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TTM Technologies

TTMI Nasdaq Electronic Manufacturing Services Financials FY2016–FY2025

TTM Technologies' revenue rose 19.0% to $2.9 billion in fiscal 2025. Its operating margin was 9.1%, up from 4.8% a year earlier. Free cash flow was −$1 million, against $51 million a year earlier. It paid out $18 million in dividends and buybacks. The diluted share count rose 1.3%.

Last close · Oct 23, 2026

$80.11

8.4%
Value it Compare
Revenue Total sales reported in the income statement.
$2.9B
19.0% vs prior year
Operating margin Operating income as a share of revenue.
9.1%
4.4 pts
Net income Profit after all expenses, interest and tax.
$177M
215.1%
Free cash flow Cash from operations minus capital spending.
−$0.7M
101.3%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
10.7%
6.8 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$8.6B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
36.3x
On $2.21 EPS (TTM)

About these figures. TTM Technologies had no current portion of debt at the end of 2020 (checked against its balance sheet).

What TTM Technologies does

No business description yet.

Legal name
TTM TECHNOLOGIES, INC.
Fiscal year ends
December 29, 2025
Latest annual report
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Accession · CIK
0001193125-26-051976
0001116942

Revenue and margins

TTM Technologies had $2.9B of revenue in fiscal 2025, up 19.0% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 19.4% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was −$0.7M in fiscal 2025, −0.0% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

TTM Technologies returned $17.9M to shareholders in fiscal 2025. The diluted share count rose 1.3%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value TTM Technologies yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$432M and divides by 105.5M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 36.2x · peers 26.0x · sector 33.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably TTM Technologies can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $538M$403M$450M$504M$501M
Debt incl. finance leases $943M$929M$931M$931M$933M
Net debt / EBITDA 1.6x1.6x2.4x1.6x1.1x
Debt / equity 0.7x0.6x0.6x0.6x0.5x
Interest coverage 2.8x4.6x0.9x2.4x5.8x
Current ratio 2.5x2.0x2.0x2.0x1.9x
Quick ratio 2.3x1.7x1.7x1.7x1.7x
Total assets $3.0B$3.3B$3.3B$3.5B$3.8B
Total liabilities $1.6B$1.8B$1.8B$1.9B$2.1B
Shareholders' equity $1.5B$1.5B$1.5B$1.6B$1.8B
Net debt (− = net cash) $405M$527M$481M$427M$432M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$1.6M

2 insiders

Sold, 12 months

$8.5M

9 insiders

Of sales under plans

56%

$4.8M

DateInsiderTradeSharesPriceValueFiling
Aug 25, 2026 Edwin RoksPresident and CEO, Director Bought 10,000 $111.77 $1.1M Form 4
Aug 24, 2026 Rex D GevedenDirector Bought 5,000 $104.90 $0.5M Form 4
Aug 10, 2026 Dale Martin KnechtSVP Information Technology Sold 26,198 $142.00 $3.7M Form 4
Jun 25, 2026 Catherine A GridleyEVP, A&D Sector President Sold plan 3,056 $208.94 $0.6M Form 4
Jun 25, 2026 Dale Martin KnechtSVP Information Technology Sold plan 2,014 $208.94 $0.4M Form 4
Jun 25, 2026 Daniel J WeberEVP, CLO & Secretary Sold plan 2,915 $208.94 $0.6M Form 4
Jun 25, 2026 Daniel L. BoehleEVP and CFO Sold plan 4,218 $208.94 $0.9M Form 4
Jun 25, 2026 Douglas L SoderEVP, Commercial Sector Pres. Sold plan 2,874 $208.94 $0.6M Form 4
Jun 25, 2026 James P WalshChief Operating Officer Sold plan 2,113 $208.94 $0.4M Form 4
Jun 25, 2026 Robert P. FarrellPresident C&C Sold plan 1,304 $208.92 $0.3M Form 4
Jun 25, 2026 Shawn A. PowersEVP, CHRO Sold plan 3,367 $208.94 $0.7M Form 4
Jun 25, 2026 Tom ClapproodPresA&D Interconnect Solutions Sold plan 1,239 $208.95 $0.3M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✕ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✓
Current ratio rose ✓ ✕ ✕
Share count didn't rise ✓ ✕ ✕
Gross margin rose ✓ ✓ ✓
Revenue rose relative to assets ✕ ✓ ✓
F-score 6 / 97 / 97 / 9
Accruals ratio −6.2%−5.3%−3.1%
Altman Z'' 3.163.383.74

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
TTM Technologies TTMI $8.6B 19.0% 9.1% −0.0% 10.7% 36.3x 7
Fabrinet FN $11.4B 35.7% 10.0% 0.1% 30.0% 24.1x 5 Compare →
Sanmina SANM $8.6B 7.4% 4.4% 5.8% 14.2% 27.9x 8 Compare →
IPG Photonics IPGP $3.0B 2.7% 1.3% −0.3% 0.8% 109.3x 7 Compare →
TE Connectivity TEL $61.0B 8.9% 18.6% 18.6% 12.1% 20.4x 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $2.5B $2.7B $2.2B $2.1B $2.1B $2.2B $2.5B $2.2B $2.4B $2.9B
Gross profit $424M $430M $403M $377M $359M $372M $458M $413M $477M $602M
Research and development — — $13.7M $17.9M $19.8M $18.1M $24.8M $27.3M $31.8M $29.0M
Operating income $174M $213M $119M $110M $28.1M $126M $210M $42.3M $116M $265M
Interest expense $76.0M $53.9M $75.8M $82.1M $73.2M $45.5M $45.5M $48.1M $47.5M $45.3M
Pretax income $67.0M $140M $47.2M $34.3M −$46.3M $70.1M $183M $0.3M $83.9M $210M
Income tax $31.4M $15.2M −$88.2M $2.4M −$29.9M $15.6M $88.3M $19.0M $27.6M $32.9M
Net income $34.9M $124M $174M $41.3M $178M $54.4M $94.6M −$18.7M $56.3M $177M
Diluted EPS $0.34 $1.04 $1.38 $0.39 $1.67 $0.50 $0.91 −$0.18 $0.54 $1.68
Diluted shares 0.10B 0.13B 0.13B 0.11B 0.11B 0.11B 0.10B 0.10B 0.10B 0.11B
Cash flow
Cash from operations $298M $333M $273M $312M $287M $177M $273M $187M $237M $292M
Capital expenditure $85.1M $151M $150M $143M $103M $82.0M $103M $160M $186M $293M
Free cash flow $213M $181M $123M $169M $184M $94.7M $170M $27.0M $51.2M −$0.7M
Depreciation and amortization $181M $174M $148M $139M $138M $122M $128M $161M $150M $147M
Stock-based compensation $11.1M $18.3M $20.7M $16.8M $16.1M $17.7M $19.5M $22.9M $29.8M $41.7M
Acquisitions $0.0M $0.0M $596M $0.0M $0.0M $0.0M $298M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $64.7M $35.4M $24.4M $34.5M $17.9M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $64.7M $35.4M $24.4M $34.5M $17.9M
Balance sheet
Cash and short-term investments $256M $409M $256M $380M $452M $538M $403M $450M $504M $501M
Total debt $1.0B $980M $1.5B $1.5B $843M $928M $929M $918M $918M $916M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $15.0M $14.3M $13.6M $12.8M $16.9M
Current assets $1.0B $1.2B $1.2B $1.3B $1.2B $1.4B $1.5B $1.4B $1.6B $1.9B
Current liabilities $689M $720M $673M $947M $518M $558M $761M $704M $809M $962M
Inventory $269M $295M $109M $114M $116M $128M $171M $213M $225M $250M
Property and equipment, net $967M $1.1B $1.1B $678M $650M $666M $724M $808M $870M $1.0B
Total assets $2.5B $2.8B $3.5B $3.6B $2.9B $3.0B $3.3B $3.3B $3.5B $3.8B
Total liabilities $1.7B $1.8B $2.2B $2.3B $1.5B $1.6B $1.8B $1.8B $1.9B $2.1B
Shareholders' equity $821M $1.0B $1.2B $1.3B $1.4B $1.5B $1.5B $1.5B $1.6B $1.8B
Margins
Gross margin 16.7% 16.2% 18.0% 17.7% 17.1% 16.5% 18.4% 18.5% 19.5% 20.7%
Operating margin 6.9% 8.0% 5.3% 5.1% 1.3% 5.6% 8.4% 1.9% 4.8% 9.1%
EBITDA margin 14.0% 14.6% 11.9% 11.7% 7.9% 11.0% 13.6% 9.1% 10.9% 14.2%
Net margin 1.4% 4.7% 7.8% 1.9% 8.4% 2.4% 3.8% −0.8% 2.3% 6.1%
FCF margin 8.4% 6.8% 5.5% 7.9% 8.7% 4.2% 6.8% 1.2% 2.1% −0.0%
Returns
Return on capital 5.5% 12.0% 5.9% 4.2% 1.1% 5.3% 5.6% 1.0% 3.9% 10.7%
Return on capital employed 9.4% 11.0% 4.9% 4.1% 1.1% 5.2% 8.4% 1.6% 4.4% 9.6%
Return on equity 4.3% 13.6% 15.5% 3.3% 13.0% 3.8% 6.3% −1.2% 3.7% 10.7%
Return on assets 1.4% 4.7% 5.6% 1.2% 5.5% 1.8% 3.0% −0.6% 1.7% 4.9%
Growth
Revenue growth 20.9% 4.9% −15.8% −4.7% −1.3% 6.8% 11.0% −10.5% 9.4% 19.0%
Net income growth — 256.3% 39.8% −76.2% 329.9% −69.4% 73.8% −119.8% — 215.2%
EPS growth — 205.9% 32.7% −71.7% 328.2% −70.1% 82.0% −119.8% — 211.1%
FCF growth 55.0% −14.9% −32.2% 37.7% 8.6% −48.5% 79.5% −84.1% 89.2% −101.3%
Share count change 9.5% 30.5% 1.2% −20.7% 0.0% 1.7% −4.0% −1.1% 1.3% 1.3%
Financial health
Net debt / EBITDA 2.2x 1.5x 4.6x 4.4x 2.4x 1.6x 1.6x 2.4x 1.6x 1.1x
Debt / equity 1.2x 1.0x 1.2x 1.2x 0.6x 0.7x 0.6x 0.6x 0.6x 0.5x
Interest coverage 2.3x 4.0x 1.6x 1.3x 0.4x 2.8x 4.6x 0.9x 2.4x 5.8x
Current ratio 1.5x 1.7x 1.8x 1.4x 2.4x 2.5x 2.0x 2.0x 2.0x 1.9x
Quick ratio 1.1x 1.3x 1.6x 1.3x 2.2x 2.3x 1.7x 1.7x 1.7x 1.7x
Capital allocation
Capex / revenue 3.4% 5.7% 6.7% 6.7% 4.9% 3.6% 4.1% 7.2% 7.6% 10.1%
Stock comp / revenue 0.4% 0.7% 0.9% 0.8% 0.8% 0.8% 0.8% 1.0% 1.2% 1.4%
Payouts / FCF 0.0% 0.0% 0.0% 0.0% 0.0% 68.4% 20.8% 90.4% 67.4% —
Quality scores
Piotroski F-score 7.0 7.0 6.0 5.0 6.0 5.0 8.0 6.0 7.0 7.0
Altman Z'' 1.9 2.6 2.2 2.0 3.5 3.9 3.6 3.2 3.4 3.7
Accruals ratio −10.3% −7.9% −3.2% −7.7% −3.4% −4.1% −5.6% −6.2% −5.3% −3.1%

Source: SEC EDGAR XBRL filings (CIK 0001116942). Data updated October 17, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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