TTM Technologies

TTMI

Hardware, Equipment & Parts · Technology

Price

$132.00

+1.86 (+1.43%)

Market Cap

$13.71B

Exchange

NASDAQ

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Share count falling — buybacks

−2.5% over 3y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 108.2M (2022) → 105.5M (2025)

TTM Technologies, Inc., together with its subsidiaries, engages in the manufacture and sale of printed circuit boards (PCBs) worldwide. The company operates in two segments, PCB and RF&S Components. It offers PCB products, radio frequency (RF) components, conventional PCBs, RF and microwave circuits, high density interconnect PCBs, substrate-like PCBs, flexible PCBs, rigid-flex PCBs, custom assemblies and system integration products, IC substrates, passive RF components, advanced ceramic RF comp

Winston Score History

Politician Trades

1 trades / 12mo

0 Congressional buys and 1 sell on TTMI in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+30.4% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+50.0% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$29M/ year

↓ Declining (-9% vs prior year)

1.0% of revenue

Below sector average (15%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

1.5%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Runway

5+ years

Quarterly Free Cash Flow

↓ Burn rate worsening

$410M cash & investments at current burn rate

Revenue accelerating

TTM Technologies grew revenue 30% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

20.8%

Thin — 20.8% gross margin

Operating Margin

8.8%

Modest — 8.8% operating margin

ROCE

2.7%

Weak — 2.7% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+23.1%

Fast-growing sales (23.1% YoY)

EPS YoY

+145.2%

Earnings growing fast (145.2% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

149%

Turns 149% of profit into real cash

FCF Margin

-0.0%

Burning cash (-0.0%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.50

Conservative — low debt load (0.50)

Interest Cover

6.41x

Adequate interest coverage (6.4x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

69.8x

Expensive — P/E 69.8

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+23.7

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (69.8 → 46.1)

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Dividends

Not applicable for this business.

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