Upside case
Bull case
$112-31.9%
The bull case prices TTMI at 32x on FY1 earnings, assuming continued execution and no meaningful deceleration in the core business.
Analysis OverviewBuyUpdated May 1, 2026
TTM Technologies, Inc. (TTMI) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Buy
Covering
14
analysts
12 bullish · 0 bearish · 14 covering TTMI
Strong Buy
0
Buy
12
Hold
2
Sell
0
Strong Sell
0
Consensus Target
$158
-3.8% vs today
Scenario Range
$15 – $112
Model bear to bull value window
Coverage
14
Published analyst ratings
Valuation Context
47.2x
Forward P/E · Market cap $17.1B
TTMI price targets
Three scenarios for where TTMI stock could go
Current
~$165
Confidence
60 / 100
Updated
May 1, 2026
Where we are now
Current · $165
Bear
$15
Base
$265
Bull
$112
Market caseClosest to today
Base case
$265+61.2%
At 76x on FY1 earnings, the base case reflects a reasonable but not stretched valuation. It prices in continued growth without assuming an exceptional setup.
Stress case
Bear case
$15-90.6%
If investor confidence fades or macro conditions deteriorate, a 43x multiple contraction could push TTMI down roughly 91% from where it trades now.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
TTM Technologies, Inc.
TTMI · NASDAQTechnologyHardware, Equipment & PartsDecember year-end
TTM Technologies is a global manufacturer of printed circuit boards (PCBs) and radio frequency components for electronics. It generates revenue primarily from PCB sales (~70% of revenue) and RF components (~30%), serving aerospace/defense, automotive, medical, and data center markets. The company's competitive advantage lies in its advanced manufacturing capabilities—including high-density interconnect and RF/microwave circuits—and its vertical integration from design to assembly.
Market Cap
$17.1B
Revenue TTM
$3.2B
Net Income TTM
$204M
Net Margin
6.3%
TTMI Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
92%Exceptional
12 quarters tracked
Revenue Beat Rate
67%Exceptional
vs consensus estimates
Avg EPS Surprise
+20.0%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Last 4 Quarters
EPS beats: 4 of 4Q3 2025
EPS
$0.58/$0.52
Revenue
$731M/$691M
Q4 2025
EPS
$0.67/$0.61
Revenue
$753M/$753M
Q1 2026
EPS
$0.70/$0.68
Revenue
$774M/$753M
Q2 2026
EPS
$0.75/$0.66
Revenue
$846M/$790M
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q3 2025 | $0.58/$0.52 | +11.5% | $731M/$691M | +5.7% |
| Q4 2025 | $0.67/$0.61 | +9.8% | $753M/$753M | -0.0% |
| Q1 2026 | $0.70/$0.68 | +2.9% | $774M/$753M | +2.8% |
| Q2 2026 | $0.75/$0.66 | +13.6% | $846M/$790M | +7.1% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$3.6B
+12.9% YoY
FY2
$4.1B
+13.1% YoY
EPS Outlook
FY1
$2.34
+22.9% YoY
FY2
$2.71
+15.8% YoY
Trailing FCF (TTM)$79M
FCF Margin: 2.5%
Next Earnings
—
Expected EPS
—
Expected Revenue
—
TTMI beat EPS estimates in 4 of 4 tracked quarters. A perfect track record raises the bar for the upcoming report.
TTMI Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2025
Total disclosed revenue $1.6B
Product Mix
Latest annual revenue by segment or product family
Data Center Computing
42.1%
+35.9% YoY
Tap, hover, or focus a slice to inspect segment detail.
Geographic Mix
Latest annual revenue by reported region
UNITED STATES
85.8%
+26.1% YoY
Tap, hover, or focus a slice to inspect segment detail.
Data Center Computing is the largest disclosed segment at 42.1% of FY 2025 revenue, up 35.9% YoY.
UNITED STATES is the largest reported region at 85.8%, up 26.1% YoY.
TTMI Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Significantly Overvalued
Fair value est. $78 — implies -51.0% from today's price.
Premium to Fair Value
51.0%
above fair value
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
TTMI
98.0x
vs
S&P 500
25.2x
+288% premium
vs Technology Trailing P/E
TTMI
98.0x
vs
Technology
27.5x
+257% premium
vs TTMI 5Y Avg P/E
Today
98.0x
vs
5Y Average
33.7x
+190% premium
Forward PE
47.2x
S&P 500
19.1x
+148%
Technology
21.7x
+118%
5Y Avg
—
—
Trailing PE
98.0x
S&P 500
25.2x
+288%
Technology
27.5x
+257%
5Y Avg
33.7x
+190%
PEG Ratio
—
S&P 500
1.75x
—
Technology
1.47x
—
5Y Avg
—
—
EV/EBITDA
43.3x
S&P 500
15.3x
+184%
Technology
17.4x
+149%
5Y Avg
11.3x
+283%
Price/FCF
—
S&P 500
21.3x
—
Technology
19.8x
—
5Y Avg
34.2x
—
Price/Sales
5.9x
S&P 500
3.1x
+88%
Technology
2.4x
+144%
5Y Avg
1.1x
+414%
Dividend Yield
—
S&P 500
1.88%
—
Technology
1.18%
—
5Y Avg
—
—
| Metric | TTMI | S&P 500 | Technology | 5Y Avg TTMI |
|---|---|---|---|---|
| Forward PE | 47.2x | 19.1x+148% | 21.7x+118% | — |
| Trailing PE | 98.0x | 25.2x+288% | 27.5x+257% | 33.7x+190% |
| PEG Ratio | — | 1.75x | 1.47x | — |
| EV/EBITDA | 43.3x | 15.3x+184% | 17.4x+149% | 11.3x+283% |
| Price/FCF | — | 21.3x | 19.8x | 34.2x |
| Price/Sales | 5.9x | 3.1x+88% | 2.4x+144% | 1.1x+414% |
| Dividend Yield | — | 1.88% | 1.18% | — |
TTMI trades above S&P 500 benchmarks on 4 of 4 measured multiples — commands a broad premium across most valuation dimensions.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolTTMI Financial Health
Verdict
Adequate
Key financial metrics for TTMI are shown below.
Cash Engine
Revenue, margins, and cash generation
Revenue (TTM)
Trailing-twelve-month sales base
$3.2B
Revenue Growth
TTM vs prior year
+21.6%
Gross Margin
Gross profit as a share of revenue
20.6%
Operating Margin
Operating income divided by revenue
9.2%
Net Margin
Net income divided by revenue
6.3%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$1.90
Free Cash Flow (TTM)
Cash generation after capex
$79M
FCF Margin
FCF as share of revenue — the primary cash quality signal
2.5%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
8.8%
ROA
Return on assets, trailing twelve months
5.2%
Cash & Equivalents
Liquid assets on the balance sheet
$501M
Net Debt
Total debt minus cash
$616M
Debt Serviceability
Net debt as a multiple of annual free cash flow
7.8× FCF
~7.8 years to full repayment at current FCF run-rate
ROE
Return on equity, trailing twelve months
11.4%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
0.1%
Dividend
—
Buyback
0.1%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$18M
Dividend / Share
Annualized trailing dividend per share
—
Payout Ratio
Share of earnings distributed as dividends
—
Shares Outstanding
Declining as buybacks retire shares
104M
All figures from the trailing twelve months. ROIC uses invested capital (equity + net debt).
Open full ratios pageTTMI Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated April 29, 2026
High Risk
Debt Load
TTM Technologies carries a significant debt load that requires careful monitoring, particularly regarding its conversion of EBIT to free cash flow. This high level of debt could pose risks to financial stability if not managed effectively.
High Risk
Cash Flow Concerns
The company faces concerns regarding earnings quality due to extreme accruals and negative free cash flow. Persistent negative free cash flow and high accrual ratios could limit financial flexibility and necessitate external financing.
High Risk
Goodwill and Asset Impairment
Changes in business conditions could lead to impairment of goodwill, intangible assets, and other long-lived assets, resulting in significant losses and write-downs. This risk could materially affect the company's financial performance.
Medium
Interest Rate Fluctuations
TTM Technologies' variable rate indebtedness exposes it to interest rate risk, which could increase debt service obligations. Although the company has entered into an interest rate swap to mitigate this risk, fluctuations could still impact financial results.
Medium
Customer Concentration
The company's reliance on a small number of key customers introduces variability and potential pricing pressure. This concentration risk could adversely affect revenue stability and growth.
Medium
Supply Chain Disruptions
TTM's complex global supply chain and reliance on specialty materials make it vulnerable to prolonged or severe interruptions. Disruptions could significantly impact production timelines and operational efficiency.
Lower
Integration Challenges
TTM's aggressive strategy of acquisitions and divestitures presents integration challenges that could disrupt operations. While these efforts aim for growth, they may also introduce operational risks.
Lower
Cybersecurity Threats
Outages, viruses, cyber-attacks, and breaches of information systems could disrupt operations and lead to significant legal and financial exposure. As the company expands its digital footprint, these risks may increase.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why TTMI Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated April 29, 2026
AI and Defense Tailwinds
TTM Technologies is positioned as a critical 'pick-and-shovel' provider for the growing AI market and defense sector recapitalization. Its advanced printed circuit boards (PCBs) and RF components are essential for AI data centers and sophisticated defense systems.
Revenue and Earnings Growth
Analysts project TTM Technologies will achieve revenue of approximately $3.4 billion by 2026, marking a significant year-over-year increase. Earnings per share (EPS) are also expected to grow to $3.25 for 2026, reflecting the company's consistent revenue increases.
Margin Expansion and Profitability
The company is improving profitability through a favorable mix shift towards higher-margin, complex programs, especially in aerospace and defense. Non-GAAP operating margins and gross margins have shown significant improvement.
Strong Backlog and Book-to-Bill Ratio
TTM Technologies has a robust backlog of $1.61 billion in the Aerospace & Defense segment. A book-to-bill ratio of 1.35 in the fourth quarter indicates that orders are exceeding production, suggesting strong future revenue growth.
Strategic Investments and Capacity Expansion
The company plans to invest $200-$300 million in capital expenditures over the next few years to expand its AI-related infrastructure. This investment is aimed at supporting sustained long-term growth, although it may impact near-term cash flow.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
TTMI Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$164.64
52W Range Position
90%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$24.31
+577.3% from the low
52-Week High
$180.00
-8.5% from the high
1 Month
+72.04%
3 Month
+67.01%
YTD
+133.2%
1 Year
+555.2%
3Y CAGR
+143.0%
5Y CAGR
+61.5%
10Y CAGR
+38.2%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
TTMI vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
47.2x
vs 24.7x median
+91% above peer median
Revenue Growth
+12.9%
vs +4.2% median
+210% above peer median
Net Margin
6.3%
vs 17.3% median
-63% below peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
TTM TTMI TTM Technologies, Inc. | $17.1B | 47.2x | +12.9% | 6.3% | Buy | -3.8% |
AWI AWI Armstrong World Industries, Inc. | $7.1B | 20.0x | +10.6% | 18.6% | Buy | +18.8% |
VEC VECO Veeco Instruments Inc. | $3.7B | 37.1x | +0.8% | 3.5% | Buy | -44.0% |
DDI DDI DoubleDown Interactive Co., Ltd. | $543M | 4.7x | +4.2% | 28.5% | Buy | +46.1% |
APH APH Amphenol Corporation | $170.2B | 29.7x | +25.4% | 17.3% | Buy | +30.2% |
CTS CTS CTS Corporation | $1.7B | 24.7x | +2.8% | 12.4% | Hold | — |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
TTMI Dividend and Capital Return
TTMI returns 0.1% annually — null% through dividends and 0.1% through buybacks.
Dividend UnknownFCF Unknown
Total Shareholder Yield
0.1%
Dividend + buyback return per year
Buyback Yield
0.1%
Dividend Yield
—
Payout Ratio
—
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$0.00
Growth Streak
Consecutive years of dividend increases
1Y
3Y Div CAGR
—
5Y Div CAGR
—
Ex-Dividend Date
—
Payment Cadence
—
0 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$18M
Estimated Shares Retired
108.6K
Approx. Share Reduction
0.1%
Shares Outstanding
Current diluted share count from the screening snapshot
104M
FAQ
7 questionsTTMI Investor Questions
Common questions answered from live analyst data and company financials.
01Is TTM Technologies, Inc. (TTMI) stock a buy or sell in 2026?
TTM Technologies, Inc. (TTMI) is rated Buy by Wall Street analysts as of 2026. Of 14 analysts covering the stock, 12 rate it Buy or Strong Buy, 2 rate it Hold, and 0 rate it Sell or Strong Sell. The consensus 12-month price target is $158, implying -3.8% from the current price of $165. The bear case scenario is $15 and the bull case is $112.
02What is the TTMI stock price target for 2026?
The Wall Street consensus price target for TTMI is $158 based on 14 analyst estimates. The high-end target is $180 (+9.3% from today), and the low-end target is $135 (-18.0%). The base case model target is $265.
03Is TTM Technologies, Inc. (TTMI) stock overvalued in 2026?
TTMI trades at 47.2x times forward earnings. The stock trades at a notable premium to the broad market, which is typical for businesses with strong free cash flow and above-average growth expectations. Based on current multiples versus the peer group, the relative model signals significantly overvalued. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for TTM Technologies, Inc. (TTMI) stock in 2026?
The primary risks for TTMI in 2026 are: (1) Debt Load — TTM Technologies carries a significant debt load that requires careful monitoring, particularly regarding its conversion of EBIT to free cash flow. (2) Cash Flow Concerns — The company faces concerns regarding earnings quality due to extreme accruals and negative free cash flow. (3) Goodwill and Asset Impairment — Changes in business conditions could lead to impairment of goodwill, intangible assets, and other long-lived assets, resulting in significant losses and write-downs. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is TTM Technologies, Inc.'s revenue and earnings forecast?
Analyst consensus estimates TTMI will report consensus revenue of $3.6B (+12.9% year-over-year) and EPS of $2.34 (+22.9% year-over-year) for the upcoming fiscal year. The following year, analysts project $4.1B in revenue.
06When does TTM Technologies, Inc. (TTMI) report its next earnings?
A confirmed upcoming earnings date for TTMI is not yet available. Check the Earnings section above for the most recent quarterly report dates and forward estimates.
07How much free cash flow does TTM Technologies, Inc. generate?
TTM Technologies, Inc. (TTMI) generated $79M in free cash flow over the trailing twelve months — a free cash flow margin of 2.5%. TTMI returns capital to shareholders through and share repurchases ($18M TTM).