The case for & against
Bull & Bear analysis
Bullish
TTM Technologies, Inc. (NASDAQ: TTMI) is a leading manufacturer of advanced printed circuit boards (PCBs) and associated electronic solutions serving high-technology sectors, including aerospace, defense, data center, and medical instrumentation. The company operates globally, with a significant focus on innovating interconnect technologies that drive growth in the fields of artificial intelligence and defense. As TTM expands its manufacturing footprint and capabilities, it is poised to capture growing demand trends in critical sectors due to its strategic positioning within the industry.
Bull says
- ↑Q1 revenue of $846M (+30.4% YoY) and non-GAAP EPS $0.75, above guidance.
- ↑$1.6B backlog supports projected 38% revenue growth for 2026.
- ↑Moderate Buy consensus, $212 avg price target implies ~48% upside.
- ↑2026 capex of $300–320M to expand AI and defense capacity.
- ↑Strong momentum and growth factors with robust liquidity.
- ↑Favorable profitability factors indicate potential margin expansion.
Bear says
- ↓Shares are ~353% overvalued relative to intrinsic GF Value™.
- ↓~80% of revenue tied to 10 major AI and defense customers.
- ↓Penang facility ramp delays may push back break-even milestones.
- ↓Insiders sold ~$17.2M in last three months, hinting at caution.
- ↓Negative earnings yield and low profitability factors suggest return risk.
- ↓High short interest signals prevailing bearish sentiment pressure.
Investment themes with TTMI
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Earnings Call · Q1 2026 · Mgmt. Guidance
Updated 05-01-2026bullish
Transcript signals
Bull points
- For the first quarter, our net sales were $846 million, compared to $649 million in the first quarter of 2025. The 30% year-over-year increase was due to continued strong growth in our data center and networking, medical, industrial, and instrumentation, and aerospace and defense end markets.
- Gross margin in the first quarter of 2026 was 22.3%. An increase of 150 basis points from 20.8% in the first quarter of 2025. The year-on-year increase was due primarily to higher sales volume and favorable product mix, particularly in the data center, networking, and aerospace and defense end markets.
- First quarter 2026 non-GAAP net income was $80.1 million, or 75 cents per diluted share. This compares to first quarter 2025 non-GAAP net income of $52.4 million, or 50 cents per diluted share.
Bear points
- Realized foreign exchange and other non-operated income and expenses in the first quarter of 2026 totaled a net expense of $6.8 million as compared to net income of $1.5 million in the same quarter last year. The increased expense was driven by the weakening of the U.S. dollar, which resulted in a $7 million foreign exchange loss in the first quarter of 2026, as compared to a $0.9 million gain in the same quarter last year.
- Free cash flow in the first quarter of 2026 was a net usage of $85 million as compared to net usage of $74 million in the first quarter of last year. Both periods reflecting increased capital expenditures in support of organic growth opportunities
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