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Maker of printed circuit boards (PCBs) for aerospace/defense, networking, automotive and data-center customers.
Maker of printed circuit boards (PCBs) for aerospace/defense, networking, automotive and data-center customers.
Builds boards to each customer's design, so contracts are program-based, running as long as a defense or aerospace platform or a networking product stays in production. Defense and aerospace programs generally carry higher margins than commercial boards because of clearance and qualification demands. Manufacturing is in North America and Asia.
Moat: narrow (customer qualification, process know-how, scale). Defense/aerospace PCBs require security clearances and qualification, limiting competition.
Headquarters: Santa Ana, California, US · Founded: 1978 · Employees: 18,200
Size TTM Technologies (TTMI) is a United States Information Technology company (Electronic Components) with a market value of $7.01B, the 960th largest of 3,117 United States companies the cockpit tracks. Shares closed at $66.51 on 6 Nov 2026.
Performance Over six months the shares fell 57.7%, against -14.5% for the median peer and -1.1% for the United States market (cap-weighted) — lowest of 20 in its peer set.
Growth Revenue grew 37.6% over the last twelve months (peer median +23.2%); the operating margin is 11.5% (peer median 10.1%).
Valuation It trades at 8.5× forward earnings against a peer median of 27.4× (cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 24% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is +17 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.1 points below its cost of capital (14.0% WACC).
Short interest Short interest is 4.7% of the free float (15 Oct 2026).
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $3.83B | $2.91B | $2.44B | $2.23B | $2.50B |
| Revenue growth | — | +19% | +9% | -11% | — |
| Gross profit | $819M | $574M | $442M | $365M | $421M |
| EBITDA | $607M | $415M | $310M | $272M | $308M |
| Net income | $269M | $177M | $56.3M | -$18.7M | $94.6M |
| Free cash flow | $14.8M | -$683,000 | $51.2M | $27.0M | $170M |
| Capital expenditure | $321M | $293M | $186M | $160M | $103M |
| Total debt | $1.77B | $1.03B | $1.02B | $1.02B | $963M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| TTM Technologies TTMI | $7.01B | -58% | +38% | 12% | 8.5× | 24.1% |
| Sanmina SANM | $7.22B | -46% | +59% | 5% | 10.7× | 6.8% |
| Unimicron Technology 3037.TW | $35.4B | -19% | +33% | 13% | 20.1× | 45.9% |
| Zhen Ding Technology Holding Lt 4958.TW | $12.8B | -12% | +5% | 9% | 18.4× | n/a |
| Compeq Manufacturing 2313.TW | $5.93B | -42% | +8% | 11% | 15.9× | 14.6% |
| Tripod Technology 3044.TW | $6.57B | -15% | +21% | 19% | 10.7× | n/a |
| Victory Giant Technology (HuiZhou) 300476.SZ | $18.3B | -62% | +38% | 26% | 17.2× | n/a |
| Shennan Circuit 002916.SZ | $20.4B | -36% | +51% | 18% | 22.6× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TTMI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -43.4% | -31.7% | 4th lowest of 21 |
| 6-month return | -57.7% | -14.5% | lowest of 20 |
| Distance from 52-week high | -70.3% | -50.1% | 2nd lowest of 21 |
| Revenue growth (TTM) | +37.6% | +23.2% | 8th highest of 21 |
| Operating margin | 11.5% | 10.1% | 10th highest of 21 |
| Forward P/E | 8.5× | 27.4× | cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 24.1% | 37.3% | 4th least demanding of 8 |
| Growth delivered (Del g) | +6.7% | +4.7% | 3rd highest of 8 |
| Hurdle (Req g minus delivered) | +17.5 pp | +17.3 pp | 4th most demanding of 8 |
| ROIC minus cost of capital | -2.1 pp | -1.8 pp | 10th lowest of 21 |
| EV / EBITDA | 13.0× | 13.2× | 5th cheapest of 10 |
| Net debt / EBITDA | 1.5× | -1.0× | most indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| TTM Technologies TTMI | United States | $7.01B | -58% | +38% | 12% | 8.5× | 24.1% | +6.7% |
| VICR VICR | United States | $6.78B | -43% | +41% | 25% | 25.9× | 46.0% | +6.6% |
| Orbbec 688322.SS | China | $6.73B | +37% | +1% | 0% | 202.4× | n/a | n/a |
| Jiangxi Redboard Technology 603459.SS | China | $6.70B | -4% | +36% | 17% | n/a | 53.4% | +36.1% |
| Tripod Technology 3044.TW | Taiwan | $6.57B | -15% | +21% | 19% | 10.7× | n/a | n/a |
| Shenzhen Fastprint Circuit Tech 002436.SZ | China | $6.54B | -7% | +26% | 6% | 57.3× | n/a | n/a |
| Advanced Fiber Resources Zhuhai 300620.SZ | China | $6.50B | -27% | +86% | 18% | 107.0× | n/a | n/a |
| Shenzhen Kinwong Electronic 3228.HK | Hong Kong | $7.87B | n/a | +40% | 12% | 15.8× | n/a | n/a |
| Shengyi Electronics 688183.SS | China | $7.95B | -44% | +46% | 21% | 19.4× | n/a | n/a |
| Taiwan Union Technology 6274.TWO | Taiwan | $8.21B | -26% | +87% | 23% | 13.9× | n/a | n/a |
| Shenzhen Everwin Precision Technology 300115.SZ | China | $5.95B | -12% | +19% | 2% | 124.0× | n/a | n/a |
| Compeq Manufacturing 2313.TW | Taiwan | $5.93B | -42% | +8% | 11% | 15.9× | 14.6% | +4.7% |
| Founder Technology 600601.SS | China | $5.70B | -27% | +73% | 19% | 47.6× | n/a | n/a |
| Innolux 3481.TW | Taiwan | $8.71B | +32% | +11% | 0% | 62.6× | 37.3% | -3.4% |
| Taiyo Yuden 6976.T | Japan | $5.63B | +4% | +6% | 6% | 28.8× | 47.0% | +3.4% |
| Sunny Optical 2382.HK | Hong Kong | $8.92B | -3% | +20% | 8% | 14.8× | 4.9% | +1.9% |
| ITEQ 6213.TW | Taiwan | $5.45B | +75% | +16% | 9% | 16.6× | n/a | n/a |
| Lotes 3533.TW | Taiwan | $5.39B | -36% | +13% | 28% | 17.6× | 1.9% | +14.3% |
| Dynamic Electronics 603175.SS | China | $5.37B | -15% | +15% | 5% | n/a | n/a | n/a |
| Sichuan Huafeng Technology 688629.SS | China | $4.85B | -49% | +46% | 9% | 87.5× | n/a | n/a |
| Wuhan Jingce Electronic 300567.SZ | China | $4.80B | -14% | +31% | 0% | 119.3× | n/a | n/a |