Upside case
Bull case
$104-52.1%
The bull case prices TTMI at 26x on FY1 earnings, assuming continued execution and no meaningful deceleration in the core business.
Analysis OverviewBuyUpdated Jun 18, 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
$209
-3.3% vs today
Scenario Range
$50 – $104
Model bear to bull value window
Coverage
14
Published analyst ratings
Valuation Context
53.4x
Forward P/E · Market cap $22.5B
TTMI price targets
Three scenarios for where TTMI stock could go
Current
~$216
Confidence
44 / 100
Updated
Jun 18, 2026
Where we are now
Current · $216
Bear
$50
Base
$79
Bull
$104
Market caseClosest to today
Base case
$79-63.6%
At 19x 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
$50-77.1%
If investor confidence fades or macro conditions deteriorate, a 41x multiple contraction could push TTMI down roughly 77% 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
$22.5B
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
+10.5% YoY
FY2
$4.0B
+11.6% YoY
EPS Outlook
FY1
$1.80
-5.3% YoY
FY2
$1.75
-2.9% YoY
Trailing FCF (TTM)$79M
FCF Margin: 2.5%
Next Earnings
July 29, 2026
Expected EPS
$0.93
Expected Revenue
$962M
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
Expensive versus peers
Fair value est. $53 — implies -75.6% from today's price.
Premium to Fair Value
75.6%
above fair value
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
TTMI
128.8x
vs
S&P 500
24.4x
+427% premium
vs Technology Trailing P/E
TTMI
128.8x
vs
Technology
29.0x
+344% premium
vs TTMI 5Y Avg P/E
Today
128.8x
vs
5Y Average
33.7x
+282% premium
Forward PE
53.4x
S&P 500
18.8x
+184%
Technology
22.3x
+140%
5Y Avg
—
—
Trailing PE
128.8x
S&P 500
24.4x
+427%
Technology
29.0x
+344%
5Y Avg
33.7x
+282%
PEG Ratio
—
S&P 500
1.66x
—
Technology
1.51x
—
5Y Avg
—
—
EV/EBITDA
56.5x
S&P 500
15.2x
+271%
Technology
16.6x
+240%
5Y Avg
11.3x
+399%
Price/FCF
—
S&P 500
20.7x
—
Technology
19.2x
—
5Y Avg
34.2x
—
Price/Sales
7.7x
S&P 500
3.1x
+150%
Technology
2.4x
+217%
5Y Avg
1.1x
+576%
Dividend Yield
—
S&P 500
1.91%
—
Technology
1.11%
—
5Y Avg
—
—
| Metric | TTMI | S&P 500 | Technology | 5Y Avg TTMI |
|---|---|---|---|---|
| Forward PE | 53.4x | 18.8x+184% | 22.3x+140% | — |
| Trailing PE | 128.8x | 24.4x+427% | 29.0x+344% | 33.7x+282% |
| PEG Ratio | — | 1.66x | 1.51x | — |
| EV/EBITDA | 56.5x | 15.2x+271% | 16.6x+240% | 11.3x+399% |
| Price/FCF | — | 20.7x | 19.2x | 34.2x |
| Price/Sales | 7.7x | 3.1x+150% | 2.4x+217% | 1.1x+576% |
| Dividend Yield | — | 1.91% | 1.11% | — |
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 June 18, 2026
Medium
Competitive Pressure
As one of the top five PCB manufacturers, TTM faces intense competition in the advanced PCB market, which could pressure margins.
High Risk
Demand Volatility
While demand from data centers and AI is strong, any slowdown in these sectors could significantly impact TTM's revenue growth.
Medium
Margin Trajectory Risk
TTM's margin trajectory is uncertain, with potential pressures from rising costs or pricing competition in the PCB industry.
Lower
Military Dependency
As the largest PCB supplier to the U.S. military, TTM faces risks from defense budget fluctuations or contract delays.
High Risk
Valuation Sensitivity
TTM's stock valuation is sensitive to earnings projections, with a relatively low confidence score (60/100) in its EPS estimate.
Medium
Industry Cyclicality
The EMS and PCB industries are cyclical, and TTM could face downturns if global tech spending slows.
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 June 18, 2026
Leading PCB manufacturer
TTM Technologies is a top-five global PCB manufacturer and the largest in North America, with strong positioning in advanced technology solutions.
Military supply dominance
As the largest supplier of PCBs to the U.S. military, TTM benefits from stable defense contracts and mission-critical applications.
Legislative protection advantage
The company is shielded by favorable legislation, enhancing its competitive edge and supporting long-term growth in strategic markets.
Data center demand surge
Unprecedented demand for data center infrastructure drives growth for TTM's advanced PCB and RF component solutions.
Structural margin improvement
TTM is executing a secular shift that is expected to fundamentally improve its margin profile and drive valuation rerating.
Global technology solutions provider
The company's diversified portfolio in RF components, microelectronics, and mission systems positions it as a key player in high-growth tech sectors.
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
$216.44
52W Range Position
99%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$35.52
+509.3% from the low
52-Week High
$217.88
-0.7% from the high
1 Month
+36.25%
3 Month
+127.09%
YTD
+206.5%
1 Year
+485.4%
3Y CAGR
+150.6%
5Y CAGR
+71.5%
10Y CAGR
+39.1%
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
53.4x
vs 27.6x median
+94% above peer median
Revenue Growth
+10.5%
vs +5.0% median
+111% 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. | $22.5B | 53.4x | +10.5% | 6.3% | Buy | -3.3% |
AWI AWI Armstrong World Industries, Inc. | $6.7B | 19.0x | +7.5% | 18.6% | Buy | +25.1% |
VEC VECO Veeco Instruments Inc. | $4.9B | 48.8x | +3.9% | 3.5% | Buy | -30.9% |
DDI DDI DoubleDown Interactive Co., Ltd. | $562M | 4.6x | +5.0% | 30.8% | Buy | +53.6% |
APH APH Amphenol Corporation | $201.6B | 34.2x | +15.0% | 17.3% | Buy | +11.5% |
CTS CTS CTS Corporation | $1.9B | 27.6x | +2.3% | 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 does not currently return meaningful capital to shareholders.
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
82.6K
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 $209, implying -3.3% from the current price of $216. The bear case scenario is $50 and the bull case is $104.
02What is the TTMI stock price target for 2026?
The Wall Street consensus price target for TTMI is $209 based on 14 analyst estimates. The high-end target is $215 (-0.7% from today), and the low-end target is $205 (-5.3%). The base case model target is $79.
03Is TTM Technologies, Inc. (TTMI) stock overvalued in 2026?
TTMI trades at 53.4x 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 expensive versus peers. 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) Demand Volatility — While demand from data centers and AI is strong, any slowdown in these sectors could significantly impact TTM's revenue growth. (2) Valuation Sensitivity — TTM's stock valuation is sensitive to earnings projections, with a relatively low confidence score (60/100) in its EPS estimate. (3) Competitive Pressure — As one of the top five PCB manufacturers, TTM faces intense competition in the advanced PCB market, which could pressure margins. 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 (+10.5% year-over-year) and EPS of $1.80 (-5.3% year-over-year) for the upcoming fiscal year. The following year, analysts project $4.0B in revenue.
06When does TTM Technologies, Inc. (TTMI) report its next earnings?
TTM Technologies, Inc. is expected to report its next earnings on approximately 2026-07-29. Consensus expects EPS of $0.93 and revenue of $962M. Over recent quarters, TTMI has beaten EPS estimates 92% of the time.
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).