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what it is
TTM makes the circuit boards and electronics guts that let servers, defense gear, and other complex machines actually work.
how it gets paid
Last year Ttm Technologies made $2.9B in revenue. printed circuit boards was the main engine at $1.74B, or 60% of sales.
why it's growing
Revenue grew 19.0% last year. Annual revenue reached $2.9B, up 19.0% vs. prior year.
what just happened
TTM reported Q4 2025 net sales of about $774M and non-GAAP EPS of $0.70, with FY net sales up about 19% vs. the prior year.
At a glance
B+ balance sheet — decent shape, but not bulletproof
75/100 earnings predictability — reasonably predictable
39.3x trailing p/e — you're paying up for this one
13.5% return on capital — nothing to write home about
xvary composite: 72/100 — average
What they do
TTM makes the circuit boards and electronics guts that let servers, defense gear, and other complex machines actually work.
TTM wins because customers want one supplier from prototype to volume production, and delays cost real money. If your server board or defense system slips, your launch slips too. That one-stop model, plus 18,200 employees and specialized factories in North America and China, makes switching painful.
How they make money
$2.9B
annual revenue · their business grew +19.0% last year
printed circuit boards
$1.74B
quick-turn and advanced technology boards
$0.58B
electro-mechanical solutions
$0.35B
engineering and prototype services
$0.23B
The products that matter
manufactures and sells circuit boards
Printed Circuit Boards
$1.74B segment · ~60% of FY sales
printed circuit boards are the largest revenue line inside the ~$2.9B company total, and FY sales grew about 19% last year.
core
provides integrated assemblies
Electro-Mechanical Solutions
part of the $2.9B revenue base
this sits inside the same $2.9B revenue pool, but it matters because the whole company only keeps 10.1% of sales as profit. better mix matters.
margin support
rapid prototyping and production
Quick-Turn Manufacturing
service layer inside a $2.9B business
speed is the value here. when return on equity is 21%, getting customers to pay for fast turnaround instead of pure volume pricing helps defend that efficiency.
customer stickiness
Key numbers
39.3x
trailing p/e
P/E → price-to-earnings → how many years of profit you are paying for. At 39.3x, you are paying a growth-stock multiple after FY net sales grew about 19%.
$912M
long-term debt
Debt → borrowed money → the bill still shows up when demand cools. TTMI's long-term debt is $912M, or 8% of capital, which is manageable but not tiny.
17.5%
operating margin
Operating margin → profit left after running the business → how much breathing room management has. At 17.5%, cost cuts are finally showing up in the numbers.
13.5%
return on capital
Return on capital → profit on invested money → whether growth is actually worth it. TTMI earns 13.5%, which is decent, not elite.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 30 / 100
- long-term debt $912M (8% of capital)
- net profit margin 10.3% — keeps 10 cents of every dollar in revenue
- return on equity 20% — $0.20 profit for every $1 investors have put in
B+ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in TTMI 3 years ago → it's now worth $72,730.
The index would have given you $14,540.
source: institutional data · total return
What just happened
beat estimates
TTM reported $774M in Q4 2025 net sales and non-GAAP EPS of $0.70, with FY net sales up about 19%.
FY 2025 net sales reached about $2.9B, up about 19% vs. the prior year. Q4 non-GAAP EPS of $0.70 compared with the then-current consensus around $0.65; GAAP diluted EPS was $0.48 for the quarter.
$774M
Q4 net sales
$0.70
non-GAAP EPS
20.4%
gross margin
the number that mattered
Revenue growth of 19.0% matters most because it shows this is not just a cost-cut story anymore.
-
ttm technologies stock hit its historical high in early 2026.
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at the recent quotation, ttmi shares increased almost 30% since our mid-december report, adding gains to a notable late-year ascension.
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a solid conclusion to 2025 likely emboldened the investment community.during the fourth-quarter and full-year periods, sales and earnings increased at double-digit clips, to $774.3 million and $2.91 billion, and $0.70 and $2.46 a share, respectively. a favorable product mix and pricing initiatives helped drive the top line, with the aerospace and defense, data center and computing, and medical industrial & instrumentation divisions leading the way, though all units posted gains versus the prior year. the bottom-line momentum was stoked by healthy sales trends as well as innovations within high-margin arenas.
-
ongoing cost-savings actions also helped boost profitability.
-
the company is well positioned for further growth in 2026 and 2027.
source: company earnings report, 2026
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What could go wrong
the top threat is tariff and trade exposure in a globally sourced PCB supply chain.
med
tariff and trade exposure
PCB manufacturing lives inside a global supply chain. If tariffs, freight costs, or sourcing friction move the wrong way, TTMI does not have software-like margins to hide behind.
A 1-point hit to margin on $2.9B of revenue is roughly $29M of profit pressure.
med
growth normalization
Last year's 19.0% growth is strong. The stock's 39.3x trailing p/e says the market expects more of it. If growth cools, the multiple can cool faster.
At $96.80, you're still paying about 32.3x this year's $3.00 EPS estimate.
med
cyclicality with real debt attached
A B+ balance sheet is fine in a good demand environment. It feels less comfortable with $912M of long-term debt if electronics demand weakens.
Debt is 8% of capital today. Manageable, but not invisible.
These risks all hit the same place: a business earning 10.1% net margins on $2.9B of revenue while trading at 39.3x trailing earnings does not have much room for operational slippage.
source: institutional data · regulatory filings · risk analysis
Pay attention to
risk
gross margin versus tariff pressure
TTMI only keeps 10.1% of revenue as net profit. You do not need a giant cost shock for earnings to feel it.
metric
whether 19% growth can stay elevated
The current valuation assumes last year's pace was not a one-off. Slower growth changes the math fast.
calendar
the next earnings print
Look for revenue, EPS, and margin together. In this stock, one good number without the others is not enough.
trend
institutional buying after the run-up
Three straight quarters of net buying helped the story. You want to see that support hold after the stock's move.
Analyst rankings
short-term outlook
top 5%
momentum score 1 — the highest rating. in human-speak, analysts think TTMI has better near-term upside than almost every stock they cover.
risk profile
average
stability score 3 — middle-of-the-road risk. not a bunker stock, not a casino chip.
chart momentum
average
technical score 3 — the chart is constructive, but it is not sending an extreme signal beyond the strong recent move.
earnings predictability
75 / 100
guidance is reasonably reliable. you usually do not get wild quarterly surprises here.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 179 buyers vs. 141 sellers in 4q2025. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$59
$171
$97
current price
$115
target midpoint · +19% from current · 3-5yr high: $100 (+5% · 1% ann'l return)
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