TTM Technologies Soars: Net Income Up 271% on Strong Sales Growth

TL;DR

**TTMI is crushing it, buy the dip if you can get it; defense and data center demand is fueling massive profit growth.**

AI Summary

TTM Technologies Inc. reported a significant increase in net sales and net income for the quarter ended September 29, 2025. Net sales rose to $752.7 million, a 22.1% increase from $616.5 million in the prior year quarter. Net income surged by 270.7% to $53.1 million, up from $14.3 million in the same period last year. For the three quarters ended September 29, 2025, net sales reached $2.13 billion, a 19.0% increase from $1.79 billion, and net income more than doubled to $126.8 million from $51.1 million. The company saw strong growth in its Aerospace and Defense segment, with revenue increasing to $333.6 million from $277.6 million, and Data Center Computing, which grew to $175.3 million from $122.0 million. Operating income for the quarter increased to $71.9 million from $51.0 million, reflecting improved operational efficiency. Total assets increased to $3.72 billion as of September 29, 2025, from $3.47 billion at December 30, 2024, driven by increases in accounts receivable, contract assets, and property, plant, and equipment. Cash and cash equivalents decreased slightly to $491.1 million from $503.9 million.

Why It Matters

This robust performance signals strong demand for TTM's advanced technology products, particularly in the aerospace and defense and data center computing sectors, which are critical growth areas. For investors, the significant increase in net income and sales suggests effective strategic execution and market penetration, potentially leading to increased shareholder value. Employees benefit from a growing company with expanding opportunities, while customers gain from TTM's one-stop design and manufacturing solutions. In a competitive landscape, TTM's ability to nearly triple net income demonstrates its resilience and competitive edge against rivals in the PCB and RF components market.

Risk Assessment

Risk Level: medium — While TTM Technologies shows strong financial performance, the company operates in a volatile global economy, as noted in 'Nature of Operations and Basis of Presentation' (Note 1), citing conflicts and tariffs. Additionally, the company has significant long-term debt of $912.8 million as of September 29, 2025, which, while slightly down from $914.4 million, still represents a substantial financial obligation.

Analyst Insight

Investors should consider TTM Technologies as a potential growth stock, given its strong revenue and net income growth, especially in critical sectors like aerospace and defense. Monitor the company's ability to manage its long-term debt and any potential impacts from global economic volatility, but the current trajectory suggests continued positive momentum.

Financial Highlights

debt To Equity

0.54

revenue

$752.7M

operating Margin

9.6%

total Assets

$3.72B

total Debt

$916.6M

net Income

$53.1M

eps

$0.50

gross Margin

20.8%

cash Position

$491.1M

revenue Growth

+22.1%

Revenue Breakdown

Key Numbers

• $752.7M — Net sales for Q3 2025 (Increased 22.1% from $616.5 million in Q3 2024)
• $53.1M — Net income for Q3 2025 (Increased 270.7% from $14.3 million in Q3 2024)
• $2.13B — Net sales for three quarters ended Sep 29, 2025 (Increased 19.0% from $1.79 billion in the prior year period)
• $126.8M — Net income for three quarters ended Sep 29, 2025 (Increased 148.0% from $51.1 million in the prior year period)
• $0.50 — Diluted EPS for Q3 2025 (Increased from $0.14 in Q3 2024)
• $1.21 — Diluted EPS for three quarters ended Sep 29, 2025 (Increased from $0.49 in the prior year period)
• $333.6M — Aerospace and Defense revenue for Q3 2025 (Increased from $277.6 million in Q3 2024)
• $175.3M — Data Center Computing revenue for Q3 2025 (Increased from $122.0 million in Q3 2024)
• $912.8M — Long-term debt as of Sep 29, 2025 (Slightly decreased from $914.4 million at Dec 30, 2024)
• $491.1M — Cash and cash equivalents as of Sep 29, 2025 (Slightly decreased from $503.9 million at Dec 30, 2024)

Key Players & Entities

• TTM TECHNOLOGIES INC (company) — registrant
• Securities and Exchange Commission (regulator) — filing oversight
• FASB (regulator) — accounting standards setter
• Nasdaq Global Select Market (market) — exchange where TTMI is registered
• Aerospace and Defense (market) — key end market for TTM
• Data Center Computing (market) — key end market for TTM
• ASU 2025-06 (regulatory) — Targeted Improvements to the Accounting for Internal-Use Software
• ASU 2025-05 (regulatory) — Measurement of Credit Losses for Accounts Receivable and Contract Assets
• ASU 2024-03 (regulatory) — Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures
• ASU 2023-09 (regulatory) — Improvements to Income Tax Disclosures

FAQ

Risk Factors

• Customer Concentration [high — market]: The company's revenue is significantly dependent on a limited number of customers, particularly in the Data Center Computing segment. A loss of, or substantial reduction in orders from, any of these key customers could have a material adverse effect on the company's financial condition and results of operations.
• Supply Chain Disruptions [medium — operational]: TTM Technologies relies on a global supply chain for raw materials and components. Disruptions due to geopolitical events, natural disasters, or supplier issues could impact production schedules and increase costs, affecting profitability.
• Environmental Regulations [medium — regulatory]: The company operates in an industry subject to stringent environmental regulations. Compliance with evolving standards related to emissions, waste disposal, and chemical usage requires ongoing investment and can lead to increased operating costs or potential penalties for non-compliance.
• Interest Rate Fluctuations [low — financial]: With $912.8 million in long-term debt as of September 29, 2025, the company is exposed to interest rate risk. Increases in interest rates could increase the cost of servicing its debt, impacting net income.

Industry Context

TTM Technologies operates in the highly competitive printed circuit board (PCB) manufacturing industry. Key trends include increasing demand for advanced PCBs in sectors like aerospace, defense, and data centers, driven by technological advancements and miniaturization. The industry is characterized by significant capital investment, complex manufacturing processes, and a global supply chain.

Regulatory Implications

TTM Technologies faces regulatory scrutiny related to environmental compliance, particularly concerning manufacturing processes and waste disposal. Adherence to international trade regulations and export controls is also critical, especially given its global customer base in sensitive sectors like aerospace and defense.

What Investors Should Do

1. Monitor customer concentration risk
2. Analyze margin trends by segment
3. Evaluate capital allocation strategy

Key Dates

• 2025-09-29: End of Third Quarter 2025 — Reported strong revenue growth of 22.1% and a significant surge in net income (270.7%), indicating robust operational performance and market demand.
• 2025-09-29: Consolidated Balance Sheet Date — Total assets increased to $3.72 billion, driven by growth in receivables and PP&E, while cash reserves remained strong at $491.1 million.
• 2024-09-30: End of Third Quarter 2024 — Provided a comparable period for the significant year-over-year improvements in revenue and profitability reported for Q3 2025.
• 2024-12-30: End of Fiscal Year 2024 Balance Sheet Date — Provided a baseline for asset and liability changes, showing an increase in total assets and a slight decrease in long-term debt.

Glossary

Contract Assets

Represents TTM's rights to consideration in exchange for goods or services that have been transferred to a customer but are not yet unconditional. These arise when revenue is recognized before the unconditional right to payment exists. (An increase in contract assets to $446.9 million from $381.4 million indicates a growing backlog of unbilled work or revenue recognized ahead of invoicing, potentially tied to long-term contracts.)

Contract Liabilities

Represents TTM's obligation to transfer goods or services to a customer for which the company has received consideration from the customer. These are essentially deferred revenues or customer advances. (A decrease in contract liabilities to $149.4 million from $170.9 million suggests that TTM has fulfilled more obligations than it has received new advances for, aligning with increased revenue recognition.)

Goodwill

An intangible asset that arises when one company acquires another company for a price greater than the fair market value of its net assets. It represents the future economic benefits arising from assets acquired in a business combination that are not individually identified and recognized. (The stable goodwill of $670.1 million suggests no significant acquisitions or impairments during the period, indicating a focus on organic growth or stable integration of past acquisitions.)

Operating Lease Right-of-Use Assets

Represents the lessee's right to use an underlying asset for the lease term. This is recognized under ASC 842 accounting standards for leases. (The increase to $80.9 million from $78.3 million suggests TTM may have entered into new lease agreements or adjusted existing ones, reflecting ongoing operational needs.)

Year-Over-Year Comparison

TTM Technologies has demonstrated substantial year-over-year improvement in its financial performance. Net sales for the third quarter of 2025 increased by 22.1% to $752.7 million, and net income saw a dramatic surge of 270.7% to $53.1 million compared to the prior year period. This growth is reflected across the first three quarters as well, with net sales up 19.0% and net income more than doubling. Operating margins have improved, and while total assets have grown, the company has maintained a stable long-term debt position and a solid cash balance, indicating efficient operations and prudent financial management.

Key Financial Figures

• $0.001 — ge on which registered Common Stock , $0.001 par value TTMI Nasdaq Global Select

Filing Documents

• ttmi-20250929.htm (10-Q) — 3407KB
• ttmi-ex31_1.htm (EX-31.1) — 12KB
• ttmi-ex31_2.htm (EX-31.2) — 13KB
• ttmi-ex32_1.htm (EX-32.1) — 11KB
• ttmi-ex32_2.htm (EX-32.2) — 12KB
• 0001193125-25-260708.txt ( ) — 13552KB
• ttmi-20250929.xsd (EX-101.SCH) — 972KB
• ttmi-20250929_htm.xml (XML) — 3606KB

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION 3

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) 3 Consolidated Condensed Balance Sheets as of September 29, 2025 and December 30, 2024 3 Consolidated Condensed Statements of Operations for the quarter and three quarters ended September 29, 2025 and September 30, 2024 4 Consolidated Condensed Statements of Comprehensive Income for the quarter and three quarters ended September 29, 2025 and September 30, 2024 5 Consolidated Condensed Statements of Stockholders' Equity for the three quarters ended September 29, 2025 and September 30, 2024 6 Consolidated Condensed Statements of Cash Flows for the three quarters ended September 29, 2025 and September 30, 2024 7 Notes to Consolidated Condensed Financial Statements 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 20

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 27

Controls and Procedures

Item 4. Controls and Procedures 27

: OTHER INFORMATION

PART II: OTHER INFORMATION 28

Legal Proceedings

Item 1. Legal Proceedings 28

Risk Factors

Item 1A. Risk Factors 28

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 28

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 28

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 28

Other Information

Item 5. Other Information 28

Exhibits

Item 6. Exhibits 30

FINANCI AL INFORMATION

PART I. FINANCI AL INFORMATION

Financial Sta tements (unaudited)

Item 1. Financial Sta tements (unaudited) TTM TECHNOLOGIES, INC. Consolidated Condens ed Balance Sheets As of September 29, 2025 and December 30, 2024 As of September 29, 2025 December 30, 2024 (Unaudited) (In thousands, except par value) ASSETS Current assets: Cash and cash equivalents $ 491,120 $ 503,932 Accounts receivable, net 500,147 448,611 Contract assets 446,967 381,382 Inventories 253,687 224,985 Prepaid expenses and other current assets 63,694 47,834 Total current assets 1,755,615 1,606,744 Property, plant, and equipment, net 992,193 869,957 Operating lease right-of-use assets 80,905 78,252 Goodwill 670,135 670,135 Definite-lived intangibles, net 164,146 191,819 Deposits and other non-current assets 57,534 55,587 Total assets $ 3,720,528 $ 3,472,494 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Short-term debt, including current portion of long-term debt $ 3,810 $ 3,795 Accounts payable 506,386 406,221 Contract liabilities 149,368 170,915 Accrued salaries, wages, and benefits 131,093 108,149 Other current liabilities 114,546 119,974 Total current liabilities 905,203 809,054 Long-term debt, net of discount and issuance costs 912,835 914,359 Operating lease liabilities 84,534 77,509 Other long-term liabilities 116,508 107,748 Total long-term liabilities 1,113,877 1,099,616 Commitments and contingencies (Note 11) Equity: Common stock, $ 0.001 par value; 300,000 shares authorized, 115,195 and 113,161 shares issued as of September 29, 2025 and December 30, 2024, respectively; 103,331 and 101,997 shares outstanding as of September 29, 2025 and December 30, 2024, respectively 115 113 Treasury stock – common stock at cost; 11,864 and 11,164 shares as of September 29, 2025 and December 30, 2024, respectively ( 175,445 ) ( 157,570 ) Additional paid-in capital 940

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