TTM Technologies, Inc. (TTMI) Business Profile

What it does

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.

Beyond boards, TTM designs and manufactures radio-frequency and microwave components and assemblies used in radar, communications and other wireless applications. Its engineered systems include surveillance, communications and radar equipment for aircraft, ships and other platforms. Customers include electronics manufacturers, companies that manufacture equipment for other brands, distributors and government agencies.

TTM offers design, engineering, testing and manufacturing services alongside its products. It works with customers from initial design and prototype production through larger-volume manufacturing. At the end of 2025, it operated 24 specialized facilities in North America and Asia and had approximately 18,200 employees worldwide.

How it makes money

TTM generates revenue by selling custom circuit boards, engineered systems, radio-frequency components and electronic assemblies. Some work begins with customer-supplied designs; other contracts cover design and manufacture of intelligence, surveillance and communications systems. Product orders generally follow customers’ production schedules and are supported by firm purchase orders.

Revenue: approximately $2.9 billion in 2025; $1.2 billion in the third quarter of 2026.

The company reports three segments. Aerospace and Defense, or A&D, includes domestic systems, subsystems and PCB manufacturing facilities. Commercial makes PCBs at facilities in North America and Asia. RF&S Components manufactures radio-frequency components in the United States and China. Commercial segment sales were $1.6 billion in FY2025, while A&D sales were $1.3 billion and RF&S Components sales were $40.0 million.

TTM offers quick-turn manufacturing for customers with urgent development schedules. It receives premium pricing for meeting critical time requirements, including on custom-fabricated PCBs and prototypes. As a customer moves from prototype to production, TTM can also manufacture larger quantities. For indirect sales through electronics manufacturing services providers, TTM often negotiates price and volume directly with the equipment brand.

For custom PCBs and engineered systems, TTM recognizes revenue progressively as it incurs costs because the work is built to customer specifications and the company has an enforceable right to payment for work performed. It recognizes revenue for certain other components, assemblies and systems when control transfers to the customer. Orders and long-term contracts can support work over time, although orders and deliveries follow customer schedules.

Customers and how it sells

TTM serves approximately 1,300 customers, including original equipment manufacturers, electronics manufacturing services providers, original design manufacturers, distributors and government agencies. It supplies the U.S. government primarily as a subcontractor, while also selling directly to domestic and allied foreign government agencies. Its engineered systems are sold primarily to aerospace and defense customers, generally through major subcontractors.

Aerospace and defense accounted for 44.1% of FY2025 revenue, and data center computing accounted for 23.5%. The five largest equipment-brand customers collectively represented approximately 44% of net sales for the year ended December 29, 2025. Two customers collectively represented 23% in that year. TTM also reported that sales to electronics manufacturing services companies represented approximately 30% of net sales for the year ended December 29, 2025.

TTM sells directly and through manufacturing partners. Although the contract may be with a manufacturing or design services provider, TTM typically negotiates price and volume with the equipment brand. Its sales force supports customers across North America, Europe, Asia and the Middle East.

United States revenue was $1.6 billion, or 53.5% of FY2025 revenue; Taiwan revenue was $257.0 million. TTM’s manufacturing footprint includes facilities in the United States, China, Malaysia and Canada. In 2026, it acquired Swiss Technology Group, now called TTM Switzerland.

Suppliers and costs

For circuit boards, TTM buys copper-clad laminates, plating chemicals and metals, photographic film, drill bits and materials for testing fixtures. Most of these raw materials are generally available from numerous suppliers. Its systems and assembly businesses also buy components such as substrates, connectors, capacitors, resistors and integrated circuits; many are custom-made and come from customer-approved vendors. Some components for backplane and other PCB assemblies have limited or sole sources.

TTM generally uses just-in-time purchasing to keep raw-material inventory low. It also seeks alternative suppliers, although availability of PCB materials can vary with supply and demand. In the third quarter of 2026, TTM said material lead times were rising, particularly requiring attention in data center and networking, and that customers were absorbing price increases.

Manufacturing costs include materials, labor, outside services and overhead, as well as shipping and handling. Product mix, production volume, supply-chain costs and manufacturing yield affect gross margin. The company has high fixed operating costs, so lower factory utilization can leave sales insufficient to cover overhead. Its quick-turn facilities are generally scheduled below full capacity so they can respond to unexpected orders.

Competitive position

The PCB market is fragmented and intensely competitive. Many of TTM’s PCB competitors are based in China and Taiwan, while competitors in engineered radio-frequency assemblies and systems are largely based in the United States and Europe. Customers consider technical capabilities, capacity, price, service, reliability, quality and location when selecting a supplier.

In A&D, TTM identifies BAE Systems, Curtiss-Wright, Leonardo DRS, Mercury Systems and Sanmina as principal competitors. Commercial PCB competitors include AT&S, Unimicron and Victory Giant Technology. In RF&S Components, named competitors include AMD, MACOM, Microchip Technology, Qorvo and Silicon Laboratories.

TTM combines design, prototype, manufacturing and testing services, and can move commercial customers from development to volume production at facilities in China or Malaysia. It has also passed equipment-maker and government certification processes for aerospace and defense work, where certain U.S. government programs require facility security clearances. Its ten largest customers have relationships with TTM exceeding ten years.

Our reading: Design-to-production services and established customer relationships provide a meaningful source of customer attachment, but do not prevent customers from using other suppliers. Our reading: Defense qualifications and security requirements offer another source of protection, although competitors can also meet customer requirements. Our reading: Manufacturing know-how matters, but the company’s admission that its process technology generally lacks significant proprietary protection limits that advantage.

Growth opportunities

TTM is investing in advanced interconnect capacity for data center, networking and aerospace and defense customers. Its products address demand for more complex boards as electronics require faster data transmission, smaller packaging and lower power consumption. In 2025, Commercial segment sales increased 24.3%, driven by data center and networking demand associated with generative AI and a recovery in medical, industrial and instrumentation markets.

In the third quarter of 2026, data center and networking sales grew 115% year on year, with TTM attributing the increase to the ramp of its N+M asymmetrical PCBs and customer demand. The company announced an additional $400 million planned investment, expected to begin in the fourth quarter of 2026 and continue into early 2028, primarily to support data center and networking production. It is also investing in an innovation center at Eau Claire, Wisconsin, focused on technologies including passive components and embedded optics.

TTM is expanding through acquisitions as well. It closed its EPIC Solutions acquisition on September 30, 2026, and agreed to acquire Ophir for $650 million in cash. TTM expects Ophir to add optical capabilities alongside its existing sensing and communications products. It expects the transaction to close in the second quarter of 27, subject to regulatory approvals and customary conditions.

For full-year 2026, TTM expects sales of approximately $4.47 billion to $4.49 billion. That projection includes recently closed acquisitions but excludes pending transactions.

Structural risks

• Customer concentration and order timing. A small number of equipment-brand customers account for a significant portion of sales. Customers may cancel orders, change delivery schedules, reduce purchases or have difficulty paying, and their production and inventory cycles can cause results to fluctuate.
• Defense funding. A significant portion of revenue ultimately depends on the U.S. federal government. Budget decisions, contract awards, changes in strategic plans or termination of defense programs could affect TTM’s business.
• Factory utilization and supply. High fixed costs make profitability sensitive to production volume. Supplier disruptions, shortages of materials or equipment, and higher metal and component prices can delay deliveries or reduce margins.
• International operations and tariffs. TTM manufactures in China and other countries and relies on international suppliers. Tariffs, trade restrictions, currency movements and other changes in international conditions can raise costs or affect customer demand.
• Competition, technology and quality. PCB competition can put pressure on prices and margins. TTM must keep improving its processes as customer requirements change; defects or failures to meet quality standards can lead to lost orders, liability claims or recall costs.
• Acquisitions. TTM plans to continue pursuing acquisitions. Integrating acquired operations and technologies can present unforeseen issues, and failure to manage them could harm results.

Bottom line

Our reading

TTM combines custom electronics manufacturing with higher-level defense systems, earning business across design, prototypes and production. Its customer relationships, technical capabilities and defense qualifications support that model, but concentrated customers, competitive PCB pricing and fixed factory costs leave results sensitive to changes in orders and utilization. Expansion into data center capacity and acquisitions can add capabilities, while increasing the importance of execution and integration.