Analyst Consensus ?
ConsensusBuy14 ratings
Bullish1285.7%
Neutral214.3%
Bearish00.0%
TTM Technologies, Inc. · TTMI · FY2025 Q4 · Calendar Q1 2026
TTM Technologies: AI and defense demand support growth as capacity expands
The supplied analysis supports a constructive but execution-dependent view: AI-related data-center demand, defense bookings, backlog, and capacity investment provide a growth foundation, while facility ramps, margin pressure, capital allocation, and demand durability remain key tests.
Reported After market closeNASDAQTechnology
$7.78B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.70
Consensus $0.68
EPS surprise
+2.9%
Reported versus consensus
Reported revenue
$774.3M
Consensus $752.9M
Revenue surprise
+2.8%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-3.8%
Event window
SPY move
-1.2%
Same window
Abnormal move
-2.5%
Stock minus SPY
Volume
1.0×
Versus trailing sessions
Subsequent drift
-5.0%
Up to 20 sessions
TTMISPY benchmark
Ask FN2 about TTMI FY2025 Q4
Transcript, numbers and history already loaded
Why did TTMI fall 3.8% after beating EPS estimates in FY2025 Q4?What changed in TTMI's guidance and outlook in FY2025 Q4?Give me the bull and bear case for TTMI after FY2025 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Revenue growth accelerated to 19% year over year, adjusted EBITDA margin improved to 16.3%, and non-GAAP EPS reached a record $0.70. Management also highlighted a $1.6 billion backlog and expanded capacity plans while maintaining FY2026 guidance.
Guidance delta
Management maintained its FY2026 outlook, which calls for 15%–20% revenue growth and continued earnings acceleration.
Key takeaways
- Management attributed 19% year-over-year revenue growth to AI-related data-center and defense demand.
- Adjusted EBITDA margin improved to 16.3%, and non-GAAP EPS reached a quarterly record.
- Backlog reached $1.6 billion, with aerospace and defense book-to-bill at 1.46.
- Capacity expansion in China and the United States is central to the growth plan.
- The main execution watchpoints are facility ramps, margin effects, and capital allocation.
Management priorities
- Equip the Eau Claire site within 18–24 months.
- Deliver first revenue from the Syracuse Diamond facility.
- Invest $200–$300 million in data-center capacity in China over two to three years.
- Advance high-layer PCBs, radiation-hard modules, and space-electronics capabilities.
- Pursue an organic earnings double by 2027 through capacity and yield improvements.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$80.11Current
$19Low
$136.43Average
$231High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 24, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Truist Securities | Buy | Buy | Maintain | Oct 13, 2026 |
| Needham | Buy | Buy | Maintain | Sep 21, 2026 |
| Stifel | Buy | Buy | Maintain | May 28, 2026 |
| B. Riley Securities | Buy | Buy | Maintain | May 28, 2026 |
| Craig-Hallum | Buy | Buy | Maintain | Sep 29, 2020 |
| SMBC Nikko | Outperform | Outperform | Maintain | Sep 21, 2020 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | Jul 30, 2020 |
| JP Morgan | Neutral | Overweight | Downgrade | Mar 11, 2020 |
| B. Riley | Buy | Buy | Maintain | Sep 5, 2019 |
| Stifel Nicolaus | Buy | Buy | Maintain | Aug 1, 2019 |
| Deutsche Bank | Hold | Hold | Maintain | Jun 14, 2018 |
| Canaccord Genuity | Buy | Buy | Maintain | Jun 2, 2015 |
| Longbow Research | Buy | Neutral | Upgrade | May 3, 2013 |
| UBS | Buy | Buy | Maintain | Feb 4, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $80.11. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Truist Financial | William Stein | $231 | $110.33 | +188.4% | Oct 13, 2026 |
| Needham | James Ricchiuti | $175 | $117.97 | +118.4% | Sep 21, 2026 |
| Truist Financial | William Stein | $215 | $183.95 | +168.4% | May 28, 2026 |
| Stifel Nicolaus | Ruben Roy | $205 | $190.67 | +155.9% | May 28, 2026 |
| Needham | James Ricchiuti | $208 | $190.67 | +159.6% | May 28, 2026 |
| Truist Financial | William Stein | $180 | $152.89 | +124.7% | Apr 30, 2026 |
| Needham | James Ricchiuti | $160 | $152.89 | +99.7% | Apr 30, 2026 |
| Stifel Nicolaus | Analyst unavailable | $135 | $126.24 | +68.5% | Apr 20, 2026 |
| Stifel Nicolaus | Ruben Roy | $108 | $93.19 | +34.8% | Feb 5, 2026 |
| Needham | James Ricchiuti | $125 | $91.9 | +56.0% | Feb 5, 2026 |
| Truist Financial | Analyst unavailable | $113 | $98 | +41.1% | Jan 14, 2026 |
| Needham | James Ricchiuti | $79 | $71.38 | -1.4% | Nov 12, 2025 |
| Truist Financial | Analyst unavailable | $78 | $61.24 | -2.6% | Oct 30, 2025 |
| Needham | Analyst unavailable | $77 | $63.53 | -3.9% | Oct 30, 2025 |
| Needham | James Ricchiuti | $30 | $24.76 | -62.6% | Dec 9, 2024 |
| Needham | James Ricchiuti | $26 | $19.72 | -67.5% | Oct 31, 2024 |
| Needham | James Ricchiuti | $21 | $18.2 | -73.8% | Jun 17, 2024 |
| Stifel Nicolaus | Matthew Sheerin | $19 | $14.77 | -76.3% | May 2, 2024 |
| Needham | Analyst unavailable | $19 | $13.51 | -76.3% | Aug 4, 2022 |
| Truist Financial | William Stein | $15 | $13.61 | -81.3% | Apr 19, 2022 |
Track every rating change on TTMI the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationOperating globally, TTM Technologies, Inc. (TTMI) specializes in the production and distribution of printed circuit boards (PCBs). The company's operations are structured into two key segments: Printed Circuit Boards (PCBs) and RF&S Components. Their diverse product line encompasses a wide array of PCB solutions, from conventional and high-density interconnect (HDI) designs to substrate-like (SLP), flexible, and rigid-flex boards, as well as specialized RF and microwave circuits. Additionally, TTM offers integrated circuit (IC) substrates, custom assemblies, system integration products, multi-chip modules, and various RF components, including passive and advanced ceramic types, along with beamforming and switching networks.…
Historical context
All TTMI earningsTechnology peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| INFY Infosys Limited | FY2027 Q2 · Calendar Q4 2026 | — | -5.2% | Infosys pairs faster AI growth with lower revenue guidance |
| SSNC SS&C Technologies Holdings, Inc. | FY2026 Q3 · Calendar Q4 2026 | +0.6% | +2.8% | SS&C raises 2026 outlook as AI and tokenization support growth |
| ROP Roper Technologies, Inc. | FY2026 Q3 · Calendar Q4 2026 | +1.7% | +9.7% | Roper raises DEPS outlook as AI adoption expands across portfolio |
| VRSN VeriSign, Inc. | FY2026 Q3 · Calendar Q4 2026 | -2.0% | -0.9% | VeriSign reports record registrations as renewal mix becomes a key watchpoint |
| NOK Nokia Oyj | FY2026 Q3 · Calendar Q4 2026 | +25.0% | -14.8% | Nokia Q3: AI and cloud growth lifts margins as cash flow stays negative |
| WDC Western Digital Corporation | FY2027 Q1 · Calendar Q4 2026 | +12.9% | -6.4% | Western Digital pairs strong FY27 Q1 growth with an accelerated HDD roadmap |
Latest beats and misses
Who reports nextBeat on EPS
- FIXFY2026 Q3 · October 22, 2026+8.2% EPS-8.5% move
- DECKFY2027 Q2 · October 22, 2026+13.4% EPS-0.2% move
- OMCFY2026 Q3 · October 22, 2026+2.2% EPS+2.6% move
- SSNCFY2026 Q3 · October 22, 2026+0.6% EPS+2.8% move
- BEFY2026 Q3 · October 22, 2026+36.0% EPS-8.7% move
- ROPFY2026 Q3 · October 22, 2026+1.7% EPS+9.7% move
Missed on EPS
- BBDFY2026 Q3 · October 22, 2026-7.7% EPS+3.0% move
- SNAFY2026 Q3 · October 22, 2026-5.9% EPS-3.4% move
- SPOTFY2026 Q3 · October 22, 2026-11.6% EPS+11.1% move
- VRSNFY2026 Q3 · October 22, 2026-2.0% EPS-0.9% move
- HBANMFY2026 Q3 · October 22, 2026-5.3% EPS+0.5% move
- HBANPFY2026 Q3 · October 22, 2026-5.3% EPS0.0% move
Get the TTMI recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-10-23T23:10:42.643233+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-23T23:10:42.640373+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-23. For educational purposes only; not investment advice.