TTM Technologies Inc

TTM Technologies makes electronic parts that go inside other companies' products. Its core product is the printed circuit board (PCB), the flat board that holds a device's chips and other parts and wires them together. It also makes substrates, which link a chip to the board, radio-frequency (RF) parts that handle wireless signals, and complete defense systems such as radar, aircraft identification and communications gear. It describes itself as the sole provider of the U.S. Navy's AN/APS-153 radar on the MH-60R helicopter. In the fiscal year ended December 29, 2025, it had about $2.9 billion in sales and some 18,200 employees.

Its roughly 1,300 customers include equipment makers, contract electronics manufacturers, distributors, and U.S. and allied governments. TTM makes custom products for each customer, from small prototype batches to full production runs, and also sells design and testing services. Defense systems go mainly to large defense contractors.

In fiscal 2025, the Commercial segment, with circuit board plants in the U.S., China, Malaysia and Canada, brought in 54.5% of sales. Aerospace and Defense contributed 44.1%, and RF and Specialty Components 1.4%. By industry served, defense led, followed by data center computing at 23.5%, medical, industrial and instrumentation at 14.1%, automotive at 10.4% and networking at 7.9%. U.S. sales made up 53.5% of the total, and Taiwan 8.8%.

• In Q3 FY2026 (ended Sep 28, 2026), revenue was $1.20B, up 59.9% from a year earlier, and net income was $84.8M (+59.8%).
• For fiscal 2025, revenue was $2.91B (+19.0% year over year; +6.7% a year from FY2020 to FY2025) with a 6.1% net margin.

• Over FY2021–FY2025: $176.9M in buybacks and $0.00 in dividends.
• The company pays no regular dividend.
• Shares outstanding changed +1.0% from Oct 29, 2021 to Oct 23, 2026.

Rank among 1514 US companies

Market value at each year end

TTM Technologies’s market value went from $1.37B at the end of 2016 to $9.57B on Oct 28, 2026, about 7.0 times as much; since the end of 2025 it is up 34%.

Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 5 open-market purchases ($3.0M) and 132 sales ($8.7M), 131 of them under pre-arranged 10b5-1 trading plans.

Large shareholders (13G filings)

ETFs with the most weight in TTMI

1. Heavy reliance on U.S. defense spending. Aerospace and defense made up 44.1% of fiscal 2025 sales, much of it tied to the U.S. government. Spending cuts, rule changes or losing its security clearance for classified work could hurt results.
2. China plants, tariffs and trade tensions. About half of fiscal 2025 sales came from operations outside the U.S., including four circuit board plants in China. Both the U.S. and China have put tariffs on circuit boards, and political tensions could disrupt operations.
3. Uneven demand meets high fixed costs. Much of a factory's cost stays the same whether it is busy or idle. If plants sit underused, TTM warns, even small revenue shortfalls would squeeze operating margins, the profit left from each sales dollar.
4. A few big customers drive sales. A relatively small number of equipment makers buy a large share of TTM's output. Losing one, or seeing its orders shrink, would seriously hurt results. Large contract manufacturers among its customers can also squeeze margins.
5. Intense competition and fast-changing technology. Competition in circuit boards and electronics worldwide is intense. If TTM falls behind on new production methods, or rivals undercut it on price, it could lose market share or accept thinner profit margins.
6. Substantial debt, some at variable rates. As of September 28, 2026, TTM had about $1.64 billion of debt against $876 million in cash and investments. Some loans carry variable rates, so higher interest rates would raise its payments.

• Oct 28, 2026 Investor presentation or announcement
• Oct 22, 2026 Quarterly results released
• Oct 19, 2026 Other company announcement
• Oct 13, 2026 Investor presentation or announcement
• Sep 30, 2026 Major agreement signed; New debt or financial obligation; Investor presentation or announcement; Other company announcement
• Sep 24, 2026 Major agreement signed; New debt or financial obligation; Change to shareholder rights
• Sep 10, 2026 Investor presentation or announcement
• Aug 17, 2026 Major agreement signed; Investor presentation or announcement
• Aug 6, 2026 Quarterly results released
• Jun 18, 2026 Other company announcement

TTM Technologies does not pay a dividend. It paid none in fiscal 2021 through 2025, so there is no record of increases. An income investor would receive no cash from the shares and would rely entirely on price gains. Over those five years TTM spent about $177 million buying back its stock, yet the share count rose about 1% between October 2021 and October 2026, so buybacks did not shrink it. Free cash flow, the cash left after spending on plants and equipment, was slightly negative in fiscal 2025.

The shares have fallen hard in downturns: 74.7% in the 2008 financial crisis, taking about 25 months to recover from the low; 35.3% in the 2020 COVID crash; and 27.4% in the 2022 bear market, with nearly 19 months to recover. In the year to October 28, 2026, they fell as much as 66.6% from a peak. A single stock like this carries more risk than a diversified fund.