TTM Technologies’ fourth-quarter results were marked by strong sales momentum in both its data center and aerospace and defense segments, yet the market responded negatively despite revenue and non-GAAP profit surpassing analyst expectations. Management attributed the quarter’s outperformance to ongoing demand for advanced interconnect solutions in artificial intelligence and defense, with CEO Edwin Roks noting, “Sales grew 19% year-on-year, reflecting continued demand strength in our data center computing and networking end markets, driven by the requirements of generative AI.” Gross margin improvements were primarily driven by increased volumes and a favorable mix, though operational headwinds at the Penang facility modestly tempered gains.
Is now the time to buy TTMI? Find out in our full research report (it’s free for active Edge members).
TTM Technologies (TTMI) Q4 CY2025 Highlights:
- Revenue: $774.3 million vs analyst estimates of $752.3 million (18.9% year-on-year growth, 2.9% beat)
- Adjusted EPS: $0.70 vs analyst estimates of $0.68 (2.6% beat)
- Adjusted EBITDA: $126.2 million vs analyst estimates of $119.9 million (16.3% margin, 5.2% beat)
- Revenue Guidance for Q1 CY2026 is $790 million at the midpoint, above analyst estimates of $738.5 million
- Adjusted EPS guidance for Q1 CY2026 is $0.67 at the midpoint, above analyst estimates of $0.61
- Operating Margin: 10.4%, up from 1.4% in the same quarter last year
- Market Capitalization: $9.69 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From TTM Technologies’s Q4 Earnings Call
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James Ricchiuti (Needham and Co.) probed the pace of capacity additions in China and the U.S., as well as operational progress at new facilities. CEO Edwin Roks confirmed expansion is on track and that “capacity is not the issue,” while the Syracuse site will deliver first revenues in the second half of the year.
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Ricchiuti (Needham and Co.) also asked about margin headwinds from the Penang facility. CFO Dan Bailey explained the gross margin impact was about 180 basis points in Q4 but should improve throughout the year as operational yields rise.
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William Stein (Truist Securities) inquired about the timeline for revenue generation at the Eau Claire facility. Roks clarified that tooling and customer engagement are underway, with first revenues expected in 18-24 months.
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Sahaj (Stifel, for Ruben Roy) questioned the fungibility of capital expenditures and their alignment with long-term growth targets. Bailey noted extra investments are focused on data center and compute capacity in China, projecting $240-260 million in capital spending for 2026.
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Mike Crawford (B. Riley Securities) asked about the company’s ability to manufacture increasingly complex, high-layer circuit boards. Roks highlighted ongoing collaboration with customers and readiness to produce boards with more than 100 layers to meet rising requirements.
Catalysts in Upcoming Quarters
In the coming quarters, our team will watch (1) operational milestones at the Syracuse and Penang facilities, (2) sustained momentum in AI-related data center and networking orders, and (3) execution on defense program backlogs and new awards. Evolving input costs and progress on facility ramp-ups will also be important markers as the company pursues its growth targets.
TTM Technologies currently trades at $94.25, down from $96.22 just before the earnings. At this price, is it a buy or sell? See for yourself in our full research report (it’s free).
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