TTM Technologies, Inc.

What they do

TTM produces advanced interconnect products including PCBs and substrates, RF microwave/microelectronic assemblies, RF components, and integrated mission systems. It operates 24 specialized facilities in North America and Asia, serving about 1,300 customers across aerospace and defense, data center computing, automotive, medical/industrial/instrumentation, and networking. The company reports in three segments: A&D (13 domestic plants), Commercial (three domestic, four China, one Malaysia, one Canada), and RF&S Components (one domestic, one China).

Revenue drivers

• Aerospace & Defense end market — Largest end market at 44% of 2025 net sales, spanning engineered mission systems, RF microwave/microelectronic assemblies, and defense PCBs sold to tier-one subcontractors and government agencies.
• Data Center Computing end market — 24% of 2025 net sales, up from 14% in 2023, driven by advanced technology PCBs and substrates for servers, switches, and generative AI applications.
• Commercial segment PCB fabrication — Includes HDI, rigid-flex, and substrate production across the U.S., China, Malaysia, and Canada, serving data center computing, networking, medical, industrial, automotive, and instrumentation customers.
• RF&S Components segment — High-volume commercial RF components for signal conditioning in 5G and other communications transceivers, produced at one domestic and one China plant.

Recent performance

Q2 2026 (quarter ended June 29, 2026) revenue was $1.00B, up from $752.7M in the quarter ended September 29, 2025 and $846.0M in the March 2026 quarter. FY2025 net sales were $2.91B with net income of $177.4M and diluted EPS of $1.68, versus $2.44B, $56.3M, and $0.54 in 2024. FY2025 operating cash flow was $291.9M. As of June 29, 2026, total assets were $4.42B, shareholders' equity $1.93B, cash $507.9M, and long-term debt $969.5M. Sales to the ten largest customers were 55% of net sales in FY2025 and in the first half of 2026.

Strategy

TTM is investing in advanced technology PCB capacity, including a new Syracuse, New York facility for ultra-HDI production targeting volume production in the second half of 2026. It acquired an Eau Claire, Wisconsin facility and land in Penang, Malaysia to support U.S. high-volume production and supply chain diversification beyond China. On June 17, 2026, it agreed to acquire STG and ILFA in separate transactions expected to close in Q3 2026, and on June 1, 2026 it amended its term loan and established a new revolving credit facility to replace prior facilities. Management says it remains focused on the AI and defense megatrends, which it states represent about 80% of net sales.

Risks

• Customer concentration — Sales to the ten largest customers were 55% of net sales in FY2025 and the first half of 2026, so loss or reduced orders from a major customer would materially affect revenue.
• Global economic and demand uncertainty — The 10-K states that higher inflation, interest rate increases, labor shortages, and market volatility may cause customers to delay or cancel purchases and may reduce demand in the industries TTM serves.
• Acquisition and integration risk — The proposed STG and ILFA acquisitions are expected to close in Q3 2026 subject to regulatory approvals and customary conditions, and TTM entered a foreign currency hedge tied to the CHF-denominated STG purchase price and related financing.
• Capacity ramp execution — The Syracuse facility's volume production is expected to begin in the second half of 2026, and the company must complete equipment installation and testing before contributing to results.

Outlook

Management says it is tracking ahead of its previously communicated plan to achieve at least $4 billion in net sales in 2026, with earnings exceeding prior expectations. It reiterates confidence in 15%-20% organic revenue growth for 2027 and 2028 and plans to provide further clarity on those years next quarter as it develops an updated long-term plan. The proposed STG and ILFA acquisitions are expected to close in the third quarter of 2026.