TTM Technologies has achieved four consecutive earnings beats with 30% revenue growth and strong technical momentum including a golden cross, but the stock has already exceeded analyst targets by 14% and carries a free cash flow red flag at negative 28% of net income.
Thesis pillars
- Revenue Growth Momentum→Stable
- Negative Free Cash Flow Quality↑Improving
- Customer Concentration Risk↓Deteriorating
- +1 more pillar — see the Why tab for full reasoning
Pillars as of Jul 3, 2026, based on the 10-K filed Feb 17, 2026
TTM Technologies, Inc. (TTMI) Stock Analysis
Technology · Electronic Components
Sell if holding. Momentum 3.7/10 is below the 5.0 floor at $90.79 — engine's falling-knife protection flags exit rather than catching a breakdown. Specifics: Concentration risk — Customer: U.S. Navy AN/APS-153 radar; V7 low-quality RISK_OFF penalty: -0.5 (Q=4.5).
TTM Technologies manufactures printed circuit boards (PCBs), RF/microwave assemblies, and mission systems for aerospace and defense, data center computing, automotive, and medical markets, generating approximately $2.9 billion in net sales in fiscal 2025 across 24 facilities in... Read more
Sell if holding. Momentum 3.7/10 is below the 5.0 floor at $90.79 — engine's falling-knife protection flags exit rather than catching a breakdown. Specifics: Concentration risk — Customer: U.S. Navy AN/APS-153 radar; V7 low-quality RISK_OFF penalty: -0.5 (Q=4.5). Chart setup: No clear chart pattern; technical signals are mixed. Score 6.2/10, moderate confidence.
Passes 6/8 gates (favorable risk/reward ratio, clean insider activity, news events none recent, earnings proximity 96d clear, semi cycle peak clear, materials cycle peak clear). Fails on weak momentum. Suitability: speculative.
Recent developments
updated 2026-10-29Recent Developments — TTM Technologies, Inc.
Latest news
- NEWS TTM TECHNOLOGIES ($TTMI) Releases Q1 2026 Earnings, Stock Rises - Quiver Quantitative — Quiver Quantitative positive
- NEWS TTM Technologies (NASDAQ:TTMI) Beats Expectations in Strong Q1 CY2026, Stock Jumps 12.8% - StockStory — StockStory positive
- NEWS TTM Technologies CFO Sells Nearly 6,000 Shares as the Company Prepares for a Costly Acquisition - The Motley Fool — The Motley Fool negative
- NEWS TTM Technologies Inc (TTMI) Shares Surge 7.0% -- What GF Score o - GuruFocus — GuruFocus positive
- NEWS TTM Technologies Stock Whipsaws As Wall Street Backs Aggressive AI And Optics Push - Timothy Sykes — Timothy Sykes neutral
Generated 2026-10-29T11:14:36Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Options Flow
Concentration Risks(10-K Item 1A)
- HIGHCustomerU.S. Navy AN/APS-153 radar10-K Item 1: 'we are also the sole provider of the U.S. Navy's AN/APS-153 multi-mode radar on the MH-60R helicopter'
- MEDIUMCustomerfive largest OEM customers44%10-K Item 1A: 'Our five largest OEM customers collectively accounted for approximately 44%, 42%, and 41% of our net sales for the years ended December 29, 2025, December 30, 2024, and January 1, 2024, respectively'
- LOWCustomertwo customers23%10-K Item 1A: 'two customers collectively represented 23% of our net sales for the year ended December 29, 2025'
- MEDIUMGeographicnon-U.S. operations50%10-K Item 1A: 'for the year ended December 29, 2025, we generated approximately 50% of our net sales from non-U.S. operations'
- MEDIUMCustomerEMS companies30%10-K Item 1A: 'Sales to EMS companies represented approximately 30%, 28%, and 31% of our net sales for the years ended December 29, 2025, December 30, 2024, and January 1, 2024, respectively'
Material Events(8-K, last 90d)
- 2026-06-03Item 1.01MEDIUMOn June 1, 2026, entered into Second Amended & Restated Credit Agreement with JPMorgan Chase Bank as Administrative Agent, providing a repriced and upsized $400 million senior secured term loan facility and a revolving credit facility.SEC filing →
- 2026-06-03Item 1.02MEDIUMPrior Term Loan Facility (outstanding balance $340.4 million) terminated on June 1, 2026, as proceeds from the new 2026 Credit Agreement refinanced all outstanding indebtedness under the prior facility.SEC filing →
- 2026-05-08Item 5.02LOWAmendment disclosed Board committee assignments for previously appointed directors: Korte assigned to Human Capital & Compensation, Nominating & Corporate Governance, and Government Security Committees; McCarthy assigned to Audit and Government Security Committees, each effective May 7, 2026.SEC filing →
- 2026-05-08Item 5.02LOWDirector John G. Mayer resigned due to mandatory retirement age of 75, effective May 7, 2026. Thomas Edman's retirement also effective May 7, 2026. Appointments of Daniel Korte and Ryan McCarthy became effective May 7, 2026. No disagreement cited for Mayer.SEC filing →
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results. How we score · Editorial policy
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Rating Breakdown
1 floor-breaker·1 ceiling hit
Price action weak — below key moving averages, no momentum carry. Needs a base before trend-continuation setups apply.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Sell if holding. Momentum 3.7/10 is below the 5.0 floor at $90.79 — engine's falling-knife protection flags exit rather than catching a breakdown. Specifics: Concentration risk — Customer: U.S. Navy AN/APS-153 radar; V7 low-quality RISK_OFF penalty: -0.5 (Q=4.5). Chart setup: No clear chart pattern; technical signals are mixed. Prior stop was $84.43. Score 6.2/10, moderate confidence.
Analyst target: $161.65 (+78.0% upside). Prior stop was $84.43. Stop-loss: $84.43.
Concentration risk — Customer: U.S. Navy AN/APS-153 radar; V7 low-quality RISK_OFF penalty: -0.5 (Q=4.5); Sector modifier (Technology): -0.8.
TTM Technologies, Inc. trades at a P/E of 36.3 (forward 10.9). TrendMatrix value score: 7.4/10. Verdict: Sell.
11 analysts cover TTMI with a consensus score of 4.2/5. Average price target: $186.
What does TTM Technologies, Inc. do?TTM Technologies manufactures printed circuit boards (PCBs), RF/microwave assemblies, and mission systems for aerospace...
TTM Technologies manufactures printed circuit boards (PCBs), RF/microwave assemblies, and mission systems for aerospace and defense, data center computing, automotive, and medical markets, generating approximately $2.9 billion in net sales in fiscal 2025 across 24 facilities in North America and Asia. Five largest OEM customers represented approximately 44% of net sales; non-U.S. operations contributed approximately 50% of net sales; and the company is the sole provider of the U.S. Navy's AN/APS-153 multi-mode radar on the MH-60R helicopter.