TTM Technologies, Inc. (TTMI): History, Ownership, Mission, How It Works & Makes Money

When you look at the foundational components powering everything from advanced radar systems to the latest data center computing, do you defintely understand the critical role of TTM Technologies, Inc. (TTMI)? This company is not just a printed circuit board (PCB) manufacturer; it's a global enabler of high-tech solutions, a fact underscored by its trailing twelve months (TTM) revenue of $2.78 Billion USD as of November 2025, showing real momentum in a tough supply chain environment. They've been delivering for decades, and their recent Q3 2025 non-GAAP earnings per share (EPS) of $0.67-beating guidance-proves their strategic focus on aerospace, defense, and AI-driven computing is paying off. So, how does a company that literally builds the backbone of modern electronics manage to consistently outperform, and what does its unique ownership structure and mission mean for future growth? Let's dive in.

TTM Technologies, Inc. (TTMI) History

You need to understand TTM Technologies, Inc. (TTMI)'s origin story because its history of strategic acquisitions and divestitures is the defintely reason it's now a leader in high-reliability electronics. The company didn't grow organically; it was built through calculated, transformative deals that shifted its focus from volatile consumer markets to stable, high-margin sectors like Aerospace & Defense.

Given Company's Founding Timeline

The name TTM, which stands for 'Time-To-Market,' tells you everything you need to know about the company's initial mission: speed and efficiency in delivering Printed Circuit Boards (PCBs). It started small, but the vision was always about rapid, strategic growth in a fast-moving industry.

Year established

1998

Original location

Redmond, Washington, U.S., via the initial acquisition of Pacific Circuits, Inc., before moving its headquarters to Santa Ana, California.

Founding team members

The company was founded by Kent Alder, who had a strong background in the PCB industry, and was immediately formed through the merger of Pacific Circuits Inc. and Power Circuits Inc..

Initial capital/funding

Initial funding came from private investment and strategic partnerships, but the real capital infusion for expansion came quickly with its Initial Public Offering (IPO) in 2000, listing on NASDAQ under the ticker TTMI.

Given Company's Evolution Milestones

TTM Technologies' evolution is a masterclass in using mergers and acquisitions (M&A) to pivot the business model. They consistently bought companies to gain scale, technology, and, most importantly, access to new, more defensible markets. That's how you build a global giant.

Given Company's Transformative Moments

The most important takeaway is that TTM Technologies consciously traded short-term volume for long-term margin stability. The move away from consumer electronics wasn't just a sale; it was a fundamental re-risking of the business model. You can see the result in the 2025 numbers.

Here's the quick math on their strategic pivot:

• The 2020 Mobility Divestiture: Selling the four China-based plants for $550 million was the clear signal that the company was prioritizing the Aerospace & Defense and Data Center Computing segments, which have much higher barriers to entry and longer product cycles.
• The A&D and RF Focus: The acquisitions of Anaren, Inc. (2018) and Telephonics Corporation (2022) were essential to this pivot, adding high-frequency Radio Frequency (RF) components and full mission systems. This allows TTM to offer a more complete, differentiated solution instead of just a commodity PCB.
• 2025 Performance Validation: The strategy is paying off, driven by generative AI demand and defense spending. The company reported Q3 2025 Net Sales of $752.7 million, exceeding their guidance, and a record Non-GAAP EPS of $0.67. This strong execution is backed by a substantial A&D program backlog of $1.46 billion as of Q3 2025.

The shift to differentiated, higher-margin products is why TTM's trailing twelve-month revenue as of late October 2025 stands at approximately $2.78 billion. This focus on advanced technology solutions, rather than just volume, is the core of their current valuation. Breaking Down TTM Technologies, Inc. (TTMI) Financial Health: Key Insights for Investors

TTM Technologies, Inc. (TTMI) Ownership Structure

TTM Technologies, Inc. (TTMI) operates as a publicly traded company on the NASDAQ stock exchange, which means its ownership is distributed among a diverse group of institutional, insider, and retail investors. This structure is heavily influenced by a single, substantial insider holding, which gives the company a unique governance dynamic for a firm with a market capitalization of approximately $6.0 Billion as of November 2025.

TTM Technologies, Inc.'s Current Status

TTM Technologies is a publicly traded company listed on the NASDAQ Global Select Market under the ticker symbol TTMI. The company is not privately held, which means its financial performance and governance are subject to rigorous public scrutiny and Securities and Exchange Commission (SEC) filing requirements. Its stock price was trading around $58.78 per share as of late November 2025, reflecting significant year-to-date growth of about 162%.

The company's recent performance, including Q3 2025 net sales of $752.7 million and a non-GAAP Earnings Per Share (EPS) of $0.67, highlights its strong position in high-growth markets like Aerospace and Defense, and Data Center Computing. This growth is defintely a key factor driving the stock's valuation.

You can review the strategic direction driving this performance in detail here: Mission Statement, Vision, & Core Values of TTM Technologies, Inc. (TTMI).

TTM Technologies, Inc.'s Ownership Breakdown

The company's control structure is a blend of passive institutional investment and a significant, concentrated insider stake. While institutional investors collectively own the majority of the float, the largest single shareholder is an insider, giving them considerable influence over long-term strategy and board decisions. Here's the quick math on the ownership split as of late 2025:

The most important takeaway here is that Hsiang Chien Tang, the largest insider, holds a stake valued at approximately $2.65 Billion. This level of concentration means management's interests are closely aligned with a single, long-term stakeholder, but it also presents a single point of control risk.

TTM Technologies, Inc.'s Leadership

The organization is steered by a relatively new executive team, with key leadership appointments made in 2025, signaling a fresh strategic focus, particularly in high-technology and defense sectors. The average tenure of the management team is notably short, suggesting a recent overhaul.

• President and Chief Executive Officer (CEO): Edwin Roks, Ph.D., who joined in September 2025. Dr. Roks brings over 25 years of experience from global technology businesses, previously serving as CEO of Teledyne Technologies Incorporated.
• Executive Vice President and Chief Operating Officer (COO): James P. Walsh, promoted to this role in July 2025.
• Executive Vice President and Chief Financial Officer (CFO): Daniel Boehle, who manages the financial strategy and capital structure.
• Executive Vice President and President, Aerospace & Defense Sector: Catherine Gridley, leading the company's largest and most strategic sector, which accounted for 46% of FY 2024 net sales.
• Executive Vice President and President, Commercial Sector: Douglas L. Soder, overseeing the Automotive, Medical, Industrial & Instrumentation, and Communications & Computing business units.

The recent appointment of Dr. Roks as CEO in September 2025 is a critical change, following the planned retirement of the previous CEO, Thomas T. Edman. This transition points to a deliberate focus on innovation and operational excellence to capture the growth in AI and defense markets.

Next step: Review the latest 8-K filings to confirm any changes in the executive compensation structure following the CEO transition.

TTM Technologies, Inc. (TTMI) Mission and Values

TTM Technologies, Inc.'s core purpose extends beyond its strong financial performance, like the $336.8 million in Aerospace and Defense net sales reported in Q3 2025, focusing instead on technological leadership and customer partnership. Their mission and values are the cultural DNA, guiding their strategy to be a preeminent technology solutions provider in a complex, high-stakes market.

Honestly, a company's success in high-tech manufacturing, where Q1 2025 revenues grew 14% year-on-year, defintely hinges on more than just the bottom line. It's about the principles that drive innovation and quality control.

TTM Technologies' Core Purpose

TTM Technologies has formalized its long-term aspirations and daily operational ethos, which is crucial for investors and partners to understand. This is the framework that underpins their strategic focus on high-growth areas like Data Center Computing, which is projected to account for 28% of sales in Q4 2025.

Official mission statement

The mission is clear: to deliver superior value, growth, and profit by providing customers with market-leading, differentiated solutions and an extraordinary customer experience. This commitment is what makes them a trusted partner, not just a supplier.

• Deliver superior value, growth, and profit.
• Provide market-leading, differentiated solutions.
• Ensure an extraordinary customer experience.

This focus on value is why they can achieve strong non-GAAP EPS, like the $0.67 recorded in the third quarter of 2025. You can learn more about the stakeholders driving this performance in Exploring TTM Technologies, Inc. (TTMI) Investor Profile: Who's Buying and Why?

Vision statement

The company's vision is to inspire innovation as a preeminent technology solutions company. It's a bold statement that maps their long-term goal to market leadership, driven by a strong internal culture.

• Inspire innovation as a preeminent technology solutions company.
• Be the preeminent global PCB solutions and specialty components company.
• Generate industry-leading growth and profitability.
• Be driven by empowered employees with an unwavering value system.

This vision is backed by their core values, which emphasize the foundation of their corporate culture and operational excellence, helping them secure an Adjusted EBITDA of $99.5 million in Q1 2025.

Their core values are simple, but powerful:

• Integrity
• Clear Communication
• Teamwork
• Performance Excellence

TTM Technologies' slogan/tagline

The company's name itself is its most powerful tagline and a constant reminder of its core service proposition. TTM stands for 'Time-To-Market.'

• TTM: Time-To-Market.
• Reflects their commitment to time-critical, one-stop manufacturing services.
• Enables customers to shorten product development cycles.

This focus is why customers in demanding sectors, like aerospace and defense, rely on their advanced printed circuit boards (PCBs) and radio frequency (RF) components. It's all about speed and reliability, so they can get complex, high-performance solutions out globally, quickly.

TTM Technologies, Inc. (TTMI) How It Works

TTM Technologies, Inc. works by being a critical, high-reliability partner in the electronics supply chain, specializing in the rapid design and manufacture of advanced Printed Circuit Boards (PCBs) and complex Radio Frequency (RF) components. They essentially build the sophisticated electronic foundations-the nervous system-for mission-critical systems in defense, data centers, and specialized industrial markets, making their name, which stands for time-to-market, a core promise.

TTM Technologies, Inc.'s Product/Service Portfolio

The company's value delivery is split across two main operating segments: Printed Circuit Boards (PCB) and Radio Frequency (RF) & Specialty Components. Their focus is on highly-engineered products that demand precision and reliability, which is why they capture premium revenue in their target markets.

You can see TTM Technologies, Inc.'s commitment to this high-value approach in its Mission Statement, Vision, & Core Values of TTM Technologies, Inc. (TTMI).

TTM Technologies, Inc.'s Operational Framework

The operational framework is built on a 'one-stop' model that connects design, engineering, and manufacturing globally to manage complexity and speed. This is not just about making a product; it's about co-developing a solution and getting it to market fast.

• Global/Regional Footprint: TTM Technologies operates approximately 23 specialized facilities across North America and Asia, including significant operations in China and Malaysia, which helps ensure a resilient supply chain for customers.
• Strategic US Expansion: They are investing heavily in domestic capacity, like the new advanced technology PCB manufacturing facility in Syracuse, New York, which is part of a broader strategy to support US-based defense and high-end commercial customers.
• Generative AI Tailwinds: The company's Data Center Computing and Networking segments are seeing growth driven by the requirements of generative AI, which pushed Q2 2025 revenue up by 21% year-over-year. Data center sales grew 44% year-over-year in Q3 2025, honestly a massive number.
• Capital Investment: The company plans to invest between $230.0 million to $250.0 million in capital expenditures for the full fiscal year 2025, with a chunk of that-about $66.0 million-allocated to the Syracuse plant alone.

Here's the quick math: TTM Technologies reported net sales of $752.7 million for the third quarter of 2025, beating their guidance, which shows their operational execution is defintely strong despite the ongoing costs associated with the startup of their new Penang facility.

TTM Technologies, Inc.'s Strategic Advantages

TTM Technologies' success isn't just about manufacturing scale; it's about being strategically positioned in high-barrier-to-entry markets and offering a technology breadth that few competitors can match. This is where the real value is unlocked.

• Defense and Aerospace Dominance: They are a key supplier to the US defense industrial base, offering full vertical integration from PCBs to complex mission systems. The Aerospace & Defense program backlog stood at a robust $1.46 billion as of Q3 2025, providing strong revenue visibility.
• Technology Breadth: The ability to provide a wide array of advanced PCB technologies (HDI, flex-rigid) plus specialized RF/microwave components gives them a 'one-stop' competitive edge over commodity PCB suppliers.
• Supply Chain Resiliency: The strategic dual-footprint model-maintaining a strong presence in Asia while expanding US manufacturing capacity-mitigates geopolitical and supply chain risks for major customers, a critical factor in 2025.
• Financial Strength for Investment: Strong cash flow from operations, which was $141.8 million in Q3 2025, and a low net debt to last 12 months EBITDA ratio of approximately 1.0x gives them the financial flexibility to fund strategic capital expenditures and future growth initiatives.

The book-to-bill ratio of 1.15 in the third quarter of 2025 is a clear sign that new orders are outpacing shipments, so demand for their specialized products remains strong going into the end of the year.

TTM Technologies, Inc. (TTMI) How It Makes Money

TTM Technologies, Inc. (TTMI) makes money by manufacturing and selling highly engineered technology solutions, primarily advanced printed circuit boards (PCBs) and radio frequency (RF) components, which are critical components for complex systems. They essentially act as the high-reliability backbone supplier for major players in the aerospace, defense, and high-performance computing sectors.

Their business model centers on high-mix, low-to-moderate volume production of technologically advanced products, which commands a higher average selling price (ASP) and better margins than commodity PCB manufacturing. This focus on complex, mission-critical applications-like those for generative AI and missile defense-is defintely key to their profitability.

TTM Technologies' Revenue Breakdown

The company's revenue mix as of the third quarter of 2025 shows a clear strategic shift toward high-reliability, long-lifecycle markets, with Aerospace and Defense (A&D) being the dominant segment. The Data Center Computing and Networking segments are showing the most explosive growth, driven by artificial intelligence (AI) infrastructure demand.

Business Economics

The core economics of TTM Technologies are driven by technology and specialization, not just volume. They operate a capital-intensive model, meaning they need significant upfront investment in manufacturing facilities and specialized equipment to handle complex products like ultra-high density interconnect (HDI) PCBs and RF microwave assemblies.

• Pricing Power: Pricing is based on the complexity and mission-critical nature of the product, not just the raw materials. For instance, A&D contracts typically have long lifecycles and stable pricing, which acts as a hedge against cyclical market volatility.
• Cost Structure: The largest costs are materials (copper, laminates) and manufacturing overhead (labor, energy). High factory utilization is paramount; running their facilities near full capacity is the quickest way to expand operating leverage (where revenue grows faster than operating costs).
• Generative AI Tailwinds: Demand from Data Center Computing, specifically for generative AI applications, is driving the need for extremely high-layer count, advanced PCBs. This shift allows TTM Technologies to sell a higher-value product mix, which is why their margins are expanding, despite ongoing costs from new facility ramps like the one in Penang.
• Backlog Visibility: The company's long-term contracts, particularly the Aerospace and Defense program backlog of approximately $1.46 billion, provide excellent revenue visibility for the next few years. That's a huge buffer against a sudden economic slowdown.

TTM Technologies' Financial Performance

The company delivered a very strong performance in the first three quarters of 2025, demonstrating that their strategic focus on high-growth and high-reliability markets is paying off. You can see their commitment to long-term value creation in the Mission Statement, Vision, & Core Values of TTM Technologies, Inc. (TTMI).

• Revenue Growth: Net sales for the third quarter of 2025 were $752.7 million, representing a robust 22% year-over-year increase. For the nine months ended September 29, 2025, total sales reached $2.132 billion.
• Profitability Metrics: Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) for Q3 2025 was $120.9 million, translating to a healthy 16.1% margin on net sales. This margin expansion reflects the higher-value product mix.
• Earnings Per Share (EPS): Non-GAAP net income for Q3 2025 was a record $71.0 million, or $0.67 per diluted share, which beat analyst expectations.
• Cash Generation: Cash flow from operations was particularly strong in Q3 2025, reaching $141.8 million, or 18.8% of net sales. This strong cash generation is crucial for funding their strategic capital expenditures (CapEx) like the new facility in Wisconsin, which will further support domestic AI-driven demand.

TTM Technologies, Inc. (TTMI) Market Position & Future Outlook

TTM Technologies, Inc. is strategically pivoting toward high-value, regulated markets, primarily Aerospace & Defense and Data Center Computing, which positions the company for margin expansion despite broad market volatility. The firm's forward momentum is anchored by a strong program backlog and a decisive shift into advanced manufacturing capacity to meet generative AI demand.

You can see TTM Technologies' current focus is on becoming a specialized, high-mix manufacturer, moving away from lower-margin commercial printed circuit board (PCB) business. The company's full-year 2025 TTM revenue stands at approximately $2.78 billion, demonstrating solid execution in its core segments.

Competitive Landscape

Opportunities & Challenges

Industry Position

TTM Technologies operates in the vast global printed circuit board (PCB) market, which is estimated at approximately $78.18 billion in 2025. While the company's TTM revenue of $2.78 billion gives it a niche market share of about 3.6%, its true strength lies in its focus on the high-barrier-to-entry segments like defense and advanced computing.

The company is not a direct competitor to massive Electronics Manufacturing Services (EMS) providers like Jabil Inc., which reported fiscal year 2025 net revenue of $29.8 billion, or even Sanmina Corporation, with TTM revenue of roughly $8.04 billion. TTM's competitive advantage is its deep specialization in complex, high-reliability PCBs and RF components, particularly where high-mix, low-volume production is required.

• A&D is the largest segment, making up 45% of Q2 2025 revenue.
• The Q3 2025 book-to-bill ratio of 1.15 suggests demand is currently outpacing shipments, which is a key indicator of near-term revenue growth.
• Growth in the Networking segment surged by 52% year-over-year in Q2 2025, driven by requirements for generative AI.

To be fair, the company's reliance on its A&D backlog is defintely a source of stability, but it also makes the company highly dependent on government spending cycles. Anyway, the strategic shift to advanced technology manufacturing is the clear growth driver. If you want to dive deeper into the ownership structure, you should be Exploring TTM Technologies, Inc. (TTMI) Investor Profile: Who's Buying and Why?