TTM TECHNOLOGIES INC TTMI
We are a leading global manufacturer of technology products, including mission systems, RF components, RF microwave/microelectronic assemblies, and technologically advanced interconnect products, including PCBs and substrates. In 2025, we generated approximately $2.9 billion in net sales and ended the year with approximately 18,200 employees worldwide. We currently operate a total of 24 specialized facilities in North America and Asia. We focus on providing time-to-market and volume production of advanced technology products and offer a one-stop design, engineering, and manufacturing solution to our customers. This solution allows us to align technology development with the diverse needs of our customers and to enable them to reduce the time required to develop new products and bring them to market. We serve a diversified customer base consisting of approximately 1,300 customers in various markets throughout the world, including aerospace and defense, data center computing, automotive, medical, industrial, and instrumentation, and networking. Our customers include OEMs, EMS providers, ODMs, distributors, and government agencies (both domestic and allied foreign governments).
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.91B | $2.44B | $2.23B | $2.50B | $2.25B | $2.11B | $2.13B | $2.24B | $2.66B | $2.53B |
| Cost of revenue | $2.30B | $1.97B | $1.82B | $2.04B | $1.88B | $1.75B | $1.76B | $1.84B | $2.23B | $2.11B |
| Gross profit | $601.7M | $477.4M | $413.3M | $458.0M | $372.0M | $359.0M | $377.2M | $402.7M | $429.6M | $423.6M |
| R&D | $29.0M | $31.8M | $27.3M | $24.8M | $18.1M | $19.8M | $17.9M | $13.7M | — | — |
| SG&A | $192.1M | $170.1M | $149.6M | $158.2M | $124.9M | $122.5M | $129.3M | $138.3M | $126.1M | $147.2M |
| Total operating expenses | $337.0M | $361.3M | $371.0M | $247.6M | $246.0M | $330.9M | $267.5M | $283.7M | $216.8M | $250.2M |
| Operating income | $264.7M | $116.0M | $42.3M | $210.4M | $126.0M | $28.1M | $109.6M | $119.0M | $212.8M | $173.5M |
| Interest expense | $45.3M | $47.5M | $48.1M | $45.5M | $45.5M | $73.2M | $82.1M | $75.8M | $53.9M | $76.0M |
| Pre-tax income | $210.3M | $83.9M | $297.0K | $182.9M | $70.1M | -$46.3M | $34.3M | $47.2M | $140.0M | $67.0M |
| Income tax | $32.9M | $27.6M | $19.0M | $88.3M | $15.6M | $29.9M | $2.4M | $88.2M | $15.2M | $31.4M |
| Net income | $177.4M | $56.3M | -$18.7M | $94.6M | $54.4M | $177.5M | $41.3M | $173.6M | $124.2M | $34.9M |
| EPS, basic | 1.73 | 0.55 | -0.18 | 0.93 | 0.51 | 1.67 | 0.39 | 1.68 | 1.22 | 0.35 |
| EPS, diluted | 1.68 | 0.54 | -0.18 | 0.91 | 0.50 | 1.67 | 0.39 | 1.38 | 1.04 | 0.34 |
| Shares, diluted (wtd. avg.) | $105.5M | $104.1M | $102.7M | $103.9M | $108.2M | $106.4M | $106.3M | $134.0M | $132.5M | $101.5M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $501.2M | $503.9M | $450.2M | $402.7M | $537.7M | $451.6M | $379.8M | $228.0M | $409.3M | $256.3M |
| Receivables | $563.7M | $448.6M | $413.6M | $473.2M | $386.3M | $381.1M | $503.6M | $523.2M | $483.9M | $432.8M |
| Inventory | $250.1M | $225.0M | $213.1M | $170.6M | $127.6M | $115.7M | $113.8M | $109.4M | $294.6M | $269.2M |
| Total current assets | $1.86B | $1.61B | $1.43B | $1.49B | $1.41B | $1.25B | $1.34B | $1.21B | $1.22B | $1.01B |
| Property, plant and equipment | $1.01B | $870.0M | $807.7M | $724.2M | $665.8M | $650.4M | $678.2M | $1.05B | $1.06B | $966.6M |
| Goodwill | $670.1M | $670.1M | $702.7M | $760.4M | $637.3M | $637.3M | $706.5M | $698.8M | $372.6M | $372.6M |
| Other intangibles | $154.9M | $191.8M | $236.7M | $288.0M | $239.9M | $281.3M | $325.7M | $375.9M | $103.0M | $126.6M |
| Total assets | $3.84B | $3.47B | $3.32B | $3.32B | $3.03B | $2.90B | $3.56B | $3.46B | $2.78B | $2.50B |
| Accounts payable | $543.5M | $406.2M | $334.6M | $361.8M | $361.5M | $327.1M | $329.9M | $431.3M | $497.5M | $371.6M |
| Short-term debt | $3.8M | $3.8M | $3.5M | — | — | — | $250.0M | $30.0M | $4.6M | $110.7M |
| Total current liabilities | $962.2M | $809.1M | $704.0M | $761.3M | $558.1M | $518.0M | $946.7M | $673.2M | $720.4M | $689.1M |
| Long-term debt | $912.3M | $914.4M | $914.3M | $879.4M | $927.8M | $842.9M | $1.23B | $1.46B | $975.5M | $909.0M |
| Retained earnings | $1.02B | $838.4M | $782.1M | $800.8M | $706.3M | $651.8M | $474.3M | $433.0M | $230.8M | $74.8M |
| Total equity | $1.76B | $1.56B | $1.51B | $1.54B | $1.46B | $1.44B | $1.28B | $1.23B | $1.01B | $829.1M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $291.9M | $236.9M | $187.3M | $272.9M | $176.6M | $287.2M | $311.9M | $273.1M | $332.8M | $298.3M |
| Depreciation and amortisation | $110.3M | $105.2M | $99.2M | $91.3M | $85.9M | $99.6M | $93.4M | $91.3M | $150.8M | $156.2M |
| Stock-based compensation | $41.7M | $29.8M | $22.9M | $19.5M | $17.7M | $16.1M | $16.8M | $20.7M | $18.3M | $11.1M |
| Capital expenditure | $292.6M | $185.7M | $160.2M | $102.9M | $82.0M | $103.3M | $142.6M | $150.1M | $151.3M | $85.1M |
| Investing cash flow | -$273.9M | -$146.2M | -$92.0M | -$395.5M | -$84.1M | $404.3M | -$136.0M | -$746.2M | -$124.1M | -$78.0M |
| Financing cash flow | -$20.9M | -$36.8M | -$47.7M | -$11.3M | -$7.2M | -$642.3M | -$31.8M | $321.1M | -$59.0M | -$217.1M |
| Buybacks | $17.9M | $34.5M | $24.4M | $35.4M | $64.7M | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-051976.
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