TTM Technologies, Inc. (TTMI) - Stock Analysis
Last updated: Apr 6, 2026
Research Idea
Research content for general circulation. Not individualized advice. Methodology & Disclosures
Backlog strength ($1.61B, book‑to‑bill 1.46), heavy exposure to AI/data center and aerospace & defense, a potential ~$200M Raytheon agreement, and S&P MidCap 400 inclusion have driven a breakout (~12.5% in 21 days, ~10% above 21‑day SMA); this combination of structural demand plus index/contract catalysts supports TTMI as a short-term AI/defense momentum name despite rich valuation and capex‑driven FCF pressure.
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AI Analyst Overview
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Valuation Metrics
Fundamental Analysis
Key Financial Insights: • Strong profitability • Minimal free cash • High leverage TTMI is profitable with solid margins and liquidity but faces acute cash-generation pressure from very high capex, minimal free cash flow, elevated leverage, and rich valuation that increase downside risk.
Price Behavior
Key Price Behavior Insights: • Mild upward bias • Strong rebound • High volatility Support Level: $87.90–$92.00 Resistance Level: $108.00 Stock is roughly flat-to-mildly up over the last month with a rebound from the late‑March low but elevated intra‑period volatility that raises short‑term risk.
Sentiment & News
Key News Insights: • AI/data center demand • Defense backlog • Insider selling TTM Technologies is benefiting from AI data‑center and defense demand that has driven strong share gains and analyst optimism, though institutional and insider selling and diversification risks temper the outlook.
AI Summary
TTM now looks less like a cyclical PCB commodity maker and more like a capital‑intensive, scarce supplier to AI data‑centers and defense whose premium valuation hinges on flawless Penang/Syracuse ramp execution and rapid free‑cash‑flow improvement—monitor quarterly FCF vs. capex guidance as the decisive trigger for upside or a material re‑rating.
Description
TTM Technologies, Inc. manufactures and sells a broad range of printed circuit boards and RF components for customers worldwide, operating through PCB and RF&S Components segments. Its product lineup spans conventional and advanced PCB technologies, RF and microwave parts, IC substrates and multi-chip modules, plus assemblies and system integration, supported by design, testing and rapid-turn services. The company serves OEMs and EMS providers across aerospace and defense, data centers, automotive, medical and industrial markets and is headquartered in Santa Ana, California, since its incorporation in 1978.
Idea History
| Date | Close | Ticker | Company | Summary | Status | P/L |
|---|---|---|---|---|---|---|
| Feb 24 | Mar 3 | TTMI | TTM Technologies, Inc. | Backlog strength ($1.61B, book‑to‑bill 1.46), heavy exposure to AI/data center and aerospace & defense, a potential ~$200M Raytheon agreement, and S&P MidCap 400 inclusion have driven a breakout (~12.5% in 21 days, ~10% above 21‑day SMA); this combination of structural demand plus index/contract catalysts supports TTMI as a short-term AI/defense momentum name despite rich valuation and capex‑driven FCF pressure. | Closed | -2.5% |
| Jan 26 | Feb 2 | TTMI | TTM Technologies, Inc. | TTM Technologies benefits from AI and defense sales growth, solid backlog, rising technical momentum, and positive institutional interest, indicating near-term price appreciation potential. | Closed | +8.6% |