TTMI Stock Guide: TTM Technologies Business

2026 Update: Latest TTMI Stock and TTM Technologies Snapshot

Update prepared: October 27, 2026
Market-data cutoff: October 26, 2026, the latest completed U.S. market session
Latest financial cutoff: Third quarter ended September 28, 2026; results released October 22, 2026
Latest annual employee cutoff: December 29, 2025

TTMI is the NASDAQ ticker for TTM Technologies, a global manufacturer of advanced interconnect products, mission systems, RF components, and RF microwave and microelectronic assemblies. Edwin Roks is CEO, and the company is headquartered in Santa Ana, California.

TTM's latest end-market mix differs materially from the older article. Data Center and Networking represented 41% of Q3 2026 sales, Aerospace and Defense represented 34%, Medical, Industrial and Instrumentation represented 18%, and Automotive represented 7%. The company reported a total book-to-bill ratio of 2.13 and a $2.0 billion Aerospace and Defense program backlog.

TTM completed the Swiss Technology Group and Epiq Solutions acquisitions before the Q3 release. It also announced planned acquisitions of Ophir Optics and the Merlin Circuit businesses, while the planned ILFA acquisition remained pending. The proposed or unclosed transactions were excluded from current guidance, so they should not be counted as completed operating assets.

Readers can review current company information on the Bybit TradFi TTMI page. Where available, eligible users seeking ownership exposure can access TTMI Real Stock on Bybit, subject to product and jurisdictional terms. The TTMIUSDT perpetual contract is a derivative: it does not represent ownership of TTM Technologies shares or provide voting and dividend rights, and it may involve leverage, funding payments, and liquidation risk.

Source note: Financial, operating, acquisition, and guidance data come from TTM Technologies' official Q3 2026 earnings release and its annual-report archive. Market figures are point-in-time values for the stated cutoff and will change.

TTM Technologies Business Overview

Disclosure: This article is for informational purposes only and does not constitute investment advice, a recommendation to buy or sell any security, or an offer to buy or sell any security. Always conduct your own research and consult a qualified financial professional before making investment decisions.

TTMI is the NASDAQ ticker symbol for TTM Technologies, Inc., one of North America's largest manufacturers of printed circuit boards (PCBs), the foundational electronic components found in virtually every electronic device from smartphones to radar systems. The company trades on the NASDAQ Global Select Market and operates as a business-to-business contract manufacturer headquartered in Santa Ana, California.

Terminology note: TTM Technologies, Inc. (ticker: TTMI) is a company name, not to be confused with the financial abbreviation "TTM," which stands for Trailing Twelve Months and appears on stock data pages as a time-period reference. Throughout this article, TTM refers exclusively to TTM Technologies, the company.

Key Facts at a Glance

Market capitalization, valuation, beta, and the 52-week range are point-in-time market figures. The employee count is the latest annual-report baseline and predates acquisitions completed in 2026.

What Is TTM Technologies and What Does It Make?

TTM Technologies, Inc. is a contract manufacturer in the Electronic Manufacturing Services (EMS) sector, meaning it designs and produces printed circuit boards to the exact specifications of its customers rather than selling finished products under its own consumer brand. TTM does not make smartphones, laptops, or radar systems. It makes the boards that go inside those products, then ships them to the companies that assemble the final devices.

A Brief History of TTM Technologies

TTM Technologies traces its roots to 1978, when its predecessor operations began as a circuit board manufacturing division within Honeywell. The company separated from Honeywell, grew through a series of acquisitions over the following decades, and adopted the TTM Technologies name as it expanded its manufacturing footprint across North America and Asia. Today TTM is an independent, publicly traded company listed on NASDAQ under the ticker TTMI.

TTM Technologies' Role in the Electronics Supply Chain

TTM sits one step upstream from the consumer-facing brands that most investors recognize. Semiconductor companies produce the chips, PCB manufacturers like TTM produce the boards that carry those chips, and original equipment manufacturers (OEMs) then assemble those boards into finished products that reach end users and government customers. TTM operates at an infrastructure layer in this chain, which means its revenue connects indirectly to a wide range of macro trends: consumer electronics demand, defense spending, 5G network buildouts, and data center construction can all influence its order volumes depending on the revenue mix at any given time.

What Is a Printed Circuit Board (PCB)?

A printed circuit board (PCB) is a flat board made of non-conductive material embedded with conductive pathways, called traces, that electrically connect and physically support the components of an electronic device. Think of a PCB as the nervous system of an electronic device: the network through which electrical signals travel to power every function, from processing data to transmitting wireless signals.

PCBs appear in virtually every piece of electronic equipment in use today. A smartphone contains multiple PCBs. So does a laptop, a medical diagnostic scanner, an aircraft navigation computer, a radar system, and an automotive control module. Without PCBs, none of those devices function.

The term PCB in this context refers specifically to printed circuit boards, not polychlorinated biphenyls, an unrelated chemical compound that shares the same abbreviation. In electronics and financial content, PCB means printed circuit board.

TTM Technologies manufactures these boards as a contract manufacturer, producing PCBs to the exact specifications its customers provide, using materials and processes governed by IPC standards, the global benchmarks for electronic assembly quality. Customers define what they need; TTM builds it.

What Does TTM Technologies Do? Products and Business Segments

TTM Technologies manufactures advanced interconnect products, including printed circuit boards and substrates, alongside mission systems, RF components, and RF microwave and microelectronic assemblies. The product descriptions below explain the core capabilities, while the 2026 update reflects the broader portfolio following acquisitions. Each segment serves different end markets and carries different margin characteristics.

Segment 1: Standard and Advanced Printed Circuit Boards

TTM's core product line covers the full spectrum of PCB complexity, from single-layer boards used in simpler consumer electronics to multi-layer rigid, flexible, and rigid-flex boards designed for demanding aerospace and medical applications. Rigid-flex boards combine rigid and flexible circuit board sections in a single assembly, allowing the board to bend or fold inside devices where space and weight constraints are tight. These boards appear in aerospace equipment, medical devices, and compact consumer products where standard flat boards cannot fit the form factor required.

Segment 2: Advanced Technology Products

TTM's advanced technology segment produces high-density interconnect (HDI) boards and RF/microwave circuit boards, the two product categories that typically command the highest margins in TTM's portfolio. HDI boards pack more circuitry into a smaller physical space by using finer conductive lines, smaller connection holes called vias, and multiple stacked layers, enabling smaller and more capable devices across defense, aerospace, and commercial electronics applications. RF/microwave circuit boards are engineered specifically to handle radio frequency and microwave signals with minimal signal loss, making them essential for radar systems, missile guidance electronics, and satellite communications. The specialized materials and tight manufacturing tolerances these boards require represent a meaningful barrier to entry for lower-cost competitors.

Segment 3: Backplane Assemblies

A backplane assembly is a larger printed circuit board that acts as a central hub connecting multiple smaller circuit boards, called daughter cards, within a single piece of networking or computing equipment. Backplanes appear in data center switches, enterprise routers, and high-performance computing systems, where they manage the flow of data between processing and storage components. This segment ties TTM's revenue directly to enterprise networking infrastructure demand.

What Sector Is TTMI In? Industry and Stock Classification

TTMI falls under the Electronic Manufacturing Services sub-industry within the Information Technology sector, according to the Global Industry Classification Standard (GICS), though some stock screeners and financial data platforms classify the company under Industrials or Technology Hardware depending on their taxonomy. TTM Technologies carries SIC Code 3672, which covers printed circuit board manufacturers.

The classification ambiguity reflects something genuine about the business. TTM earns its revenue from manufacturing physical products, not from selling software or licensing intellectual property. That means its earnings tend to move with industrial production cycles in a pattern more typical of manufacturing companies than of pure technology firms. At the same time, TTM must invest continuously in advanced manufacturing equipment and process engineering to remain competitive, which gives it cost and capital characteristics that resemble a technology-adjacent business.

The practical answer to the question "is TTMI a tech stock or a manufacturing stock" is that it is a technology-intensive manufacturer. Investors who screen for technology stocks may find TTMI listed there. Investors who screen for industrials may also find it. Neither classification is wrong; the company genuinely sits at the boundary. For those tracking sector exposure in a portfolio, EMS is the most precise classification. Other publicly traded EMS companies in the same peer group include Sanmina Corporation (NASDAQ: SANM), Jabil Inc. (NYSE: JBL), and Flex Ltd. (NASDAQ: FLEX), which are covered in the competitive section below.

What End Markets Does TTM Technologies Serve?

TTM Technologies sells into five primary end markets: aerospace and defense, automotive, medical devices, networking and data centers, and mobile and consumer electronics. Each market demands different PCB specifications and contributes differently to the company's revenue profile. Customers span defense prime contractors, automotive OEMs, medical device companies, enterprise networking equipment makers, and mobile device brands. TTM does not publish a named customer list, so customers are described by category.

Aerospace and Defense

TTM Technologies is not a prime defense contractor in the sense of companies like Lockheed Martin or Raytheon. It does not design or integrate weapons systems. It is a Tier 2 and Tier 3 component supplier that manufactures the specialized printed circuit boards those prime contractors require for their programs. Defense prime contractors (such as Lockheed Martin, Raytheon, and Northrop Grumman) need high-reliability PCBs, RF/microwave boards, and rigid-flex assemblies for radar systems, missile guidance computers, avionics, and electronic warfare platforms. TTM produces those boards.

TTM's domestic U.S. manufacturing capability is strategically important in this segment. Defense electronics sourced for U.S. government programs must comply with ITAR, the International Traffic in Arms Regulations administered by the U.S. Department of State's Directorate of Defense Trade Controls. ITAR requires that defense articles and related technical data remain under U.S. jurisdiction, which means defense program managers strongly prefer or require domestically manufactured components. U.S. Department of Defense spending drives demand for these products through the prime contractor supply chains that ultimately place orders with TTM.

Defense PCBs tend to be more complex, take longer to qualify, and carry higher margins than commercial PCBs. Programs are typically multi-year, which gives the defense segment a degree of revenue stability that commercial segments do not always provide.

Automotive

The shift toward electric vehicles (EVs), advanced driver-assistance systems (ADAS), and connected car technology is increasing the PCB content per vehicle, making automotive electronics a growing end market for TTM. A modern EV contains significantly more electronic content than an internal combustion vehicle, and that demand flows upstream to manufacturers like TTM.

Medical Devices

Medical device manufacturers require printed circuit boards that meet high-reliability standards similar to defense applications. TTM's advanced manufacturing capabilities suit diagnostic equipment, imaging systems, and therapeutic devices that must pass stringent qualification standards before reaching production.

Networking and Data Centers

Demand for data center infrastructure, including servers, switches, and routers, drives consistent orders for TTM's high-performance PCBs and backplane assemblies from enterprise networking equipment manufacturers. Cloud computing growth, hyperscale data center construction, and AI infrastructure buildout may serve as tailwinds for this segment. Investors tracking AI infrastructure spending as a market theme may find the Vertiv (VRT) stock guide covering AI data center infrastructure useful context for understanding the downstream demand that flows to PCB manufacturers like TTM. The 5G infrastructure buildout, which requires high-complexity PCBs for base stations, small cells, and network equipment, adds another layer of networking-related demand.

Mobile and Consumer Electronics

Mobile devices and consumer computing products represent a high-volume end market for TTM's commercial PCBs, though this segment exposes the company to the cyclicality that follows consumer electronics spending cycles. Demand in this segment can fall sharply during economic downturns or periods when consumer upgrade cycles slow.

Who Are TTM Technologies' Competitors?

TTM Technologies' primary publicly traded competitors in the Electronic Manufacturing Services sector include Sanmina Corporation (NASDAQ: SANM), Jabil Inc. (NYSE: JBL), and Flex Ltd. (NASDAQ: FLEX).

TTM's figure uses its October 2026 full-year guidance. Peer figures retain the older article cutoff and should be refreshed before making a current peer comparison.

Sanmina Corporation is TTM's most direct publicly traded peer, similarly focused on PCB manufacturing and electronic assemblies for defense, industrial, and medical customers. Jabil Inc. is a Fortune 500 company with significantly larger revenue than TTM and a product mix that extends well beyond PCBs into complete device manufacturing across healthcare and consumer segments. Flex Ltd., formerly known as Flextronics International Ltd., is a global EMS company headquartered in Singapore with broad geographic reach across consumer and industrial segments. Investors evaluating Flex can find current pricing data in the Flex stock price and data analysis guide.

TTM stands out from this peer group through its North American PCB manufacturing focus and its defense and aerospace revenue base. Its advanced technology product mix adds further separation from peers that concentrate primarily on commercial contract manufacturing.

TTMI Stock: Investment Considerations and Key Financial Metrics

TTM Technologies ranks among the largest printed circuit board manufacturers in North America by revenue.

How Big Is TTM Technologies?

TTM reported $2.906 billion of fiscal 2025 net sales. For full-year 2026, management expects net sales of $4.47–$4.49 billion, including the completed Swiss Technology Group and Epiq Solutions acquisitions and related financing costs. At the October 26, 2026 close, the company's approximate market capitalization was $9.3 billion. TTM reported approximately 18,200 employees as of December 29, 2025; that annual-report count predates 2026 acquisitions.

The latest filings are available through TTM Technologies' annual reports.

Does TTMI Pay a Dividend?

No. At the October 26, 2026 cutoff, TTMI did not pay a regular cash dividend and had an indicated dividend yield of 0.00%. Shareholder returns therefore depended on price changes rather than dividend income during the measured period.

What Investors Consider When Evaluating TTMI

Investors evaluating TTMI typically weigh several factors specific to TTM's business model and the PCB manufacturing sector. On the positive side, the defense and aerospace segment provides a degree of revenue stability that pure commercial electronics manufacturers do not have. Multi-year defense programs and the qualification barriers that govern defense PCB supply create longer-term customer relationships than commodity electronics contracts. Secular growth themes, including EV adoption, AI infrastructure buildout, and 5G network deployment, may expand PCB demand across TTM's end markets over time, though the pace depends on factors outside TTM's control.

On the other side, PCB manufacturing is a cyclical industry. Revenue can fall during periods of reduced electronics spending. Customer concentration, which is the risk that a significant portion of revenue depends on a small number of large customers, adds a layer of dependency that analysts and investors monitor in TTM's SEC filings. Competitive pressure from lower-cost manufacturers, particularly in Asia, can affect pricing and margins in the commercial segments.

Investors often compare TTM's price-to-earnings (P/E) ratio against EMS sector peers to assess relative valuation. TTM also reports adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) as a supplemental profitability metric alongside GAAP net income. For current financial data, analyst coverage, earnings reports, and SEC filings, visit TTM Technologies' investor relations page at ir.ttm.com or review filings at SEC EDGAR for TTM Technologies.

Key Risks of Investing in TTMI Stock

PCB manufacturing carries several sector-specific risks that investors should factor into any analysis of TTMI, including cyclicality tied to electronics spending cycles, customer concentration, geopolitical exposure, and competitive pressure from lower-cost producers. The following are among the primary risk factors associated with TTM Technologies and the broader EMS sector.

1. Industry Cyclicality. PCB demand tracks the electronics manufacturing cycle. When consumer electronics spending contracts or defense budgets tighten, TTM's revenue can decline meaningfully. The commercial segments, particularly mobile and consumer electronics, have historically experienced sharp swings during economic downturns. TTM's defense exposure provides some offset, but the company is not immune to cyclical pressure.

2. Customer Concentration. A meaningful portion of TTM's revenue comes from a limited number of large customers. If a major customer reduces its order volume, shifts sourcing to a different supplier, or brings production in-house, the financial impact on TTM can be material. TTM's SEC filings disclose customer concentration data that investors can review to assess this risk.

3. Geopolitical and Supply Chain Risk. As of the fiscal year ended December 29, 2025, TTM's manufacturing network included facilities in the United States and Asia. International operations expose the company to currency fluctuation, trade policy changes, and supply chain disruptions related to raw material sourcing or regional instability.

4. Competitive Pressure. Lower-cost PCB manufacturers, particularly those based in China and other parts of Asia, compete for commercial PCB contracts on price. Larger global EMS companies with broader manufacturing networks can also compete for customers that TTM currently serves. This competitive pressure can compress margins in commercial segments, even when defense margins remain stable.

Investment disclaimer: This content is for informational purposes only and does not constitute investment advice, a recommendation to buy or sell any security, or an offer to buy or sell any security. Always conduct your own research and consult a qualified financial professional before making investment decisions.

Frequently Asked Questions About TTMI Stock

Does TTMI pay a dividend?

No. TTMI did not pay a regular cash dividend at the October 26, 2026 cutoff, and its indicated yield was 0.00%. Investors seeking exposure through actual shares should not assume dividend income unless the company announces a future policy change.

What sector is TTMI in?

TTMI is classified under the Electronic Manufacturing Services (EMS) sub-industry within the Information Technology sector per the Global Industry Classification Standard (GICS). Some screeners and financial platforms classify TTMI under Industrials or Technology Hardware, reflecting the company's position at the intersection of manufacturing and technology. The SIC Code is 3672, covering printed circuit board manufacturers.

Is TTM Technologies a defense contractor?

TTM Technologies is not a prime defense contractor. It does not design or integrate weapons systems and does not hold prime contracts with the U.S. Department of Defense in the way that companies like Lockheed Martin or Raytheon do. TTM is a Tier 2 and Tier 3 component supplier that manufactures high-reliability, ITAR-compliant printed circuit boards incorporated into defense systems built by prime contractors. These boards serve radar systems, missile guidance, and avionics platforms.

Who are TTM Technologies' main competitors?

TTM Technologies' primary publicly traded competitors in the Electronic Manufacturing Services sector include Sanmina Corporation (NASDAQ: SANM), Jabil Inc. (NYSE: JBL), and Flex Ltd. (NASDAQ: FLEX). TTM differentiates through its North American PCB manufacturing specialization and its defense and aerospace revenue concentration, which separates it from EMS peers with heavier commercial product exposure.

How has TTMI stock performed historically?

Historical TTMI stock performance data, including price history, annual returns, and chart comparisons against peers and indexes, is available on financial platforms such as NASDAQ.com and historical third-party market data. This article covers TTM Technologies' business fundamentals rather than historical price performance, which requires current data and changes continuously.

Where can I find TTM Technologies' financial reports?

TTM Technologies' quarterly and annual financial reports, including Form 10-K and Form 10-Q filings, earnings releases, and investor presentations, are available on TTM Technologies' investor relations page at ir.ttm.com and on the SEC EDGAR database for TTM Technologies. Analyst coverage and earnings estimates are available through financial platforms including historical third-party market data and historical third-party market data.

Conclusion: Is TTMI Stock Worth Researching?

TTM Technologies is one of North America's largest printed circuit board manufacturers, a B2B contract manufacturer whose revenue spans aerospace and defense, automotive, medical devices, networking, and consumer electronics end markets. The company's defense and aerospace exposure, its North American manufacturing footprint, and its advanced technology product mix distinguish it from global EMS peers that focus more heavily on commercial contract manufacturing.

Investors interested in the PCB manufacturing sector or in companies with defense electronics exposure may find TTM worth researching further. Whether TTMI fits a given portfolio depends on individual investment objectives, risk tolerance, and current market conditions. The company's cyclicality, customer concentration, and competitive dynamics are all factors worth examining in depth before drawing conclusions.

For current financial data, analyst coverage, quarterly earnings, and annual reports, visit TTM Technologies' investor relations page at ir.ttm.com or review SEC filings at SEC EDGAR for TTM Technologies.

This article is for informational purposes only and does not constitute investment advice, a recommendation to buy or sell any security, or an offer to buy or sell any security. Always conduct your own research and consult a qualified financial professional before making investment decisions.

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