TTM Technologies (TTMI)

TTM Technologies (TTMI) has direct exposure to two of the largest capital spending cycles underway today: AI data centers and Western rearmament. Together, these two end markets account for roughly 80% of revenue, making TTM one of the few companies with meaningful exposure to both. It is also enjoying real pricing power for the first time in its history, something almost unheard of for a printed circuit board manufacturer. The business case is strong, but after a sharp run and a nearly 50% correction from its high, the question is whether the current weakness has created an attractive entry point.

The 3,000-word deep dive below answers that question. We break down the defense and N+M businesses, the earnings power beginning to emerge, the financials and valuation, what the market may still be missing, and the risks that could derail the thesis. We then assess whether the stock now offers an attractive entry point ahead of earnings.

TTM manufactures printed circuit boards, or PCBs, along with the higher-level components and systems built around them.

A PCB is the layered board inside almost every electronic system. Chips, memory, and other components are mounted to it, while copper pathways running through the board carry power and data between them. If the chips are the brains of a system, the PCB is the physical platform and wiring that allows those brains to communicate. This is why management describes TTM as the nervous system connecting the brains of modern electronics.

The demands placed on these boards are increasing. Shrinking transistors is becoming harder and more expensive, so more performance now comes from combining multiple processors, memory chips, and networking components and moving data between them faster. That requires increasingly complex boards with more layers, faster signal speeds, and tighter tolerances. TTM routinely manufactures boards with more than 30 layers and can produce complex designs with more than 70.

Building on this core PCB capability, TTM has moved further up the value chain. Its 2018 acquisition of Anaren added radio-frequency (RF) components and subsystems, while its 2022 acquisition of Telephonics added complete radar, surveillance, and communications systems. TTM is therefore supplying increasingly complete pieces of the finished system, not just the boards inside it.

TTM generated $2.91 billion in revenue in 2025, up 19% year-over-year. Under its current reporting structure, the business is divided into two segments: Aerospace & Defense (A&D) and Commercial. A&D, which now includes the former RF & Specialty Components segment, generated approximately $1.3 billion, or 46% of revenue, and grew 13% year-over-year. Commercial generated approximately $1.6 billion, or 54% of revenue, and grew 24% year-over-year.

The A&D segment makes TTM America’s largest domestic manufacturer of advanced PCBs and mission-critical electronics. Its technology is used across more than 480 aerospace and defense programs, including over 30 munitions programs. TTM also supports 20 of the 25 largest U.S. munitions programs as measured by Department of War spending.

Within Commercial, the largest business is data center and networking, which generated approximately $900 million in 2025 and grew approximately 40% year-over-year, driven largely by AI servers and networking infrastructure. Medical, industrial, and instrumentation contributed approximately $400 million and grew 22% year-over-year, making it a strong business that receives far less attention. Automotive generated approximately $300 million and declined slightly year-over-year as TTM concentrated on differentiated applications such as advanced driver-assistance systems, electrification, and high-voltage power systems instead of commoditized boards.

TTM’s scale is unusual for an American PCB manufacturer. Based on 2025 revenue, Prismark ranked TTM among the five largest PCB manufacturers globally. It was the only U.S. company in the top 10. Sanmina (SANM) also manufactures advanced PCBs, but boards are only one part of its much broader contract-manufacturing business. TTM is therefore the closest thing the U.S. public markets offer to a large, focused advanced-PCB manufacturer.

The A&D segment grew revenue 13% in 2025, which looks modest next to approximately 40% growth in data center and networking. The more useful number is profitability. A&D EBITDA grew 22% to $221 million, representing a 17.2% margin and a 120-basis-point expansion. The gap between revenue and EBITDA growth reflects higher volume, favorable product mix, and improved execution, with the mix shift consistent with what the move into modules, subsystems, and mission systems was supposed to accomplish.

The underlying position is stronger than the 13% growth rate suggests. A&D program backlog stood at $1.6 billion at the end of the first quarter of 2026 and included orders extending across multiple years. TTM’s pipeline of potential A&D opportunities was $7.2 billion at the end of 2025 and, according to management, had grown significantly by May 2026.