2.9 billion, up 19.0% from FY 2024.
• Acquired a 750,000-square-foot facility in Eau Claire, Wisconsin and land rights in Penang, Malaysia to support future advanced PCB manufacturing capacity.

Financial Snapshot

GAAP figures unless noted; latest available quarter is Q1 2026.

Performance & Profitability

TTM Technologies’ recent financial profile has shifted from recovery to expansion. Revenue increased in six of the last seven sequential comparisons across the eight-quarter dataset, with the clearest inflections coming after the relatively flat period around early 2025 and again in the latest quarter. The latest period was especially important because it did not show the seasonal weakness that sometimes appears early in a year; instead, sales reached a new high. That points to genuine demand strength rather than a short-lived rebound.

The earnings picture is positive but less clean. Profitability is well above the depressed level seen in late 2024, but the most recent quarter did not deliver a new high in net income or EPS. That disconnect matters: the company is selling more, but the incremental revenue is not currently translating into proportionate bottom-line growth. For investors, the key question is no longer whether demand is improving; it is whether operating leverage can reassert itself as volume rises.

The margin structure sends a mixed but useful signal. Gross profitability remained resilient, which suggests TTM is not simply buying revenue through broad price concessions or suffering a major manufacturing-cost breakdown. The pressure appears to have emerged below the gross-profit line, where operating and net profitability eased from recent highs. The available data do not identify the exact driver, so the weakness could reflect customer or program mix, ramp costs, operating expense timing, taxes, interest, or one-time items. That caveat is important because the investment implication differs: temporary ramp or mix effects would be less concerning than structural cost inflation or weaker pricing power.

TTM’s profitability remains respectable for a manufacturing-heavy printed circuit board and electronics business. The company’s exposure to advanced technology, aerospace, defense, and mission-critical applications likely supports better economics than more commoditized electronics manufacturing. Qualification requirements, reliability standards, and technical complexity can create stickier customer relationships and better pricing discipline. That helps explain why core manufacturing margins have held up despite a rapid increase in sales.

Return metrics reinforce the idea that the business is becoming more productive, though not yet exceptional. Equity returns have moved into a solid range, and asset returns are improving for a company that requires substantial plant, equipment, inventory, and working capital. This suggests management is generating better output from the existing asset base. The durability of that improvement, however, depends on sustaining mix quality and utilization. In an asset-intensive model, operating leverage works both ways: strong volume can lift returns quickly, but weaker demand or underutilized capacity can compress margins and reduce coverage.

Earnings quality is therefore adequate but not flawless. The company is profitable on a GAAP basis, demand momentum is strong, and gross economics look stable. At the same time, the latest quarter’s lower profit conversion creates a contradictory signal. If margins re-expand while revenue remains elevated, the financial trajectory becomes much stronger. If sales continue rising without EPS acceleration, the growth story becomes more volume-driven and less valuable to shareholders.

Balance Sheet & Resilience

TTM’s balance sheet appears solid and gives the company room to operate through normal industry volatility. The asset base provides a meaningful cushion over liabilities, and the capital structure is not overly dependent on debt. This matters because PCB and electronics manufacturing require ongoing investment in capacity, equipment, engineering capability, inventory, and receivables. A weaker balance sheet would make those requirements more restrictive; TTM’s current position instead supports continued investment and customer-program execution.

Liquidity is one of the more favorable parts of the financial profile, but its quality is not entirely cash-based. Short-term asset coverage is strong enough to support operating needs, and the quick measure indicates the company is not relying solely on inventory liquidation to meet obligations. However, the cash-only cushion is much thinner. That is not unusual for a manufacturer, but it increases the importance of receivable collection, inventory discipline, and operating cash flow. Rapid growth can also absorb cash through working capital, so strong revenue momentum may create funding needs even when accounting profits are healthy.

Leverage is moderate rather than aggressive. Debt is meaningful in absolute terms, but it is manageable relative to the company’s equity base, assets, and current earnings power. This gives TTM flexibility to fund capital requirements and withstand some cyclical pressure, though it is not a debt-free story. The balance sheet would become more vulnerable if higher revenue required sustained working-capital build, if margins failed to recover, or if demand softened after capacity and inventory had already been added.

Interest coverage is currently comfortable, which lowers near-term refinancing and debt-service concern. The vulnerability is cyclicality. Coverage is based on operating earnings, and those earnings can move quickly in manufacturing when utilization, mix, or pricing shifts. The latest quarter already shows that revenue growth does not automatically protect net profitability. If the same pattern continued while interest costs or debt levels remained elevated, financial flexibility would narrow.

The underlying financial-health score of 81/100 and “Low Risk” classification are directionally consistent with the balance-sheet metrics, but they should be treated as a summary indicator rather than a substitute for cash-flow analysis. The strongest hard evidence is the combination of adequate liquidity, moderate leverage, and healthy coverage. The main caveat is that liquidity depends partly on working-capital conversion, and the business remains exposed to electronics demand cycles.

Financial Bottom Line

• Strongest signal: Revenue momentum is broad and accelerating, while core gross economics remain resilient enough to suggest the growth is not obviously low quality.
• Biggest weakness: Profit conversion cooled in the latest quarter; earnings did not keep pace with the new revenue high.
• Key risk: A cyclical demand slowdown or unfavorable mix shift could pressure margins, working-capital cash flow, and debt-service cushion at the same time.
• Metric to monitor: Incremental operating margin and free-cash-flow conversion as sales continue to scale.

Quote-Linked Snapshot

• Current Price: $167.62 (as of 2026-06-05T20:00:01+00:00)
• Market Cap: $17.41B (as of 2026-06-05T20:00:01+00:00)
• P/E Ratio: 91.10 (as of 2026-06-05T20:00:01+00:00)
• EV/Revenue: 5.81 (as of 2026-06-05T20:00:01+00:00)
• EV/EBITDA: 41.11 (as of 2026-06-05T20:00:01+00:00)

5.1 Valuation Multiples

The valuation data quality is strong. The snapshot provides a broad set of market, earnings, revenue, enterprise value, book value, and dividend metrics.

TTM Technologies screens expensive on most current-profit and enterprise-value measures. The main offset is the low PEG ratio, which suggests the market may be underwriting very strong forward earnings growth.

5.2 Valuation Framework

1. Data Quality

The available valuation data is strong. It includes price, market capitalization, earnings, sales, book value, enterprise value, EBITDA, PEG, and dividend yield.

There are no major data-quality flags. Still, these are market snapshots and can shift with price movement, share count updates, and trailing-period denominator changes.

2. Multiple-by-Multiple Read

• P/E Ratio: 91.10 as of 2026-06-05T20:00:01+00:00

This is elevated. The market is not valuing TTMI as a low-growth industrial or cyclical manufacturer. It is pricing in a much stronger earnings trajectory.

• PEG Ratio: 0.36

This is the most favorable signal in the set. A PEG below 1.0 can suggest growth is cheap, but only if the growth estimates are reliable and not overly optimistic.

• P/S Ratio: 5.61

This is demanding. A sales multiple above 5x generally requires strong revenue durability, high incremental margins, or a credible path to much higher profitability.

• EV/Revenue: 5.81 as of 2026-06-05T20:00:01+00:00

This reinforces the P/S signal. Enterprise value is high relative to revenue, so the market appears to expect strong conversion of sales into operating profit and cash flow.

• EV/EBITDA: 41.11 as of 2026-06-05T20:00:01+00:00

This is the most demanding profitability-based multiple. It leaves little room for EBITDA disappointment, execution delays, or cyclical margin compression.

• P/B Ratio: 9.83

This is high. Investors are paying a large premium to book value, implying confidence in returns on capital, growth assets, or earnings power not captured by book value alone.

• Dividend Yield: 0.00%

There is no cash-dividend yield to cushion valuation risk. The investment case depends on earnings growth, multiple support, and future capital appreciation.

3. Implied Expectations

The current multiples appear to embed aggressive expectations. The market is likely assuming strong earnings growth, sustained margin expansion, and durable demand.

The low PEG ratio suggests analysts or the market may expect earnings growth to catch up quickly to the high P/E Ratio of 91.10 as of 2026-06-05T20:00:01+00:00. That is possible, but it raises execution risk. If growth slows or margins normalize, the valuation could compress sharply.

The EV/Revenue of 5.81 as of 2026-06-05T20:00:01+00:00 and EV/EBITDA of 41.11 as of 2026-06-05T20:00:01+00:00 imply that revenue alone is not enough. TTMI needs visible operating leverage and EBITDA growth to justify the current enterprise value.

4. Margin of Safety

The margin of safety looks limited. Most valuation signals are demanding, and the stock has no dividend yield to support returns during periods of multiple compression.

The main valuation support is the PEG ratio of 0.36. That creates a possible growth-adjusted value argument, but it depends heavily on future estimates being accurate. On current realized multiples, TTMI does not screen cheap.

5. Valuation View

TTM Technologies appears overvalued on current fundamentals, with one important caveat: the PEG ratio suggests the stock could be more reasonable if expected earnings growth is delivered.

The valuation is therefore not a simple “too expensive” call. It is a high-expectations valuation. Investors are paying upfront for future earnings acceleration.

A neutral-to-positive view would require confidence that revenue growth, margins, and EBITDA can scale quickly enough to absorb today’s high multiples. Without that, the risk/reward looks stretched.

6. What Would Change the View

Potential catalysts that could justify the valuation or drive further rerating:

• Sustained earnings acceleration that makes the P/E Ratio of 91.10 as of 2026-06-05T20:00:01+00:00 fall quickly on forward earnings.
• Margin expansion and operating leverage that reduce concern around the EV/EBITDA of 41.11 as of 2026-06-05T20:00:01+00:00.
• Stronger revenue visibility that supports the EV/Revenue of 5.81 as of 2026-06-05T20:00:01+00:00 and P/S Ratio of 5.61.

Risks that could compress the multiple:

• Earnings misses or estimate cuts, especially because the current P/E is already elevated.
• Margin pressure, which would make the high EV/EBITDA multiple harder to defend.
• Cyclical demand weakness or order volatility, which could undermine the growth assumptions embedded in the PEG ratio.

7. Precision Caveat

Market Cap of $17.41B as of 2026-06-05T20:00:01+00:00, Current Price of $167.62 as of 2026-06-05T20:00:01+00:00, P/E Ratio of 91.10 as of 2026-06-05T20:00:01+00:00, EV/Revenue of 5.81 as of 2026-06-05T20:00:01+00:00, and EV/EBITDA of 41.11 as of 2026-06-05T20:00:01+00:00 are approximate point-in-time snapshots. They are not static facts.

Small changes in quote timing, share count, enterprise value inputs, or trailing denominators can change these metrics. The valuation conclusion should be read directionally, not with false precision.

Management Guidance & Strategic Priorities

Management reiterated its FY2026 targets on May 27, 2026: $4.0 billion of revenue, 13%–15% non-GAAP operating margin, 16%–18% adjusted EBITDA margin, $300–$320 million of cash flow from operations, and slightly positive free cash flow. EPS guidance was not provided. Capex was not explicitly guided, and GAAP reconciliations were not provided due to uncertainty.

The explicit message is that TTMI expects a large revenue step-up, material margin improvement, and positive free cash flow despite heavy growth investment. That combination is central to the thesis: management is not merely guiding to growth, but to growth with better mix and enough cash generation to avoid a purely capital-consumptive expansion cycle.

The most material strategic priorities are advanced PCB capacity, data-center/networking demand, aerospace and defense growth, and supply-chain positioning. Syracuse Ultra-HDI production is expected to begin in 2H 2026, and together with Eau Claire and Penang, it supports a “U.S. + non-China + Asia” manufacturing footprint. That footprint matters for customers seeking advanced capability, domestic sourcing, supply-chain resiliency, or reduced China exposure.

Inferred upside, not explicit guidance, is that TTMI could become a scarce North American advanced PCB platform for AI infrastructure and defense electronics. The bull case depends on AI server complexity increasing PCB content, defense demand remaining durable, and new capacity ramping at acceptable yields. Management’s guidance supports the direction of travel, but does not prove that $4.0 billion becomes a durable base rather than a peak.

Competitive Position

TTMI’s defensibility is strongest in high-reliability, technically demanding markets such as aerospace, defense, data infrastructure, networking, medical, and industrial applications. These customers often require qualification processes, engineering collaboration, traceability, security standards, and product-specific manufacturing capability. That can create switching costs and gives TTMI more protection than a standard commodity PCB supplier.

The company’s North American manufacturing base and defense-related positioning are important differentiators. Customers with secure supply-chain, domestic-content, or reshoring priorities may value TTMI’s footprint over lower-cost offshore alternatives. This advantage is especially relevant if defense electronics, sensitive AI infrastructure, and advanced domestic PCB capacity remain supply-constrained.

However, TTMI is not insulated from competition. The PCB market remains fragmented and cost-competitive, and large Asian PCB manufacturers and vertically integrated electronics manufacturers can pressure pricing in higher-volume commercial applications. TTMI’s competitive advantage is therefore mix-dependent: it is more defensible in complex, high-reliability programs and less protected where customers prioritize cost and scale over security or technical differentiation.

Customer power is a central risk. A small number of large OEMs can drive a meaningful share of sales, and program timing, design wins, inventory digestion, or supplier changes can materially affect revenue. Even if TTMI is technically qualified, customers may delay ramps, dual-source, negotiate price, or shift volume as supply catches up.

Execution is the main constraint on the bull case. Syracuse, Eau Claire, and Penang must ramp with strong yields, quality, and customer qualification. The company is pursuing growth while guiding to only slightly positive FY2026 free cash flow, which leaves less room for capex overruns, demand slippage, or production inefficiencies. There is also a strategic contradiction: TTMI benefits from a domestic and non-China sourcing narrative, but still has meaningful international manufacturing exposure, leaving tariffs, export controls, geopolitical disruption, and supply restrictions as margin and execution risks.

Catalysts & Risks

The largest upside catalyst is sustained AI data-center demand. If next-generation AI servers require more complex, higher-value PCB content and TTMI retains key programs, revenue could exceed the FY2026 plan and margins could move toward or above the high end of the 16%–18% adjusted EBITDA margin range. The risk is an AI order air pocket: inventory digestion, slower hyperscale capex, platform transitions, or lost share could quickly reverse the growth premium.

The second catalyst is the Syracuse Ultra-HDI ramp in 2H 2026. A clean ramp would strengthen TTMI’s position as a scarce U.S. advanced PCB supplier and could improve mix, customer relevance, and strategic value. A poor ramp—delays, low yields, quality issues, or underutilization—would undermine the domestic-capacity thesis and pressure free cash flow.

Defense electronics are another major swing factor. A&D demand, supported by a large backlog, gives TTMI exposure to radar, missile defense, ISR, munitions, and secure electronics. These programs can be durable and technically sticky, but they are still subject to budgets, contract awards, clearances, program timing, and government procurement delays.

Margin inflection is the valuation catalyst tying the thesis together. If mix shifts toward AI/data-center and defense work, TTMI can defend higher margins. If AI PCB supply catches up, commercial pricing weakens, or new capacity under-earns, margins could normalize back toward a more cyclical components profile.

The key downside scenario is synchronized: AI demand slows just as TTMI expands capacity, a major customer reduces orders, tariffs or supply restrictions hit costs, and free cash flow falls below expectations. In that case, guidance credibility and valuation could reset sharply.

What to Monitor

1. Quarterly revenue versus near-term outlook, including whether Q2 exceeds the stated $930M–$970M range.
2. Book-to-bill, with sustained levels above 1.0 supporting the growth thesis.
3. Data Center + Networking revenue and margin trend, especially signs of AI demand slowing or pricing pressure.
4. Syracuse Ultra-HDI ramp milestones, including start of volume production in 2H 2026, yields, and customer qualifications.
5. A&D backlog and cash generation, specifically backlog versus the $1.6B level and FY2026 operating cash flow of $300M–$320M with slightly positive free cash flow.

Technical Snapshot

Weekly price data as of: 2026-06-05

Interactive Charts: Generated 2 technical charts: TTMI_price_technicals.html, TTMI_technical_indicators.html

9. Price History & Technicals

Latest Price Action

• Latest weekly adjusted close: $167.62
• The stock is down 3.5% over 1 week, but still up 6.6% over 1 month, 90.7% over 3 months, 127.3% over 6 months, and 404.6% over 1 year.
• Price remains close to its 26-week high of $189.92, currently about 11.7% below that level.
• The move has been extremely strong, but the recent weekly decline suggests some near-term profit-taking after a sharp advance.

Trend Analysis

• The primary trend is strongly bullish.
• Price is above all major moving averages: MA20 at $123.52, MA50 at $84.11, and MA200 at $34.23.
• The moving average structure is bullish, with shorter-term averages well above longer-term averages.
• However, price is extended well above the MA20 and MA50, which increases the risk of a pullback or consolidation.

Momentum Indicators

• RSI is 72.0, which is in overbought territory.
• This confirms strong upward momentum, but it also signals that the stock may be stretched in the short term.
• MACD is 26.910, above the signal line at 21.795, with a positive histogram of 5.115.
• The MACD reading is bullish and shows momentum remains positive, though traders should watch for histogram weakening as an early sign of momentum loss.

Support & Resistance

• Key 13-week support is $90.64, set on 2026-03-13.
• Key 13-week resistance is $189.92, set on 2026-05-22.
• The current price is much closer to resistance than support, showing that the stock remains near the top of its recent range.
• Near-term support may develop around the MA20 at $123.52, while deeper support sits near the MA50 at $84.11 and the 13-week support zone around $90.64.

Breakout / Breakdown Watch

• A move back toward $189.92 would test the recent high and determine whether upside momentum can continue.
• A sustained move above that level would indicate renewed breakout strength.
• A failure to hold above the MA20 would suggest the current uptrend is entering a corrective phase.
• A break below the $90–$85 area would represent a more serious deterioration in the medium-term trend.

Volatility Assessment

• Annualized volatility is 61.8%, which is high.
• This reflects large weekly price swings and elevated risk for short holding periods.
• High volatility can create wider trading ranges, larger gaps, and more sensitive stop-loss or risk-management levels.
• Options pricing may also reflect elevated implied risk if market expectations align with recent realized volatility.

Technical Risk Assessment

• Trend risk: The trend is strong, but sustainability risk is elevated because price is far above major moving averages.
• Support risk: Immediate support is not close to the current price, leaving room for a sharp pullback before key support is tested.
• Momentum risk: RSI at 72.0 shows overbought conditions; MACD remains bullish, but any narrowing of the histogram would be worth monitoring.
• Volatility risk: High annualized volatility increases the chance of abrupt reversals, even within a broader uptrend.

Technical Outlook

• The technical setup remains bullish, supported by strong price performance, positive moving average alignment, and a bullish MACD.
• Short-term risk is elevated due to overbought RSI conditions and the stock’s distance above its moving averages.
• The key technical question is whether price can consolidate above the MA20 or retest the $189.92 resistance zone.
• A controlled pullback would be healthier than continued vertical price action.

Price Data

• Historical price data: Alpha Vantage TIME_SERIES_WEEKLY_ADJUSTED API
• Website: https://www.alphavantage.co/
• Frequency: Weekly adjusted close prices, end of week
• Adjustments: Split and dividend adjusted
• Coverage: Multi-year historical data

• Current price and market metrics: Alpha Vantage OVERVIEW API

Technical Indicators

• Moving Averages: MA20, MA50, and MA200 calculated from historical weekly adjusted close price data
• RSI: Standard 14-period Relative Strength Index calculation
• MACD: Standard 12/26/9 Moving Average Convergence Divergence calculation
• Bollinger Bands: 20-period bands using 2 standard deviations
• Volume analysis: Based on reported trading volumes from Alpha Vantage

Performance Calculations

• Period returns: Calculated from weekly price data
• 1 month approximated as 4 weeks
• 3 months approximated as 13 weeks
• 6 months approximated as 26 weeks
• 1 year approximated as 52 weeks

• Volatility: Annualized standard deviation of weekly returns using the square root of 52 scaling factor

Investment Thesis

Bull Case 🚀

1. Accelerating revenue momentum — TTMI is benefiting from broad demand strength, with AI/data-center programs offering a clear path to higher-value PCB content and sustained top-line growth.
2. Strategic positioning in advanced PCB supply — Syracuse Ultra-HDI, Eau Claire, and Penang expansions could strengthen TTMI’s role as a key supplier for complex, non-China and U.S.-linked electronics manufacturing needs.
3. Operating leverage upside — If revenue growth converts into margins and free cash flow, TTMI could justify part of its premium valuation, especially if adjusted EBITDA margins move toward the 16%–18% target range.

Bear Case 📉

1. Valuation is already aggressive — P/E near 91, EV/EBITDA above 40, and P/S above 5 imply the market is pricing in a major earnings ramp with limited room for disappointment.
2. Profit conversion is not yet keeping pace — Revenue is strong, but recent earnings growth lagged sales growth, raising questions about incremental margins and mix quality.
3. Execution and cycle risk are high — AI demand could pause, customers could dual-source, and capacity ramps at Syracuse, Eau Claire, or Penang could face yield, cost, or qualification delays.

Thesis Scorecard

Thesis Breakers

• Margin deterioration despite revenue growth — If incremental operating margins remain weak or EBITDA margins miss the 16%–18% target range, the premium valuation becomes difficult to defend.
• AI demand air pocket or market-share loss — Slower hyperscale capex, inventory digestion, platform transitions, or customer dual-sourcing could quickly reverse the growth narrative.
• Failed capacity ramp — Delays, low yields, quality issues, or underutilization at Syracuse, Eau Claire, or Penang would weaken the strategic upside case and pressure cash flow.

Catalysts

• Near-term: Continued AI/data-center order strength, stronger backlog visibility, and evidence that revenue growth is converting into higher EBITDA and free cash flow.
• Near-term: Better-than-expected FY2026 execution, especially if free cash flow improves beyond the “slightly positive” outlook.
• Longer-term: Successful Syracuse Ultra-HDI ramp in 2H 2026, reinforcing TTMI’s position as a scarce U.S. advanced PCB supplier and improving mix quality.

Bottom Line

Overall Assessment: TTMI is a high-growth, strategically well-positioned PCB supplier, but the stock is richly valued and already prices in a strong earnings and margin ramp.

Key Monitoring Points:

• Incremental operating margin and free-cash-flow conversion as revenue scales.
• AI/data-center demand durability and execution of the Syracuse Ultra-HDI ramp.

Risk/Reward Profile: Upside exists if AI demand stays strong and new capacity ramps cleanly, but downside risk is meaningful because valuation leaves little margin of safety.

Final Take: TTMI has a credible growth story, but investors are paying a premium price for it. The stock requires strong execution, sustained AI demand, and improving cash conversion to remain attractive.