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Relative valuation derived from Technology sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 50GRADE C+
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
5.1%
Sector: -1.4%
Dividend Analysis audit
No Dividend
This company does not currently pay a dividend.
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, TTM TECHNOLOGIES INC (TTMI) receives a "Hold" rating with a composite score of 50.4/100, ranked #1800 out of 4446 stocks. Key factor scores: Quality 50/100, Value 49/100, Momentum 77/100. This is quantitative analysis only — not investment advice.
TTM TECHNOLOGIES INC (TTMI) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does TTM TECHNOLOGIES INC Do?
TTM Technologies, Inc., together with its subsidiaries, engages in the manufacture and sale of printed circuit boards (PCBs) worldwide. The company operates in two segments, PCB and RF&S Components. It offers PCB products, radio frequency (RF) components, conventional PCBs, RF and microwave circuits, high density interconnect PCBs, substrate-like PCBs, flexible PCBs, rigid-flex PCBs, custom assemblies and system integration products, IC substrates, passive RF components, advanced ceramic RF components, multi-chip modules, and beamforming and switching networks. The company also produces printed circuits with heavy copper cores, as well as embedded and press-fit coins; PCBs with electrically passive heat sinks; and PCBs with electrically active thermal cores. In addition, it offers value-added services, including RF design to specification capability, design for manufacturability, PCB layout design, simulation and testing, and quick turnaround services. The company serves original equipment manufacturers and electronic manufacturing services companies that primarily serve aerospace and defense, data center computing, automotive components, medical, industrial, and instrumentation related products sectors. TTM Technologies, Inc. was incorporated in 1978 and is headquartered in Santa Ana, California. TTM TECHNOLOGIES INC (TTMI) is classified as a large-cap stock in the Technology sector, specifically within the Electronic Equipment industry. The company is led by CEO Thomas T. Edman and employs approximately 17,800 people, headquartered in Costa Mesa, California. With a market capitalization of $10.1B, TTMI is one of the prominent companies in the Technology sector.
TTM TECHNOLOGIES INC (TTMI) Stock Rating — Hold (April 2026)
As of April 2026, TTM TECHNOLOGIES INC receives a Hold rating with a composite score of 50.4/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.TTMI ranks #1,800 out of 4,446 stocks in our coverage universe. Within the Technology sector, TTM TECHNOLOGIES INC ranks #197 of 584 stocks, placing it in the upper half of its Technology peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
TTMI Stock Price and 52-Week Range
TTM TECHNOLOGIES INC (TTMI) currently trades at $123.50. The stock gained $15.97 (14.9%) in the most recent trading session. The 52-week high for TTMI is $113.46, which means the stock is currently trading 8.8% from its annual peak. The 52-week low is $15.77, putting the stock 682.9% above its annual trough. Recent trading volume was 3.1M shares, reflecting moderate market activity.
Is TTMI Overvalued or Undervalued? — Valuation Analysis
TTM TECHNOLOGIES INC (TTMI) carries a value factor score of 49/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The trailing price-to-earnings ratio is 114.95x, compared to the Technology sector average of 45.27x — a premium of 154%. The price-to-book ratio stands at 5.85x, versus the sector average of 3.16x. The price-to-sales ratio is 3.81x, compared to 1.06x for the average Technology stock. On an enterprise value basis, TTMI trades at 64.62x EV/EBITDA, versus 12.79x for the sector.
Overall, TTMI's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.
TTM TECHNOLOGIES INC Profitability — ROE, Margins, and Quality Score
TTM TECHNOLOGIES INC (TTMI) earns a quality factor score of 50/100, indicating solid business quality with consistent operational execution. The return on equity (ROE) is 5.1%, compared to the Technology sector average of -1.4%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at 2.3% versus the sector average of -1.0%.
On a margin basis, TTM TECHNOLOGIES INC reports gross margins of 20.3%, compared to 50.9% for the sector. The operating margin is 6.0% (sector: -0.5%). Net profit margin stands at 2.8%, versus -1.5% for the average Technology stock. Revenue growth is running at 37.7% on a trailing basis, compared to 14.2% for the sector. The overall profitability profile is adequate, though there may be room for margin expansion.
TTMI Debt, Balance Sheet, and Financial Health
TTM TECHNOLOGIES INC has a debt-to-equity ratio of 52.0%, compared to the Technology sector average of 43.0%. Leverage is within a manageable range for the industry, though investors should monitor debt trends over time. The current ratio is 1.93x, suggesting adequate working capital coverage. Total debt on the balance sheet is $916M. Cash and equivalents stand at $491M.
TTMI has a beta of 2.01, meaning it is more volatile than the broader market — a $10,000 investment in TTMI would be expected to move 100.9% more than the S&P 500 on any given day. The stability factor score for TTM TECHNOLOGIES INC is 35/100, suggesting elevated price swings that may be unsuitable for conservative portfolios.
TTM TECHNOLOGIES INC Revenue and Earnings History — Quarterly Trend
In TTM 2026, TTM TECHNOLOGIES INC reported revenue of $2.70B and earnings per share (EPS) of $1.73. Net income for the quarter was $90M. Gross margin was 20.3%. Operating income came in at $174M.
In FY 2025, TTM TECHNOLOGIES INC reported revenue of $2.91B and earnings per share (EPS) of $1.73. Net income for the quarter was $177M. Gross margin was 20.7%. Revenue grew 30.2% year-over-year compared to FY 2024. Operating income came in at $265M.
In Q3 2025, TTM TECHNOLOGIES INC reported revenue of $753M and earnings per share (EPS) of $0.51. Net income for the quarter was $53M. Gross margin was 20.8%. Revenue grew 31.5% year-over-year compared to Q3 2024. Operating income came in at $72M.
In Q2 2025, TTM TECHNOLOGIES INC reported revenue of $731M and earnings per share (EPS) of $0.41. Net income for the quarter was $42M. Gross margin was 20.3%. Revenue grew 33.7% year-over-year compared to Q2 2024. Operating income came in at $62M.
Over the past 8 quarters, TTM TECHNOLOGIES INC has demonstrated a growth trajectory, with revenue expanding from $547M to $2.70B. Investors analyzing TTMI stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
TTMI Dividend Yield and Income Analysis
TTM TECHNOLOGIES INC (TTMI) does not currently pay a dividend. This is common among growth-oriented companies in the Electronic Equipment industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Technology dividend stocks may want to explore other Technology stocks or use the stock screener to filter by dividend yield.
TTMI Momentum and Technical Analysis Profile
TTM TECHNOLOGIES INC (TTMI) has a momentum factor score of 77/100, indicating strong price momentum with the stock outperforming the majority of the market over recent periods. Stocks with high momentum scores have historically tended to continue their outperformance in the near term. The investment factor score is 23/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 31/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
TTMI vs Competitors — Technology Sector Ranking and Peer Comparison
Within the Technology sector, TTM TECHNOLOGIES INC (TTMI) ranks #197 out of 584 stocks based on the Blank Capital composite score. This places TTMI in the upper half of all Technology stocks in our coverage universe. Key competitors and sector peers include IHS Holding Ltd (IHS) with a score of 55.0/100, VERISIGN INC/CA (VRSN) with a score of 56.0/100, ESCO TECHNOLOGIES INC (ESE) with a score of 51.7/100, CareCloud, Inc. (CCLD) with a score of 46.9/100, and MMTec, Inc. (MTC) with a score of 47.4/100.
Comparing TTMI against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full TTMI vs S&P 500 (SPY) comparison to assess how TTM TECHNOLOGIES INC stacks up against the broader market across all factor dimensions.
TTMI Next Earnings Date
No upcoming earnings date has been announced for TTM TECHNOLOGIES INC (TTMI) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy TTMI? — Investment Thesis Summary
TTM TECHNOLOGIES INC presents a balanced picture with arguments on both sides. Price momentum is positive at 77/100, suggesting the trend favors buyers. High volatility (stability score 35/100) increases portfolio risk.
In summary, TTM TECHNOLOGIES INC (TTMI) earns a Hold rating with a composite score of 50.4/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on TTMI stock.
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Institutional Research Dossier
TTM TECHNOLOGIES INC (TTMI) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
TTM Technologies currently holds a BCR Action Rating of Hold, a position that appears justified given the company's mixed financial performance and valuation. While TTM has demonstrated strong revenue growth and improving profitability metrics in recent periods, concerns remain regarding its free cash flow generation and relatively high debt levels. The company's exposure to cyclical industries and the competitive landscape of the PCB market further contribute to the neutral rating.
The key takeaway is that TTM is undergoing a transformation, shifting towards higher-value, more specialized PCB solutions, particularly in the aerospace and defense sectors. This strategic pivot has driven revenue growth and margin expansion, but the company's ability to consistently generate free cash flow and manage its debt will be crucial in determining its long-term success. Investors should closely monitor these factors before considering a more bullish stance.
Business Strategy & Overview
TTM Technologies operates as a manufacturer of printed circuit boards (PCBs) and radio frequency (RF) components, serving a diverse range of industries including aerospace and defense, data center computing, automotive, medical, and industrial sectors. The company's strategy revolves around providing advanced PCB solutions, including high-density interconnect PCBs, substrate-like PCBs, flexible PCBs, and rigid-flex PCBs, catering to the increasing demand for miniaturization and higher performance in electronic devices. TTM also offers value-added services such as RF design, PCB layout design, simulation, and testing, aiming to strengthen customer relationships and capture a larger share of the value chain.
A key aspect of TTM's strategy is its focus on the aerospace and defense sector, which offers higher margins and greater stability compared to other end markets. The company has been actively investing in expanding its capabilities and capacity to serve this sector, positioning itself to benefit from the increasing demand for advanced electronic systems in military and commercial aircraft, radar systems, and other defense applications. This strategic shift is evident in the company's recent revenue growth and margin expansion, as the aerospace and defense segment contributes a larger portion of its overall revenue.
TTM's product pipeline includes the development of more advanced PCB technologies, such as embedded components and advanced materials, to meet the evolving needs of its customers. The company also focuses on improving its manufacturing processes and operational efficiency to reduce costs and enhance its competitiveness. Furthermore, TTM actively pursues strategic acquisitions to expand its product portfolio, geographic reach, and technological capabilities. These acquisitions allow TTM to enter new markets, acquire new technologies, and consolidate its position in the PCB industry.
The PCB industry is highly competitive, with numerous players ranging from large global manufacturers to smaller regional suppliers. TTM competes with companies such as Sanmina Corporation, Viasystems Group, and Unimicron Technology Corporation. The industry is also subject to cyclical fluctuations, as demand for PCBs is closely tied to the overall economic conditions and the performance of the electronics industry. TTM's ability to differentiate itself through its advanced technology, value-added services, and strong customer relationships is crucial for its long-term success in this competitive environment.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
37.7%
Sector: 14.2%
+165% VS SCTR
Economic Moat Analysis
TTM Technologies possesses a narrow economic moat, primarily derived from intangible assets and switching costs. The company's expertise in manufacturing advanced PCBs, particularly for the aerospace and defense sector, creates a barrier to entry for competitors. These specialized PCBs require significant technical know-how, specialized equipment, and rigorous quality control processes, which are difficult to replicate. This expertise is further reinforced by long-standing relationships with key customers in the aerospace and defense industry, who value TTM's reliability and track record.
Switching costs also contribute to TTM's narrow moat. Once a customer has designed its electronic systems around TTM's PCBs, switching to a different supplier can be costly and time-consuming. It requires redesigning the system, re-qualifying the new supplier, and potentially incurring additional testing and certification costs. This creates a degree of customer stickiness, particularly in industries where reliability and performance are critical, such as aerospace and defense.
However, TTM's moat is not particularly wide due to the competitive nature of the PCB industry and the availability of alternative suppliers. While TTM has a strong position in certain niche markets, it faces competition from larger, more diversified PCB manufacturers who can offer a broader range of products and services. Furthermore, the PCB industry is subject to technological disruptions, as new materials and manufacturing processes emerge, potentially eroding TTM's competitive advantage.
The company's focus on the aerospace and defense sector helps to strengthen its moat, as this industry has higher barriers to entry and greater customer loyalty compared to other end markets. However, TTM's reliance on this sector also exposes it to risks related to government spending and geopolitical events. Overall, TTM's narrow moat provides some degree of protection against competition, but it is not insurmountable, and the company must continue to innovate and invest in its capabilities to maintain its competitive advantage.
Financial Health & Profitability
TTM Technologies' financial health presents a mixed picture. The company has demonstrated strong revenue growth in recent periods, with FY2025 revenue reaching $2.91 billion, a significant increase from $2.23 billion in FY2024. This growth is primarily driven by the company's strategic focus on the aerospace and defense sector and its ability to capture market share in this high-growth area. The company's gross margin has also improved, reaching 20.7% in FY2025, compared to 18.5% in FY2024, indicating improved operational efficiency and a shift towards higher-margin products.
However, TTM's profitability metrics remain relatively low compared to the technology sector average. The company's net margin of 2.8% in FY2025 is significantly lower than the sector average of -1.5%. While TTM's operating margin of 6.0% is higher than the sector average of -0.5%, it is still relatively low compared to other companies in the electronic equipment industry. This suggests that TTM needs to further improve its cost structure and operational efficiency to enhance its profitability.
TTM's balance sheet is characterized by a relatively high level of debt. The company's total debt of $916.15 million is significantly higher than its total cash of $491.12 million. The company's debt-to-equity ratio of 52.00 is also higher than the sector average of 43.00. This high level of debt could constrain TTM's ability to invest in future growth opportunities and could increase its vulnerability to economic downturns. However, the company's current ratio of 1.93 indicates that it has sufficient liquidity to meet its short-term obligations.
A significant concern is TTM's negative free cash flow of -$71.37 million. This indicates that the company is not generating enough cash from its operations to cover its capital expenditures and other cash outflows. This negative free cash flow could put pressure on the company's balance sheet and could limit its ability to repay its debt. The quarterly financial history shows inconsistent FCF generation, highlighting a need for improved cash management. The company's ROE of 5.1% is positive but still lags the sector average of -1.5%, indicating room for improvement in generating returns for shareholders.
Valuation Assessment
TTM Technologies' valuation appears to be fair, but not necessarily compelling, based on its current financial performance and growth prospects. The company's P/E ratio of 52.9x is higher than the technology sector average of 45.3x, suggesting that the stock is relatively expensive compared to its peers. However, the company's EV/EBITDA ratio of 9.8x is lower than the sector average of 13.0x, indicating that the stock may be undervalued on an enterprise value basis.
The high P/E ratio reflects investors' expectations for future earnings growth, driven by the company's strategic focus on the aerospace and defense sector and its ability to capture market share in this high-growth area. However, the company's relatively low profitability metrics and negative free cash flow raise concerns about its ability to sustain its current growth rate and justify its high valuation.
A discounted cash flow (DCF) analysis would be necessary to determine the intrinsic value of TTM's stock. However, given the company's negative free cash flow and high level of debt, it is difficult to justify a significantly higher valuation than its current market price. The company's valuation is also sensitive to changes in interest rates and economic conditions, as higher interest rates could increase its borrowing costs and lower economic growth could reduce demand for its products.
Overall, TTM's valuation appears to be fair, but not necessarily a bargain. The stock is trading at a premium to its peers based on its P/E ratio, but it may be undervalued on an enterprise value basis. Investors should carefully consider the company's growth prospects, profitability metrics, and balance sheet leverage before making an investment decision. The Hold rating reflects this balanced view, acknowledging the company's growth potential while also recognizing the risks associated with its valuation and financial health.
Risk & Uncertainty
TTM Technologies faces several specific risks that could impact its financial performance and valuation. One of the primary risks is its reliance on the aerospace and defense sector. While this sector offers higher margins and greater stability, it is also subject to government spending cuts and geopolitical events. A significant reduction in defense spending or a major geopolitical conflict could negatively impact TTM's revenue and profitability.
Another risk is the competitive nature of the PCB industry. TTM faces competition from larger, more diversified PCB manufacturers who can offer a broader range of products and services. The industry is also subject to technological disruptions, as new materials and manufacturing processes emerge. TTM must continue to innovate and invest in its capabilities to maintain its competitive advantage.
TTM's high level of debt also poses a risk. The company's total debt of $916.15 million is significantly higher than its total cash of $491.12 million. This high level of debt could constrain TTM's ability to invest in future growth opportunities and could increase its vulnerability to economic downturns. Furthermore, rising interest rates could increase the company's borrowing costs and further strain its financial resources.
Finally, TTM's negative free cash flow is a significant concern. This indicates that the company is not generating enough cash from its operations to cover its capital expenditures and other cash outflows. This negative free cash flow could put pressure on the company's balance sheet and could limit its ability to repay its debt. The company needs to improve its cash management and operational efficiency to generate positive free cash flow.
Bulls Say / Bears Say
The Bull Case
BULL VIEWTTM's strategic focus on the high-growth aerospace and defense sector will drive revenue growth and margin expansion in the coming years.
BULL VIEWThe company's expertise in manufacturing advanced PCBs and its strong customer relationships create a competitive advantage that will allow it to capture market share.
BULL VIEWTTM's recent acquisitions will expand its product portfolio and geographic reach, further strengthening its position in the PCB industry.
The Bear Case
BEAR VIEWTTM's high level of debt and negative free cash flow pose a significant risk to its financial stability and could limit its ability to invest in future growth.
BEAR VIEWThe competitive nature of the PCB industry and the potential for technological disruptions could erode TTM's competitive advantage and negatively impact its profitability.
BEAR VIEWA significant reduction in defense spending or a major geopolitical conflict could negatively impact TTM's revenue and profitability, given its reliance on the aerospace and defense sector.
About the Author
Marques Blank
Founder & Chief Investment Officer, Blank Capital
Marques brings 15 years of institutional finance and investing experience, having overseen financial planning for a $1.6B defense business unit. He developed the proprietary 6-factor quantitative model used to score TTMI and 4,400+ other equities.
TTM TECHNOLOGIES INC exhibits a 226% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
2.3%
Sector: -1.0%
Gross Margin
Pricing power and cost efficiency
20.3%
Sector: 50.9%
Operating Margin
Core business profitability
6.0%
Sector: -0.5%
Net Margin
Bottom-line profitability
2.8%
Sector: -1.5%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
A Look At TTM Technologies (TTMI) Valuation After AI-Fueled Growth And New Institutional Buying
TTM Technologies (TTMI) is back on investor radar after Park West Asset Management and Metavasi Capital acquired positions, as the company reports revenue growth tied to AI demand and attracts increased attention from Wall Street research desks.
See our latest analysis for TTM Technologies.
After a sharp move higher in late March around the Park West and Metavasi stake disclosures, TTM Technologies’ 90 day share price return of 38.05% and very large five year total shareholder return suggest...
