TTM Technologies, Inc. manufactures and sells mission systems, radio frequency (RF) components, RF microwave/microelectronic assemblies, and printed circuit boards (PCBs) and substrates in the United States, Taiwan, and internationally. It operates in three segments, A&D, Commercial, and RF&S Components. The company offers various engineered systems and RF and microwave assemblies; PCBs and IC substrates, custom assemblies and integrated systems, passive and advanced ceramic RF components, hi-reliability multi-chip modules, and beamforming and switching networks; and design-for-manufacturability, PCB layout design, simulation and testing, quick turnaround (QTA) production, and specialized RF assembly and testing. It also provides multi-mode surveillance and weather avoidance radar systems for fixed- and rotary-wing aircraft, Unmanned Aerial Vehicles, and shipboard platforms; AN/APS-153 multi-mode radar; communications suite within the MH-60R/S multi-mission helicopters; and supports maritime surveillance, counter UAS, and advanced air mobility end markets under MOSAIC brand. In addition, the company offers identification friend; monopulse secondary surveillance radars, and air traffic control systems; wired and wireless communication systems; designs, produces, and tests specialized multi-chip RF modules and components; and manufactures off-the-shelf surface mount microwave components. Further, it provides thick-film ceramic substrates, custom designed application specific integrated circuits, and conventional PCBs; custom electronic assemblies; QTA services; and thermal management. The company serves original equipment manufacturers, electronic manufacturing services providers, original design manufacturers, distributors, and government agencies; and aerospace and defense, data center computing, automotive, medical, industrial, instrumentation, and networking markets. TTM Technologies, Inc. was incorporated in 1978 and is headquartered in Santa Ana, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $2.9B | $403M | $177M | $-1M | 10.1% | 19.0% | 215.2% |
| 2024 | $2.4B | $282M | $56M | $51M | 3.6% | 9.4% | - |
| 2023 | $2.2B | $209M | $-19M | $27M | -1.2% | -10.5% | -119.8% |
| 2022 | $2.5B | $362M | $95M | $170M | 6.2% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 2,495.05 | 2,232.57 | 2,442.75 | 2,906.34 |
| Cost Of Revenue | 2,037.08 | 1,819.30 | 1,965.38 | 2,304.66 |
| Gross Profit | 457.96 | 413.27 | 477.38 | 601.69 |
| Operating Expense | 295.27 | 302.50 | 317.53 | 334.15 |
| Operating Income | 162.70 | 110.77 | 159.84 | 267.53 |
| EBITDA | 362.29 | 209.15 | 281.59 | 402.84 |
| EBIT | 228.38 | 48.42 | 131.46 | 255.67 |
| Pretax Income | 182.86 | 0.30 | 83.95 | 210.34 |
| Tax Provision | 88.28 | 19.02 | 27.65 | 32.89 |
| Net Income | 94.58 | -18.72 | 56.30 | 177.45 |
| Net Income Common Stockholders | 94.58 | -18.72 | 56.30 | 177.45 |
| Total Expenses | 2,332.35 | 2,121.80 | 2,282.91 | 2,638.81 |
| Interest Expense | 45.52 | 48.12 | 47.52 | 45.33 |
| Research And Development | 24.81 | 27.27 | 31.84 | 28.99 |
| Selling General And Administration | 233.36 | 226.55 | 250.14 | 277.61 |
| Normalized EBITDA | 314.58 | 277.49 | 325.39 | 405.69 |
| Normalized Income | 56.89 | 35.27 | 85.67 | 179.85 |
| Basic EPS | 0.93 | -0.18 | 0.55 | 1.73 |
| Diluted EPS | 0.91 | -0.18 | 0.54 | 1.68 |
| Tax Effect Of Unusual Items | 10.02 | -14.35 | -14.43 | -0.45 |
| Tax Rate For Calcs | 0.21 | 0.21 | 0.33 | 0.16 |
| Total Unusual Items | 47.71 | -68.34 | -43.80 | -2.85 |
| Total Unusual Items Excluding Goodwill | 47.71 | -68.34 | -43.80 | -2.85 |
| Net Income From Continuing Operation Net Minority Interest | 94.58 | -18.72 | 56.30 | 177.45 |
| Reconciled Depreciation | 133.91 | 160.73 | 150.12 | 147.17 |
| Reconciled Cost Of Revenue | 1,940.27 | 1,707.24 | 1,850.80 | 2,185.04 |
| Net Interest Income | -45.52 | -48.12 | -47.52 | -45.33 |
| Net Income From Continuing And Discontinued Operation | 94.58 | -18.72 | 56.30 | 177.45 |
| Total Operating Income As Reported | 210.41 | 42.32 | 116.04 | 264.68 |
| Diluted Average Shares | 103.87 | 102.74 | 104.10 | 105.45 |
| Basic Average Shares | 102.07 | 102.74 | 101.78 | 102.60 |
| Diluted NI Availto Com Stockholders | 94.58 | -18.72 | 56.30 | 177.45 |
| Net Income Including Noncontrolling Interests | 94.58 | -18.72 | 56.30 | 177.45 |
| Net Income Discontinuous Operations | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | 94.58 | -18.72 | 56.30 | 177.45 |
| Other Income Expense | 65.68 | -62.35 | -28.38 | -11.86 |
| Other Non Operating Income Expenses | 17.97 | 5.99 | 15.42 | -9.01 |
| Special Income Charges | 47.71 | -68.34 | -43.80 | -2.85 |
| Gain On Sale Of Ppe | 51.80 | 0 | 0 | 0 |
| Gain On Sale Of Business | 0 | 1.27 | 0 | 0 |
| Other Special Charges | 0 | 1.15 | 0 | 0 |
| Impairment Of Capital Assets | 0 | 44.10 | 32.60 | 0 |
| Restructuring And Mergern Acquisition | 4.09 | 24.35 | 11.20 | 2.85 |
| Net Non Operating Interest Income Expense | -45.52 | -48.12 | -47.52 | -45.33 |
| Interest Expense Non Operating | 45.52 | 48.12 | 47.52 | 45.33 |
| Depreciation Amortization Depletion Income Statement | 37.10 | 48.67 | 35.55 | 27.55 |
| Depreciation And Amortization In Income Statement | 37.10 | 48.67 | 35.55 | 27.55 |
| Amortization | 37.10 | 48.67 | 35.55 | 27.55 |
| Amortization Of Intangibles Income Statement | 37.10 | 48.67 | 35.55 | 27.55 |
| Selling And Marketing Expense | 75.18 | 76.92 | 80.03 | 85.46 |
| General And Administrative Expense | 158.18 | 149.63 | 170.11 | 192.15 |
| Other Gand A | 158.18 | 149.63 | 170.11 | 192.15 |
| Operating Revenue | 2,495.05 | 2,232.57 | 2,442.75 | 2,906.34 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| TTM Technologies, Inc.this co. | TTMI | $14.3B | 81.85β premium | 8.07 | 10.1% | 35.55 |
| IonQ, Inc. | IONQ | $15.4B | - | 4.02 | -13.4% | -25.43 |
| SiTime Corporation | SITM | $13.9B | - | 11.99 | -3.7% | -593.07 |
| Applied Optoelectronics, Inc. | AAOI | $12.2B | - | 15.62 | -5.2% | -428.70 |
| Rambus Inc. | RMBS | $12.1B | 53.67 |
| 8.70 |
| 16.9% |
| 37.66 |
| Vicor Corporation | VICR | $11.6B | 86.14 | 16.33 | 16.7% | 141.67 |
| DigitalOcean Holdings, Inc. | DOCN | $10.1B | 38.44 | -310.48 | -903.7% | 36.44 |
| Applied Digital Corporation | APLD | $9.3B | - | 5.90 | -36.5% | 821.55 |
| InterDigital, Inc. | IDCC | $9.1B | 29.86 | 8.23 | 36.9% | 15.41 |
| Peer Median | - | 46.05 | 8.46 | -4.5% | 25.92 | |