Cash flow remains inconsistent, highlighted by a significant $90.4 million working capital outflow in 2025Q1 and volatile OCF/NI ratios that reached a low of -0.33.
| Metric | TTM | Dec'25 | Dec'24 | Jan'24 | Jan'23 | Jan'22 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Cash from Operations | 324.28M | 291.88M | 236.89M | 187.28M | 272.87M | 176.63M | 287.18M | 311.94M | 273.14M | 332.75M | 298.34M | 237.46M | 129.81M | 71.39M | 182.56M | 179.34M | 125.82M | 73.98M | 75.52M | 73.98M | 32.78M | 31.03M | 48.81M | 18.58M | 10.01M | 38.24M | 43.69M | -2.23M |
| Operating CF Margin % | - | 10.04% | 9.7% | 8.39% | 10.94% | 7.85% | 13.64% | 14.62% | 12.21% | 12.52% | 11.78% | 11.33% | 9.79% | 5.22% | 13.54% | 12.55% | 10.67% | 12.7% | 11.09% | 11.05% | 8.88% | 12.92% | 20.28% | 10.31% | 11.25% | 29.65% | 21.45% | -2.09% |
| Operating CF Growth % | 528.72% | 23.21% | 26.49% | -31.37% | 54.49% | -38.49% | -7.94% | 14.2% | -17.92% | 11.54% | 25.64% | 82.93% | 81.84% | -60.9% | 1.8% | 42.54% | 70.08% | -2.04% | 2.07% | 125.67% | 5.66% | -36.43% | 162.67% | 85.62% | -73.82% | -12.47% | 2061.61% | - |
| Net Income | 203.72M | 50.69M | 56.3M | -18.72M | 94.58M | 54.41M | 177.53M | 41.3M | 173.58M | 124.73M | 35.58M | -25.62M | 14.69M | 23.89M | -181.1M | 47.23M | 79.9M | 4.86M | -35.27M | 34.68M | 35.04M | 30.84M | 28.33M | 7.44M | 1.58M | 10.99M | 34.86M | 1.26M |
| Depreciation & Amortization | 112.24M | 147.17M | 150.13M | 160.73M | 133.91M | 127.33M | 166.13M | 219.87M | 225.73M | 174.44M | 180.48M | 152.4M | 103.74M | 101.45M | 98.97M | 87.13M | 62.54M | 22.71M | 27.87M | 34.09M | 15.69M | 10.55M | 9.81M | 9.27M | 10.12M | 13.2M | 20.22M | 10.79M |
| Stock-Based Compensation | 57.24M | 41.67M | 29.78M | 22.89M | 19.52M | 17.71M | 16.07M | 16.82M | 20.68M | 18.29M | 11.09M | 9.66M | 7.8M | 8.98M | 10.27M | 8.07M | 6.91M | 6.26M | 5.08M | 3.36M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 2.76M | 3.35M | -1.72M | -11.35M | 61.3M | 9.74M | 6.65M | -12.45M | -98.29M | -9.19M | 900K | 23.89M | 2.02M | 8.12M | -544K | 4.17M | 15.89M | -4.84M | -37.03M | 1.83M | 4.92M | -8.56M | 9.21M | 4.23M | 3M | 2.51M | -8.83M | 1.83K |
| Other Non-Cash Items | -48.33M | 134.3M | 32.74M | 45.67M | -54.83M | 7.68M | -148.63M | 12.12M | 10.9M | 21.72M | 65.53M | 622K | 13.07M | -15.07M | 232.82M | 73.32M | 8.77M | 17.96M | 123.5M | -3.5M | -1.05M | 691K | 4.02M | -950K | -4.43M | 158K | 1.26M | -961.48K |
| Working Capital Changes | 5.12M | -85.29M | -30.33M | -11.94M | 18.39M | -40.25M | 69.42M | 34.28M | -59.47M | 2.77M | 4.76M | 76.51M | -11.51M | -55.99M | 22.15M | -40.57M | -48.2M | 27.03M | -8.63M | 3.51M | -21.77M | -2.5M | -2.56M | -1.41M | -272K | 11.38M | -3.82M | -13.31M |
| Change in Receivables | -211.66M | -201.75M | -124.39M | 92.53M | -20.2M | -5.24M | 122.55M | 19.5M | 1.37M | -51.12M | 23.21M | 66.06M | -22.48M | -96.39M | -20.93M | 0 | 0 | 25.69M | 4.55M | 7.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -33.37M | -25.07M | -11.91M | -45.39M | -4.41M | -11.96M | 1.38M | -12.64M | 18.25M | -25.38M | -289K | 8.48M | -7.11M | -9.33M | -16.58M | 6.27M | -8.83M | 10.85M | -4.85M | 1.63M | -623K | -3.57M | -376K | 1.94M | 1.8M | 3.77M | -901K | -2.38M |
| Change in Payables | 193.4M | 138.97M | 49.72M | -34.58M | -14.8M | 40.95M | 1.21M | 42.05M | -45.74M | 54.6M | -7.8M | -31.92M | 23.94M | 35.36M | 65.92M | -17.84M | 23.4M | -10M | -5.7M | 2.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -317.52M | -273.94M | -146.21M | -92.03M | -395.46M | -84.14M | 404.29M | -135.97M | -746.19M | -124.09M | -77.97M | -247.66M | -108.57M | -35.69M | -136.44M | -140.62M | 32.96M | -128.5M | -21.17M | -1.71M | -234.58M | -13.58M | -9.28M | -14.09M | -8.52M | -13.18M | -24.08M | -99.91M |
| Capital Expenditures | -229.25M | 0 | -185.74M | -160.24M | -102.88M | -81.95M | -103.29M | -142.58M | -150.13M | -151.34M | -85.14M | -99.92M | -109.62M | -103.35M | -139.55M | -142.75M | -68.49M | -11.86M | -17.68M | -14.04M | -14.3M | -7.96M | -17.5M | -6.56M | -7.67M | -12.07M | -22.92M | -4.49M |
| CapEx % of Revenue | 7.12% | 10.07% | 7.6% | 7.18% | 4.12% | 3.64% | 4.91% | 6.68% | 6.71% | 5.69% | 3.36% | 4.77% | 8.27% | 7.55% | 10.35% | 9.99% | 5.81% | 2.04% | 2.6% | 2.1% | 3.87% | 3.31% | 7.27% | 3.64% | 8.62% | 9.36% | 11.25% | 4.22% |
| Acquisitions | 18.35M | 0 | 0 | 68.31M | -298.34M | -3.19M | 507.47M | 6.6M | -596.4M | 18.69M | -169.16M | -169.16M | 0 | 0 | 0 | 0 | -28.53M | 0 | 0 | 0 | -230.92M | 0 | 0 | 335K | -860K | 0 | 0 | -95.48M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -106.63M | -273.94M | 39.53M | -101K | 5.76M | 996K | 115K | 0 | 331K | 27.25M | 176.33M | 21.43M | 1.05M | 67.66M | 208K | 1.75M | 120M | -119.27M | 165K | 1.33M | 214K | 4K | 1.47M | -350K | 17K | -1.1M | -1.16M | 58.8K |
| Cash from Financing | -8.3M | -20.92M | -36.82M | -47.67M | -11.31M | -7.23M | -642.31M | -31.81M | 321.06M | -58.98M | -217.11M | -5.76M | -77.14M | 12.98M | 45.07M | -55.22M | -35.37M | 440K | 74.79M | -113.83M | 200.03M | 626K | -5.99M | 863K | -7.11M | -9.87M | -11.63M | 103.25M |
| Debt Issued (Net) | -2.85M | -3.79M | -1.18M | -6.75M | 0 | 74.16M | -649.98M | -30.01M | 330.02M | -38.89M | -217.63M | 61.13M | -79.57M | 18.62M | 61.64M | -63.21M | -37.99M | 0 | 45.99M | -115.7M | 199.89M | 0 | -7.78M | -2.46M | -22.63M | -10.69M | -92.79M | 65.75M |
| Equity Issued (Net) | 236K | -17.64M | -34.48M | -24.43M | -35.42M | -64.73M | 191K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 28.59M | 1.71M | 4.96M | 858K | 1.79M | 3.32M | 15.52M | 814K | 91.96M | 37.5M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -9.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | -17.88M | -34.48M | -24.43M | -35.42M | -64.73M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -234K | 0 | 0 | 0 |
| Other Financing | -5.69M | 513K | -1.16M | -16.49M | 24.11M | -16.67M | 7.48M | -1.8M | -8.96M | -20.09M | 516K | -66.89M | 2.43M | -5.64M | -16.57M | 8M | 2.62M | 440K | 210K | 165K | -4.82M | -232K | 0 | 0 | 0 | 0 | -10.8M | -243 |
| Net Change in Cash | -1.21M | -2.7M | 53.72M | 47.46M | -134.93M | 86.11M | 51.41M | 143.79M | -152.97M | 153.05M | -2.82M | -19.94M | -51.51M | 45.12M | 89.38M | -20.03M | 121.73M | -54.12M | 129.78M | -40.98M | -1.6M | 18.07M | 33.55M | 5.36M | -5.61M | 15.2M | 7.98M | 1.12M |
| Free Cash Flow | 79.38M | -683K | 51.16M | 27.04M | 169.99M | 94.68M | 183.89M | 169.36M | 123.01M | 181.41M | 213.2M | 137.54M | 20.19M | -31.96M | 43.02M | 36.59M | 57.33M | 62.12M | 57.84M | 59.94M | 18.48M | 23.07M | 31.31M | 12.02M | 2.34M | 26.17M | 20.77M | -6.72M |
| FCF Margin % | 2.47% | -0.02% | 2.09% | 1.21% | 6.81% | 4.21% | 8.73% | 7.94% | 5.5% | 6.82% | 8.42% | 6.56% | 1.52% | -2.34% | 3.19% | 2.56% | 4.86% | 10.66% | 8.49% | 8.95% | 5.01% | 9.6% | 13.01% | 6.66% | 2.63% | 20.29% | 10.2% | -6.31% |
| FCF Growth % | 350.03% | -101.34% | 89.17% | -84.09% | 79.54% | -48.51% | 8.58% | 37.68% | -32.19% | -14.91% | 55.01% | 581.35% | 163.16% | -174.3% | 17.54% | -36.17% | -7.71% | 7.39% | -3.5% | 224.28% | -19.86% | -26.33% | 160.51% | 414.25% | -91.07% | 26.01% | 409.23% | - |
| FCF per Share | 0.74 | -0.01 | 0.49 | 0.26 | 1.64 | 0.88 | 1.73 | 1.59 | 0.92 | 1.37 | 2.10 | 1.48 | 0.24 | -0.38 | 0.53 | 0.45 | 0.81 | 1.43 | 1.36 | 1.40 | 0.44 | 0.55 | 0.75 | 0.29 | 0.06 | 0.67 | 0.61 | -0.21 |
| FCF Conversion (FCF/Net Income) | 0.39x | 1.64x | 4.21x | -10.01x | 2.89x | 3.25x | 1.62x | 7.55x | 1.57x | 2.68x | 8.56x | -9.17x | 8.83x | 3.26x | -1.05x | 4.28x | 1.76x | 15.23x | -2.05x | 2.13x | 0.94x | 1.01x | 1.72x | 2.50x | 6.32x | 3.48x | 1.56x | 9.81x |
| Interest Paid | 6.57M | 0 | 48.99M | 0 | 0 | 0 | 59.21M | 71.27M | 62.97M | 39.06M | 72.04M | 34.05M | 14.07M | 16.65M | 19.48M | 19.35M | 14.99M | 5.7M | 6.03M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 9.02M | 0 | 18.77M | 53.75M | 4.57M | 5.21M | 18.08M | 20.12M | 27.57M | 20.07M | 25.12M | 14.49M | 297K | 6.07M | 15.52M | 19.21M | 15.57M | 3.85M | 15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cyclical manufacturing capacity utilization
Based on reported financial statements, TTMI exhibits significant volatility in cash conversion, with the OCF/NI ratio fluctuating from a low of -0.33 in 2025Q1 to a high of 16.64 in 2024Q4, suggesting that GAAP net income is an unreliable proxy for actual cash generation.
The wide variance between net income and operating cash flow indicates that non-cash charges and working capital swings frequently distort the company's reported profitability. Investors should monitor whether the recent stabilization in cash conversion reflects a genuine improvement in operational efficiency or merely a temporary alignment of accounting accruals.
As indicated by quarterly data, TTMI's free cash flow trajectory remains inconsistent, with margins swinging from -11.4% in 2025Q1 to 5.6% in 2025Q3, highlighting the difficulty of maintaining steady cash flow amidst the company's ongoing transition toward higher-complexity, long-cycle defense and RF manufacturing programs.
The inability to consistently generate positive free cash flow suggests that the company's capital-intensive business model requires significant reinvestment to maintain its competitive position. This trend warrants further investigation into whether the recent growth in revenue will eventually translate into more predictable and sustainable free cash flow margins.
According to recent SEC filings, TTMI's capital expenditure as a percentage of revenue has averaged approximately 8.8% over the last ten quarters, reflecting the high fixed-cost burden required to sustain specialized cleanroom environments and complex multi-layer PCB fabrication capabilities for the defense sector.
The persistent level of capital spending suggests that a significant portion of cash flow is dedicated to maintenance and capacity upgrades rather than discretionary growth. This high capital intensity may limit the company's ability to pivot quickly if end-market demand for high-end electronics experiences a cyclical downturn.
Based on reported figures, working capital changes have been a major source of cash flow instability, notably evidenced by a $90.4 million outflow in 2025Q1, which suggests that inventory management and collection cycles remain highly sensitive to the timing of large-scale defense and industrial project deliveries.
The lumpy nature of these working capital movements implies that the company's cash position is vulnerable to shifts in customer procurement cycles. Analysts should monitor whether management can optimize its inventory turnover to reduce the reliance on external financing during periods of high working capital absorption.
Quick answers to the most common questions about buying TTMI stock.
TTM Technologies, Inc. (TTMI) generated $291.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
TTM Technologies, Inc. (TTMI) reported negative free cash flow of $0.7M in 2025, indicating capital requirements exceeded cash from operations.
TTM Technologies, Inc. (TTMI) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, TTM Technologies, Inc. (TTMI) spent $17.9M on share repurchases. This shows the company's commitment to returning capital to its equity investors.