TTM Technologies, Inc
TTM Technologies is a U.S.-based manufacturer of advanced printed circuit boards, substrates, RF components, and engineered electronic assemblies. Its operations are organized around specialized facilities in North America and Asia that serve customers in aerospace and defense, data center computing, automotive, medical, industrial, instrumentation, and networking.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueTechnologically advanced interconnect products, including PCB and substrate fabrication.
Custom mission systems and long-term defense-related electronic solutions.
RF components, microwave assemblies, and related microelectronic products.
Customized assemblies, subsystems, and completed systems for advanced electronics.
Products
Reported · share of revenue- Aerospace and Defense Components44.1 %
- Data Center Computing23.5 %
- Medical Industrial Instrumentation14.1 %
- Automotive Components10.4 %
- Networking Communication7.9 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
TTM sells to OEMs, EMS providers, ODMs, distributors, and government agencies, with sales often flowing through EMS channels but measured by the OEM end customer. Its largest demand pools are aerospace and defense, data center computing, automotive, medical, industrial and instrumentation, and networking, where customers need high-complexity, time-sensitive electronics. The business also serves domestic and allied foreign government customers directly in defense-related programs.
Buys mission systems, RF/microwave assemblies, and advanced PCBs for radar, communications, and surveillance programs.
Buys high-complexity interconnect products used in servers, switches, and related infrastructure.
Buys advanced PCB and interconnect solutions for electronic content in vehicles.
Buys specialized boards and assemblies for equipment requiring reliability and precision.
Buys PCBs and assemblies for communications and network hardware.
Strategy
TTM’s strategy centers on being a one-stop design, engineering, and manufacturing partner for complex electronics customers that need both prototype support and volume production. It emphasizes advanced technologies, close customer collaboration, and a diversified end-market mix, while maintaining manufacturing capacity in regions that match customer supply-chain needs.
Higher-complexity PCBs, substrates, and RF products are central to differentiation.
Customers value a supplier that can move from prototype to production quickly.
Diversification reduces dependence on any single electronics cycle.
Geography
Q1/2026TTM operates 24 specialized facilities across North America and Asia, with manufacturing capacity in the United States, China, Malaysia, and Canada. The company also sells through a global commercial footprint spanning North America, Europe, Asia, and the Middle East, which supports customers with multinational supply chains and defense programs.
Share of the revenue the company reports by geography.
Risks
TTM is exposed to customer concentration, electronics-cycle volatility, and supply-chain disruptions because its products are built to customer specifications and often sold through a limited number of large OEM and EMS relationships. Defense, data center, and automotive demand can shift with budget cycles, technology refreshes, and macro conditions, while the company also faces execution risk in complex manufacturing and acquisitions.
- Customer concentrationImpact: HighLikelihood: Medium
A small number of OEMs account for a large share of sales, so lost programs can materially affect revenue.
Exposure: Five largest OEM customers and EMS-linked demand
- Supply-chain disruptionImpact: HighLikelihood: Medium
The company depends on timely delivery of raw materials, components, and equipment to meet customer schedules.
Exposure: Global manufacturing and specialized inputs
- Acquisition and goodwill impairment riskImpact: MediumLikelihood: High
Purchased businesses and intangibles may not deliver expected benefits and can require impairment charges.
Exposure: M&A and integration activities
- End-market cyclicalityImpact: MediumLikelihood: Medium
Demand in aerospace and defense, automotive, and electronics can vary with budgets and macro conditions.
Exposure - Credit risk from customersImpact: MediumLikelihood: Medium
Sales are often on open credit terms, and receivables can build when customers or EMS providers weaken.
Exposure: OEMs and EMS providers
Accounting
Judgemental itemsCustom-built products with no alternative use are recognized as work progresses, while some components are recognized on transfer.
Impact: Affects revenue timing, gross margin pattern, and quarter-to-quarter comparability
Net sales are reduced by estimated returns, historically around 2% of gross sales.
Impact: Can change reported revenue and reserve levels
Open-credit sales to OEMs and EMS providers require estimates for collectability.
Impact: Affects receivables and operating expense
Acquisitions may require impairment testing if expected benefits do not materialize.
Impact: Can create non-cash charges to earnings
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Last updated: 24/09/2026