TTM Technologies, Inc. (TTMI) - Stock Analysis
Last updated: Mar 9, 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: • Low free cashflow • Strong liquidity • Rich valuation TTMI is modestly profitable with solid liquidity and manageable leverage, but heavy capex has driven free cash flow to near zero and the stock trades at rich multiples, creating cash‑generation and valuation risk.
Price Behavior
Key Price Behavior Insights: • Short-term downtrend • Gap-down volatility • Upside target present Support Level: $87.91; secondary $91–$94 Resistance Level: $100; $105–$113 Stock is in a short‑term downtrend (price below last month's average) after a sharp gap down to $87.91 that created immediate downside risk despite earlier buying that set resistance in the $105–113 area; reclaiming and holding above $100 would be a constructive sign.
Sentiment & News
Key News Insights: • AI/defense shift • Record backlog • Analyst buy consensus TTM Technologies is rapidly shifting into higher-margin AI and defense markets—driving strong Q4 revenue and margin gains, a 57% data-center CAGR, a record $1.61B backlog and 1.46 book-to-bill, fueling a ~250% Y/Y stock surge and broad analyst Buy consensus despite some insider selling and profit-taking.
AI Summary
TTM has effectively shifted from a cyclical PCB play into higher‑value AI/data‑center and aerospace module manufacturing, which justifies premium multiples if Penang and Syracuse capacity ramps achieve target yields and free‑cash‑flow recovers—if those ramps or backlog conversion falter, the stock faces rapid de‑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% |