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% | -400.8% |
| 2023 | $2.2B | $209M | $-19M | $27M | -1.2% | -10.5% | -119.8% |
| 2022 | $2.5B | $362M | $95M | $170M | 6.2% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 2,495.05 | 2,232.57 | 2,442.75 | 2,906.34 |
| Operating 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 | 334.16 |
| Research And Development | - | 24.81 | 27.27 | 31.84 | 28.99 |
| Selling General And Administration | - | 233.36 | 226.55 | 250.14 | 277.61 |
| Total Expenses | - | 2,332.35 | 2,121.80 | 2,282.91 | 2,638.81 |
| Operating Income | - | 162.70 | 110.77 | 159.84 | 267.53 |
| Total Operating Income As Reported | - | 210.41 | 42.32 | 116.04 | 264.68 |
| EBITDA | - | 362.29 | 209.15 | 281.59 | 402.84 |
| Normalized EBITDA | - | 314.58 | 277.49 | 325.39 | 405.69 |
| EBIT | - | 228.38 | 48.42 | 131.46 | 255.67 |
| Interest Expense | - | 45.52 | 48.12 | 47.52 | 45.33 |
| Net Interest Income | - | -45.52 | -48.12 | -47.52 | -45.33 |
| Other Non Operating Income Expenses | - | 17.97 | 5.99 | 15.42 | -9.01 |
| Other Income Expense | - | 65.68 | -62.35 | -28.38 | -11.86 |
| Interest Expense Non Operating | - | 45.52 | 48.12 | 47.52 | 45.33 |
| Net Non Operating Interest Income Expense | - | -45.52 | -48.12 | -47.52 | -45.33 |
| Pretax Income | - | 182.86 | 0.30 | 83.95 | 210.34 |
| Tax Provision | - | 88.28 | 19.02 | 27.65 | 32.89 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 10.02 | -14.35 | -14.43 | -0.45 |
| Net Income Continuous Operations | - | 94.58 | -18.72 | 56.30 | 177.45 |
| Net Income From Continuing And Discontinued Operation | - | 94.58 | -18.72 | 56.30 | 177.45 |
| Net Income From Continuing Operation Net Minority Interest | - | 94.58 | -18.72 | 56.30 | 177.45 |
| Net Income | - | 94.58 | -18.72 | 56.30 | 177.45 |
| Net Income Common Stockholders | - | 94.58 | -18.72 | 56.30 | 177.45 |
| Net Income Including Noncontrolling Interests | - | 94.58 | -18.72 | 56.30 | 177.45 |
| Normalized Income | - | 56.89 | 35.27 | 85.67 | 179.85 |
| Diluted NI Availto Com Stockholders | - | 94.58 | -18.72 | 56.30 | 177.45 |
| Basic Average Shares | - | 102.07 | 102.74 | 101.78 | 102.60 |
| 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 |
| 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 Discontinuous Operations | 0 | 0 | - | - | - |
| Special Income Charges | - | 47.71 | -68.34 | -43.80 | -2.85 |
| Gain On Sale Of Business | - | 0 | 1.27 | 0 | 0 |
| Other Special Charges | 15.22 | - | 1.15 | - | - |
| Impairment Of Capital Assets | - | 0 | 44.10 | 32.60 | 0 |
| Restructuring And Mergern Acquisition | - | 4.09 | 24.35 | 11.20 | 2.85 |
| Depreciation Amortization Depletion Income Statement | - | 37.10 | 48.68 | 35.55 | 27.55 |
| Depreciation And Amortization In Income Statement | - | 37.10 | 48.68 | 35.55 | 27.55 |
| General And Administrative Expense | - | 158.18 | 149.63 | 170.11 | 192.15 |
| Other Gand A | - | 158.18 | 149.63 | 170.11 | 192.15 |
| Gain On Sale Of Ppe | 0 | 51.80 | 0 | 0 | - |
| Selling And Marketing Expense | - | 75.18 | 76.92 | 80.03 | 85.46 |
| Amortization | - | 37.10 | 48.68 | 35.55 | 27.55 |
| Amortization Of Intangibles Income Statement | - | 37.10 | 48.68 | 35.55 | 27.55 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| TTM Technologies, Inc.this co. | TTMI | $19.2B | 108.18β premium | 10.89 | 10.1% | 48.96 |
| Fabrinet | FN | $25.6B | 77.02 | 12.92 | 16.8% | 60.40 |
| IonQ, Inc. | IONQ | $24.5B | -48.02 | 6.45 | -13.4% | -42.61 |
| Nextpower Inc. | NXT | $22.9B | 39.05 | 9.80 | 25.1% | 29.35 |
| DigitalOcean Holdings, Inc. | DOCN | $18.8B | 72.66 |
| - |
| - |
| - |
| - |
| - |
| - |
| -656.60 |
| -903.7% |
| 55.75 |
| SiTime Corporation | SITM | $18.7B | -434.98 | 16.14 | -3.7% | -922.21 |
| Rambus Inc. | RMBS | $18.3B | 79.46 | 13.42 | 16.9% | 55.81 |
| Applied Optoelectronics, Inc. | AAOI | $16.3B | -425.88 | 22.18 | -5.2% | -1052.31 |
| Vicor Corporation | VICR | $14.0B | 117.69 | 19.61 | 16.7% | 132.12 |
| Peer Median | - | 55.85 | 13.17 | 6.5% | 42.55 | |