| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 19 | 57.2x | 17.8x | Bottom tier | |
Growth | 94 | 27.6% | 7.1% | Top tier | |
Quality | 44 | 10.8% | 4.5% | Around median | |
Safety | 63 | — | 2.6x | Around median | |
Capital Return | 18 | — | 2.12% | Bottom tier | |
Momentum | 64 | 206.9% | 2.9% | Around median | |
Sentiment | 63 | 3 | 3 | Around median |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
TTM Technologies designs and manufactures printed circuit boards and advanced interconnect products, and extends further up the value chain into products including radio-frequency modules and subsystems and integrated mission systems. The company primarily serves data centers and networking, aerospace and defense, medical, industrial and instrumentation, and automotive markets; management said on August 5, 2026 that approximately 80% of net sales is tied to the AI and defense trends.
In Q2 FY2026, revenue exceeded $1 billion for the first time, compared with $731 million a year earlier, representing 37% year-over-year growth. According to EDGAR data, gross profit was $211.9 million, net income was $83.0 million, and diluted earnings per share were $0.77; on a non-GAAP basis, net income was $106.9 million and earnings per share were $0.99, up 71% year over year. The company recorded a non-GAAP gross margin of 21.9%, an adjusted operating margin of 13.8%, and an adjusted EBITDA margin of 16.6%.
Data centers and networking accounted for 40% of Q2 FY2026 sales and grew 91% year over year, while aerospace and defense accounted for 37% and grew 14%, and automotive represented 8% with a slight year-over-year decline. Operating cash flow was $96.4 million and free cash flow was $46.0 million, while the backlog deliverable within 90 days increased 81% to $901 million, and the aerospace and defense program backlog reached $1.7 billion.
The average analyst price target is $209.33, within a narrow range of $205 to $215, with a consensus rating of “Buy.” The average is below the 52-week range high of $223.83, while the annual range extends to a low of $42.69; this breadth reflects a substantial revaluation driven by AI data center growth, margin improvement, and the raised FY2026 outlook, but it leaves high sensitivity to any disruption in the N+M production ramp or acquisition execution.
Figures in the text are as of 2026-08-29; the live price is shown at the top of the page.
The largest driver in Q2 FY2026 was the data centers and networking market, which grew 91% year over year and accounted for 40% of sales. Management expects its contribution to rise to 49% in Q3 FY2026 and its FY2026 sales to more than double their previous annual level. This growth is tied to AI data center construction and the start of volume production for asymmetric N+M boards.
N+M is a family of asymmetric-interconnect printed circuit boards targeting the high-complexity needs of data center and networking customers and others. On August 5, 2026, management said it had already delivered tens of millions of dollars of this technology and planned approximately $600 million more in the second half of FY2026. Approximately one-third of this volume is expected to be delivered in Q3 and two-thirds in Q4, with margins supported as production rises and manufacturing yields improve.
Aerospace and defense represented 37% of Q2 FY2026 sales and grew 14% year over year. The book-to-bill ratio was 1.3, and the program backlog increased to $1.7 billion from $1.5 billion a year earlier, while the qualified opportunity pipeline exceeded $7 billion. Bookings included APS-153, the ATP system, and Golden Dome, while the Ultra-HDI production ramp at the Syracuse facility begins during Q3 FY2026 and progresses toward the targeted full-capacity run rate in FY2028.
Automated analysis for informational purposes only — not investment advice.
Management expects revenue of between $1.10 billion and $1.14 billion in Q3 FY2026. Its non-GAAP earnings-per-share outlook ranges from $1.21 to $1.27, excluding any contribution or impact from pending acquisitions. For FY2026, the company expects revenue of approximately $4.4 billion and non-GAAP earnings per share approaching $5, with another sequential increase in revenue during Q4.
TTM announced on August 17, 2026 a definitive agreement to acquire Epiq Solutions for approximately $1.1 billion in cash. Epiq specializes in AI-enabled software-defined radios, radio-frequency products, and electronic warfare applications, expanding TTM's defense and aerospace offerings. Management also said on August 5, 2026 that STG and ILFA will establish an initial presence in Europe and together add less than 5% to sales, with an expected moderately accretive contribution to adjusted EBITDA.
