TTM Technologies
TTMI
$125.60
+8.85%
TTM Technologies Inc. is a leading manufacturer of technology products, including mission systems, RF components, RF/microwave assemblies, and advanced interconnect products such as printed circuit boards (PCBs) and substrates, serving aerospace, defense, automotive, medical, industrial, and data center markets. The company operates through three segments: A&D, Commercial, and RF&S Components, with the Commercial segment generating the majority of revenue. TTM has established itself as a key player in the PCB industry, particularly benefiting from the explosive demand for AI data center infrastructure, which drove record Q1 2026 results and a significant stock surge. The current investor narrative centers on TTM's strategic expansion into European markets through the acquisition of Swiss Technology Group and ILFA GmbH, aimed at bolstering its presence in high-value aerospace, defense, and medical sectors, while also navigating the volatility of AI-driven growth and supply chain dynamics.…
TTMI
TTM Technologies
$125.60
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TTMI 12-Month Price Forecast
Wall Street consensus
Most Wall Street analysts maintain a constructive view on TTM Technologies's 12-month outlook, with a consensus price target around $214.25 and implied upside of +70.6% versus the current price.
Average Target
$214.25
0 analysts
Implied Upside
+70.6%
vs. current price
Analyst Count
—
covering this stock
Price Range
$205 - $224
Analyst target range
Analyst coverage is limited, with only 4 analysts covering TTM, but the consensus is a Strong Buy with a recommendation mean of 1.25. The average target price is $214.25, implying a significant upside of 80.6% from the current price of $118.65. The target range is $205.00 to $224.00, with the low target still representing a 72.8% upside, indicating high conviction among analysts. The high target of $224.00 suggests expectations of continued AI-driven growth and successful integration of European acquisitions, while the low target of $205.00 reflects potential risks such as margin compression or market volatility. Recent institutional ratings show consistent Buy actions from firms like Needham, Truist, and Stifel, with no downgrades, reinforcing the bullish sentiment. However, the limited coverage may lead to higher volatility and less efficient price discovery, as the stock is relatively underfollowed compared to larger tech names.
Bulls vs Bears: TTMI Investment Factors
TTM Technologies presents a compelling growth story driven by AI infrastructure demand, with revenue accelerating 30.42% YoY and analysts seeing 80.6% upside. However, the stock's extreme volatility (beta 2.161), negative free cash flow, and high trailing PE introduce significant risks. The bull case is stronger given the forward PE of 17.21x and PEG of 0.19, but the bear case hinges on whether AI demand sustains and margins hold. The key tension is whether TTM can convert its explosive growth into sustainable free cash flow and maintain profitability, as this will determine if the current valuation is justified.
Bullish
- Explosive AI-driven revenue growth: Q1 2026 revenue surged 30.42% YoY to $845.98M, driven by AI data center demand. Sequential growth from $774.32M in Q4 2025 and $752.74M in Q3 2025 confirms accelerating momentum, positioning TTM as a key beneficiary of the AI infrastructure buildout.
- Analyst consensus Strong Buy with 80.6% upside: With only 4 analysts, the average target price is $214.25, implying 80.6% upside from the current $118.65. The low target of $205.00 still offers 72.8% upside, reflecting high conviction despite limited coverage.
- Strategic European acquisitions expand TAM: The acquisition of Swiss Technology Group and ILFA GmbH strengthens TTM's presence in high-value aerospace, defense, and medical markets in Europe. This diversification reduces reliance on the cyclical commercial segment and opens new growth avenues.
- Improving profitability and operating leverage: Gross margin improved to 20.78% in Q1 2026 from 20.01% in Q4 2025, while operating margin reached 8.78%. Net income of $49.99M in Q1 2026 represents a 55.4% jump from $32.18M in Q1 2025, demonstrating strong earnings growth.
Bearish
- Extreme volatility and high beta: Beta of 2.161 indicates the stock is highly sensitive to market swings. The 54.05% max drawdown and recent 31.7% drop over 3 months highlight the risk of sharp corrections, as seen from the 52-week high of $223.83 to current $118.65.
- Negative free cash flow raises concerns: TTM's trailing free cash flow is -$11.82M, and Q1 2026 operating cash flow was only $21.74M. This limits internal funding for growth initiatives and may necessitate debt or equity issuance, potentially diluting shareholders.
- High valuation on trailing earnings: Trailing PE of 41.16x is elevated compared to historical average, and PB ratio of 4.15x is above historical norms. If earnings growth disappoints, the stock could face significant de-rating.
- Limited analyst coverage and liquidity risk: With only 4 analysts, price discovery is less efficient, and the stock may be prone to sharp moves on news. Short ratio of 0.99 indicates moderate short interest, but the low coverage could lead to higher volatility.
TTMI Technical Analysis
TTM Technologies is currently in a strong long-term uptrend, with the stock price up 152.99% over the past year, significantly outperforming the S&P 500's 18.56% gain. However, the stock has experienced a sharp pullback from its 52-week high of $223.83, currently trading at $118.65, which is approximately 53% of the 52-week range (calculated as (118.65 - 42.69) / (223.83 - 42.69) = 0.53). This positioning near the lower end of the range suggests the stock is in a corrective phase after a massive run, potentially offering a value opportunity if the long-term trend resumes, but also indicating significant downside risk if the correction deepens.
Beta
2.15
2.15x market volatility
Max Drawdown
-54.0%
Largest decline past year
52-Week Range
$46-$224
Price range past year
Annual Return
+172.6%
Cumulative gain past year
| Period | TTMI Return | S&P 500 |
|---|---|---|
| 1m | -4.3% | +0.1% |
| 3m | -25.1% | +4.4% |
| 6m | +42.9% | +14.6% |
| 1y | +172.6% | +18.6% |
| ytd | +77.9% | +12.9% |
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TTMI Fundamental Analysis
TTM's revenue trajectory is robust, with Q1 2026 revenue of $845.98 million, representing a 30.42% year-over-year growth rate, up from $648.67 million in Q1 2025. This growth is accelerating, as evidenced by sequential increases from $774.32 million in Q4 2025 and $752.74 million in Q3 2025, driven by strong demand in AI data centers and commercial markets. The company's profitability is solid, with Q1 2026 net income of $49.99 million and a gross margin of 20.78%, which is stable compared to recent quarters (20.01% in Q4 2025, 20.82% in Q3 2025). Operating margin improved to 8.78% in Q1 2026 from 9.93% in Q4 2025, indicating efficient cost management despite increased investments. TTM's balance sheet appears healthy, with a debt-to-equity ratio of 0.63 and a current ratio of 1.93, indicating adequate liquidity. However, free cash flow was negative at -$11.82 million TTM, and Q1 2026 operating cash flow was only $21.74 million, which may limit internal funding for growth initiatives.
Quarterly Revenue
$845976000.0B
2026-03
Revenue YoY Growth
+30.4%
YoY Comparison
Gross Margin
20.8%
Latest Quarter
Free Cash Flow
$-11815000.0B
Last 12 Months
Revenue & Net Income Trends (2 Years)
Revenue Breakdown
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Valuation Analysis: Is TTMI Overvalued?
Given TTM's positive net income, the PE ratio is the primary valuation metric. The trailing PE is 41.16x, while the forward PE is 17.21x, indicating the market expects significant earnings growth. The gap between trailing and forward PE suggests that the market is pricing in a substantial increase in earnings, likely driven by AI-related demand and the European acquisitions. Compared to the industry average, TTM's PS ratio of 2.51x is lower than the sector's average of 4.07x (EV/Sales), suggesting the stock may be undervalued on a sales basis. However, the PB ratio of 4.15x is higher than historical levels, indicating the market is paying a premium for the company's growth prospects. Historically, TTM's PE ratio has ranged from 7.95x (Q3 2022) to 121.56x (Q4 2024), with the current trailing PE of 41.16x sitting in the middle of this range, suggesting the stock is not at extreme valuation levels but has room to expand if growth continues.
PE
41.2x
Latest Quarter
vs. Historical
Mid-Range
5-Year PE Range 8x~64x
vs. Industry Avg
N/A
Industry PE ~N/A*
EV/EBITDA
19.7x
Enterprise Value Multiple
Investment Risk Disclosure
Financial risks are prominent: TTM's negative free cash flow of -$11.82M TTM and modest operating cash flow of $21.74M in Q1 2026 indicate limited internal liquidity to fund the European acquisitions and organic growth. The debt-to-equity ratio of 0.63 is manageable, but the current ratio of 1.93 suggests adequate short-term liquidity. However, the high trailing PE of 41.16x leaves little room for earnings misses, and the company's reliance on AI-driven demand concentration in the Commercial segment (majority of revenue) poses a risk if data center capex slows. Additionally, the 30.42% YoY revenue growth, while impressive, may not be sustainable, and any deceleration could trigger a sharp de-rating given the stock's beta of 2.161.