# TTM Technologies, Inc. (TTMI)

> Source: Nexqual · https://nexqual.com/TTMI · data as of 2026-11-03 21:00 UTC · cite as "Nexqual, TTM Technologies, Inc. (TTMI), nexqual.com/TTMI" · informational, not investment advice.

**Price:** USD 81.63 (+6.59% on the day) · last close of Nov 3, 2026; US market closed, not a live price. Prev close 76.58 · day 78.72–84.43 · 52w 55.44–223.83 · market cap $8.60B · NMS

## Key facts
- Last four reported quarters (through Sep 28, 2026): revenue $3.83B, net income $269M (7.0% margin), free cash flow $14.8M (SEC filings).
- Valuation: P/E 32.0x (avg 43.4x at the last 2 fiscal year-ends), EV/EBITDA 17.1x, net debt $768M.
- Analysts: Buy (mean 1.80 on a 1–5 scale) (5 analysts), mean target USD 185.8 (range 150–236).
- Total return with dividends: 1Y +23.1% vs S&P 500 +12.9%; 5Y +471.2% vs S&P 500 +72.1%.
- Latest earnings report: 2026-10-22 (next date not yet announced).
- Dividend: TTMI paid no cash dividend in the last five years.
- Short interest: 6.62% of float (as of 2026-10-15), 2.0 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.25B | $2.50B | $2.23B | $2.44B | $2.91B | $3.83B |
| Gross profit | $372M | $458M | $413M | $477M | $602M | — |
| Operating income | $126M | $210M | $42.3M | $116M | $265M | $425M |
| Net income | $54.4M | $94.6M | -$18.7M | $56.3M | $177M | $269M |
| EPS (diluted) | $0.50 | $0.91 | -$0.18 | $0.54 | $1.68 | — |
| Free cash flow | $94.7M | $170M | $27.0M | $51.2M | -$683K | $14.8M |
| Gross margin | 16.5% | 18.4% | 18.5% | 19.5% | 20.7% | — |
| Operating margin | 5.6% | 8.4% | 1.9% | 4.8% | 9.1% | 11.1% |
| Net margin | 2.4% | 3.8% | -0.8% | 2.3% | 6.1% | 7.0% |
| Revenue growth | +6.8% | +11.0% | -10.5% | +9.4% | +19.0% | — |
| Cash + short-term investments | $538M | $403M | $450M | $504M | $501M | — |
| Total debt | $928M | $879M | $918M | $918M | $916M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Sep 28, 2026)
P/E 32.0x · P/S 2.3x · EV/EBITDA 17.1x · EV/Sales 2.5x · P/FCF 581.7x · P/B 4.2x · FCF yield 0.17% · Earnings yield 3.12% · Buyback yield (TTM) 0.00% · Net debt $768M · EV $9.37B
P/E at fiscal year-ends: Dec 2025 41.0x, Dec 2024 45.8x.

## Analysts
Consensus Buy (mean 1.80 on a 1–5 scale), 5 analysts; mean target USD 185.8 (low 150, high 236).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-23 | Truist Securities | Target lowered | Buy | $231 → $170 |
| 2026-10-23 | Stifel | Target lowered | Buy | $205 → $165 |
| 2026-10-23 | Needham | Target lowered | Buy | $175 → $150 |
| 2026-10-13 | Truist Securities | Target raised | Buy | $224 → $231 |
| 2026-09-21 | Needham | Target lowered | Buy | $220 → $175 |
| 2026-08-18 | Needham | Reiterated | Buy | $220 |
| 2026-08-06 | Truist Securities | Target raised | Buy | $215 → $224 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-11-04) | 5Y (from 2021-11-01) |
|---|---|---|
| Total return | +23.1% | +471.2% |
| S&P 500 (SPY) | +12.9% | +72.1% |
| Per year | +23.2% | +41.6% |
| Volatility (annualized) | 90.2% | 53.6% |
| Max drawdown | -66.6% (Jun 2026→Oct 2026) | -63.0% (Jun 2026→Oct 2026) |

## Dividends
TTMI paid no cash dividend in the last five years.

## Short interest
4,969,766 shares sold short, 6.62% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 3,437,806 shares (+44.6%). Days to cover: 2.0 (short shares ÷ average daily volume).

## Peers (Electronic Components)
VICR (Vicor Corporation) USD 179.01 +2.31% · FN (Fabrinet) USD 363.33 +15.45% · SANM (Sanmina Corporation) USD 164.49 +3.34% · RAL (Ralliant Corporation) USD 71.31 +7.54% · LFUS (Littelfuse, Inc.) USD 412.68 +4.60% · PLXS (Plexus Corp.) USD 216.78 +3.51%

## More
Full page: https://nexqual.com/TTMI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in TTMI's own 10-K filed 2026-02-17 (https://www.sec.gov/Archives/edgar/data/1116942/000119312526051976/ttmi-20251229.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Anaren | "With our past acquisitions of Anaren, Inc. and Telephonics, we moved beyond build-to-print manufacturing and assembly capabilities and expanded into integrated systems and deepened our RF and radar-related engagement to …" |
| Partner | University Boulevard | "In December 2021, we entered into a joint venture agreement with our landlord, O.J.B./1600 University Boulevard, LLC, Count Du Greenmonet, LLC and GFI#2/DII, LLC, to jointly own approximately 101,000 square feet of land …" |
| Partner | Count Du Greenmonet | "In December 2021, we entered into a joint venture agreement with our landlord, O.J.B./1600 University Boulevard, LLC, Count Du Greenmonet, LLC and GFI#2/DII, LLC, to jointly own approximately 101,000 square feet of land …" |
| Partner | DII | "In December 2021, we entered into a joint venture agreement with our landlord, O.J.B./1600 University Boulevard, LLC, Count Du Greenmonet, LLC and GFI#2/DII, LLC, to jointly own approximately 101,000 square feet of land …" |
| Competitor | Sanmina (SANM) | "Our principal competitors for our A&D segment include BAE Systems plc, Curtiss-Wright Corporation, Leonardo DRS, Inc., Mercury Systems, Inc., and Sanmina Corporation." |
| Competitor | AMD (AMD) | "Our principal competitors for our Commercial segment include AT&S (Austria Technologie & Systemtechnik Aktiengesellschaft), Founder Technology Group Co., Ltd., Gold Circuit Electronics Ltd., Isu Petasys Co., Ltd., Kinwon…" |
| Competitor | Microchip Technology (MCHP) | "Our principal competitors for our Commercial segment include AT&S (Austria Technologie & Systemtechnik Aktiengesellschaft), Founder Technology Group Co., Ltd., Gold Circuit Electronics Ltd., Isu Petasys Co., Ltd., Kinwon…" |
| Competitor | Qorvo (QRVO) | "Our principal competitors for our Commercial segment include AT&S (Austria Technologie & Systemtechnik Aktiengesellschaft), Founder Technology Group Co., Ltd., Gold Circuit Electronics Ltd., Isu Petasys Co., Ltd., Kinwon…" |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $1.79 | $1.33 | +34.4% | $1.43B | 4 |
| Next quarter (ends 2027-03-31) | $1.79 | $1.16 | +54.9% | $1.49B | 5 |
| Current fiscal year (ends 2026-12-31) | $4.96 | $4.04 | +22.7% | $4.47B | 5 |
| Next fiscal year (ends 2027-12-31) | $8.34 | $5.40 | +54.4% | $6.59B | 5 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Sep 30, 2026 | $1.46 | $1.26 | Beat +15.9% | — |
| — | Quarter ended Jun 30, 2026 | $0.99 | $0.90 | Beat +10.0% | — |
| — | Quarter ended Mar 31, 2026 | $0.75 | $0.67 | Beat +11.9% | — |
| — | Quarter ended Dec 31, 2025 | $0.70 | $0.68 | Beat +2.9% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-28 | 10-Q | Quarterly report · period ended Sep 28, 2026 | https://www.sec.gov/Archives/edgar/data/1116942/000119312526435875/0001193125-26-435875-index.htm |
| 2026-10-28 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1116942/000119312526434993/0001193125-26-434993-index.htm |
| 2026-10-22 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1116942/000119312526428263/0001193125-26-428263-index.htm |
| 2026-10-19 | 8-K | Other material event — “On October 19, 2026, TTM Technologies, Inc. (the "Company") announced that it had entered into a definitive agreement to acquire (the "Proposed Acquisition") the Ophir Optics business ("Ophir Optics") from MKS Inc. for approximately $650 million in an all-cash transaction, subject to customary closing adjustments (the "Press Release"). The Proposed Acquisition does not include the Ophir Instruments laser characterization business of MKS Inc., which operates separately from Ophir Optics, or the sale of the Ophir…” | https://www.sec.gov/Archives/edgar/data/1116942/000119312526424707/0001193125-26-424707-index.htm |
| 2026-10-13 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1116942/000119312526419614/0001193125-26-419614-index.htm |
| 2026-09-30 | 8-K | Entered a material agreement; New debt or off-balance-sheet obligation; Regulation FD disclosure; Other material event — “In connection with the completion of the Acquisition (as defined and discussed below in Item 8.01), on September 30, 2026 (the "Closing Date"), TTM Technologies, Inc. (the "Company") entered into the Third Amended and Restated Credit Agreement, dated as of September 30, 2026, by and among the Company, the foreign subsidiary borrowers party thereto, any designated borrowers party thereto, JPMorgan Chase Bank, N.A. ("JPM"), as Administrative Agent, and the other parties thereto (the "Third A&R Credit Agreement").…” | https://www.sec.gov/Archives/edgar/data/1116942/000119312526409136/0001193125-26-409136-index.htm |
| 2026-09-24 | 8-K | Entered a material agreement; New debt or off-balance-sheet obligation; Change to shareholder rights — “On September 24, 2026, TTM Technologies, Inc. (the "Company") completed its previously announced private offering (the "Offering") of $500 million in aggregate principal amount of its 6.750% senior notes due 2034 (the "Notes"). The Offering was conducted as a private placement exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). The Company intends to use the net proceeds of the Offering, together with expected borrowings from a $300 million incremental senior secured term…” | https://www.sec.gov/Archives/edgar/data/1116942/000119312526401013/0001193125-26-401013-index.htm |
| 2026-09-10 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1116942/000119312526388039/0001193125-26-388039-index.htm |
| 2026-08-17 | 8-K | Entered a material agreement; Regulation FD disclosure — “Purchase Agreement On August 15, 2026, TTM Technologies, Inc., a Delaware corporation (the " Company "), TTM Technologies North America, LLC, a Delaware limited liability company and a wholly-owned subsidiary of the Company (the " Buyer "), EDS Intermediate Holding, LLC, a Delaware limited liability company (" Epiq Solutions "), and EDS TopCo, LP, a Delaware limited partnership (the " Seller "), entered into a definitive securities purchase agreement (the " Purchase Agreement ") pursuant to which the Buyer agreed…” | https://www.sec.gov/Archives/edgar/data/1116942/000119312526353148/0001193125-26-353148-index.htm |
| 2026-08-06 | 8-K/A | Quarterly results | https://www.sec.gov/Archives/edgar/data/1116942/000119312526337923/0001193125-26-337923-index.htm |
| 2026-08-06 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1116942/000119312526336163/0001193125-26-336163-index.htm |
| 2026-08-05 | 10-Q | Quarterly report · period ended Jun 29, 2026 | https://www.sec.gov/Archives/edgar/data/1116942/000119312526335107/0001193125-26-335107-index.htm |
| 2026-07-30 | Schedule 13G/A | BlackRock, Inc.: 9.8% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1116942/000201238326003103/0002012383-26-003103-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.