TTM Technologies, Inc.TTMI
NasdaqGS•Technology•Electronic Components
TTM Technologies, Inc. manufactures and sells mission systems, radio frequency (RF) components, RF microwave/microelectronic assemblies, and printed circuit boards (PCBs) and substrates in the United States, Taiwan, and internationally. It operates in three segments, A&D, Commercial, and RF&S Components. The company offers various engineered systems and RF and microwave assemblies; PCBs and IC substrates, custom assemblies and integrated systems, passive and advanced ceramic RF components, hi-reliability multi-chip modules, and beamforming and switching networks; and design-for-manufacturability, PCB layout design, simulation and testing, quick turnaround (QTA) production, and specialized RF assembly and testing. It also provides multi-mode surveillance and weather avoidance radar systems for fixed- and rotary-wing aircraft, Unmanned Aerial Vehicles, and shipboard platforms; AN/APS-153 multi-mode radar; communications suite within the MH-60R/S multi-mission helicopters; and supports maritime surveillance, counter UAS, and advanced air mobility end markets under MOSAIC brand. In addition, the company offers identification friend; monopulse secondary surveillance radars, and air traffic control systems; wired and wireless communication systems; designs, produces, and tests specialized multi-chip RF modules and components; and manufactures off-the-shelf surface mount microwave components. Further, it provides thick-film ceramic substrates, custom designed application specific integrated circuits, and conventional PCBs; custom electronic assemblies; QTA services; and thermal management. The company serves original equipment manufacturers, electronic manufacturing services providers, original design manufacturers, distributors, and government agencies; and aerospace and defense, data center computing, automotive, medical, industrial, instrumentation, and networking markets. TTM Technologies, Inc. was incorporated in 1978 and is headquartered in Santa Ana, California.
TTM Technologies, Inc. (TTMI) reported trailing twelve months revenue of $3.10B as of March 2026, a 27.2% increase year-over-year. Quarterly revenue reached $845.98M, reflecting continued top-line momentum.
TTM Technologies, Inc. generated $195.26M in TTM net income, with quarterly EBITDA of $110.97M. The operating margin expanded from 7.7% to 8.6%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (8.6%) and net margin (5.9%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 5.0% a year ago, signaling stronger bottom-line efficiency.
TTMI trades at a P/E of 103.2x (a premium multiple) and a P/S of 6.5x. The price-to-book ratio of 11.0x indicates a significant premium over book value.
The company reported negative free cash flow of $-85.11M, indicating cash consumption over the period. The balance sheet shows $3.98B in total assets with $911.84M in long-term debt against $1.84B in stockholders equity for a debt-to-equity ratio of 0.5, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~7.8% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
Only 4 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
TTM revenue has grown consistently (7 of 7 quarters up), with ~45.7% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~9.2% — no sign of cost or pricing stress.
Free cash flow has been negative in 4 of the last 8 quarters — earnings are not translating to cash.
D/E ratio is 0.5 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
4 of the last 8 quarters had negative FCF — inconsistent cash generation raises sustainability concerns.
Share count is stable — no significant dilution or buyback activity.