TTM Technologies Inc.

TTMI is a global manufacturer of technology products, including mission systems, RF components, RF microwave/microelectronic assemblies, and technologically advanced interconnect products, including PCBs and substrates. The company serves A&D, Data Center, automotive, medical, industrial, instrumentation, and networking markets. In 2025 they had over 18,000 employees and generated >$2 billion in revenue while delivering strong growth while expanding margins as they climb up the value chain and grow market share. In early January 2026 the company declared they would double earnings from FY25 to FY26 and based on continuing strength in end markets and other strong operators in their ecosystems I think estimates are too low and the stock isn’t as expensive as it looks.

 

                    3Q26.    4Q26.    FY26     FY27                

Revs      1.13          1.44b    4.4b        6.3

EPS        1.26          1.80     4.82       7.86

y/y           +88%     +157% +96%    +63%

 

P=102.15, D/C=27.3% with NWC 94% of net Debt, TTM EPS=3.90, P/E=26X, FY27 P/E=13X low end guide of $8.10

 

3Q26 1.46 vs .67 +118%, est 1.26 up from 1.10

  • Oct 22, 2026, P=102.15, TTM EPS=3.90, P/E=26X, FY26 P/E=20X 5.03 guide, FY27 P/E=13X low end guide of $8.10

  • Revs +60% to 1.2bn (est 1.13), GM 24.8% vs 21.5%, OM 17.4% vs 12.4%, OpInc +124%

  • OCF 154.7m vs 141.8m, CapEx 79.9m vs 99.2m, FCF 74.8m vs 42.57m, OCF likely impacted by acquisitions NWC adjustments

  • A&D +21% to 409.3m, Auto +1.8% to 84.3m, Data Center & Networking +119% to 493.6m, Medical +105% to 216.7m

  • B/B=2.13, A&D backlog 2.0bn

  • Outlooks include closed acquisitions but not pending

  • 4Q Outlook: Revs +83-86% to 1.42-1.44bn (est 1.44), EPS +152-161% to 1.77-1.83 (est 1.80)

  • Puts FY26 Revs at +54% to 4.47-4.49bn and EPS +105-108% to 4.97-5.03

  • Initial FY27 Outlook: Revs +45-50% to 6.5-6.75bn (est 6.3), EPS +61-77% to 8.10-8.90 (est 7.86),

  • Net leverage 2.8X pro-forma TTM EBITDA, expected to be 1.5-2X by expected closing of Ophir Optics (by my calc 2.5X gross leverage, 1.15X net, 1.64bn gross debt, 767m net of 876m cash, TTM EBITDA 668m)

  • Re acquisitions, this will be the end of the big stuff for a while

  • Stock hammered hard on concerns of debt coupled with fears of peak spending, Data Center came in at 41% of revs vs 49% mgmt. expectation, chalked up to 1 project timing which ramps in 4Q and hits full prodn in 1Q, mgmt. still expects 49% in 4Q

Mid Quarter Update – Oct 19, 2026

  • Acquisition of Ophir Optics business from MKS for $650m

  • Based in Israel and Romania, Ophir Optics makes high-precision infrared thermal imaging and laser optics products for defense, security, and industrial customers.

  • Valued at 18X FY26 expected EBITDA and 10.3X FY27 expected EBITDA implying expected 74% growth in EBITDA in FY27, expected to close in 2Q27

Mid Quarter Update – Aug 17, 2026

  • Acquisition of Epiq Solutions for $1.1bn all cash

  • Epiq provides ”radically small, state-of-the-art software-defined radio solutions and turnkey RF tools” serving commercial, government, and defense customers.

  • Vertical integration in integrated electronics products, multiple defense and commercial expansion opportunities

  • FY27 expected Revs 160m, EBITDA margins in mid 30s

  • Valued at 17.4X expected 2027 adj EBITDA, immediately EBITDA margin accretive, EPS accretive in FY28

2Q26 .99 vs .58 +70.7%, est .90 up from .74

  • Aug 5, 2026, P=131.25, TTM EPS=3.09, P/E=42X, FY26 P/E=26X guide of $5

  • Revs +37.4% to 1.0bn, GM 21.9% vs 20.9%, OM 13.8% vs 11.2%

  • A&D +14.2% to 382.75m, OM 16.7% vs 13.5%, Commercial +57.1% to 621.6m, OM 18.1% vs 15.2%, A&D 37% vs 45%, Data Center 40% vs 21%

  • Total B/B=1.49, A&D B/B=1.3X, Backlog 1.7bn vs 1.5bn, proposals at all time high

  • OCF 96.4m vs 97.8m, FCF 46m vs 37.6m

  • 2 10% customers, 1 Commercial and 1 A&D, another Commercial customer getting close

  • 3Q Outlook Revs +46-51% to 1.1-1.14bn (est 1.05), EPS +80-89% to 1.21-1.27 (est 1.10), factors expected Data Center to account for 49% of Revs on early ramp for N+M Asymmetrical PCBs

  • FY26 Outlook: Revs +51% to 4.4bn (est 4.04), EPS to approach $5 (est 4.04), implies 4Q Revs +82% to 1.409bn (est 1.14bn), EPS assuming $5 for FY26 +97-105% to 1.38-1.44 (est 1.28,) does not factor recent acquisitions

  • New Syracuse facility ramping, expect to reach full capacity  run rate in 2028.

Mid-quarter update – May 27, 2026

  • Investor Day

  • Reiterated 4bn Rev target for FY26, EBITDA margin 16-18% (est 16.3%), OM 13-15% (est 12.8), OCF 300-320m, CapEx 300-320m

  • Early 1.6T designs do not include optics. pCBs go from 36 layers to 50 layers?

  • At 14% OM and 14% tax rate, FY26 EPS midpoint looks around 4.13, if 2Q hits .88 (top end of guide), that implies 2H EPS +82% to 2.50 vs 1.37 and FY26 +70%

 

Mid-quarter update – May 18, 2026

  • In an interview, and a subsequent 8-K filing, that they see FY26 Revenue at $4bn which would be 38% growth. Just last month management commented they believe 1H growth rate can approximate 1H growth rate (+31.7% using the midpoint for their 2Q guide) which would imply 2H Revs of 2.01bn. Using the mid-point of their 2Q guidance, 4bn for the year would put 2H Revs at +44% to 2.2bn,

1Q26 0.75 vs 0.50 +49%, est .67

April 29, 2026, P=137.83, TTM EPS=2.68, P/E=51X, FY26 P/E=43X

Revs +30.4% to 845.98m (est 787.3m), GM 22.3% vs 20.8%, OM 12.8% vs 10.6%, B/B=1.41

A&D +11% to 351.7m, Commercial +48.8% to 495m driven by Data Center And Networking +68%, Medical & Industrial +60.5%

2Q Outlook: Revs 930-970m (est 822.5m), EPS .82-.88 (est .74)

Mgmt. believes 1H growth rate can approximate growth in 2H, using top end of 2Q Guide that would be +31.7%, that rate implies 2H 2.01bn vs ests 1.8bn

Re supply constraints, mgmt discussed having strong relationship, capacity, and beign technology leader, not a follower. In Data Center and Networking have 1 10% customer but  10 major customers.

 

4Q25 .70 vs .49. TTM EPS 2.43 vs 1.70

Feb 4, 2025, P=96.22, TTM EPS=2.43, P/E=40x, FY27 P/E=32X

Revs +18.9% to 774.3m, GM 21.7% vs 20.5%, OM 12.7% vs 9.9%

A&D Revs +3.9%, Commercial +32%, RF&S +5.4%, solid margin improvement across all segments.

Auto -2.7%, Data Center +51%, Med/Indu +28%, Networking +36%A&D 41% vs 47%, Data Center 28% vs 22%, Med/Indu 14% vs 13%, Networking 8% vs 7%, Auto 9% vs 11%

Book/Bill 1.35X, A&D Backlog 1.6bn vs 1.56bn

1Q26 Guide Revs +19-25% to 770-810m (est 736), EPS+28%-40% to .64-.70 (est .61).

FY26 Revs +15-20% (+14%)