TTM Technologies, Inc. (TTMI) financials

NASDAQ · Technology · Hardware, Equipment & Parts · 18,200 employees · CEO Edwin Roks

Price: $82.94 -5.35%
Market cap: $8.74B
Enterprise value: $9.63B
Last report: Q3 '26 filed 2026-10-22
Next report: 2027-02-03 EPS est. $1.79

Revenue (TTM)$3.83B+37.6% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)11.0%+4.1 pp vs a year agoOperating income $422M

Net income (TTM)$269M+103.5% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$14.8M-58.7% vs a year agoCapex $321M

Diluted EPS (TTM)$2.51+99.3% vs a year agoSum of the last 4 quarters

Net cash-$895M-67.5% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $8.74B
Revenue: $3.83B
Revenue growth: +54%
Profit margin: 7.0%
P/E: 32.3×
P/S: 2.3×
EV / EBITDA: 16.3×
Free cash flow: $14.8M
Net income: $269M
Revenue estimate: $4.48B
Earnings: 2027-02-03
Dividend: –

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-10-22): revenue beat by 6.5%, EPS beat by 16.8%Revenue $1.2B vs $1.13B expected (+6.5%); EPS $1.46 vs $1.25 (+16.8%).
Revenue growth accelerating: 59.9% year on yearQ3 '26 revenue $1.2B, against an average of 27.2% over the four quarters before.
Operating margin 11.0% (TTM), +4.1 pp on a year agoOperating income grew 118.9% while revenue grew 37.6%.
23.0% of pre-tax profit is eaten by non-operating lossesPre-tax income $343M vs operating income $422M (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
Capex 8.4% of revenue (a year ago 10.0%)$321M invested in the last 4 quarters (+15.0% on a year earlier). Free cash flow $14.8M = 5.5% of net income.
Diluted share count up 1.8% in a year108M diluted shares in Q3 '26, 106M a year earlier.
Net debt $895MCash + short-term investments $876M, debt incl. leases $1.77B; a year ago net debt $534M.
Commercial: revenue +92.7%, margin 21.1% (was 14.7%)Fastest-growing reported segment in Q3 '26: operating income $166M on revenue $788M (from the segment note of the filing).

Last quarter: Q3 '26

Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q3 '26	Year ago	Change
Revenue	$1.2B	$753M	+59.9%
Gross margin	23.6%	20.8%	+2.8 pp
Operating income	$162M	$71.9M	+125.5%
Operating margin	13.5%	9.6%	+3.9 pp
Net income	$84.8M	$53.1M	+59.8%
Diluted EPS	$0.79	$0.50	+58.0%
Operating cash flow	$155M	$142M	+9.1%
Capex	$82.4M	$99.5M	-17.1%
Free cash flow	$72.3M	$42.4M	+70.7%
R&D	$9.65M	$7.04M	+37.1%
Stock-based compensation	$24.1M	$11.6M	+107.5%

Reported vs consensus

2026-10-22

	Actual	Consensus	vs consensus
Revenue	$1.2B	$1.13B	+6.5%
EPS (as estimated)	$1.46	$1.25	+16.8%

From the report of 2026-10-22 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q2 '26	y/y	Share	TTM	TTM y/y
Commercial	$621M	–	61.9%	–	–
A&D	$383M	–	38.1%	–	–
Data Center Computing	–	–	–	–	–
Medical Industrial Instrumentation	–	–	–	–	–
Automotive Components	–	–	–	–	–
Networking Communication	–	–	–	–	–

Revenue by region

share of total

Segment	Q2 '26	y/y	Share	TTM	TTM y/y	12 quarters
United States	$432M	+13.2%	82.1%	$1.66B	+21.9%
TAIWAN	$94.3M	+85.5%	17.9%	$392M	–

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q3 '26

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
Commercial	$788M	+92.7%	$166M	+177.0%	21.1%	14.7%	$436M
Printed Circuit Board	–	–	–	–	–	–	–
Aerospace And Defense	$416M	+21.0%	$77M	+37.5%	18.5%	16.3%	$233M
Radio Frequency And Specialty Components	–	–	–	–	–	29.9%	–
Corporate (unallocated)	–	–	–	–	–	–	–
Total Industry	–	–	$243M	+109.7%	–	–	$680M

Operating income by segment

quarterly

Segment operating margin

quarterly

Fourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $336M
Capex: -$321M
Buybacks: $0
Dividends: $0
Acquisitions: $0
Net debt issued: $722M
Stock-based compensation: $73.8M
Free cash flow: $14.8M
Returned to shareholders / FCF: -0.0%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	32.3×	33.0× 4 of 5 years	16.3× – 44.9×
EV / EBITDA	16.3×	11.0×	5.8× – 19.7×
EV / Sales	2.5×	1.3×	0.8× – 2.7×
Price / FCF	591.0×	33.8× 4 of 5 years	9.1× – 60.1×
Price / Book	4.3×	1.8×	1.0× – 4.1×
FCF yield	0.2%	4.1%	-0.0% – 11.0%
Return on invested capital	8.3%	-16.5%	-101.3% – 7.6%
Return on equity	14.2%	4.5%	-1.2% – 10.1%

Analysts

Consensus target $173.25 (+108.9%)
range $150.00 – $208.00 · rating Buy

Strong buy0

Buy12

Hold2

Sell0

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$4.48B	+54.0%	$4.96	+195.4%	16.7×	4
FY2027	$6.59B	+47.3%	$8.36	+68.5%	9.9×	4
FY2028	$7.59B	+15.2%	$10.06	+20.3%	8.2×	3

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 284 figures TTM Technologies, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts Payable, Current	$1.03B	$506M	+103.9%	$544M	$406M	+33.8%
Accounts Receivable, after Allowance for Credit Loss, Current	$836M	$500M	+67.2%	$564M	$449M	+25.7%
Accounts Receivable, Allowance for Credit Loss	$1.57M2025-12-29	$3.25M	-51.6%	$1.57M	$3.25M	-51.6%
Accrued Income Taxes, Current	$50.6M	$22.4M	+125.9%	$8.08M	$15.9M	-49.2%
Accrued Professional Fees, Current	$7.75M	$3.21M	+141.1%	$3.52M	$3.61M	-2.3%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$1.07B	$983M	+8.7%	$997M	$919M	+8.5%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$29.7M	-$28.7M	-3.4%	-$30.9M	-$27.9M	-10.9%
Additional Paid in Capital, Common Stock	$985M	$940M	+4.7%	$952M	$911M	+4.5%
Amortization of Debt Issuance Costs and Discounts	$753K	$542K	+38.9%	$2.16M	$2.04M	+5.6%
Amortization of Intangible Assets	$9.22M	$9.23M	0.0%	$36.9M	$44.9M	-17.8%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	–	–	–	60K2024-01-01	–	–
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$24.1M	$11.6M	+107.5%	$41.7M	$29.8M	+39.9%
Assets	$5.56B	$3.72B	+49.5%	$3.84B	$3.47B	+10.6%
Assets, Current	$2.96B	$1.76B	+68.7%	$1.86B	$1.61B	+15.5%
Buildings and Improvements, Gross	$688M	$555M	+24.0%	$635M	$516M	+23.1%
Capital Expenditures Incurred but Not yet Paid	$27.1M	$3.44M	+690.2%	$62.8M	$77.4M	-18.8%
Cash and Cash Equivalents, at Carrying Value	$876M	$491M	+78.4%	$501M	$504M	-0.5%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations	$876M	$491M	+78.4%	$501M	$504M	-0.5%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$368M	$43.2M	+753.8%	-$2.7M	$53.7M	-105.0%
Change in Unrealized Gain (Loss) on Fair Value Hedging Instruments	-$14M2026-06-29	–	–	–	–	–
Common Stock, Par or Stated Value Per Share	$0.00	$0.00	0.0%	$0.00	$0.00	0.0%
Common Stock, Shares Authorized	300M	300M	0.0%	300M	300M	0.0%
Common Stock, Shares, Issued	115M	115M	0.0%	115M	113M	+1.8%
Common Stock, Shares, Outstanding	105M	103M	+2.0%	103M	102M	+1.4%
Common Stock, Value, Issued	$115K	$115K	0.0%	$115K	$113K	+1.8%
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	$84.5M	$52.9M	+59.8%	$174M	$57.5M	+203.4%
Construction in Progress, Gross	$141M	$157M	-10.4%	$102M	$75.5M	+35.0%
Contract with Customer, Asset, after Allowance for Credit Loss	$472M2025-12-29	$387M	+22.1%	$472M	$387M	+22.1%
Contract with Customer, Asset, after Allowance for Credit Loss, Current	$794M	$447M	+77.5%	$468M	$381M	+22.7%
Contract with Customer, Liability, Current	$202M	$149M	+35.5%	$176M	$171M	+2.8%
Contract with Customer, Liability, Noncurrent	$17.6M	$30.1M	-41.6%	$23.5M	$28.4M	-17.3%
Contract with Customer, Liability, Revenue Recognized	$23.6M	$27.8M	-15.1%	$107M	$37.5M	+184.7%
Cost of Goods and Services Sold	$912M	$596M	+53.0%	$2.3B	$1.97B	+17.3%
Cost, Amortization	$2.34M	$2.34M	0.0%	$9.34M	$9.34M	0.0%
Current Federal Tax Expense (Benefit)	–	–	–	$3.24M	$2.98M	+8.4%
Current Foreign Tax Expense (Benefit)	–	–	–	$23M	$22.9M	+0.1%
Current Income Tax Expense (Benefit)	–	–	–	$29.1M	$28.9M	+0.8%
Current State and Local Tax Expense (Benefit)	–	–	–	$2.9M	$2.96M	-2.0%
Debt Instrument, Unamortized Discount	$1.73M	$2.5M	-30.9%	$2.38M	$2.84M	-16.1%
Debt Issuance Costs, Net	$13.4M	$5.96M	+125.0%	$5.62M	$6.95M	-19.2%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	$1.66M	-$340K	+589.4%
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	$1.91M	-$801K	+338.5%
Deferred Income Tax Expense (Benefit)	–	–	–	$3.79M	-$1.23M	+409.1%
Deferred Income Tax Liabilities, Net	$83.4M	$42.8M	+94.6%	$46.3M	$41.4M	+12.0%
Deferred State and Local Income Tax Expense (Benefit)	–	–	–	$216K	-$85K	+354.1%
Deferred Tax Assets, Gross	$156M2025-12-29	$140M	+11.9%	$156M	$140M	+11.9%
Deferred Tax Assets, Net of Valuation Allowance	$70.5M2025-12-29	$44.5M	+58.5%	$70.5M	$44.5M	+58.5%
Deferred Tax Assets, Operating Loss Carryforwards	$28.8M2025-12-29	$30M	-3.8%	$28.8M	$30M	-3.8%
Deferred Tax Assets, Other	$1.82M2025-12-29	$880K	+107.0%	$1.82M	$880K	+107.0%
Deferred Tax Assets, Property, Plant and Equipment	$3.52M2025-12-29	$3.75M	-6.2%	$3.52M	$3.75M	-6.2%
Deferred Tax Assets, Tax Credit Carryforwards	$30.3M2025-12-29	$33.6M	-9.6%	$30.3M	$33.6M	-9.6%
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost	$8.04M2025-12-29	$6.59M	+22.0%	$8.04M	$6.59M	+22.0%
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals	$59.1M2025-12-29	$57.5M	+2.8%	$59.1M	$57.5M	+2.8%
Deferred Tax Assets, Valuation Allowance	$86M2025-12-29	$95.4M	-9.9%	$86M	$95.4M	-9.9%
Deferred Tax Liabilities, Goodwill and Intangible Assets	$1.46M2025-12-29	$1.36M	+7.4%	$1.46M	$1.36M	+7.4%
Deferred Tax Liabilities, Net	$43.8M2025-12-29	$40.4M	+8.3%	$43.8M	$40.4M	+8.3%
Deferred Tax Liabilities, Other	$329K2025-12-29	$465K	-29.2%	$329K	$465K	-29.2%
Deferred Tax Liabilities, Property, Plant and Equipment	$85.3M2025-12-29	$74.6M	+14.3%	$85.3M	$74.6M	+14.3%
Deferred Tax Liabilities, Undistributed Foreign Earnings	–	–	–	$02024-12-30	$0	–
Deferred Tax Liabilities, Unrealized Currency Transaction Gains	$527K2025-12-29	$1.9M	-72.2%	$527K	$1.9M	-72.2%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-28, 10-Q 2026-06-29, 10-Q 2026-03-30, 10-K 2025-12-29, 10-Q 2025-09-29, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-30, 10-Q 2024-09-30

Data as of 2026-11-02