stockrow
Saturday 7 November 2026
Export TTMI’s income statement to Excel — free account
TTM Technologies, Inc.
TTMI Technology Electronic Components
TTM Technologies, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.9 billion, up 19.0% from fiscal 2024.
- Revenue
- +59.9%
- EPS
- +56.9%
- Free cash flow
- +75.7%
- Total debt
- +79.3%
Quarter to September 2026, against a year earlier
66.38
4.16
+6.69%
Follow TTMI
Alert me
Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 2,533 | 2,659 | 2,238 | 2,133 | 2,105 | 2,249 | 2,495 | 2,233 | 2,443 | 2,906 | 3,828 | +1.5% | 4,474 | 6,587 | 7,595 | +37.7% | |
| Gross margin, % | 16.72 | 16.16 | 17.99 | 17.68 | 17.05 | 16.54 | 18.35 | 18.51 | 19.54 | 20.70 | 22.22 | +4.0 pt | ||||||
| EBT | 67 | 140 | 47 | 34 | (46) | 70 | 183 | 0 | 84 | 210 | 343 | +13.6% | ||||||
| EBT margin, % | 2.64 | 5.26 | 2.11 | 1.61 | (2.20) | 3.12 | 7.33 | 0.01 | 3.44 | 7.24 | 8.97 | +4.6 pt | ||||||
| Net income | 36 | 125 | 174 | 41 | 178 | 54 | 95 | (19) | 56 | 177 | 269 | +19.5% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 25.31 | 26.17 | 21.65 | 20.28 | 19.79 | 21.15 | 24.44 | 21.73 | 24.00 | 28.33 | 36.23 | +1.3% | |||||
| Earnings | 0.35 | 1.22 | 1.68 | 0.39 | 1.67 | 0.51 | 0.93 | (0.18) | 0.55 | 1.73 | 2.57 | +19.4% | ||||||
| Cash flow | 2.98 | 3.28 | 2.64 | 2.97 | 2.70 | 1.66 | 2.67 | 1.82 | 2.33 | 2.84 | 3.18 | (0.5%) | ||||||
| Capex | (0.81) | (1.22) | (1.45) | (1.29) | (0.96) | (0.76) | (0.95) | (0.95) | (1.44) | (2.84) | (2.90) | +14.9% | ||||||
| Free cash flow | 2.17 | 2.05 | 1.19 | 1.67 | 1.74 | 0.90 | 1.72 | 0.87 | 0.89 | 0.00 | 0.28 | (57.4%) | ||||||
| Book value | 8.28 | 9.96 | 11.87 | 12.16 | 13.58 | 13.69 | 15.04 | 14.71 | 15.36 | 17.18 | 19.33 | +8.4% | ||||||
| Shares, m | 100 | 102 | 103 | 105 | 106 | 106 | 102 | 103 | 102 | 103 | 104 | +0.3% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 38.28 | 13.00 | 5.79 | 38.59 | 7.80 | 29.22 | 16.26 | 0.00 | 45.00 | 39.88 | 25.83 | 23.4 | |||||
| P/S | 0.54 | 0.61 | 0.45 | 0.74 | 0.70 | 0.70 | 0.62 | 0.72 | 1.03 | 2.44 | 1.83 | 0.9 | ||||||
| P/B | 1.66 | 1.59 | 0.82 | 1.24 | 1.02 | 1.09 | 1.01 | 1.06 | 1.61 | 4.02 | 3.43 | 1.5 | ||||||
| EV/Sales | 0.85 | 0.82 | 1.00 | 1.26 | 0.89 | 0.88 | 0.83 | 0.93 | 1.20 | 2.58 | 2.03 | 1.1 | ||||||
| EV/FCF | 9.88 | 10.46 | 18.17 | 15.23 | 10.11 | 20.61 | 11.76 | 23.14 | 32.32 | 76,471.21 | 263.09 | 7,662.3 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 298 | 333 | 273 | 312 | 287 | 177 | 273 | 187 | 237 | 292 | 336 | (0.2%) | |||||
| Capex | (81) | (124) | (150) | (136) | (103) | (81) | (97) | (98) | (146) | (292) | (306) | +15.2% | ||||||
| Free cash flow | 217 | 209 | 123 | 176 | 185 | 96 | 176 | 89 | 91 | 0 | 30 | (57.5%) | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 324 | 501 | 534 | 396 | 731 | 849 | 732 | 726 | 798 | 893 | 1,188 | +11.9% | |||||
| Net debt | 763 | 571 | 1,236 | 1,096 | 399 | 397 | 527 | 468 | 414 | 415 | 768 | (6.6%) | ||||||
| Shareholders’ equity | 829 | 1,011 | 1,227 | 1,279 | 1,444 | 1,455 | 1,536 | 1,511 | 1,564 | 1,762 | 2,042 | +8.7% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 1.36 | 4.70 | 5.56 | 1.18 | 5.50 | 1.84 | 2.98 | (0.56) | 1.66 | 4.85 | 5.78 | +3.5 pt | |||||
| ROIC | 6.81 | 8.40 | 3.02 | 2.88 | 0.95 | 4.25 | 6.38 | 1.34 | 3.67 | 7.60 | 9.44 | +0.8 pt | ||||||
| ROE | 4.21 | 13.50 | 15.51 | 3.30 | 13.04 | 3.75 | 6.32 | (1.23) | 3.66 | 10.67 | 14.34 | +6.5 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 28,360 | 29,000 | 27,000 | 25,700 | 16,700 | 16,100 | 17,800 | 15,800 | 16,400 | 18,200 | — | (4.8%) | |||||
| Revenue/emp, $m | 0.09 | 0.09 | 0.08 | 0.08 | 0.13 | 0.14 | 0.14 | 0.14 | 0.15 | 0.16 | — | +6.7% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Total Industry | 2,918 | 100.41% |
|---|---|---|
| Gross margin | 20.70% | |
| Operating margin | 9.11% | |
| Pre-tax margin | 7.24% |
TTM Technologies, Inc. vs peers in Electronic Components (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| FN Fabrinet | $10.5B | 24.4× | 18.7× | +50.74% (above 0%: growing) | +7.68% (above 0%: growing) | −340.60% (below 0%: shrinking) | 11.79% | 9.90% | Compare |
| LFUS Littelfuse, Inc. | $8.9B | 263× | 23.3× | +22.75% (above 0%: growing) | +62.22% (above 0%: growing) | +57.67% (above 0%: growing) | 41.55% | 20.00% | Compare |
| SANM Sanmina Corporation | $7.0B | 23.6× | 23.5× | +69.67% (above 0%: growing) | +69.53% (above 0%: growing) | −85.58% (below 0%: shrinking) | 10.49% | 6.39% | Compare |
| RAL Ralliant Corporation | $7.0B | — (loss-making) | 31.4× | +17.20% (above 0%: growing) | +122.03% (above 0%: growing) | −19.51% (below 0%: shrinking) | 53.15% | 18.95% | Compare |
| TTMI TTM Technologies, Inc. | $6.6B | 25.8× | 23.2× | +59.93% (above 0%: growing) | +56.86% (above 0%: growing) | +75.69% (above 0%: growing) | 24.24% | 13.48% | |
| VICR Vicor Corporation | $6.2B | 37.1× | 48.0× | +78.51% (above 0%: growing) | +117.46% (above 0%: growing) | −1.05% (below 0%: shrinking) | 68.33% | 36.60% | Compare |
| PLXS Plexus Corp. | $5.0B | 25.3× | 29.9× | +34.79% (above 0%: growing) | +34.66% (above 0%: growing) | −93.43% (below 0%: shrinking) | 10.23% | 6.05% | Compare |
| OLED Universal Display Corporation | $3.9B | 17.8× | 19.2× | +14.91% (above 0%: growing) | +85.55% (above 0%: growing) | +13.75% (above 0%: growing) | 73.15% | 33.48% | Compare |
| OSIS OSI Systems, Inc. | $3.0B | 21.1× | 18.7× | +4.90% (above 0%: growing) | +30.97% (above 0%: growing) | +274.38% (above 0%: growing) | 30.68% | 8.32% | Compare |
| Median of peers | $6.6B | 24.4× | 23.4× | +28.77% | +65.88% | −10.28% | 36.11% | 14.43% |
From the latest earnings call
- CEO Edwin Roks said N+M boards accounted for about 30% of data center and networking activity and could reach about 50% in 2027.
- Roks said TTM plans an additional $400 million capacity investment, primarily for N+M, beginning in the fourth quarter of 2026 and continuing into early 2028.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
92.61%
Held by the ten largest
44.66%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 11.16m | 10.59% | −532.27k |
| BlackRock | 10.98m | 10.42% | −2.66m |
| Whale Rock Capital Management LLC | 4.23m | 4.02% | +716.02k |
| Invesco | 4.18m | 3.97% | −994.64k |
| State Street | 3.30m | 3.13% | −517.17k |
| Jane Street | 2.76m | 2.62% | +1.92m |
| LONE PINE CAPITAL LLC | 2.74m | 2.60% | +2.74m |
| Dimensional Fund Advisors | 2.65m | 2.51% | −1.67m |
| Fidelity (FMR) | 2.54m | 2.41% | +30.23k |
| Geode Capital Management | 2.52m | 2.39% | −633.38k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 19 March 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 8.78m | 29.13m | 518.00 |
| 2024 | 5.41m | 4.16m | 180.00 |
| 2023 | 4.00m | 3.38m | 110.00 |
| 2022 | 2.60m | 2.36m | 110.00 |
Ownership
Directors and executive officers, together
1.30%
BlackRock, Inc.
14.80%
The Vanguard Group
13.00%
Dimensional Fund Advisors, L.P.
5.60%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
TTM Technologies, Inc. (TTMI) Latest News
27 Oct
23 Oct
22 Oct
19 Oct
13 Oct
TTMI metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
TTM Technologies designs and manufactures electronic hardware, including printed circuit boards, radio-frequency components, assemblies and complete mission systems. Founded in 1998, it is headquartered in Santa Ana, California. Edwin Roks is president and chief executive officer.
A printed circuit board, or PCB, connects electronic components within a device. TTM makes boards for equipment ranging from data center servers and networking gear to medical devices, vehicles and defense systems. Its offerings include multilayer boards for complex circuits, flexible and rigid-flex boards for compact spaces, and high-density boards that fit more connections into a small area. It also makes substrates that connect integrated circuits to circuit boards.