TTMI vs S&P 500: Which Stock to Watch

2026 Update: TTMI vs. S&P 500 Performance Through October 26

Update prepared: October 27, 2026
Market-data cutoff: October 26, 2026, the latest completed U.S. market session
Comparison period: December 31, 2025 close through October 26, 2026 close
Latest financial cutoff: Third quarter ended September 28, 2026; results released October 22, 2026
Original-content cutoff: June 30, 2025 for the historical return tables

Using identical start and end dates, TTMI outperformed SPY, an exchange-traded fund used here as a tradable proxy for the S&P 500. TTMI did not pay a cash dividend during the comparison period, while the SPY distribution-inclusive estimate adds distributions whose ex-dividend dates occurred by the cutoff.

The distribution-inclusive calculation adds cash distributions to the ending value without assuming reinvestment, taxes, fees, or fractional shares. It is therefore an estimate rather than a fully reinvested total-return index.

TTM's operating results help explain why the 2026 period differs from the older comparison. Q3 net sales increased 60% to $1.204 billion, non-GAAP EPS reached $1.46, adjusted EBITDA margin reached 20.1%, and total book-to-bill was 2.13. Data Center and Networking represented 41% of quarterly sales, while Aerospace and Defense represented 34%. The company guided to full-year revenue of $4.47–$4.49 billion and non-GAAP EPS of $4.97–$5.03.

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 figures come from TTM Technologies' official Q3 2026 earnings release. Closing prices and SPY distributions are point-in-time market data for the dates shown. The older multi-period tables below retain their original June 30, 2025 cutoff and should not be combined with the 2026 figures without recalculating the entire period.

Original July 2025 Comparison: Historical Reference

Last Updated: July 2025 | Data as of Q2 2025

Disclaimer: This content is for informational purposes only and does not constitute investment advice. Past performance does not guarantee future results. Always consult a licensed financial advisor before making investment decisions.

The original July 2025 article compared TTM Technologies (NASDAQ: TTMI), a printed circuit board manufacturer with aerospace, defense, and data-center exposure, with the S&P 500. The question is not whether TTMI is a good company. The question is whether the data justifies allocating to a single mid-cap industrial name over a passive index position.

This article works through that comparison across five dimensions:

• Performance: How TTMI's total returns stack up against the S&P 500 over multiple time horizons (1-year through 5-year)
• Risk: Beta, standard deviation, max drawdown, and Sharpe ratio compared side by side
• Fundamentals: P/E ratio, EPS growth, revenue momentum, margins, plus dividend yield
• Analyst sentiment: Current consensus rating and 12-month price target with calculated implied upside
• Verdict: A structured decision framework for two distinct investor profiles

The S&P 500 sets the hurdle rate. Every data point below is measured against it.

What Does TTM Technologies Do?

TTM Technologies (NASDAQ: TTMI) is one of North America's largest manufacturers of printed circuit boards. The company is headquartered in Santa Ana, California. It trades on the NASDAQ exchange (part of the broader NASDAQ Composite) and classifies within the Information Technology sector, specifically under the Electronic Manufacturing Services (EMS) industry.

EMS companies are contract manufacturers who produce, test, and assemble electronics components for original equipment manufacturers (OEMs). TTMI operates as a specialized sub-segment within EMS, focused specifically on PCB fabrication and assembly rather than full-product assembly.

A printed circuit board (PCB) is the substrate that mechanically supports and electrically connects the components inside virtually every electronic device. TTMI does not manufacture commodity boards. It specializes in advanced PCBs, including high-density interconnect (HDI) boards and radio frequency (RF) boards used in defense electronics, satellite systems, and aerospace avionics. That specialization places TTMI at the higher-margin, lower-substitution end of the PCB market.

As of Q2 2025, TTMI's market capitalization is approximately $1.8 billion, placing it in the small-to-mid-cap category. The company generated approximately $2.2 billion in revenue in fiscal year 2024 (GAAP basis) and operates more than 25 manufacturing facilities across North America and Asia. Its primary end markets include aerospace and defense, data center and networking, automotive, medical, and industrial applications. Aerospace and defense represents TTMI's largest single end market by revenue, a concentration that makes the company thematically relevant to U.S. defense budget trends and domestic supply chain policy.

Is TTM Technologies in the S&P 500?

TTMI was not an S&P 500 constituent at the October 26, 2026 cutoff. Index membership and eligibility thresholds change over time, and market capitalization alone does not determine admission. This article therefore uses SPY solely as a tradable proxy for comparing TTMI with the large-cap U.S. equity benchmark.

The comparison remains a choice between concentrated exposure to one technology manufacturer and diversified exposure to hundreds of large U.S. companies. It does not imply that the two securities have the same risk, sector mix, income profile, or business drivers.

TTMI vs S&P 500: Stock Performance Comparison

Over the past 5 years through Q2 2025, TTMI has underperformed the S&P 500 on a total return basis (including reinvested dividends), returning approximately 18.2% vs. 87.4% for the index. That gap narrows when shorter windows are examined, and TTMI has shown periods of meaningful outperformance tied to defense spending cycles and PCB demand surges.

Table 1: TTMI vs S&P 500 Total Return Comparison (TTMI vs SPY as S&P 500 index proxy)

Total return including reinvested dividends. Data as of June 30, 2025. Past performance does not guarantee future results. Sources: historical third-party market data, the index provider. GAAP basis.

The 1-year window shows TTMI outpacing the index by 4.5 percentage points, driven by defense electronics order growth and improved fixed-cost absorption following the post-COVID PCB demand normalization. The 3-year and 5-year windows tell a different story. TTMI's 3-year return of 9.3% trails the index's 31.2% by a wide margin, largely because the 2022 PCB demand cycle downturn compressed TTMI's revenue while the broad market recovered faster.

Investors with a 3-to-5 year horizon would have experienced substantially less wealth creation by holding TTMI than by holding the index over the same period. TTMI's recent 1-year acceleration does suggest the current defense and data center demand cycle may be shifting the return trajectory in TTMI's favor.

How Does TTMI's Risk Profile Compare to the S&P 500?

Yes, TTMI is more volatile than the S&P 500. With a beta of approximately 1.58, TTMI has historically moved roughly 58% more than the index in either direction. Beta measures how much a stock moves relative to the market: a reading above 1.0 means it tends to swing more sharply than the S&P 500 in both directions.

Table 2: TTMI vs S&P 500 Risk Metrics Comparison

Data as of June 30, 2025. Past performance does not guarantee future results. Sources: historical third-party market data, the index provider. Standard deviation measures how widely a stock's returns scatter around its average. A higher number means more unpredictable price swings. Maximum drawdown is the largest peak-to-trough price decline over the measurement period. The Sharpe ratio measures return earned per unit of risk taken. A higher number indicates better risk-adjusted performance.

The risk table tells a clear story. TTMI's annualized standard deviation of 38.2% is more than twice the S&P 500's 17.1%, confirming that its price behavior is significantly more unpredictable. Its maximum drawdown of -58.4% over the past 5 years dwarfs the index's -23.9% trough, meaning TTMI investors experienced peak losses more than twice as severe. The Sharpe ratio comparison is the most direct measure of risk-adjusted return: TTMI's 0.18 trails the S&P 500's 0.61 materially, indicating the stock has not historically delivered sufficient return to justify its volatility premium over the index.

For investors who already hold SPY or VOO as a core position, adding TTMI increases overall portfolio volatility without, on a 3-year trailing basis, delivering proportionally higher returns.

TTMI currently trades at approximately $15.60, sitting roughly 31.6% below its 52-week high of $22.80 and 16.4% above its 52-week low of $13.40. On a technical basis, TTMI's current RSI (Relative Strength Index, a 0-to-100 momentum scale where readings above 70 indicate overbought conditions and below 30 indicate oversold) stands at approximately 48, suggesting neutral near-term momentum.

Key Risks of Holding TTMI vs. the Index

• Customer concentration risk: TTMI's top customers represent a significant share of revenue, making earnings sensitive to order changes or program delays from key accounts in aerospace and defense.
• Debt load and interest rate sensitivity: PCB manufacturing is capital-intensive. TTMI carries a debt-to-equity ratio above 1.0x, and elevated financing costs reduce free cash flow available for growth investment.
• PCB market cyclicality: Demand for printed circuit boards tracks broader electronics end-market cycles. Downturns in commercial electronics or data center capex can compress TTMI's revenue sharply within a single quarter.
• Geopolitical supply chain exposure: Despite domestic manufacturing investments, TTMI's Asia-Pacific facilities create exposure to trade policy shifts, tariff escalation, and potential export control changes affecting PCB materials.
• Concentration risk: Owning TTMI means concentrating capital in a single mid-cap industrial name versus 500 companies across 11 sectors in the S&P 500.

TTMI vs S&P 500: Fundamentals and Valuation Compared

TTMI's trailing price-to-earnings ratio of approximately 14.2x stands at a 31.0% discount to the S&P 500 blended average of approximately 20.6x as of Q2 2025, a gap that reflects both the structural hardware manufacturing valuation discount and TTMI's earnings cycle position.

Table 3: TTMI vs S&P 500 Fundamentals Comparison

GAAP basis. Data as of Q2 2025 earnings. Past performance does not guarantee future results. Sources: historical third-party market data, the index provider. S&P 500 figures represent blended market-cap-weighted averages. Return on Equity (ROE) measures the profit generated for every dollar of shareholder equity. Free cash flow (the cash left over after capital expenditures) signals how much financial flexibility a company has to pay down debt, return capital, or invest in growth.

The P/E discount at first looks attractive. TTMI trades at 14.2x trailing earnings while the index trades at 20.6x. The key question is whether that discount is warranted. The earnings growth data provides partial justification: TTMI's year-over-year (YoY) EPS growth of 34.1% on a GAAP basis significantly outpaces the S&P 500 blended average of 9.2%, driven by improving defense contract margins and fixed-cost absorption. The forward P/E of 11.8x is lower still, suggesting analysts expect earnings to continue growing. A faster-growing company trading at a discount to the index raises a legitimate question about whether the market has underpriced the recovery. Whether that holds depends on whether the defense electronics cycle sustains.

The margins and capital efficiency metrics tell the other side of the story. TTMI's 6.2% operating margin trails the S&P 500 blended average of approximately 15.8%, which reflects the capital intensity of hardware manufacturing rather than business deterioration. PCB fabrication requires significant equipment investment, and margins in this industry structurally run below software and financial companies that dominate the S&P 500's blended average. TTMI's Return on Equity of 9.4% and Free Cash Flow Margin of 4.1% are similarly below index averages for the same structural reason.

As of Q2 2025, TTM Technologies does not pay a dividend. Compared to the S&P 500's average dividend yield of approximately 1.3%, this means TTMI's total return depends entirely on price appreciation. Income-focused investors should factor the absence of any dividend income into their total return calculations.

Why Macro Tailwinds Matter for TTMI's Outlook

Three structural tailwinds have the potential to sustain TTMI's revenue growth at rates above the broad market, but each carries timing and policy risk that investors should weigh alongside the financial data.

Aerospace and Defense Electronics Demand

Aerospace and defense represents approximately 35% of TTMI's annual revenue, making it the company's largest single end market. U.S. defense budget spending has grown each year since 2020, with the FY2025 National Defense Authorization Act allocating over $895 billion. That budget includes significant electronics modernization programs covering radar systems, missile guidance, communications platforms, and unmanned systems. All of these depend on advanced PCBs. Multi-year government contracts provide TTMI with a degree of revenue predictability not present in commercial electronics cycles. The growing emphasis on domestic defense electronics sourcing, driven by supply chain security concerns following COVID-19 disruptions, further strengthens TTMI's position as one of the few U.S.-based manufacturers capable of producing high-reliability PCBs at scale.

The U.S. Reshoring Tailwind for Domestic PCB Manufacturing

Reshoring, the return of manufacturing operations from offshore locations (primarily China and Southeast Asia) to the U.S., represents a second structural catalyst for TTMI. The CHIPS and Science Act of 2022 directed over $52 billion toward domestic semiconductor and advanced electronics manufacturing. While the Act focuses primarily on semiconductor fabrication, the downstream effect on PCB demand is direct: domestic chip manufacturing requires domestic PCB supply chains to avoid reintroducing the same foreign dependency the policy aims to eliminate. The Buy American Act provisions governing military electronics procurement further require domestic sourcing for PCBs used in defense applications, creating a regulatory floor for TTMI's A&D revenue that foreign competitors cannot easily undercut. These trends represent structural tailwinds for TTMI's end markets. They are catalysts, not guarantees of stock performance. Policy priorities shift, contract awards are delayed, and budget sequestration remains a recurring risk.

AI and data center build-out is expanding demand for high-speed PCBs used in server infrastructure, providing a third demand driver beyond defense. The ongoing 5G infrastructure refresh is also creating RF PCB demand relevant to TTMI's product mix. Both tailwinds are real, but both also track broader capex cycles that can pause quickly when technology spending priorities shift.

Historical July 2025 Analyst Snapshot

The original article cited a July 2025 consensus target of $21.00, with a low of $17.00 and a high of $26.00. TTMI's October 26, 2026 close of $87.91 later exceeded all of those targets. The firm-level ratings table has been removed because the targets were point-in-time opinions and are no longer useful as current guidance.

The gap illustrates a limitation of analyst targets: acquisitions, demand shifts, margin changes, and valuation re-ratings can make a dated target range obsolete well before the forecast horizon ends.

TTMI vs S&P 500: Which Belongs on Your Watchlist?

The 2026 result favors TTMI over the measured period, but it does not remove the concentration-risk distinction. From December 31, 2025 through October 26, 2026, TTMI gained 27.41%, compared with SPY's 12.24% price return and approximately 13.06% after adding cash distributions. TTMI therefore led SPY by approximately 15.17 percentage points on price and 14.35 percentage points after SPY distributions.

TTMI's higher beta, acquisition activity, customer concentration, and exposure to defense and AI infrastructure can produce much larger moves than the index. SPY offers broader sector and company diversification. The appropriate role depends on an investor's objectives and risk capacity; the return comparison alone does not determine suitability.

Frequently Asked Questions: TTMI vs S&P 500

What does TTM Technologies do?

TTM Technologies (NASDAQ: TTMI) is one of North America's largest printed circuit board (PCB) manufacturers. The company designs and produces advanced PCBs for aerospace and defense, data center, automotive, medical, and industrial customers. It operates more than 25 manufacturing facilities across North America and Asia and classifies within the Information Technology sector under Electronic Manufacturing Services (EMS).

Is TTM Technologies in the S&P 500?

No. TTM Technologies (NASDAQ: TTMI) is not a component of the S&P 500 index. The S&P 500 requires companies to meet a minimum market capitalization threshold currently above $18.0 billion for new additions. TTMI's mid-cap market cap of approximately $1.8 billion places it well below that threshold. TTMI is a constituent of the S&P MidCap 400 and is compared against the S&P 500 as a benchmark alternative, not as a fellow member.

What is TTMI's stock beta?

With a beta of 1.58 as of Q2 2025, TTMI swings roughly 58% harder than the S&P 500 in either direction. Beta measures systematic price sensitivity relative to the market, where 1.0 equals the index baseline. A reading above 1.0 classifies TTMI as higher-volatility than the broad market, carrying amplified upside potential alongside amplified downside risk.

What is TTMI's P/E ratio compared to the S&P 500?

As of Q2 2025, TTMI's trailing P/E ratio stands at approximately 14.2x, compared to the S&P 500 blended average of approximately 20.6x. This represents a 31.0% discount to the index. The gap reflects the structural hardware manufacturing valuation discount typical of capital-intensive PCB businesses, combined with the earnings cycle position TTMI currently occupies as defense and data center revenue accelerates.

Does TTMI pay a dividend?

No. As of Q2 2025, TTM Technologies does not pay a dividend. The S&P 500 currently yields approximately 1.3% on average. This means TTMI's total return relies entirely on price appreciation, while an S&P 500 ETF like SPY or VOO provides both price return and dividend income. Income-focused investors should weight this gap when comparing the two options.

How did TTMI perform relative to the original analyst targets?

The original July 2025 target range was $17–$26, with an average near $21. TTMI closed at $87.91 on October 26, 2026, far above that range. The old targets should be read as historical expectations, not current fair-value estimates.

How do I compare a stock to the S&P 500?

Compare any individual stock against the S&P 500 using three steps: (1) Compare total returns, including reinvested dividends, over multiple periods: YTD, 1-year, 3-year, and 5-year. (2) Assess relative risk using beta and annualized standard deviation. (3) Calculate risk-adjusted performance using the Sharpe ratio. If the stock delivers meaningfully higher returns without proportionally higher risk, single-stock concentration may be justified over a diversified index fund.

What sector is TTM Technologies in?

TTM Technologies operates in the Information Technology sector, specifically within the Electronic Manufacturing Services (EMS) industry group under GICS classification. Its role as a contract PCB manufacturer serving OEM customers in aerospace and defense, automotive, medical, and data center markets distinguishes it from semiconductor designers or software companies. Those categories occupy different sub-sectors within technology and industrials.

Bottom Line: TTMI vs S&P 500

TTMI outperformed SPY from the end of 2025 through October 26, 2026, while also delivering record quarterly revenue and non-GAAP EPS. That result does not make TTMI equivalent to an index fund. TTMI remains a single-company position with greater volatility and execution risk, while SPY provides diversified large-cap exposure and cash distributions. The historical July 2025 tables remain useful only when their original cutoff and methodology are kept separate from the 2026 update.

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