TTM Technologies
TTMI on Nasdaq. TTM Technologies sells printed circuit boards and radio frequency components to manufacturers. Market value $14.0bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
What to watch out for
See cheaper Technology stocks on the list
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-0.11 of spare cash in the past 12 months. A savings account pays about $4.
You pay 43.3 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 5 cents a year. Above 10 is good.
Quality score: 70 of 100. Price score: 9 of 100. Our list needs 70 on quality and 60 on price.
$132.71 a share, 149% above its 1-year low
Over the past year the price has ranged from $53.36 to $223.83.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: a shortfall of $15 million in the past 12 months, a shortfall of $683,000 in the year to December 2025.
| Revenue | |||||
| Revenue | $2.2bn | $2.5bn | $2.2bn | $2.4bn | $2.9bn |
| Operating margin | |||||
| Operating margin | 5.6% | 8.4% | 1.9% | 4.8% | 9.1% |
| Debt to equity | |||||
| Debt to equity | 0.64 | 0.61 | 0.61 | 0.59 | 0.53 |
| Shares outstanding | |||||
| Shares outstanding | 0.10bn | 0.10bn | 0.10bn | 0.10bn | 0.11bn |
Health checks
- Free cash flow positive4 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)6 of 9
- Profit backed by cash (accruals)Yes
- Debt0.53× equity
- Revenue growth, five yearsSlow, 6.7% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $1 billion last quarter, up 37% on a year ago.
- Profit: $83 million, up 100% on a year ago.
- It keeps 10 cents of each $1 of sales as operating profit, up from 7 cents a year earlier.
- Over the past 12 months it spent $15 million more cash than it brought in. A year earlier it had $18 million spare.
- 3% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $481 million more than cash, down from $485 million a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $617m |
| December 2024 | $651m |
| March 2025 | $649m |
| June 2025 | $731m |
| September 2025 | $753m |
| December 2025 | $774m |
| March 2026 | $846m |
| June 2026 | $1.0bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $14m |
| December 2024 | $5m |
| March 2025 | $32m |
| June 2025 | $42m |
| September 2025 | $53m |
| December 2025 | $51m |
| March 2026 | $50m |
| June 2026 | $83m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 17 February 2026
- Next quarterly (estimated, 10-Q)
- 4 November 2026
Who owns it
3 long-term investors we follow own it, up from 2 last quarter. 637 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Third PointDan Loeb | $94m | 2.0% | New |
| First Eagle Investment ManagementMatthew McLennan | $59m | <0.1% | Added |
| Royce & AssociatesChuck Royce | $42m | 0.3% | Cut |
Largest holders overall
- BlackRock$2.1bnCut
- Vanguard Portfolio Management$1.1bnCut
- Vanguard Capital Management$876mAdded
- Whale Rock Capital Management$791mAdded
- Invesco$783mCut
- State Street$617mCut
- Jane Street Group$516mAdded
- Lone Pine Capital$512mNew
- Dimensional Fund Advisors LP$495mCut
- FMR$475m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- BlackRock, Inc.Passive investor9.8%−2.2 ptsSince 30 June 2026
- Vanguard Portfolio ManagementPassive investor6.2%Since 31 March 2026
- Vanguard Capital ManagementPassive investor5.0%Since 31 March 2026
- Dimensional Fund Advisors LPPassive investorSold down below 5%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 9.8%−2.2 pts | 30 June 2026 | |
Vanguard Portfolio Management Passive investor | 6.2% | 31 March 2026 | |
Vanguard Capital Management Passive investor | 5.0% | 31 March 2026 | |
Dimensional Fund Advisors LP Passive investor | Sold down below 5% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 2 insiders bought $2m of shares on the open market. 15 sold $36m, $26m of it under preset trading plans.
- Roks EdwinPresident and CEO, DirectorBought
- Date
- 25 August 2026
- Shares
- 10,000
- Price
- $111.77
- Value
- $1m
- Geveden Rex DDirectorBought
- Date
- 24 August 2026
- Shares
- 5,000
- Price
- $104.90
- Value
- $524,500
- Knecht Dale MartinSVP Information TechnologySold
- Date
- 10 August 2026
- Shares
- 26,198
- Price
- $142.00
- Value
- $4m
- Walsh James PChief Operating OfficerSoldunder a preset trading plan
- Date
- 25 June 2026
- Shares
- 2,113
- Price
- $208.94
- Value
- $441,482
- Romo ElizabethChief Accounting OfficerSoldunder a preset trading plan
- Date
- 25 June 2026
- Shares
- 720
- Price
- $208.92
- Value
- $150,422
- BOEHLE DANIEL L.EVP and CFOSoldunder a preset trading plan
- Date
- 25 June 2026
- Shares
- 4,218
- Price
- $208.94
- Value
- $881,291
- Clapprood TomPresA&D Interconnect SolutionsSoldunder a preset trading plan
- Date
- 25 June 2026
- Shares
- 1,239
- Price
- $208.95
- Value
- $258,884
- Knecht Dale MartinSVP Information TechnologySoldunder a preset trading plan
- Date
- 25 June 2026
- Shares
- 2,014
- Price
- $208.94
- Value
- $420,801
- Powers Shawn A.EVP, CHROSoldunder a preset trading plan
- Date
- 25 June 2026
- Shares
- 3,367
- Price
- $208.94
- Value
- $703,508
- Weber Daniel JEVP, CLO & SecretarySoldunder a preset trading plan
- Date
- 25 June 2026
- Shares
- 2,915
- Price
- $208.94
- Value
- $609,052
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 25 August 2026 | Roks Edwin President and CEO, Director | Bought | 10,000 | $111.77 | $1m |
| 24 August 2026 | Geveden Rex D Director | Bought | 5,000 | $104.90 | $524,500 |
| 10 August 2026 | Knecht Dale Martin SVP Information Technology | Sold | 26,198 | $142.00 | $4m |
| 25 June 2026 | Walsh James P Chief Operating Officer | Sold under a preset trading plan | 2,113 | $208.94 | $441,482 |
| 25 June 2026 | Romo Elizabeth Chief Accounting Officer | Sold under a preset trading plan | 720 | $208.92 | $150,422 |
| 25 June 2026 | BOEHLE DANIEL L. EVP and CFO | Sold under a preset trading plan | 4,218 | $208.94 | $881,291 |
| 25 June 2026 | Clapprood Tom PresA&D Interconnect Solutions | Sold under a preset trading plan | 1,239 | $208.95 | $258,884 |
| 25 June 2026 | Knecht Dale Martin SVP Information Technology | Sold under a preset trading plan | 2,014 | $208.94 | $420,801 |
| 25 June 2026 | Powers Shawn A. EVP, CHRO | Sold under a preset trading plan | 3,367 | $208.94 | $703,508 |
| 25 June 2026 | Weber Daniel J EVP, CLO & Secretary | Sold under a preset trading plan | 2,915 | $208.94 | $609,052 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 17 Feb 2026, plus the 10-Q filed 5 Aug 2026 and 11 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It isn't cheap on profits: 43.3× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.