TTMI

T2S&P 1500Growth (IWF)Value (IWD)

TTM Technologies, Inc.

Next est. report 2027-02-03 · AMC

AI Bottleneck '26: Midstream Manufacturing & Equipment Electronics Mfg '25: Printed Circuit Boards Fiscal Spend '25: Big Beautiful Bill Winners MegaTech '25: Google TPU Complex Modern Warfare '26: Defense Electronics & Components Modern Warfare '26: Hypersonics & Missile Defense Space Supply Chain '26: Space-Grade Chips & Electronics

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Overview

TTM Technologies, Inc. designs and manufactures complex printed circuit boards and advanced electronic solutions, including RF modules, integrated mission syste

TTM Technologies, Inc. designs and manufactures complex printed circuit boards and advanced electronic solutions, including RF modules, integrated mission systems, and precision optical solutions. Focused on size, weight, and power (SWaP), approximately 80% of sales are driven by AI and defense. Q3 2026 revenue mix was 41% Data Center & Networking, 34% Aerospace & Defense, 18% Medical/Industrial, and 7% Automotive. They sell to OEMs and EMS companies.

Key Inputs And Sourcing

{"key_inputs":[]}

Industry Publications

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Economic Data Watch

1. SEMI — World Fab Forecast

Matched (medium)semi_semiconductor_equipment_billings · access=file · map_only

Metric/field Global 300mm Fab Equipment Spending (USD Billions)

Cadence quarterly

Why it matters TTMI's core business is tied to semiconductor manufacturing. Increased fab equipment spending indicates expansion in the industry, driving demand for TTMI's advanced PCBs and interconnect products, especially for AI and high-performance computing.

Signal to watch Upward trend or higher-than-expected forecasts

Confidence: high

2. Yole Group — Status of the Advanced Packaging Industry Report

Matchedyole_group_semiconductor_component_market_forecasts · access=file · map_only

Metric/field Global Advanced Packaging Market Size (USD Billions)

Cadence annually

Why it matters Advanced packaging is a critical bottleneck for AI chips, and TTMI's N+M PCBs and other advanced interconnects are integral to these solutions. Growth in this market directly translates to demand for TTMI's high-value products.

Signal to watch Upward trend or higher-than-expected market size projections

Confidence: high

3. TrendForce — HBM Market Outlook

Matchedtrendforce_technology_shipments_market_share · access=file · map_only

Metric/field High-Bandwidth Memory (HBM) Market Size (USD Billions)

Cadence quarterly

Why it matters HBM is a key component in AI accelerators, which are a major driver for TTMI's Data Center and Networking segment. Growth in the HBM market signals strong underlying demand for the high-performance PCBs and packaging solutions TTMI provides.

Signal to watch Upward trend in market size and bit demand

Confidence: high

4. FRED — Federal Government Current Expenditures

Matchedfred · access=api · map_only

Metric/field FGDEFEX (Federal Government: National Defense Consumption Expenditures and Gross Investment)

Cadence monthly

Why it matters TTMI's Aerospace and Defense segment is a significant portion of its revenue and has a record backlog. Increased federal defense spending directly supports this segment's growth and future contract opportunities.

Signal to watch Sustained or increasing expenditures

Confidence: high

5. FRED — Industrial Production and Capacity Utilization

Matchedfred · access=api · map_only

Metric/field INDPRO (Industrial Production: Total Index)

Cadence monthly

Why it matters TTMI serves the Medical, Industrial, and Instrumentation end markets. The overall industrial production index provides a broad indicator of manufacturing activity and demand for their products in these sectors.

Signal to watch Positive growth or acceleration in the index

Confidence: high

Free Alt Data Watch

1. USASpending.gov — Federal Contract Awards

Not in registryaccess=api

Metric/field obligated_amount for TTM Technologies, Inc.

Cadence event_driven

Why it matters TTMI's Aerospace and Defense segment relies heavily on government contracts. Tracking new contract awards and their value provides direct insight into the health and growth of this critical business area.

Signal to watch Increase in contract value or number of awards

Confidence: high

2. TTM Technologies Investor Relations — Press Releases

Not in registry

Metric/field Announcement of acquisition closures or new program wins

Cadence event_driven

Why it matters TTMI is actively pursuing strategic M&A and new program alignments, particularly in A&D and Europe. These announcements directly impact their strategic direction, capabilities, and future revenue.

Signal to watch Timely closure of announced acquisitions (e.g., Ophir, ILFA) and significant new program bookings

Confidence: high

3. Google Trends — Search Interest

Not in registry

Metric/field Search interest for 'N+M asymmetrical interconnect PCB' and 'Ultra-HDI PCB'

Cadence weekly

Why it matters N+M and Ultra-HDI PCBs are key advanced technologies driving TTMI's growth in Data Center & Networking. Rising search interest can indicate increasing industry awareness and demand for these specialized products.

Signal to watch Rising trend in search interest

Confidence: medium

4. LinkedIn — Company Page / Job Postings

Matched (medium)engine_advertising_brand_tracking · access=file · map_only

Metric/field Number of job postings for 'process engineer' or 'manufacturing engineer' at TTM Technologies in Syracuse, Eau Claire, Penang

Cadence weekly

Why it matters TTMI is investing heavily in capacity expansion and new facilities (e.g., Syracuse, Eau Claire, Penang). Increased hiring for these roles can signal successful ramp-up of production and operational growth.

Signal to watch Increase in relevant job postings, especially in key facility locations

Confidence: medium

5. SEC EDGAR — 8-K Filings

Not in registry

Metric/field Full-text search for 'material definitive agreement' or 'completion of acquisition' by CIK: 0001040854

Cadence event_driven

Why it matters TTMI is highly active in M&A. 8-K filings provide official notification of significant agreements, acquisitions, or other material events that can impact the company's financial and operational outlook.

Signal to watch Filings confirming acquisition closures, new debt, or other material business developments

Confidence: high

Paid Alt Data Watch

1. Sourceability — Component Inventory & Availability

Matchedsourceability_component_pricing_lead_times_3 · access=file · map_only

Metric/field Lead times for Copper Clad Laminate (CCL) and T-glass

Cadence monthly

Why it matters CCL and T-glass are critical raw materials for TTMI's PCBs, and lead times can impact production and profitability. Monitoring these provides insight into supply chain health and potential cost pressures.

Signal to watch Decreasing lead times or stable availability

Confidence: high

2. Janes — Defense Contracts Database

Matched (medium)janes_defense_markets_procurement · access=file · map_only

Metric/field Contract awards for defense electronics, radar systems, or PCB manufacturing (by TTM or competitors)

Cadence weekly

Why it matters Janes provides detailed intelligence on defense procurement. Tracking specific contract awards offers granular insight into TTMI's A&D pipeline and competitive landscape.

Signal to watch New contract awards for TTMI or increasing activity in relevant defense programs

Confidence: high

3. Dell'Oro Group — Data Center Networking Market Share Report

Matcheddell_oro_group_network_equipment_market_share · access=file · map_only

Metric/field Market share of high-speed interconnects or advanced PCBs in data centers

Cadence quarterly

Why it matters TTMI's Data Center and Networking segment is a major growth driver, especially with N+M PCBs. This report can provide insights into their competitive position and overall market trends for high-speed interconnects.

Signal to watch Increasing market share for TTMI or growth in the advanced interconnect segment

Confidence: high

4. TechInsights — HBM Pricing and Market Analysis

Matched (medium)techinsights_technology_pricing_benchmark_telecom_semiconductors · access=file · map_only

Metric/field HBM3E / HBM4 Average Selling Prices (ASP) and adoption rates

Cadence quarterly

Why it matters HBM is crucial for AI accelerators, which drive demand for TTMI's advanced PCBs. Monitoring HBM pricing and adoption provides a leading indicator for the health and profitability of the AI infrastructure market.

Signal to watch Stable or increasing HBM ASPs and rising adoption rates for newer generations

Confidence: high

5. Mergermarket — M&A Deal Flow

Matched (medium)mergermarket_m_a_deals_transactions · access=file · map_only

Metric/field Announced or rumored acquisitions in the PCB, RF, or defense electronics sectors (Europe, Israel, UK)

Cadence daily

Why it matters TTMI is actively pursuing strategic M&A for diversification and capability enhancement. Tracking M&A activity in their target sectors and geographies can signal future growth opportunities or competitive threats.

Signal to watch Increased M&A activity in relevant sectors and regions, or specific rumors involving TTMI

Confidence: high

Search Keywords Brand Product

N+M asymmetrical interconnect PCBs
advanced interconnect products
RF modules
mission systems
infrared thermal imaging
laser optics solutions
printed circuit boards
Ultra-HDI products
software-defined radios
AI infrastructure
defense electronics
data center networking
aerospace and defense
medical industrial instrumentation
automotive electronics
complex PCBs
advanced packaging
supply chain management
organic growth
strategic M&A
brownfield expansion
European expansion

Search Keywords Event Phrases

TTM Technologies earnings
TTM Investor Day

Search Keywords Policy Regulatory

US CHIPS Act

What They Do (Plain English & Analogies): TTM Technologies designs and manufactures the highly complex 'nervous system' and 'specialized organs' for advanced electronics. Imagine a standard road as a simple circuit board; TTM builds the equivalent of an 80-layer underground super-highway system for data and power. Their products are found in critical applications that demand extreme reliability and performance, such as fighter jet radars, servers for artificial intelligence (AI) data centers, and life-saving medical robotics. They focus on creating innovative solutions that are small, light, and power-efficient (SWaP), emphasizing quick market entry, high reliability, and seamless technology integration. This includes advanced interconnect products, printed circuit boards, sophisticated RF modules, intricate subsystems, and fully integrated mission systems.
Very Brief History: Founded in 1978, TTM (Time-To-Market) initially focused on quick-turnaround PCB manufacturing. The company went public on NASDAQ in 2000. Over the last decade, TTM strategically shifted from a commodity circuit board maker to a high-tech systems provider. Key milestones include the acquisition of Anaren in 2018, which significantly boosted its RF capabilities, and Telephonics in 2022, adding complex surveillance and communication systems. By 2025, TTM successfully pivoted its portfolio to primarily focus on Artificial Intelligence and Aerospace & Defense, which now account for approximately 80% of its net sales.
"Street Stereotype": Historically, the 'Street' viewed TTM as a cyclical, low-margin hardware manufacturer tied to the ups and downs of the cellular and automotive markets. However, this perception is rapidly shifting. Analysts now increasingly view TTM as a 'picks and shovels' play for the AI revolution and a critical domestic partner for the U.S. Department of Defense. Despite this, some skepticism remains regarding their ability to effectively manage the costs and execution risks associated with simultaneously ramping up massive new factories in Malaysia and the U.S.
Subsidiaries On Linked In*: Anaren, a TTM Technologies Company — LinkedIn: anaren-a-ttm-technologies-company
Telephonics, a TTM Technologies Company — LinkedIn: telephonics-a-ttm-technologies-company
i-Tech, a TTM Technologies Company — LinkedIn: i-tech-a-ttm-technologies-company
TTM Technologies China — LinkedIn: ttm-technologies-china
TTM Switzerland (formerly Swiss Technology Group AG) — Acquired in Q3 2026; LinkedIn: swiss-technology-group-ag
ILFA GmbH — Acquisition nearing close, expected Q4 2026; LinkedIn: ilfa-gmbh
Epic Solutions — Acquired, closed September 30, 2026
Ophir — Planned acquisition, expected to close Q2 2027
Merlin PCB Group Holding Company — Planned acquisition of two small PCB companies in the UK, expected Q4 2026
Customer Sectors & Example Clients: TTM Technologies serves four primary customer sectors: Aerospace & Defense, Data Center Computing & Networking, Medical, Industrial & Instrumentation, and Automotive. In Aerospace & Defense, key clients include major defense contractors like Lockheed Martin, Northrop Grumman, RTX/Raytheon, and Boeing, with TTM supporting programs such as the APS-153 multi-mode maritime surveillance radar, the ATP Sensor System for targeting and surveillance, the Golden Dome program, and various munition programs. For Data Center Computing & Networking, their customers are hyperscalers and networking companies, including NVIDIA, Amazon/AWS, Microsoft, Meta, and Cisco, as well as industry-leading innovative established and seminal AI players. In the Medical, Industrial & Instrumentation sector, they serve clients like GE HealthCare, Siemens, and Thermo Fisher, providing support for products such as continuous glucose monitoring devices, automated test equipment for AI solutions, surgical robots, and electrophysiology solutions. In the Automotive sector, they work with companies like Tesla, Bosch, and Continental.
New Customers / Segments They'Re Targeting: TTM Technologies is actively targeting new customer segments and expanding its offerings through strategic acquisitions and organic investments. The planned acquisition of Ophir Optics will establish TTM's presence in Israel and Romania, allowing them to offer precision infrared thermal imaging and laser optics solutions for defense, homeland security, and industrial applications. This will enable TTM to combine infrared optics with their in-house modalities and interconnect capabilities, creating highly integrated mission subsystems for unmanned and counter-unmanned aerial systems. The acquisition of Epic Solutions enhances TTM's capabilities in processing and software-defined radios, targeting mission-critical sensing modalities such as surveillance, reconnaissance, communications, and electronic warfare. Additionally, their European expansion through acquisitions like Swiss Technology Group AG (now TTM Switzerland), ILFA GmbH, and Merlin PCB Group Holding Company, aims to add long-cycle businesses primarily into the medical and Aerospace & Defense end markets in Europe. The new innovation center in Eau Claire, Wisconsin, will spearhead R&D activities focused on pioneering technological advances such as MSAT, SAP, passive, and embedded optics, indicating future targets in these advanced technology areas.
Sales Geographies And Expansion Plans: TTM Technologies operates globally, with significant manufacturing facilities in North America (including the U.S. in Syracuse, Eau Claire, and Sterling), and Asia (China and Malaysia). The company is actively expanding its sales and operational presence, particularly in Europe. This includes the recently closed acquisition of Swiss Technology Group AG (now TTM Switzerland) and the nearing close of ILFA GmbH in Germany. They also announced plans to acquire Ophir Optics, establishing a presence in Israel and Romania, and two small PCB companies under the Merlin PCB Group Holding Company in the United Kingdom. These European expansions are intended to add healthy, long-cycle businesses primarily into the medical and A&D end markets, reinforcing TTM's value-add technology approach. Domestically, they are ramping up volume for Ultra-HDI products at their new Syracuse facility, with plans for this plant to reach full capacity by 2028, primarily for U.S. defense applications. They are also investing in an innovation center in Eau Claire, Wisconsin, for intensified R&D.
How Key Themes May Help/Hurt: The 'AI Bottleneck '26: Midstream Manufacturing & Equipment' theme significantly benefits TTM Technologies. As AI compute requirements surge, the demand for advanced packaging, high-layer PCBs, and specialized backend tooling intensifies. TTM's core business of designing and manufacturing complex, advanced interconnect products and printed circuit boards, particularly their N+M asymmetrical interconnect PCBs, directly addresses these bottlenecks. The rapid scaling in package surface area and multi-die chiplet integration increases fabrication difficulty, which widens competitive moats for qualified Tier-1 manufacturers like TTM with superior yield track records. TTM's substantial investments in capacity expansion for advanced interconnects in data center and networking, including an additional $400 million for N+M capacity, are directly aligned with this theme, positioning them to capitalize on the persistent demand and potential for premium pricing. The theme's bullish outlook on advanced foundry nodes and packaging lines being fully loaded supports TTM's extended backlog visibility and customer co-investments. However, the theme also highlights risks such as steep yield learning curves and heavy depreciation on new facilities, which could hurt TTM's return on invested capital if volume production doesn't reach profitable utilization rates quickly. Supply chain constraints for key materials, as mentioned in the transcript, could also pose a challenge, although TTM indicates they are managing this effectively.

3 Main Long-Term Bull Details

Dominance in AI Infrastructure and Advanced Technology Leadership: TTM is a critical supplier for AI data centers, with its data center and networking segment experiencing explosive growth (115% year-on-year in Q3 2026) driven by AI requirements. The company is moving up the value chain by producing ultra-complex PCBs, such as N+M asymmetrical interconnect boards, with significant ramp-up expected to contribute approximately 50% of the data center and networking business next year. This leadership in high-complexity interconnects creates significant barriers to entry and positions TTM for substantial growth.
Robust Aerospace & Defense Backlog and Strategic Alignment: The Aerospace and Defense segment offers exceptional visibility with a record total program backlog of $2.0 billion as of Q3 2026, up from $1.5 billion a year ago, and a strong book-to-bill ratio of 1.6x for the quarter. Sales in this segment grew 21% year-on-year in Q3 2026, driven by strategic program alignment and key bookings. This strong pipeline ensures steady multi-year revenue growth and reinforces TTM's critical role in national security.
Strong Financial Performance and Strategic Capacity Expansion: TTM delivered excellent Q3 2026 results, achieving record sales of $1.2 billion and non-GAAP EPS of $1.46, both exceeding guidance. Management raised its full-year 2026 sales outlook to $4.47-$4.49 billion and provided preliminary 2027 revenue guidance of $6.5-$6.75 billion, signaling sustained high growth. Strategic brownfield expansions and recent acquisitions in Europe and for 'up-the-chain' solutions further enhance the company's business and financial strength.

3 Main Long-Term Bear Details

Acquisition-Related Debt and Integration Risks: The company's aggressive M&A strategy, including the proposed $650 million Ophir Optics acquisition and other pending European deals, introduces increased acquisition-related debt and integration risks. While strategic, these multiple acquisitions require careful management to avoid diluting focus or straining financial resources, especially given the market's sensitivity to capital deployment.
Execution Risks in Facility Ramps and Supply Chain: TTM faces ongoing execution risks, particularly with the ramp-up of new, complex technologies like N+M asymmetrical PCBs and Ultra-HDI products. While N+M is ramping, one major program shifted later due to customer scheduling, not technical issues, highlighting potential for delays. Any further delays in reaching full production capacity or unexpected yield issues could impact profitability and challenge ambitious financial targets. Additionally, supply chain materials availability, particularly for lower-complexity materials, could pose challenges.
Market Skepticism and Capital Deployment Concerns: Despite record Q3 2026 financial results, the market reacted negatively, with the stock plunging approximately 22%. This disconnect highlights investor concerns about the sustainability of rapid growth, potential customer timing issues, and the aggressive pace of capital deployment and acquisitions, suggesting skepticism about long-term execution and valuation.

Competitors And Differentiation: TTM Technologies faces competition from various companies in the electronics manufacturing sector. Direct PCB competitors include Unimicron Technology, Gold Circuit, and ISU Petasys. [cite: 1, 2368.TW, 007660.KO] Other competitors and comparable companies mentioned include Advanced Energy Industries (AEIS), Cohu (COHU), Flex (FLEX), Littelfuse (LFUS), MKS (MKSI), ESCO Technologies, Sunlord, Regal Beloit America, ODU, Sanmina, Cobham, Mercury, Jabil, and Benchmark Electronics. TTM differentiates itself by focusing on technologically demanding, qualification-heavy, and high-reliability applications. Their value proposition combines engineering support, manufacturing know-how, a global but selective footprint, and a broader portfolio than a pure-play PCB supplier. They engage early with customers, often multiple years in advance, to design and manufacture complex, advanced interconnect products, printed circuit boards, sophisticated RF modules, resulting in subsystems and fully integrated mission systems. This 'up-the-chain' strategy, moving beyond pure PCB volume into more specialized, higher-value niches, is a key differentiator. Their unique N+M product approach for data centers and networking also sets them apart.
Recent Performance & What The Market'S Focused On: TTM Technologies delivered an excellent third quarter of 2026, achieving record sales of $1.2 billion, up 60% year-on-year, and record non-GAAP EPS of $1.46 per diluted share, both above guidance. This performance was driven by strong demand in data center and networking (115% YoY growth), medical, industrial, and instrumentation (97% YoY growth), and aerospace and defense (21% YoY growth). The company raised its full-year 2026 revenue guidance to $4.47-$4.49 billion and provided initial preliminary 2027 net sales forecast of $6.5 billion to $6.75 billion. The market is focused on the sustainability of this rapid growth, particularly the ramp-up of N+M asymmetrical PCBs in the data center and networking segment, which currently represents about 30% of that business and is expected to grow to 50% next year. Investor concerns also revolve around the aggressive pace of capital deployment, including an additional $400 million investment for N+M capacity, and the impact of recent and planned acquisitions (Epic Solutions, Ophir, European companies) on debt levels and integration risks, despite management's confidence in funding from operating cash flow and maintaining leverage targets.

Revenue Segments And Estimated Mix: Data Center and Networking — Mix: 41% (Q3 2026); ~49% (Q4 2026 est.); Source: Q3 2026 earnings call; Trend: 115% year-on-year growth in Q3 2026; expected to more than double year-on-year for full year 2026
Aerospace and Defense — Mix: 34% (Q3 2026); ~31% (Q4 2026 est.); Source: Q3 2026 earnings call; Trend: 21% year-on-year growth in Q3 2026; expected to deliver both year-on-year and sequential growth in Q4 2026; full year 2026 ~20% growth
Medical, Industrial and Instrumentation — Mix: 18% (Q3 2026); ~14% (Q4 2026 est.); Source: Q3 2026 earnings call; Trend: 97% year-on-year growth in Q3 2026; full year 2026 nearly 70% growth
Automotive — Mix: 7% (Q3 2026); ~6% (Q4 2026 est.); Source: Q3 2026 earnings call; Trend: 11% year-on-year growth in Q3 2026; full year 2026 mid-single digits improvement
Product Brands: Anaren
Telephonics
N+M asymmetrical interconnect printed circuit boards
Ultra-HDI products
Ophir precision infrared thermal imaging solutions
Ophir laser optics solutions
Epic Solutions processing capabilities

Bull / Bear Details

TTM Technologies is solidifying its position as a high-growth AI and Defense powerhouse, reporting record Q3 2026 sales of $1.2 billion and non-GAAP EPS of $1.4

Thesis

TTM Technologies is solidifying its position as a high-growth AI and Defense powerhouse, reporting record Q3 2026 sales of $1.2 billion and non-GAAP EPS of $1.46, driven by surging N+M PCB demand and a $2.0 billion defense backlog. Strategic acquisitions and significant capacity investments support ambitious 2027 revenue guidance. Despite strong operational execution, recent stock underperformance reflects investor concerns about aggressive capital deployment, acquisition-related debt, and the sustainability of rapid growth. (October 23, 2026)

Bull case

Explosive AI-driven demand in the data center and networking segment continues, with Q3 2026 sales growing 115% year-on-year and N+M asymmetrical interconnect PCBs comprising approximately 30% of segment activity. The company raised its full-year 2026 sales outlook to $4.47-$4.49 billion and provided preliminary 2027 revenue guidance of $6.5-$6.75 billion, signaling sustained high growth.
The Aerospace and Defense segment provides exceptional visibility, reporting a record $2.0 billion backlog and a robust 1.6 book-to-bill ratio in Q3 2026. Sales in this segment grew 21% year-on-year, driven by strategic program alignment and key bookings. This strong pipeline ensures steady multi-year revenue growth and reinforces TTM's critical role in national security.
TTM is strategically expanding capabilities and geographic reach through thoughtful capital investments and acquisitions. The completion of STG and Epiq Solutions, along with planned acquisitions like Ophir Optics and Merlin Circuit Technology, establish a European footprint and add differentiated products. An additional $400 million investment in N+M capacity further supports future organic growth.

Bear case

Despite record Q3 2026 financial results, the market reacted negatively, with the stock plunging approximately 22%. This disconnect highlights investor concerns about the sustainability of rapid growth, potential customer timing issues, and the aggressive pace of capital deployment and acquisitions, suggesting skepticism about long-term execution and valuation.
The company's aggressive M&A strategy, including the proposed $650 million Ophir Optics acquisition and other pending European deals, introduces increased acquisition-related debt and integration risks. While strategic, these multiple acquisitions require careful management to avoid diluting focus or straining financial resources, especially given the market's sensitivity to capital deployment.
Execution risks persist with the ramp-up of advanced technologies like N+M asymmetrical PCBs and Ultra-HDI products. While N+M is ramping, one major program shifted later due to customer scheduling, not technical issues. Any further delays in reaching full production capacity or unexpected yield issues could impact profitability and challenge ambitious financial targets.

Bull / Bear Case

Bear Case: Despite record Q3 2026 financial results and strong guidance, the market reacted negatively, with the stock plunging approximately 28% post-earnings, reflecting investor skepticism regarding the sustainability of rapid growth and valuation. The company's aggressive M&A strategy, including the proposed $650 million Ophir acquisition, introduces increased acquisition-related debt and integration risks, with the increased interest expense impacting EPS. Execution risks persist with the ramp-up of advanced technologies like N+M, as one major program experienced customer-side delays, highlighting potential volatility. Furthermore, supply chain challenges and a high valuation relative to historical metrics, coupled with negative free cash flow, raise concerns about long-term execution and financial strain.
Bull Case: TTM Technologies is positioned as a high-growth leader in AI infrastructure and defense, driven by explosive demand for its N+M asymmetrical interconnect PCBs, which are projected to comprise 50% of data center and networking revenue next year with significantly higher gross margins. The Aerospace and Defense segment boasts a record $2.0 billion backlog and a 1.6x book-to-bill ratio, providing exceptional revenue visibility and stability. Strategic acquisitions, including Ophir Optics, are expanding capabilities and geographic reach, moving 'up the chain' into high-margin mission systems. The company delivered record Q3 2026 sales and non-GAAP EPS, raising full-year 2026 guidance and providing robust preliminary 2027 revenue forecasts, signaling sustained strong operational performance and market leadership.
More Compelling & Why: Bear. Despite strong Q3 results, the stock's ~28% plunge post-earnings, coupled with a Price-to-Sales ratio of 3.23x (over 4x its historical median) and negative Free Cash Flow yield, suggests the valuation was stretched and investors are concerned about aggressive capital deployment and acquisition-related debt. The strongest argument is the market's negative reaction to otherwise positive news, indicating deep-seated skepticism about execution risks and the sustainability of growth given the current valuation. My view would flip if TTM consistently generates positive free cash flow, successfully integrates acquisitions, and demonstrates sustained N+M ramp-up without delays, proving the long-term profitability of its growth strategy.

Key Factors5 rows

Key Factor	Why It Matters	What To Watch	What It Signals	Where/How To Track	Free Alt Data	Paid Alt Data
Penang Facility Breakeven and Margin Recovery	The Penang facility has been a margin headwind, and its achievement of breakeven is crucial for overall gross margin expansion and improved profitability.	Confirmation of Penang reaching breakeven by late Q4 2026. Sequential improvements in Non-GAAP Gross Margin in Q4 2026 and Q1 2027.	Bullish if management confirms Penang has reached or is on track to reach breakeven by late Q4 2026, leading to gross margin expansion. Bearish if breakeven is delayed or margin stagnation persists.	Company earnings calls and press releases (next scheduled Q4 2026 earnings call in early 2027). SEC filings (10-K, 10-Q).	[]	[]
Ophir Acquisition Closure and Financial Impact	The acquisition of Ophir is a significant strategic move to expand TTM's 'up the chain' vertical product solutions, adding high-margin, long-cycle business and immediately enhancing adjusted EBITDA margins and non-GAAP diluted EPS.	Official announcement of the Ophir acquisition closure (expected Q2 2027). Confirmation of immediate accretion to adjusted EBITDA margins and non-GAAP diluted EPS post-closure. Net leverage at closing (expected to be less than 2x adjusted LTM EBITDA).	Bullish if the acquisition closes as expected in Q2 2027 with confirmed financial accretion and leverage within target range. Bearish if the closure is delayed due to regulatory or other unforeseen issues, or if financing terms negatively impact the balance sheet more than anticipated.	Company press releases, SEC filings (8-K, 10-Q), and future earnings calls. (Expected Q2 2027 closure).	[]	[]
N+M Asymmetrical Interconnect PCB Production Ramp and 2027 Contribution to Data Center & Networking Revenue and Margins	N+M PCBs are a primary AI-driven growth engine, contributing significantly to TTM's revenue and profitability. Its successful ramp and increasing mix will drive substantial margin expansion.	Percentage of Data Center & Networking revenue from N+M (Q3 2026: ~30%, 2027 target: ~50%). Updates on the ramp-up of the third major N+M program. Confirmation of >200 basis points increase in gross and EBITDA margins in 2027 due to N+M mix.	Bullish if N+M revenue contribution meets or exceeds 30% in Q3 and is on track for 50% in 2027, with positive commentary on all major programs and margin expansion. Bearish if N+M ramp-up faces further delays or yields fall below expectations, impacting revenue mix or margin targets.	Company earnings calls and press releases (next scheduled Q4 2026 earnings call in early 2027). SEC filings (10-K, 10-Q).	[]	[]
Aerospace & Defense (A&D) Backlog Growth and Strategic Program Wins	The A&D segment provides critical revenue stability and long-term visibility, backed by a record backlog and strategic program alignment. Sustained growth reinforces TTM's position in high-priority military applications.	Total A&D backlog levels (Q3 2026: $2.0 billion). Book-to-bill ratio (Q3 2026: 1.6x). Specific contract awards for programs like Golden Dome, APS 3 maritime surveillance radar, and service ship surveillance by 6 radar.	Bullish if A&D backlog exceeds $2.0 billion and the book-to-bill ratio remains above 1.0x, indicating strong demand and future revenue conversion. Bearish if book-to-bill drops below 1.0x for two consecutive quarters or backlog declines.	Company earnings calls and press releases (next scheduled Q4 2026 earnings call in early 2027). SEC filings (10-K, 10-Q).	[]	[]
Preliminary Full-Year 2027 Financial Guidance	The initial 2027 guidance provides a critical forward-looking view of TTM's growth trajectory and profitability, reflecting confidence in its strategic investments and market demand.	Net sales forecast for 2027 (initial range: $6.5 billion to $6.75 billion). Non-GAAP net income per diluted share forecast for 2027 (initial range: $8.10 to $8.90).	Bullish if the company reiterates or raises its 2027 revenue and EPS guidance in subsequent updates, indicating sustained strong performance. Bearish if guidance is lowered, signaling potential headwinds or execution challenges.	Company earnings calls and press releases (next scheduled Q4 2026 earnings call in early 2027). SEC filings (10-K, 10-Q).	[]	[]

Key Reported Metrics, Reratings Triggers & Results3 rows

As a key measure of overall profitability and operational efficiency, Non-GAAP EPS is central to TTM's ambitious goal of doubling earnings by 2027. Its performa

Upcoming print · 2027-02-03

Key reported metrics
Metric	Last period	Why it matters
Non-GAAP EPS	$1.46 per diluted share (118% year-on-year improvement)	As a key measure of overall profitability and operational efficiency, Non-GAAP EPS is central to TTM's ambitious goal of doubling earnings by 2027. Its performance is a critical indicator for investor confidence.
Aerospace and Defense Sales	21% year-on-year growth	This segment provides critical revenue stability and long-term visibility, backed by a record backlog and strategic program alignment. Sustained growth here reinforces TTM's position in high-priority military applications.
Data Center and Networking Sales	115% year-on-year growth	This segment is TTM's primary AI-driven growth engine. Its performance, especially the ramp-up of N+M PCBs, is crucial for validating TTM's leadership in advanced interconnects and achieving ambitious revenue targets.

Last reported · 2026-10-22

Key reported metrics			Rerating thresholds			Earnings results
Metric	Last period	Why it matters	What's needed for rerating	Rerating context	Earnings date	Actual reported	Hit target?	Notes
Non-GAAP EPS	71% year-on-year	As a key measure of overall profitability and operational efficiency, Non-GAAP EPS is central to TTM's ambitious goal of doubling earnings by 2027. Its performance is a critical indicator for investor confidence.	Non-GAAP EPS for Q3 2026 needed to exceed the reported $1.46 per diluted share, ideally by a significant margin (e.g., $1.55+), coupled with a substantial upward revision to full-year 2026 guidance beyond the $4.97-$5.03 range and/or a more aggressive preliminary 2027 outlook than the $8.10-$8.90 provided.	While TTM beat consensus, the market reacted negatively, indicating expectations were higher. A stronger beat and more aggressive forward guidance would validate the accelerated earnings growth thesis, confirming superior operational execution and a more favorable product mix, driving investor confidence and a higher valuation.	2026-10-22	$1.46 per diluted share (118% year-on-year improvement)	No	TTM reported Non-GAAP EPS of $1.46, which matched the previously reported figure but did not exceed it by a significant margin as required for a rerating. The full-year 2026 guidance of $4.97-$5.03 and preliminary 2027 outlook of $8.10-$8.90 were within the ranges mentioned in the trigger, indicating no substantial upward revision. The market reacted negatively to the earnings report, with the stock plunging approximately 22%, suggesting that expectations for a stronger beat and more aggressive forward guidance were not met.
Aerospace and Defense Sales	14% year-on-year	This segment provides critical revenue stability and long-term visibility, backed by a record backlog and strategic program alignment. Sustained growth here reinforces TTM's position in high-priority military applications.	Aerospace and Defense sales for Q3 2026 needed to demonstrate year-over-year growth significantly above the reported 21%, perhaps exceeding 25%, alongside a further increase in the record $2.0 billion backlog and a book-to-bill ratio sustained above 1.6x.	Despite strong reported growth and a record backlog, the market sought even greater acceleration. Exceeding these thresholds would unequivocally confirm robust conversion of defense contracts, reinforcing TTM's stable, high-visibility segment and justifying its premium valuation as a defense powerhouse.	2026-10-22	21% year-on-year growth	Partially	Aerospace and Defense sales grew 21% year-on-year, which matched the reported figure but did not 'significantly exceed' it as required by the rerating trigger. However, the company reported a record backlog of $2.0 billion and a book-to-bill ratio of roughly 1.6x, both of which met the specified thresholds.
Data Center and Networking Sales	91% year-on-year	This segment is TTM's primary AI-driven growth engine. Its performance, especially the ramp-up of N+M PCBs, is crucial for validating TTM's leadership in advanced interconnects and achieving ambitious revenue targets.	Data Center and Networking sales for Q3 2026 needed to exceed the reported 115% year-over-year growth, with N+M asymmetrical interconnect PCB revenue contributing more than 30% of the segment's sales (i.e., above the implied ~$148 million), and management providing clearer, more confident commentary on the N+M ramp-up timing.	This segment is TTM's primary AI-driven growth engine. While growth was high, the market's negative reaction suggests concerns about the N+M ramp's pace. Stronger N+M contribution and clearer execution would validate TTM's leadership in AI interconnects and alleviate execution risks.	2026-10-22	115% year-on-year growth	No	Data Center and Networking sales grew 115% year-on-year, which matched the reported figure but did not exceed it. N+M asymmetrical interconnect PCB revenue contributed approximately 30% of the segment's sales, which was not 'more than 30%'. Management's commentary on the N+M ramp-up timing indicated that one major program was 'moving to the right' due to customer scheduling, and that there would 'always be a bit of fluctuation', which did not convey the 'clearer, more confident commentary' sought by the trigger. Analysts noted that the data center networking end market came about 10% below prior guidance in Q3, suggesting concerns about the N+M ramp's pace.

Key Questions

Will the N+M asymmetrical PCB production ramp continue to meet volume and yield expectations, particularly as the third major program fully ramps in Q1 2027, an

Will the N+M asymmetrical PCB production ramp continue to meet volume and yield expectations, particularly as the third major program fully ramps in Q1 2027, and will its increasing mix drive the projected >200 basis points increase in gross and EBITDA margins in 2027?

Question 2: Can TTM effectively convert its record $2.0 billion Aerospace & Defense backlog and strong 1.6x book-to-bill ratio into revenue, and will the integration of recently closed 'up the chain' acquisitions like Epic Solutions and the pending Ophir acquisition significantly enhance A&D's non-PCB revenue mix and margin profile as projected?
Question 3: Will TTM successfully integrate its recently closed European acquisitions (STG and Epic Solutions) and the pending Ophir acquisition, while managing the associated increase in interest expense and strengthening its balance sheet as planned, and will the Penang facility achieve breakeven by late Q4 2026?

Earnings Transcript Summary3 rows

2026-10-22 · 2026Q3 Earnings Call

3 Things Management Is Most Focused On	Call Takeaway & Tone	Prior Quarter'S Y/Y Growth By Segment	3 Things Analysts Most Pressed On (And Mgmt Responses)	Revenue Segments
3 Things Management Is Most Focused On1. Strategic Investments in Advanced Interconnect Technology and Capacity Expansion: Management highlighted over $1.3 billion invested or committed in capacity expansion between 2019-2020, with an additional $400 million planned from Q4 2026 into early 2028, primarily for N+M product support in data center and networking. They also mentioned investing in a new innovation center for R&D in Eau Claire, Wisconsin, focusing on pioneering technological advances. 2. Diversified Business Model and Strategic M&A for Geographic and Capability Expansion: The company is focused on expanding its diversified business model, particularly through geographic expansion in Europe with the acquisitions of Swiss Technology Group AG (now TTM Switzerland) and ILFA GmbH, and planned acquisitions of Ophir (Israel and Romania) and Merlin PCB Group (UK). These acquisitions aim to add technology, capabilities, and international diversification, as well as move "up the chain" into vertical product solutions like communication and sensing. 3. Delivering Strong Financial Performance and Predictable Value Creation: Management repeatedly emphasized record-breaking financial results for Q3 2026, including over $1.2 billion in revenue, 60% year-on-year sales growth, 20.1% adjusted EBITDA margin, and $1.46 non-GAAP EPS. They also increased full-year 2026 revenue guidance and provided strong preliminary 2027 forecasts, underscoring their commitment to predictable value creation for customers and shareholders, funded by operating cash flow.	Call Takeaway & ToneThe overall takeaway from the call is that TTM Technologies delivered exceptionally strong Q3 2026 results, achieving record revenue, EBITDA, and EPS, driven by robust demand across all end markets, particularly data center and networking (fueled by AI) and aerospace and defense. Management expressed high confidence in their strategic direction, including significant organic investments in advanced interconnect technology and a series of strategic M&A activities aimed at expanding capabilities and geographic reach. While analysts probed on N+M ramp-up consistency, M&A financing, and supply chain dynamics, management provided reassuring responses, emphasizing strong execution and a positive outlook for continued growth and margin expansion into 2027. The tone of the call was highly confident and bullish.	Prior Quarter'S Y/Y Growth By SegmentTotal Sales: 37% year-on-year; Aerospace and Defense: 14% year-on-year; Data Center and Networking: 91% year-on-year; Medical, Industrial and Instrumentation: 33% year-on-year; Automotive: down marginally year-on-year.	3 Things Analysts Most Pressed On (And Mgmt Responses)1. N+M Product Performance and Ramp-up: Analysts inquired about the current contribution, ramp-up status, yields, and future dominance of the N+M product within the data center and networking segment. Management responded that N+M currently accounts for about 30% of the data center and networking business, is ramping up well with positive feedback, and is expected to grow to about 50% next year. They clarified that any fluctuations are due to customer program timing, not technical issues or yields. 2. M&A Strategy, Financing, and Balance Sheet Impact: Analysts pressed on the implications of the recent and planned acquisitions (Epic, Ophir, European companies) on the balance sheet, financing, and the potential for further large M&A. Management stated that the recent significant acquisitions mark "the end of the big stuff for a while," and the focus will shift to strengthening the balance sheet and paying down debt using strong future cash flows. They acknowledged that increased interest expense from new debt would impact EPS. 3. Supply Chain Availability and Material Pricing: Analysts asked about the availability of key materials like CCL and T-glass and how the company manages increasing prices. Management indicated that lead times for these materials are currently 12-24 weeks but that they are managing the situation effectively. They also noted that customers are absorbing price increases due to the higher value and complexity of TTM's advanced N+M boards, which have higher average selling prices (ASPs).	Revenue SegmentsTotal Sales: 60% year-on-year; Aerospace and Defense: 21% year-on-year; Data Center and Networking: 115% year-on-year; Medical, Industrial, and Instrumentation: 97% year-on-year; Automotive: 11% year-on-year.

2026-08-05 · 2026Q2 Earnings Call

3 Things Management Is Most Focused On	Call Takeaway & Tone	Prior Quarter'S Y/Y Growth By Segment	3 Things Analysts Most Pressed On (And Mgmt Responses)	Revenue Segments
3 Things Management Is Most Focused On1. Capitalizing on AI and Defense Megatrends: Management emphasized that approximately 80% of net sales are related to artificial intelligence and defense, which are strong drivers of performance and new business activity, positioning the company beneficially for the foreseeable future. 2. Strategic Acquisitions and European Expansion: The company announced intentions to acquire Swiss Technology Group AG (STG) and ILFA GmbH (ILFA) in Europe, aiming to establish an initial footprint in Europe, add healthy long-cycle businesses primarily in medical and A&D, and reinforce their up-the-chain value-add technology approach. 3. Ramping Up Advanced Technology Production: Management is focused on the full production launch of N+M asymmetrical interconnect printed circuit boards, particularly for the data center and networking market, and ramping up Ultra-HDI products at the new Syracuse facility, with plans to reach full capacity by 2028.	Call Takeaway & ToneThe overall takeaway from the call is that TTM Technologies delivered an excellent second quarter of 2026, achieving record sales of $1 billion and non-GAAP EPS of $0.99, driven by strong demand in the data center and networking (AI-driven), medical, industrial, instrumentation, and aerospace and defense end markets. Management expressed confidence in continued high growth, strategic acquisitions for European expansion, and the successful ramp-up of advanced technologies like N+M PCBs. The tone of the call was highly confident and positive, with management emphasizing strong operational performance, robust demand, and a clear strategic roadmap for future growth and margin expansion.	Prior Quarter'S Y/Y Growth By SegmentTotal Sales: +19% year-on-year; Aerospace & Defense: +5% year-on-year; Data Center Computing: +57% year-on-year; Networking: +23% year-on-year; Medical, Industrial & Instrumentation: +28% year-on-year; Automotive: declined (unspecified %) year-on-year.	3 Things Analysts Most Pressed On (And Mgmt Responses)1. Impact of N+M scale-up on revenues and margins: Analysts inquired about the qualitative and quantitative impact of the N+M scale-up in Q3. Management responded that N+M will contribute approximately $600 million in the second half of the year (1/3 in Q3, 2/3 in Q4), and while not quantifying exact margin impact, stated it would improve margins as yields improve, and this is already built into their guidance. 2. Number and distribution of 10% customers: Analysts asked about the number of 10% customers in the quarter and their distribution across segments. Management confirmed having two 10% customers, one in commercial and one in aerospace and defense, with another commercial customer nearing 10%, highlighting a good balance across their key segments. 3. Supply chain issues for high-end materials: Analysts questioned the supply chain for T-glass and other sophisticated materials needed for data center PCBs, given reported issues in lower-end automotive. Management clarified that while some supply chain issues exist, they are primarily in the lower-end parts of their business (like automotive), and they are still able to secure decent lead times and materials for their higher-end products, protecting those segments.	Revenue SegmentsTotal Sales: 37% year-on-year; Aerospace and Defense: 14% year-on-year; Data Center and Networking: 91% year-on-year; Medical, Industrial and Instrumentation: 33% year-on-year; Automotive: down marginally year-on-year.

2026-02-04 · 2025Q4 Earnings Call

3 Things Management Is Most Focused On	Call Takeaway & Tone	Prior Quarter'S Y/Y Growth By Segment	3 Things Analysts Most Pressed On (And Mgmt Responses)	Revenue Segments
3 Things Management Is Most Focused On1. Strategic Megatrends (AI & Defense): Management is pivoting the business to ensure 80% of revenue is tied to AI data centers and Defense, moving up the value chain from simple PCBs to complex integrated modules and systems. 2. Capacity Expansion: Investing $200-$300M in incremental CapEx over 2-3 years to expand AI-related capacity in China and ramping up major U.S. facilities in Syracuse and Eau Claire to meet domestic demand. 3. 2027 Financial Targets: Executing a plan to grow revenues 15-20% annually and double earnings from 2025 to 2027 through mix shift and operational scale.	Call Takeaway & ToneTakeaway: TTM is successfully transitioning from a cyclical component maker to a high-growth technology partner for AI hyperscalers and the DoD, evidenced by record quarterly EPS and a $1.6B defense backlog. While the Penang ramp remains a temporary margin headwind, the 57% growth in Data Center Computing validates their AI thesis. Tone: Confident and Bullish.	Prior Quarter'S Y/Y Growth By SegmentAerospace & Defense: +16%; Data Center Computing: +48%; Networking: +58%; Medical, Industrial & Instrumentation: +20%; Automotive: -13%. (Note: Data Center and MII accelerated, while A&D and Networking decelerated y/y).	3 Things Analysts Most Pressed On (And Mgmt Responses)1. Margin Drag from Penang: Analysts questioned the 180 bps headwind to gross margins; Management responded that yields are improving, revenue doubled sequentially, and they expect the margin drag to be cut in half by the end of 2026. 2. U.S. Capacity Timelines (Syracuse & Eau Claire): Analysts asked for specific revenue milestones; Management stated Syracuse is on track for first revenues in H2 2026, while the massive Eau Claire site will take 18-24 months to tool up for first revenues. 3. Technical Complexity (Layer Counts): Analysts asked about the limits of AI board manufacturing; Management confirmed they are currently producing 78-layer boards and seeing demand for designs exceeding 100 layers, positioning TTM as a leader in high-complexity interconnects.	Revenue SegmentsAerospace & Defense: +5%; Data Center Computing: +57%; Networking: +23%; Medical, Industrial & Instrumentation: +28%; Automotive: Declined (unspecified %); Total Sales: +19%.

Transcript Tidbits4 rows

2026-10-22

About Expanding Eligible Market	About Competition	About The Broader Industry	Where Things Are Headed	Updates On Theme	Bullish-Leaning Quotes (Short)	Bearish-Leaning Quotes (Short)	Hiring
About Expanding Eligible MarketTTM Technologies is investing in organic growth opportunities and technological advancements across its product offerings for all end markets, in addition to strategic M&A to enhance capabilities and add diversification. The company has committed to over $1.3 billion in capacity expansion in the 2019-2020 timeframe, with an additional $400 million planned investment from Q4 2026 into early 2028, primarily supporting revenue production for the 2028 period, focused on commercial data center and networking end markets. TTM is also in the early stages of investing in a new innovation center in Eau Claire, Wisconsin, to spearhead intensified R&D activities in pioneering technological advances like MSAT, SAP, passive, and embedded optics. Geographically, TTM is expanding into Europe with the acquisition of Swiss Technology Group AG (now TTM Switzerland) and the nearing close of ILFA GmbH, and has announced the planned acquisition of Ophir to establish a presence in Israel and Romania. The company also plans to acquire two small but strategic printed circuit board companies under the Merlin PCB Group Holding Company in the United Kingdom. Furthermore, TTM is investing in 'up the chain' vertical product solutions with a focus on communication and sensing, supported by the acquisition of Epic Solutions and the proposed acquisition of Ophir. The Ophir acquisition will allow TTM to combine infrared optics and RF radar systems for highly integrated mission subsystems in unmanned and counter-unmanned aerial systems for A&D, and provide laser optical subsystems for industrial cutting, welding, and PCB drilling machines. The N+M product approach is utilized by industry-leading AI players, and more N+M programs are expected, with 5 to 10 programs anticipated in total. In the automotive market, TTM is seeing additional share opportunities as some competitors reduce their market participation.	About CompetitionTTM's aerospace and defense programs are described as 'incredibly sticky and very difficult for competitors to try in this place'. In the automotive market, the company is observing additional share opportunities as some competitors reduce their market participation. For N+M programs, while TTM's ramp-up is going well, the need for all suppliers to be in the same technology window can sometimes be a challenge.	About The Broader IndustryThe future of electronics is characterized by speed to market, high reliability, and efficient technology integration. The industry is experiencing strong demand driven by AI and defense megatrends. Defense budgets provide positive tailwinds, and demand strength in data center and networking is driven by AI. The medical, industrial, and instrumentation market is seeing strong demand, particularly in instrumentation for automated test equipment supporting AI solutions. Supply chain lead times for materials can range from 12 to 24 weeks or longer, depending on the material, and while costs are increasing, customers are absorbing these price adjustments due to the value added by TTM's technology.	Where Things Are HeadedTTM expects to close out 2026 strong, driven by increased shipments of M+M product offerings for data center and networking, and continued strong demand in aerospace and defense. The company has visibility into approximately 65% of its projected A&D revenue for 2027. Full-year 2026 revenue guidance has been increased to $4.47 billion to $4.49 billion. An additional $400 million investment is planned from Q4 2026 into early 2028, primarily to support revenue production in 2028 for commercial data center and networking end markets. The acquisition of Ophir is expected to close in Q2 2027, incrementally benefiting TTM's financial model by adding high-margin, long-cycle business and being immediately accretive to adjusted EBITDA margins and non-GAAP diluted EPS. For Q4 2026, net sales are projected to be between $1.42 billion and $1.44 billion, with non-GAAP earnings between $1.77 and $1.83 per diluted share. Full-year 2026 non-GAAP earnings are expected to be in the range of $4.97 to $5.03 per diluted share. Preliminary full-year 2027 net sales are forecasted to be in the range of $6.5 billion to $6.75 billion, with non-GAAP net income expected between $8.10 and $8.90 per diluted share. The N+M program is expected to grow from approximately 30% of the data center and networking activities in Q3 2026 to about 50% next year.	Updates On ThemeMidstream	Bullish-Leaning Quotes (Short)Our third quarter sets another new record with over $1.2 billion in revenue, and we expect to close out the year strong. Composal activity in our aerospace and defense business remain at all time highs and a record backlog of $2 billion. We are increasing our full year 2026 revenue guidance from 4.47 to $4.49 billion. We are also in the early stages of investing in a new innovation center in the Eau Claire, Wisconsin facility. Ophir is experiencing strong revenue growth and margin expansion and the transaction is expected to be immediately accretive to our adjusted EBITDA margins and our non GAAP diluted EPS. We delivered an excellent third quarter of 2026. Sales for consolidated TTM grew 60% year on year. The company's adjusted EBITDA margin was 20.1% in the third quarter of 2026, up an impressive 400 basis points year on year. Our initial net sales forecast to be in the range of approximately $6.5 billion to $6.75 billion [for 2027]. The N+M program is, there will be a substantial part of the. Of our data center and networking group. Our EBITDA margins will be increasing our gross margin on that N+M product. Is significantly higher than our corporate average.	Bearish-Leaning Quotes (Short)1 of them [N+M programs] is, let's say, a bit moving to the right. This has nothing to do, by the way, with any technical issue, has nothing to do with our performance. It basically has to do with the program schedule that of that customer. The data center networking end market came about 10% below your prior guidance in Q3. Lead times let's say, are, let's say, in the order of, let's say, 12 weeks sometimes a bit longer, sometimes 24 weeks, sometimes even a bit longer depending on the on the materials. Yes, the costs are going up.	HiringWe are excited to welcome the Epic team members into TTM as we continue the integration activities.

2026-08-05

About Expanding Eligible Market	About Competition	About The Broader Industry	Where Things Are Headed	Updates On Theme	Broader Themes Emerging	Bullish-Leaning Quotes (Short)	Bearish-Leaning Quotes (Short)	Hiring
About Expanding Eligible MarketTTM Technologies is expanding its product offerings in integrated electronics and up-the-chain solutions, including sophisticated RF modules, intricate subsystems, and fully integrated mission systems. The company is also initiating its initial footprint in Europe through the strategic acquisitions of Swiss Technology Group AG (STG) and ILFA GmbH (ILFA), which will add long-cycle businesses primarily in the medical and Aerospace & Defense end markets. This move is considered a first step towards becoming a significant competitor in the European geography. Furthermore, the N+M asymmetrical interconnect printed circuit board technology is seen as a family of different options, opening up new opportunities beyond data centers and networking customers.	About CompetitionTTM Technologies' international business is growing nicely, and the company hopes to further expand it with the announced acquisitions in Europe. In the Aerospace & Defense sector, the company sometimes finds itself as the sole supplier in the U.S., which is beneficial. The company is not in a rush with its Wisconsin facility, which was acquired for less than $20 million, indicating available capacity without immediate financial burden.	About The Broader IndustryThe broader industry is characterized by strong demand driven by the megatrends of artificial intelligence and defense, which account for approximately 80% of TTM's net sales. The future of electronics is focused on speed to market, high reliability, and efficient technology integration. There is a robust technology demand in the data center and networking end market due to AI, and evolving opportunities are emerging in the use of automation and AI within the medical, industrial, and instrumentation end markets. The defense market continues to benefit from positive tailwinds in defense budgets. In the supply chain, there's a trend where suppliers are increasingly focusing on higher-end materials and products, which can lead to longer lead times for lower-end materials.	Where Things Are HeadedTTM Technologies is tracking well ahead of its plan to achieve at least $4 billion in net sales in 2026, with earnings also exceeding prior expectations. The company remains confident in achieving 15% to 20% organic revenue growth for 2027 and 2028. Full production launch of N+M asymmetrical interconnect printed circuit boards is in its early stages, with significant ramp-up expected in Q3 and Q4 2026. The Syracuse facility will begin ramping up volume for Ultra-HDI products in Q3 2026, aiming for full capacity by 2028. TTM expects full year 2026 sales to be approximately $4.4 billion and non-GAAP earnings to approach $5 per diluted share. The company anticipates continued net sales growth with a sequential uptick in Q4 2026. The Penang facility is nearing breakeven, expected by late Q3 or Q4 2026. The Wisconsin facility will be used for some production and an innovation center, with no immediate rush for full activation. N+M technology is expected to be a significant contributor to revenue next year, potentially reaching an incremental $1 billion.	Updates On ThemeMidstream	Broader Themes EmergingSovereign AI Infrastructure, domestic U.S. semiconductor and PCB onshoring.	Bullish-Leaning Quotes (Short)We are tracking well ahead of our previously communicated plan to achieve at least $4 billion in net sales in 2026. Our earnings for 2026 are exceeding our prior expectations. We remain confident in our ability to achieve 15% to 20% organic revenue growth for 2027 and 2028. We achieved sales of $1 billion, our first quarterly result reaching that threshold. Non-GAAP EPS of $0.99 per diluted share, both above our guidance and both all-time quarterly highs. A&D book to bill was 1.3 for the quarter, which led to a total program backlog of $1.7 billion. Business proposals for this end market are at an all-time high with over $7 billion of potential business currently qualified in our strategic pipeline. N+M is really, really important for us, and it could be in the ballpark you mentioned [incremental $1 billion revenue next year].	Bearish-Leaning Quotes (Short)Automotive sales represented 8% of second quarter 2026 sales and was down marginally year-on-year. We continue to be very selective in this market to focus on higher value-add products. Slight pressure in supply chain materials availability as CCL producers attempt to shift away from lower complexity materials towards higher complexity products.	HiringNot mentioned.

2026-08-05

About Expanding Eligible Market	About Competition	About The Broader Industry	Where Things Are Headed	Updates On Theme	Broader Themes Emerging	Bullish-Leaning Quotes (Short)	Bearish-Leaning Quotes (Short)	Hiring
About Expanding Eligible MarketTTM Technologies is expanding its product offerings in integrated electronics and up-the-chain solutions, including sophisticated RF modules, intricate subsystems, and fully integrated mission systems. The company is establishing its initial footprint in Europe through the strategic acquisitions of Swiss Technology Group AG (STG) and ILFA GmbH (ILFA), which will add long-cycle businesses primarily in the medical and Aerospace & Defense end markets. This move is considered a first step towards becoming a significant competitor in the European geography. Additionally, the N+M asymmetrical interconnect printed circuit board technology is viewed as a family of different options, opening up new opportunities beyond data centers and networking customers.	About CompetitionTTM Technologies' international business is growing nicely, and the company hopes to further expand it with the announced acquisitions in Europe. In the Aerospace & Defense sector, the company sometimes finds itself as the sole supplier in the U.S., which is beneficial. The Wisconsin facility was acquired for less than $20 million, indicating available capacity without immediate financial burden.	About The Broader IndustryThe broader industry is characterized by strong demand driven by the megatrends of artificial intelligence and defense, which account for approximately 80% of TTM's net sales. The future of electronics is focused on speed to market, high reliability, and efficient technology integration. Technology demand has been robust in the data center and networking end market due to AI, and evolving opportunities are emerging in the use of automation and AI within the medical, industrial, and instrumentation end markets. The defense market continues to benefit from positive tailwinds in defense budgets. In the supply chain, there's a trend where suppliers are increasingly focusing on higher-end materials and products, which can lead to longer lead times for lower-end materials.	Where Things Are HeadedTTM Technologies is tracking well ahead of its previously communicated plan to achieve at least $4 billion in net sales in 2026, with earnings also exceeding prior expectations. The company remains confident in achieving 15% to 20% organic revenue growth for 2027 and 2028. The full production launch of N+M asymmetrical interconnect printed circuit boards is in its early stages, with significant ramp-up expected in Q3 and Q4 2026. The Syracuse facility will begin ramping up volume for Ultra-HDI products in Q3 2026, aiming for full capacity by 2028. TTM expects full year 2026 sales to be approximately $4.4 billion and non-GAAP earnings to approach $5 per diluted share. The company anticipates continued net sales growth with a sequential uptick in Q4 2026. The Penang facility is nearing breakeven, expected by late Q3 or Q4 2026. The Wisconsin facility will be used for some production and an innovation center, with no immediate rush for full activation. N+M technology is expected to be a significant contributor to revenue next year, potentially reaching an incremental $1 billion.	Updates On ThemeMidstream	Broader Themes EmergingSovereign AI Infrastructure, domestic U.S. semiconductor and PCB onshoring.	Bullish-Leaning Quotes (Short)We are tracking well ahead of our previously communicated plan to achieve at least $4 billion in net sales in 2026. Our earnings for 2026 are exceeding our prior expectations. We remain confident in our ability to achieve 15% to 20% organic revenue growth for 2027 and 2028. We achieved sales of $1 billion, our first quarterly result reaching that threshold. Non-GAAP EPS of $0.99 per diluted share, both above our guidance and both all-time quarterly highs. A&D book to bill was 1.3 for the quarter, which led to a total program backlog of $1.7 billion. Business proposals for this end market are at an all-time high with over $7 billion of potential business currently qualified in our strategic pipeline. N+M is really, really important for us, and it could be in the ballpark you mentioned [incremental $1 billion revenue next year].	Bearish-Leaning Quotes (Short)Automotive sales represented 8% of second quarter 2026 sales and was down marginally year-on-year. We continue to be very selective in this market to focus on higher value-add products. Slight pressure in supply chain materials availability as CCL producers attempt to shift away from lower complexity materials towards higher complexity products.	HiringNot mentioned.

2026-02-04

About Expanding Eligible Market	About Competition	About The Broader Industry	Where Things Are Headed	Updates On Theme	Broader Themes Emerging	Bullish-Leaning Quotes (Short)	Bearish-Leaning Quotes (Short)
About Expanding Eligible MarketTTM is moving up the value chain from advanced interconnects to complex modules, subsystems, and integrated mission systems, including RF modules and thermal/power management. The company is specifically targeting the 'Space' market, focusing on low Earth orbit (LEO) satellite constellations and radiation-hardened modules. Additionally, they are expanding into AI-enabled robotics and sensing applications within the medical and industrial instrumentation end markets.	About CompetitionManagement highlights their global footprint of 24 sites as a key competitive advantage for manufacturing options. While discussing the new Eau Claire facility, it was noted as the largest PCB site in the U.S. when excluding the in-house manufacturing activities of certain large customers, suggesting a competitive landscape where some major clients maintain internal production capabilities.	About The Broader IndustryThe industry is seeing a convergence of data center computing and networking due to AI-related demand, leading TTM to merge these into a single reporting segment. Technology is pushing toward extreme complexity, with board designs now exceeding 100 layers to accommodate compact, high-performance AI systems. Defense budgets remain a strong tailwind with multi-year visibility.	Where Things Are HeadedTTM has set an ambitious goal to grow revenues 15% to 20% annually and double earnings between 2025 and 2027. The Syracuse Diamond facility is on track for first revenues in H2 2026, while the massive 750,000 sq. ft. Eau Claire site will be tooled up over the next 18-24 months. The Penang facility's margin drag is expected to be halved by the end of 2026.	Updates On ThemeBig	Broader Themes EmergingLow Earth Orbit (LEO) satellite constellations for space-based data processing; AI-enabled medical robotics; domestic U.S. semiconductor and PCB onshoring (Eau Claire expansion).	Bullish-Leaning Quotes (Short)"Non-GAAP EPS of $0.70... was an all-time quarterly record high."; "Double our earnings from 2025 to 2027."; "The pipeline is even bigger [than the $1.6B backlog]."; "There are numbers beyond the 100 layers already, which are required."	Bearish-Leaning Quotes (Short)"Q4 at the gross profit level still had a headwind of about 180 basis points [from Penang]."; "We will be increasingly selective in this market [automotive]."; "It will take us, let's say, eighteen to twenty-four months to get first revenues [from Eau Claire]."

Notes3 rows

Date	Comment	Comment Type	Comment Sentiment	Link	Price Reaction
2025-07-30	Q2 beat with 21% y/y revenue growth and record EPS, fueled by defense and AI data-center demand. Margins expanded, backlog solid, cash flow strong. Penang ramp slower, Eau Claire activation hinges on customer commitments. Mixed: strong fundamentals but execution/capex timing keeps debate alive.	Earnings Transcript	Mixed		-11.06% (vs SPY: -10.54%)
2026-02-04	TTM Technologies delivered record Q4 EPS and 19% revenue growth, fueled by surging AI data center and defense demand. The market initially cheered the strong 2026 guidance and ambitious 2027 earnings targets, outperforming the SPY. However, a subsequent pullback suggests caution regarding the heavy CapEx required for U.S. and China expansions and the persistent margin drag from the Penang facility ramp.	Earnings Transcript	Neutral	https://investors.ttm.com/	+2.45% (vs SPY: +1.32%)
2026-10-22	TTM Technologies reported record Q3 2026 revenue and EPS, raising 2026 guidance and providing a strong 2027 outlook, driven by AI-fueled N+M PCBs and a record A&D backlog. Management expressed high confidence in strategic acquisitions and capacity investments. However, the stock plunged over 21% (t+2 days), indicating market skepticism regarding aggressive capital deployment, acquisition-related debt, and potential N+M program timing shifts, despite the bullish messaging.	Earnings Transcript	Negative		-21.58% (vs SPY: -21.77%)

Upcoming Events2 rows

Catalyst ID	Estimated Timing	Estimated Date Start	Estimated Date End	Catalyst	Why It Matters	Ticker Or Theme Specific	Transcript Date	Source Type
TTMI_921ad764	nearing the close	2026-10-23	2026-12-31	Closure of ILFA GmbH acquisition.	This acquisition is part of TTM's initial geographic expansion in Europe, enhancing capabilities and adding international diversification to its business model.	Ticker	2026-10-22	earnings_transcript
TTMI_b3ea69f1	second quarter of 27	2027-04-01	2027-06-30	Closure of Ophir acquisition, subject to regulatory approvals and customary closing conditions.	This acquisition is expected to establish TTM's presence in Israel and Romania, add high-margin, long-cycle business in precision infrared thermal imaging and laser optics, and be immediately accretive to adjusted EBITDA margins and non-GAAP diluted EPS.	Ticker	2026-10-22	earnings_transcript

Prior Earnings Metrics HistoryTable

Prior earnings scorecards