TTMI - TTM Technologies, Inc.

TTM Technologies manufactures printed circuit boards (PCBs) and RF/microwave components used in aerospace, defense, automotive, medical, and networking electronics. The company sells primarily to OEM customers on a custom, build-to-order basis, supplying complex multi-layer PCBs and advanced assemblies rather than off-the-shelf products. TTM generates approximately $2.2B in annual revenue, with manufacturing operations split between North America and Asia, and a growing mix toward higher-margin defense and aerospace programs.

Past Year Trends

• TTM Technologies grew FY2025 revenue 19% year-over-year to $2.91 billion, with net income surging 215% to $177.4 million and EPS expanding from $0.55 to $1.73, driven by aerospace/defense and AI data center PCB demand. (Bullish)
• TTM Technologies completed its $200 million highly automated PCB factory in Penang, Malaysia in early 2025, reducing China concentration risk and adding capacity targeting medical, industrial, and data center end markets. (Bullish)
• Top-5 customer concentration increased to 45% of Q1 FY2025 net sales, up from 42% in Q1 FY2024, with at least one customer exceeding the 10% revenue threshold, increasing single-customer exposure risk. (Bearish)

Next Year Trends

• TTM Technologies secured a multi-year $200 million supply agreement with Raytheon in early 2026, expanding its aerospace and defense backlog (already $1.61 billion as of Q4 2025) and providing a multi-year revenue floor in its largest segment (46% of FY2025 revenue). (Bullish)
• The Eau Claire, Wisconsin facility ramp for AI data center PCB capacity is scheduled to scale meaningfully over the next two years; execution risk on this ramp is the primary operational variable for achieving management's stated goal of doubling earnings from FY2025 to FY2027. (Neutral)
• TTM Technologies' automotive segment (approximately 14–16% of FY2025 revenue) faces near-term demand headwinds as EV adoption growth rates moderate and traditional ICE vehicle electronics spending contracts, creating a drag on the revenue mix while defense and data center outperform. (Bearish)

Red Flags

No severe red flags identified as of August 2025.