TTM Technologies
TTMI · NasdaqPrinted Circuit Boards · Fiscal year ends Dec 28
TTM Technologies reported revenue of $2.9B in the fiscal year ended Dec 2025, up 19.0% from the year before. Operating income was $265M, an operating margin of 9.1%, and net income was $177M. Operating cash flow of $292M less capital expenditure of $293M left free cash flow of −$683,000. Net debt was $415M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Jan 2022 | Jan 2023 | Jan 2024 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $2.2B | $2.5B | $2.2B | $2.4B | $2.9B |
| Cost of revenue | $1.9B | $2B | $1.8B | $2B | $2.3B |
| Gross profit | $372M | $458M | $413M | $477M | $602M |
| Research & development | $18M | $25M | $27M | $32M | $29M |
| Operating income | $126M | $210M | $42M | $116M | $265M |
| Interest expense | $45M | $46M | $48M | $48M | $45M |
| Pre-tax income | $70M | $183M | $297,000 | $84M | $210M |
| Income tax | $16M | $88M | $19M | $28M | $33M |
| Net income | $54M | $95M | −$19M | $56M | $177M |
| Diluted EPS | 0.50 | 0.91 | −0.18 | 0.54 | 1.68 |
| Diluted shares | 108M | 104M | 103M | 104M | 105M |
Balance sheet
| Fiscal year | Jan 2022 | Jan 2023 | Jan 2024 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $538M | $403M | $450M | $504M | $501M |
| Receivables | $386M | $473M | $414M | $449M | $564M |
| Inventory | $128M | $171M | $213M | $225M | $250M |
| Current assets | $1.4B | $1.5B | $1.4B | $1.6B | $1.9B |
| Net PP&E | $666M | $724M | $808M | $870M | $1B |
| Goodwill | $637M | $760M | $703M | $670M | $670M |
| Total assets | $3B | $3.3B | $3.3B | $3.5B | $3.8B |
| Payables | $361M | $362M | $335M | $406M | $544M |
| Deferred revenue | $14M | $104M | $127M | $171M | $176M |
| Current liabilities | $558M | $761M | $704M | $809M | $962M |
| Short-term debt | – | – | $4M | $4M | $4M |
| Long-term debt | $928M | $879M | $914M | $914M | $912M |
| Shareholders' equity | $1.5B | $1.5B | $1.5B | $1.6B | $1.8B |
Cash flow
| Fiscal year | Jan 2022 | Jan 2023 | Jan 2024 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $177M | $273M | $187M | $237M | $292M |
| Capital expenditure | $82M | $103M | $160M | $186M | $293M |
| Free cash flow | $95M | $170M | $27M | $51M | −$683,000 |
| Depreciation & amortisation | $86M | $91M | $99M | $105M | $110M |
| Stock-based compensation | $18M | $20M | $23M | $30M | $42M |
| Acquisitions | $0 | $298M | $0 | $0 | – |
| Share buybacks | $65M | $35M | $24M | $34M | $18M |
Key ratios
| Fiscal year | Jan 2022 | Jan 2023 | Jan 2024 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 11.0% | −10.5% | 9.4% | 19.0% |
| Operating income growth (YoY) | – | 67.0% | −79.9% | 174.2% | 128.1% |
| EPS growth (YoY) | – | 82.0% | −119.8% | – | 211.1% |
| Gross margin | 16.5% | 18.4% | 18.5% | 19.5% | 20.7% |
| Operating margin | 5.6% | 8.4% | 1.9% | 4.8% | 9.1% |
| Net margin | 2.4% | 3.8% | −0.8% | 2.3% | 6.1% |
| Return on equityBlank when equity is negative | 3.7% | 6.2% | −1.2% | 3.6% | 10.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 5.1% | 8.2% | 1.6% | 4.4% | 9.2% |
| Free cash flow margin | 4.2% | 6.8% | 1.2% | 2.1% | −0.0% |
| Cash conversion (CFO ÷ net income) | 3.25x | 2.89x | −10.0x | 4.21x | 1.64x |
| Receivable days | 63 | 69 | 68 | 67 | 71 |
| Inventory days | 25 | 31 | 43 | 42 | 40 |
| Payable days | 70 | 65 | 67 | 75 | 86 |
| Interest cover | 2.77x | 4.62x | 0.88x | 2.44x | 5.84x |
| Debt ÷ equity | 0.64x | 0.57x | 0.61x | 0.59x | 0.52x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $390M | $477M | $468M | $414M | $415M |
| Current ratio | 2.52x | 1.96x | 2.03x | 1.99x | 1.93x |
Recent filings
More in Printed Circuit Boards
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.