Sanmina vs TTM Technologies
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KIRA’s take AI analyst
I put Sanmina and TTM Technologies side by side, using each one’s latest annual report. Here is what stands out:
- Sanmina is the larger business, with $8.1B of revenue in fiscal 2025 against $2.9B for TTM Technologies, about 2.8 times as much.
- TTM Technologies grew revenue faster (19.0%, against 7.4%).
- TTM Technologies kept more of each dollar of sales as operating profit (9.1% operating margin, against 4.4%).
- Sanmina turned more of its sales into free cash flow (5.8% FCF margin, against −0.0%).
- Sanmina earned a higher return on the capital invested in it (14.2%, against 10.7%).
- Investors pay more for each dollar of TTM Technologies’s earnings: a P/E of 38.7x against 28.9x for Sanmina.
Who comes out ahead
Of the 11 measures where higher (or lower) is clearly better, how many each company leads.
Sanmina
SANM
5/11
FCF marginReturn on capitalPiotroski F-scoreNet debt / EBITDAShare count change
TTM Technologies
TTMI
6/11
Revenue growth5-year growthGross marginOperating marginNet marginReturn on equity
Side by side
Best in the row
| Latest fiscal year | SANM FY25 | TTMI FY25 |
|---|---|---|
| Size | ||
| Market cap | $8.9B | $9.2B |
| Revenue | $8.1B | $2.9B |
| Free cash flow | $473M | −$0.7M |
| Net income | $246M | $177M |
| Growth | ||
| Revenue growth | 7.4% | 19.0% |
| 5-year growth | 3.2% | 6.7% |
| Share count change | −3.2% | 1.3% |
| Profitability | ||
| Gross margin | 8.8% | 20.7% |
| Operating margin | 4.4% | 9.1% |
| Net margin | 3.0% | 6.1% |
| FCF margin | 5.8% | −0.0% |
| Return on capital | 14.2% | 10.7% |
| Return on equity | 10.0% | 10.7% |
| Balance sheet | ||
| Net debt | −$643M | $432M |
| Net debt / EBITDA | −1.4x | 1.1x |
| Dividends and buybacks | $0.0M | $17.9M |
| Valuation & quality | ||
| P/E | 28.9x | 38.7x |
| Piotroski F-score | 8 | 7 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.