TE Connectivity vs TTM Technologies
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The short version
- TE Connectivity is the larger business, with $17.3B of revenue in fiscal 2025 against $2.9B for TTM Technologies, about 5.9 times as much.
- TTM Technologies grew revenue faster (19.0%, against 8.9%).
- TE Connectivity kept more of each dollar of sales as operating profit (18.6% operating margin, against 9.1%).
- TE Connectivity turned more of its sales into free cash flow (18.6% FCF margin, against −0.0%).
- TE Connectivity earned a higher return on the capital invested in it (12.1%, against 10.7%).
- Investors pay more for each dollar of TTM Technologies’s earnings: a P/E of 36.2x against 20.4x for TE Connectivity.
| Latest fiscal year | TEL · FY25 | TTMI · FY25 |
|---|---|---|
| Size | ||
| Market cap | $61.0B | $8.6B |
| Revenue | $17.3B | $2.9B |
| Free cash flow | $3.2B | −$0.7M |
| Net income | $1.8B | $177M |
| Growth | ||
| Revenue growth | 8.9% | 19.0% |
| 5-year growth | 7.2% | 6.7% |
| Share count change | −3.2% | 1.3% |
| Profitability | ||
| Gross margin | 35.2% | 20.7% |
| Operating margin | 18.6% | 9.1% |
| Net margin | 10.7% | 6.1% |
| FCF margin | 18.6% | −0.0% |
| Return on capital | 12.1% | 10.7% |
| Return on equity | 14.8% | 10.7% |
| Balance sheet | ||
| Net debt | $3.6B | $432M |
| Net debt / EBITDA | 0.9x | 1.1x |
| Dividends and buybacks | $2.2B | $17.9M |
| Valuation & quality | ||
| P/E | 20.4x | 36.2x |
| Piotroski F-score | 6 | 7 |
Revenue
FY16
TEL $11.4B
TTMI $2.5B
FY17
TEL $12.2B
TTMI $2.7B
FY18
TEL $14.0B
TTMI $2.2B
FY19
TEL $13.4B
TTMI $2.1B
FY20
TEL $12.2B
TTMI $2.1B
FY21
TEL $14.9B
TTMI $2.2B
FY22
TEL $16.3B
TTMI $2.5B
FY23
TEL $16.0B
TTMI $2.2B
FY24
TEL $15.8B
TTMI $2.4B
FY25
TEL $17.3B
TTMI $2.9B
TEL
TTMI
Operating margin
FY16
TEL 15.9%
TTMI 6.9%
FY17
TEL 15.4%
TTMI 8.0%
FY18
TEL 16.7%
TTMI 5.3%
FY19
TEL 14.7%
TTMI 5.1%
FY20
TEL 4.4%
TTMI 1.3%
FY21
TEL 16.3%
TTMI 5.6%
FY22
TEL 16.9%
TTMI 8.4%
FY23
TEL 14.4%
TTMI 1.9%
FY24
TEL 17.7%
TTMI 4.8%
FY25
TEL 18.6%
TTMI 9.1%
TEL
TTMI
Free cash flow
FY16
TEL $1.3B
TTMI $213M
FY17
TEL $1.6B
TTMI $181M
FY18
TEL $1.5B
TTMI $123M
FY19
TEL $1.7B
TTMI $169M
FY20
TEL $1.4B
TTMI $184M
FY21
TEL $2.0B
TTMI $94.7M
FY22
TEL $1.7B
TTMI $170M
FY23
TEL $2.4B
TTMI $27.0M
FY24
TEL $2.8B
TTMI $51.2M
FY25
TEL $3.2B
TTMI −$0.7M
TEL
TTMI
Return on capital
FY16
TEL 16.4%
TTMI 5.5%
FY17
TEL 13.6%
TTMI 12.0%
FY18
TEL 17.4%
TTMI 5.9%
FY19
TEL 14.6%
TTMI 4.2%
FY20
TEL 2.2%
TTMI 1.1%
FY21
TEL 18.5%
TTMI 5.3%
FY22
TEL 18.8%
TTMI 5.6%
FY23
TEL 14.6%
TTMI 1.0%
FY24
TEL 20.1%
TTMI 3.9%
FY25
TEL 12.1%
TTMI 10.7%
TEL
TTMI
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.