ℹ️ How are these calculated?
🎯 Investment Thesis
AI data center boom is lifting TTM to record results — Q4 2025 revenue $774M (+19% YoY), record non-GAAP EPS $0.70. FY2025 revenue $2.9B with management guiding 15-20% growth for FY2026 and targeting to double earnings by 2027. Data Center Computing & Networking now 36% of revenue. At 21x forward PE, the cheapest AI infrastructure play in our universe. New capacity coming online H2 2026 adds $115-125M annual revenue. Needham ($125) and B. Riley ($123) both recently raised PTs.
⚠️ Key Risk
Manufacturing in Taiwan and China creates dual geopolitical exposure — tariffs and cross-strait tension. PCB industry has lower barriers and margins than semiconductors (21% gross margin vs 60%+ for semis). 17% below ATH may reflect market concern about defense spending cuts or China risk. $1B debt on $9.5B market cap. RF&S segment dependent on DoD spending trends.
By The Numbers
Event Impact
PCBs and IC substrates are critical for every AI server and networking switch. DC Computing & Networking is 36% of revenue and accelerating. Record Q4 driven by AI buildout.
RF&S Components segment serves defense/aerospace — mission systems, RF assemblies. Benefits from military spending.
PCBs for quantum control electronics. Minor and speculative.
Manufacturing in Taiwan and Asia creates tariff/supply chain risk. Investing $200-300M in China DC capacity adds direct exposure.
$1B debt at 21x PE. Manufacturing in Asia means FX impact is mixed — weaker dollar helps US revenue but raises Asian manufacturing costs.
PCBs used in power electronics, grid control systems, and inverters. Growing presence in power management boards for grid infrastructure.
RF&S segment serves defense/aerospace. Government spending on military electronics and mission systems benefits TTMI directly.
Price Targets
Upcoming Catalysts
Competitive Landscape
Connectors/cables — complementary, not directly competing. Larger at $180B mcap.
Taiwanese IC substrate competitor — key TSMC packaging supplier
Company Background
Founded 1978, name means "Time To Market." Grew through acquisitions to become North America's largest PCB manufacturer — Meadville Holdings (2010, expanded into Asia) and Anaren (2018, RF/microwave capabilities). Stock was $16 a year ago, now $92 as AI PCB demand rewrote the growth story.