Revenue growth accelerated to 30.4% in 2026Q1, yet gross margins remain constrained within a narrow 18.2% to 21.1% band over the last ten quarters.
| 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 |
|---|
| Sales/Revenue | 3.22B | 2.91B | 2.44B | 2.23B | 2.5B | 2.25B | 2.11B | 2.13B | 2.24B | 2.66B | 2.53B | 2.1B | 1.33B | 1.37B | 1.35B | 1.43B | 1.18B | 582.48M | 680.98M | 669.46M | 369.32M | 240.21M | 240.65M | 180.32M | 88.99M | 128.99M | 203.73M | 106.45M |
| Revenue Growth % | 21.62% | 18.98% | 9.41% | -10.52% | 10.95% | 6.81% | -1.31% | -4.67% | -15.83% | 4.94% | 20.9% | 58.06% | -3.11% | 1.45% | -5.6% | 21.1% | 102.53% | -14.47% | 1.72% | 81.27% | 53.75% | -0.18% | 33.46% | 102.63% | -31.01% | -36.69% | 91.39% | - |
| Cost of Goods Sold | 2.47B | 2.34B | 1.97B | 1.82B | 2.04B | 1.88B | 1.75B | 1.76B | 1.84B | 2.23B | 2.11B | 1.79B | 1.13B | 1.15B | 1.12B | 1.13B | 925.27M | 479.27M | 543.74M | 539.29M | 276.17M | 186.45M | 172.1M | 145.69M | 78.46M | 92.23M | 117.2M | 76.25M |
| COGS % of Revenue | - | 80.45% | 80.46% | 81.49% | 81.64% | 83.46% | 82.95% | 82.32% | 82.01% | 83.84% | 83.28% | 85.2% | 85.31% | 84.08% | 83.32% | 78.91% | 78.43% | 82.28% | 79.85% | 80.56% | 74.78% | 77.62% | 71.52% | 80.8% | 88.16% | 71.51% | 57.53% | 71.63% |
| Gross Profit | 663.25M | 568.25M | 477.38M | 413.27M | 457.96M | 372.01M | 359.02M | 377.18M | 402.67M | 429.58M | 423.62M | 310.14M | 194.69M | 217.84M | 225M | 301.31M | 254.41M | 103.21M | 137.24M | 130.17M | 93.15M | 53.76M | 68.55M | 34.62M | 10.53M | 36.75M | 86.53M | 30.2M |
| Gross Margin % | 20.6% | 19.55% | 19.54% | 18.51% | 18.36% | 16.54% | 17.05% | 17.68% | 17.99% | 16.16% | 16.72% | 14.8% | 14.69% | 15.92% | 16.68% | 21.09% | 21.57% | 17.72% | 20.15% | 19.44% | 25.22% | 22.38% | 28.48% | 19.2% | 11.84% | 28.49% | 42.47% | 28.37% |
| Gross Profit Growth % | - | 19.04% | 15.51% | -9.76% | 23.11% | 3.62% | -4.81% | -6.33% | -6.26% | 1.41% | 36.59% | 59.3% | -10.63% | -3.18% | -25.33% | 18.44% | 146.5% | -24.8% | 5.43% | 39.74% | 73.28% | -21.58% | 97.98% | 228.71% | -71.34% | -57.52% | 186.53% | - |
| Operating Expenses | 350.73M | 306.6M | 361.33M | 370.95M | 247.56M | 246.02M | 330.93M | 267.55M | 283.7M | 216.82M | 250.16M | 248.79M | 148.15M | 148.72M | 367.02M | 210.19M | 128.85M | 84.76M | 187.11M | 66.59M | 38.11M | 27.31M | 27.31M | 24.41M | 17.03M | 17.52M | 40.83M | 17.73M |
| OpEx % of Revenue | - | 10.55% | 14.79% | 16.62% | 9.92% | 10.94% | 15.72% | 12.54% | 12.68% | 8.16% | 9.87% | 11.87% | 11.18% | 10.87% | 27.21% | 14.71% | 10.92% | 14.55% | 27.48% | 9.95% | 10.32% | 11.37% | 11.35% | 13.53% | 19.13% | 13.58% | 20.04% | 16.66% |
| Selling, General & Admin | 306.3M | 277.61M | 250.14M | 226.55M | 233.36M | 187.88M | 186.36M | 198.46M | 208.34M | 192M | 213.61M | 225.03M | 137.92M | 143.07M | 133.96M | 129.57M | 114.01M | 63.06M | 63.69M | 62.46M | 36.13M | 26.11M | 25.25M | 22.55M | 11.97M | 12.71M | 20.61M | 6.94M |
| SG&A % of Revenue | - | 9.55% | 10.24% | 10.15% | 9.35% | 8.35% | 8.85% | 9.3% | 9.31% | 7.22% | 8.43% | 10.74% | 10.4% | 10.46% | 9.93% | 9.07% | 9.66% | 10.83% | 9.35% | 9.33% | 9.78% | 10.87% | 10.49% | 12.51% | 13.45% | 9.85% | 10.12% | 6.52% |
| Research & Development | 28.74M | 28.99M | 31.84M | 27.27M | 24.81M | 18.15M | 19.77M | 17.94M | 13.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 1% | 1.3% | 1.22% | 0.99% | 0.81% | 0.94% | 0.84% | 0.61% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 0 | 79.35M | 117.13M | -10.61M | 39.99M | 124.8M | 51.16M | 61.64M | 24.82M | 36.55M | 23.77M | 10.23M | 5.64M | 233.05M | 80.62M | 14.83M | 21.69M | 123.42M | 4.13M | 1.99M | 1.2M | 2.06M | 1.85M | 5.06M | 4.81M | 20.22M | 10.79M |
| Operating Income | 297.31M | 261.65M | 116.04M | 42.32M | 210.41M | 125.99M | 28.09M | 109.63M | 118.97M | 212.76M | 173.45M | 61.34M | 46.54M | 69.13M | -142.02M | 91.12M | 125.56M | 18.45M | -49.87M | 63.58M | 55.03M | 26.44M | 41.23M | 10.22M | -6.49M | 19.24M | 45.7M | 12.47M |
| Operating Margin % | 9.24% | 9% | 4.75% | 1.9% | 8.43% | 5.6% | 1.33% | 5.14% | 5.32% | 8% | 6.85% | 2.93% | 3.51% | 5.05% | -10.53% | 6.38% | 10.64% | 3.17% | -7.32% | 9.5% | 14.9% | 11.01% | 17.13% | 5.67% | -7.3% | 14.92% | 22.43% | 11.71% |
| Operating Income Growth % | - | 125.48% | 174.23% | -79.89% | 67% | 348.49% | -74.38% | -7.85% | -44.08% | 22.66% | 182.76% | 31.81% | -32.68% | 148.68% | -255.86% | -27.43% | 580.43% | 137% | -178.44% | 15.53% | 108.13% | -35.87% | 303.55% | 257.35% | -133.75% | -57.9% | 266.52% | - |
| EBITDA | 443.83M | 408.82M | 266.17M | 203.05M | 344.31M | 253.32M | 194.22M | 329.5M | 344.7M | 387.2M | 353.93M | 213.74M | 150.28M | 170.58M | -43.05M | 178.25M | 188.1M | 41.16M | -24.63M | 97.67M | 70.72M | 37M | 51.05M | 19.49M | 3.63M | 32.43M | 65.92M | 23.26M |
| EBITDA Margin % | 13.79% | 14.07% | 10.9% | 9.09% | 13.8% | 11.27% | 9.23% | 15.45% | 15.4% | 14.56% | 13.97% | 10.2% | 11.34% | 12.47% | -3.19% | 12.48% | 15.95% | 7.07% | -3.62% | 14.59% | 19.15% | 15.4% | 21.21% | 10.81% | 4.08% | 25.14% | 32.36% | 21.85% |
| EBITDA Growth % | 39.61% | 53.6% | 31.09% | -41.03% | 35.92% | 30.43% | -41.06% | -4.41% | -10.98% | 9.4% | 65.59% | 42.23% | -11.9% | 496.26% | -124.15% | -5.24% | 357% | 267.11% | -125.22% | 38.12% | 91.15% | -27.52% | 161.94% | 437.16% | -88.81% | -50.8% | 183.45% | - |
| D&A (Non-Cash Add-back) | 147.26M | 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 | 25.24M | 34.09M | 15.69M | 10.55M | 9.81M | 9.27M | 10.12M | 13.2M | 20.22M | 10.79M |
| EBIT | 277.45M | 255.67M | 131.46M | 48.42M | 228.38M | 115.53M | 26.88M | 116.41M | 122.95M | 193.86M | 143.01M | 68.73M | 46.12M | 63.8M | -142.59M | 99.74M | 130.89M | 19.32M | -50.31M | 63.58M | 55.23M | 26.44M | 42.09M | 10.87M | -2.63M | 19.24M | 45.7M | 12.47M |
| Net Interest Income | -43.98M | -45.33M | -47.52M | -48.12M | -45.52M | -45.48M | -73.16M | -82.09M | -75.76M | -53.9M | -76.01M | -59.75M | -23.83M | -24.03M | -25.78M | -26.5M | -22.25M | -11.2M | -9.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.37M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 44.47M | 45.33M | 47.52M | 48.12M | 45.52M | 45.48M | 73.16M | 82.09M | 75.76M | 53.9M | 76.01M | 59.75M | 23.83M | 24.03M | 25.78M | 26.5M | 22.25M | 11.2M | 11.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -56.96M | -51.31M | -32.09M | -42.02M | -27.55M | -55.94M | -74.37M | -75.3M | -71.79M | -72.8M | -106.45M | -52.37M | -24.25M | -29.36M | -26.36M | -17.89M | -16.92M | -10.33M | -11.5M | -12.31M | 1.07M | 1.88M | 278K | -328K | -495K | -2.06M | -12.74M | -10.38M |
| Pretax Income | 227.87M | 210.34M | 83.95M | 297K | 182.86M | 70.05M | -46.28M | 34.33M | 47.19M | 139.96M | 67M | 8.98M | 22.29M | 39.77M | -168.37M | 73.23M | 108.64M | 8.12M | -61.37M | 51.27M | 56.1M | 28.32M | 41.51M | 9.89M | -6.99M | 17.18M | 32.96M | 2.09M |
| Pretax Margin % | 7.08% | 7.24% | 3.44% | 0.01% | 7.33% | 3.12% | -2.2% | 1.61% | 2.11% | 5.26% | 2.64% | 0.43% | 1.68% | 2.91% | -12.48% | 5.13% | 9.21% | 1.39% | -9.01% | 7.66% | 15.19% | 11.79% | 17.25% | 5.48% | -7.85% | 13.32% | 16.18% | 1.97% |
| Income Tax | 32.61M | 32.89M | 27.65M | 19.02M | 88.28M | 15.64M | -29.89M | 2.4M | -88.21M | 15.23M | 31.43M | 34.59M | 7.6M | 15.88M | 12.73M | 26M | 28.74M | 3.27M | -24.46M | 16.59M | 21.06M | -2.52M | 13.18M | 3.9M | -2.28M | 6.19M | -1.9M | 836K |
| Effective Tax Rate % | 14.31% | 15.64% | 32.94% | 6402.36% | 48.28% | 22.32% | 64.59% | 7.01% | -186.94% | 10.88% | 46.9% | 385.41% | 34.09% | 39.93% | -7.56% | 35.51% | 26.45% | 40.21% | 39.86% | 32.35% | 37.54% | -8.91% | 31.76% | 39.44% | 32.59% | 36.02% | -5.76% | 39.96% |
| Net Income | 203.72M | 177.45M | 56.3M | -18.72M | 94.58M | 54.41M | 177.53M | 41.3M | 173.58M | 124.21M | 34.86M | -25.88M | 14.69M | 21.88M | -174.59M | 41.87M | 71.53M | 4.86M | -36.91M | 34.68M | 35.04M | 30.84M | 28.33M | 7.44M | 1.58M | 10.99M | 28.07M | -227K |
| Net Margin % | 6.33% | 6.11% | 2.3% | -0.84% | 3.79% | 2.42% | 8.43% | 1.94% | 7.76% | 4.67% | 1.38% | -1.24% | 1.11% | 1.6% | -12.95% | 2.93% | 6.06% | 0.83% | -5.42% | 5.18% | 9.49% | 12.84% | 11.77% | 4.13% | 1.78% | 8.52% | 13.78% | -0.21% |
| Net Income Growth % | 118.61% | 215.19% | 400.77% | -119.79% | 73.82% | -69.35% | 329.86% | -76.21% | 39.75% | 256.31% | 234.69% | -276.15% | -32.84% | 112.53% | -517.01% | -41.47% | 1372.74% | 113.16% | -206.42% | -1.02% | 13.61% | 8.86% | 280.68% | 369.53% | -85.58% | -60.84% | 12466.52% | - |
| Net Income (Continuing) | 195.26M | 177.45M | 56.3M | -18.72M | 94.58M | 54.41M | -16.39M | 31.92M | 135.39M | 124.73M | 35.58M | -25.62M | 14.69M | 23.89M | -181.1M | 47.23M | 79.9M | 4.86M | -36.91M | 34.68M | 35.04M | 30.84M | 28.33M | 5.99M | -4.71M | 10.99M | 34.86M | 1.26M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 193.92M | 9.38M | 38.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.28M | 7.56M | 0 | 0 | 98.88M | 113.75M | 104.47M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.90 | 1.68 | 0.54 | -0.18 | 0.91 | 0.50 | -0.56 | 0.39 | 1.30 | 1.04 | 0.34 | -0.28 | 0.18 | 0.26 | -2.11 | 0.48 | 1.01 | 0.12 | -0.83 | 0.81 | 0.83 | 0.74 | 0.68 | 0.18 | 0.04 | 0.28 | 0.82 | -0.01 |
| EPS Growth % | 113.48% | 211.11% | 400% | -119.78% | 82% | 189.29% | -243.59% | -70% | 25% | 205.88% | 221.43% | -255.56% | -30.77% | 112.32% | -539.58% | -52.48% | 741.67% | 114.46% | -202.47% | -2.41% | 12.16% | 8.82% | 277.78% | 350% | -85.71% | -65.85% | 8300% | - |
| EPS (Basic) | - | 1.73 | 0.55 | -0.18 | 0.93 | 0.51 | -0.56 | 0.39 | 1.30 | 1.22 | 0.35 | -0.28 | 0.18 | 0.27 | -2.11 | 0.48 | 1.02 | 0.12 | -0.83 | 0.82 | 0.84 | 0.75 | 0.69 | 0.19 | 0.04 | 0.29 | 0.88 | -0.01 |
| Diluted Shares Outstanding | 107.08M | 105.45M | 103.83M | 102.74M | 103.87M | 108.15M | 106.37M | 106.33M | 134.04M | 132.48M | 101.48M | 92.67M | 83.94M | 83.13M | 81.8M | 81.94M | 70.82M | 43.58M | 42.68M | 42.82M | 42.22M | 41.68M | 41.66M | 41.34M | 39.63M | 39.26M | 34.23M | 32.11M |
| Basic Shares Outstanding | 103.83M | 102.6M | 101.78M | 102.74M | 102.07M | 106.31M | 106.37M | 105.19M | 134.04M | 101.58M | 100.1M | 92.44M | 83.24M | 82.51M | 81.8M | 81.18M | 70.22M | 43.08M | 42.68M | 42.3M | 41.71M | 41.12M | 41.06M | 39.17M | 39.63M | 37.91M | 31.9M | 22.7M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cyclical end-market exposure
According to recent financial disclosures, TTMI achieved a significant revenue acceleration to 30.4% year-over-year growth in 2026Q1, marking a clear departure from the mid-single-digit growth rates observed in early 2024, likely driven by successful integration of specialized RF components and defense-focused strategic initiatives.
The sharp uptick in top-line performance suggests that the company's pivot toward high-complexity defense and aerospace programs is gaining meaningful traction. Investors should monitor whether this growth trajectory remains sustainable as the company laps these higher revenue baselines in subsequent quarters.
As reported in quarterly income statements, TTMI's gross margin has remained tightly range-bound between 18.2% and 21.1% over the last ten quarters, indicating that despite strategic shifts toward higher-value RF products, the company faces structural limitations inherent in its specialized PCB manufacturing cost base.
The inability to consistently break above the 21% gross margin threshold suggests that raw material costs and high-spec cleanroom overhead continue to exert significant pressure on profitability. This implies that margin expansion may be more dependent on capacity utilization improvements than on pricing power alone.
Based on the provided income statement data, TTMI has demonstrated improved operating leverage, with operating income rising to $74.2 million in 2026Q1 from $17.1 million in 2024Q1, suggesting that management is successfully containing SG&A growth relative to the significant expansion in top-line revenue.
The efficiency gains appear to stem from a more disciplined approach to overhead as the company scales its higher-margin RF&S segment. However, the sensitivity of operating margins to factory throughput remains a critical factor that warrants further investigation during periods of potential demand volatility.
Data from recent filings indicates that stock-based compensation has trended upward to $24.4 million in 2026Q1, representing a notable increase from the $6.2 million reported in 2023Q4, which may suggest a growing reliance on equity-based incentives to retain specialized engineering talent in a competitive labor market.
While this increase may be necessary for talent retention, it introduces a non-cash expense that investors should adjust for when evaluating the true earnings quality of the firm. The impact of this rising compensation expense on diluted EPS warrants careful monitoring to ensure it does not erode shareholder value.
Despite recent growth, the historical volatility in net margins—which dipped as low as 0.8% in 2024Q4—suggests that TTMI remains highly susceptible to cyclical downturns in its non-defense end-markets, potentially undermining the narrative of a stable, defense-oriented technology partner.
Short-sellers may focus on the potential for inventory destocking in automotive and industrial segments to offset the gains made in the defense backlog. The reliance on high fixed-cost facilities means that any meaningful decline in volume could lead to rapid margin compression, challenging the current optimistic valuation.
Quick answers to the most common questions about buying TTMI stock.
For fiscal year 2025, TTM Technologies, Inc. (TTMI) reported total revenue of $2.91B. This represents a 2630.3% increase compared to $106.4M in 1999.
TTM Technologies, Inc. (TTMI) is profitable, generating $177.4M in net income for the fiscal year ending 2025 with a net profit margin of 6.1%.
TTM Technologies, Inc. (TTMI) reported an operating income of $261.7M, resulting in an operating profit margin of 9.0%. This margin reflects the operational efficiency of the business before interest and taxes.
TTM Technologies, Inc. (TTMI) generated $568.3M in gross profit for the year, representing a gross profit margin of 19.6%. This demonstrates the company's core pricing power and production efficiency.