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  787.3    822.5    3.4b          4.0

EPS         .6           .74     3.22        4.55

P=137.83, D/C=21.5% with NWC>Debt, TTM EPS=2.68, P/E=51X, FY26 P/E=43X

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%)