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.

1Q26. 2Q26. FY26 FY27

Revs 965 1.05b 4.0b 4.7

EPS .90 1.10 4.04 5.40

y/y +55% +64% +64% +34%

P=131.25, D/C=19.4% with NWC>Debt, TTM EPS=3.09, P/E=42X, FY26 P/E=26X guide of $5

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%)