“Net cash used in financing activities during the first quarter of 2025 was $18.8 million, reflecting the use of $17.9 million for repurchases of common stock and $0.9 million for the repayment of long-term debt borrowings.”10-Q · May 1, 2026 ↗
TTM Technologies, Inc.
TTMI
Market read
TTM Technologies, Inc.'s current read is isolated; its market group is not confirming.
The latest filing is mixed. 0 of 12 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 9 directly disclosed connections are confirming.
- Revenue increased 30.4% versus the comparable filing period.
- Operating cash flow covered only 0.43x net income.
- Operating expenses increased $28.0M to $108.7M in Q1 2026, primarily due to higher stock-based compensation, labor costs, and incentive compensation.
Invalidation: The isolated read changes if TTMI's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing is mixed. 0 of 12 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 9 directly disclosed connections are confirming.
- Revenue increased 30.4% versus the comparable filing period.
- Operating margin improved 0.8 percentage points.
- Net income increased 55.3% versus the comparable filing period.
- Operating cash flow covered only 0.43x net income.
- Operating expenses increased $28.0M to $108.7M in Q1 2026, primarily due to higher stock-based compensation, labor costs, and incentive compensation.
Company research
Understand the business, not just the ticker
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
- Latest annual revenue changed +19.0% year over year.
- Operating margin changed +4.4 percentage points in the latest annual period.
- Net margin changed +3.8 percentage points in the latest annual period.
- Data center and AI demand has repeated favorable evidence across 4 filings.
- Demand and volume has repeated favorable evidence across 4 filings.
No qualifying adverse evidence was identified; that is not proof there is no downside.
- P/E is 355% above the available filing-peer median; determine whether growth and quality justify the difference.
- EV/sales is 20% below the available filing-peer median; determine whether growth and quality justify the difference.
Price as of Sep 10, 2026
122.31Reported annual revenue and per-share history. This is accounting history, not a forecast.
What management says matters
Persistent and emerging business drivers
“The primary driver of this increase was strong demand in our data center and networking end market driven by the continued buildout of AI data centers and related applications, as well as strong sales performance in our medical, industrial, and instrumentatio…”10-Q · May 1, 2026 ↗
“The primary driver of this increase was strong demand in our data center and networking end market driven by the continued buildout of AI data centers and related applications, as well as strong sales performance in our medical, industrial, and instrumentatio…”10-Q · May 1, 2026 ↗
“Total Other Expense, Net Total other expense, net increased $4.7 million to $13.9 million for the quarter ended March 30, 2026, from $9.3 million for the quarter ended March 31, 2025, primarily due to a higher amount of foreign exchange losses during the quar…”10-Q · May 1, 2026 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 4.4× · EV/sales 4.6×. Comparisons use only industry-matched filing peers.
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 10 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for TTMI. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment · baseline
The latest filing presents a mixed picture
10-Q filed 2026-05-01 against the comparable filing from 2025-05-06.
What improved
- Revenue increased 30.4% versus the comparable filing period.
- Operating margin improved 0.8 percentage points.
- Net income increased 55.3% versus the comparable filing period.
What weakened
- Operating cash flow covered only 0.43x net income.
Filing receipts
“These increases were primarily due to higher sales volume, favorable product mix, and improved operational execution, partially offset by continued ramp-up costs in connection with our fabrication plant in Penang, Malaysia.”
“The primary driver of this increase was due to continued strong demand in our data center and networking end market driven by the continued build out of AI data centers and related applications, as well as strong growth in our medical, industrial, and instrumentation and aerospace and defense end markets.”
“The primary driver of this increase was strong demand in our data center and networking end market driven by the continued buildout of AI data centers and related applications, as well as strong sales performance in our medical, industrial, and instrumentation end market.”
Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.
Business ecosystem
The relationships behind TTMI
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
JPMJPMorgan Chase & Co.lenderFeb 17, 2026 ▾
“Term Loan Facility On August 1, 2024, the Company entered into the Term Loan Facility, by and among the Company, as Borrower, JPMorgan Chase Bank, N.A., as Administrative Agent, and the several lenders from time to time parties thereto, pursuant to which the…”
AMDAdvanced Micro Devices, Inc.competitorFeb 17, 2026 ▾
“Our principal competitors for our RF&S Components segment include Advanced Micro Devices, Inc., IDT Corporation, MACOM Technology Solutions Holdings, Inc., Microchip Technology Incorporated, Qorvo, Inc., and Silicon Laboratories Inc.”
DRSLeonardo DRS, Inc.competitorFeb 17, 2026 ▾
“Our principal competitors for our A&D segment include BAE Systems plc, Curtiss-Wright Corporation, Leonardo DRS, Inc., Mercury Systems, Inc., and Sanmina Corporation.”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 13 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
TTMI is currently a Participant in the organic co-movement group Industrial-Tech Mix. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 3 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
This group is retained as the last observed read for TTMI; it is not active in the latest market snapshot.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.