TTM Technologies, Inc. (TTMI): BCG Matrix [Dec-2025 Updated]

You're looking to see where TTM Technologies, Inc. is putting its chips for the next few years, so let's cut right to the chase on their portfolio as of late 2025. We see massive momentum in the Stars, with Networking exploding by 52% and Data Center surging 44% on generative AI demand, all while the $1.46 billion Aerospace & Defense backlog provides a solid floor. The Medical, Industrial & Instrumentation segment is reliably churning out cash-like the $141.8 million in Q3-to feed these high-flyers, but you'll notice the Automotive segment is a clear Dog, shrinking 1% year-over-year. The real strategic gamble lies in the Question Marks, where new capacity investments are heavy, so keep reading to see exactly how these four quadrants shape the investment thesis for TTM Technologies, Inc.

Background of TTM Technologies, Inc. (TTMI)

TTM Technologies, Inc. (TTMI) is a leading global manufacturer of technology solutions, and you should know that TTM actually stands for Time-To-Market, which speaks to their initial mission of speed in delivering products. The company organizes its operations into two primary segments: Printed Circuit Boards (PCB) and RF & Specialty Components. They offer a wide array of engineered systems, including RF and microwave assemblies, high-density interconnect (HDI) PCBs, flexible PCBs, and various advanced ceramic and passive RF components. This isn't just about making boards; it's about providing critical, time-critical, one-stop manufacturing services globally.

Honestly, TTM Technologies has defintely evolved over the past decade, strategically pivoting away from the volatile, thin-margin consumer electronics space. The current focus is squarely on high-barrier-to-entry segments where their engineered solutions are mission-critical. As of late 2025, this strategy is paying off, with significant exposure to Aerospace & Defense (A&D), Data Center Computing-largely driven by generative AI demand-and the networking sector. For instance, A&D revenue represented about 45% of total sales in a recent quarter, and the A&D program backlog stood at a robust $1.46 billion as of Q3 2025.

Looking at the numbers as of late 2025, the momentum is clear. TTM Technologies posted trailing twelve months (TTM) revenue of $2.78 Billion USD. For the third quarter ending September 29, 2025, net sales hit $752.74 million, which was a strong 22.09% growth year-over-year for that quarter. Furthermore, their non-GAAP Earnings Per Share (EPS) for that same quarter reached $0.67, beating analyst expectations and showing solid execution against their strategic goals. The company's gross margin has also improved, sitting around 20.2% recently.

Operationally, TTM Technologies maintains a substantial footprint, running 23 specialized facilities across North America and Asia, including plants in China and Malaysia. To support the pivot toward domestic high-volume production for key markets like data center computing, they recently announced the acquisition of a large facility in Eau Claire, Wisconsin. This move, along with their focus on achieving certifications like CMMC Level 2, underscores their commitment to supporting high-reliability and secure supply chains for their key customers.

TTM Technologies, Inc. (TTMI) - BCG Matrix: Stars

You're looking at the segments within TTM Technologies, Inc. (TTMI) that are clearly leading their markets and showing explosive growth-these are your Stars. They demand heavy investment to maintain that high market share in a fast-expanding space, but that's the right place to put your capital right now.

Aerospace & Defense (A&D) is the largest segment, contributing approximately 45% of Q2 2025 sales. This segment is a bedrock for TTM Technologies, and it's not slowing down; A&D revenue grew a strong 21% year-over-year in Q2 2025, outpacing overall market growth. Honestly, that kind of sustained, large-base growth is what you want to see from a market leader.

The real rocket fuel, though, is coming from the digital infrastructure side. Data Center Computing is a major growth engine, with Q3 2025 sales up a massive 44% year-over-year, driven by generative AI. Also, the Networking segment saw massive 52% year-over-year growth in Q2 2025, reflecting high demand for high-speed infrastructure. These high-growth areas are consuming cash to scale, but they are defining the future market share for TTM Technologies.

Here's a quick look at how these high-growth segments performed in Q2 2025, which clearly positions them as Stars:

The A&D program backlog of $1.46 billion provides strong revenue visibility well into 2026. This backlog is key because it shows the market share TTM Technologies has locked in for its mission-critical products, even as the company pours resources into scaling the AI-related segments.

You can see the immediate impact of this focus on growth in the recent quarterly performance metrics:

• Net sales in Q3 2025 reached $752.7 million, up 22% year-on-year.
• Cash flow from operations in Q3 2025 was $141.8 million, or 18.8% of net sales.
• Non-GAAP operating margins were 16.1% in Q3 2025.
• The A&D segment's backlog of $1.46 billion secures future revenue.

If TTM Technologies can sustain this success as the high-growth AI and data center markets mature, these segments will transition beautifully into Cash Cows. Finance: confirm Q4 2025 capital expenditure allocation to Data Center and Networking by Monday.

TTM Technologies, Inc. (TTMI) - BCG Matrix: Cash Cows

You're looking at the segments within TTM Technologies, Inc. (TTMI) that are mature, hold a strong market position, and reliably pump out cash to fund the riskier parts of the business. These are your Cash Cows, and the Medical, Industrial & Instrumentation (MII) segment fits this profile well, even with recent upside.

The MII segment is a stable, high-barrier-to-entry market, representing approximately 14% of TTM Technologies, Inc.'s Q3 2025 sales. This segment generates solid cash flow, despite its recent 28% Q2 2025 growth, as it operates in mature, high-reliability niches. The core, non-advanced PCB manufacturing lines provide a stable revenue base against the overall PCB market's moderate 5.24% CAGR. This stability is what makes it a Cash Cow; it doesn't need massive investment to grow, just maintenance to keep the cash flowing.

The financial output from these stable operations in Q3 2025 was impressive. Strong cash flow from operations was $141.8 million, which translated to 18.8% of net sales for the quarter. That cash is critical; it funds the big bets TTM Technologies, Inc. is making elsewhere.

Here's a look at how the cash generation stacked up in that third quarter:

To be fair, not every mature market is perfectly stable; you see some segments contracting, which is typical for older product cycles. For instance, the Automotive segment, which is also mature, represented about 11% of Q3 2025 sales, down from 14% year-over-year, due to customer inventory adjustments. This contrast highlights why the MII segment, with its 28% Q2 growth, is a preferred source of reliable funding.

The purpose of these cash-generating units is clear when you look at the company's overall strategy. You use this reliable cash to support the rest of the portfolio. Think about what that $141.8 million in operating cash flow is doing for TTM Technologies, Inc.:

• Fund high-growth Question Mark investments.
• Cover general administrative costs.
• Service corporate debt obligations.
• Support necessary infrastructure upgrades for efficiency.

The focus here is on maintaining productivity, not aggressive market share grabs, because the market growth rate is already low, pegged near the 5.24% CAGR for the broader PCB space. You want to keep the machinery running efficiently, perhaps investing in process improvements that boost that 18.8% cash flow margin, rather than spending heavily on promotion.

TTM Technologies, Inc. (TTMI) - BCG Matrix: Dogs

When we look at the portfolio of TTM Technologies, Inc. (TTMI), the Automotive segment clearly falls into the Dogs quadrant. This means you're dealing with a business unit that operates in a low-growth market and holds a low relative market share. Honestly, these units are where capital gets tied up without much return.

The Automotive segment is the clear underperformer, declining 1% year-over-year in Q2 2025. That small contraction, while seemingly minor, acts as a relative drag on the company's otherwise stellar growth. To be fair, TTM Technologies posted total revenue growth of 21% year-over-year in that same quarter, hitting $730.6 million.

This segment is a smaller, non-strategic part of the business, accounting for only 11% of total sales in Q2 2025, down from 14% in Q2 2024. Management is actively pivoting away from this segment to focus on higher-margin A&D (Aerospace & Defense) and AI-related markets. The strategic shift is evident in the guidance, where the Automotive share is expected to fall further to approximately 10% of revenue in Q3 2025.

Here's a quick look at how the underperformer stacks up against the overall company performance for Q2 2025:

This segment faces inventory and soft demand headwinds, acting as a relative drag on overall performance. The strategy here is clear: minimize exposure and redeploy resources. Expensive turn-around plans usually don't help Dogs, and for TTM Technologies, the focus is on divestiture by neglect, letting the high-growth areas pull the overall results forward.

The characteristics defining this Dog position include:

• Declined 1% year-over-year in Q2 2025.
• Represents about 10-11% of total sales.
• Management is prioritizing Aerospace & Defense (which hit 45% of sales in Q2 2025) and AI-driven segments.
• The combined 'defense + AI' vertical is now driving approximately 80% of all TTMI's sales, making Automotive a clear outlier.

You're looking at a unit that isn't consuming massive cash, but it isn't contributing meaningfully to the growth story either. Finance: draft the Q3 cash flow projection assuming Automotive remains flat or slightly negative for the remainder of the fiscal year by Monday.

TTM Technologies, Inc. (TTMI) - BCG Matrix: Question Marks

Question Marks represent business units operating in high-growth markets but currently holding a low market share. These areas consume significant cash as TTM Technologies, Inc. invests to capture future market potential, yet they generate low immediate returns due to that low share.

The RF and Specialty Components (RF&S) segment exemplifies this quadrant for TTM Technologies, Inc. For the third quarter of 2025, this segment registered net sales of only $10.4 million. This low revenue contribution, despite being in a growing market, highlights its Question Mark status. TTM Technologies, Inc. is clearly signaling this segment as a strategic focus for expansion, particularly through mergers and acquisitions (M&A) and organic growth initiatives, even as its current market penetration remains limited.

The capital deployment associated with building out future capacity is substantial, reflecting the high investment needed to shift this segment toward a Star position. The company's overall capital expenditure guidance for 2025 is set in the range of $235-255 million. A significant portion of this outlay is directed toward strategic capacity additions, which are currently in the ramp-up phase and thus incurring short-term operating costs without delivering full returns.

Key investments supporting the growth thesis for these Question Marks include:

• The new manufacturing site in Penang, Malaysia, represents a high-growth investment.
• The Penang facility has an anticipated full run rate revenue target of about $180 million by 2025.
• The initial investment for the Penang plant was $200 million.
• The facility is already designed to support a Phase 2 expansion that could increase capacity by 25%.
• The Wisconsin facility acquisition, aimed at advanced U.S.-based production, is a capital-intensive move.

You can see the scale of the investment versus the current segment revenue here:

The strategy for TTM Technologies, Inc. here is clear: heavy investment is required to rapidly gain market share in these growing areas, or the assets risk becoming Dogs. The Penang facility, for instance, is positioned to support high-volume production for commercial markets including data center computing, networking, medical, industrial, and instrumentation. The Wisconsin acquisition of a 750,000-square-foot facility, previously owned by TDK, is intended to accelerate the timeline for high-volume, advanced technology PCB production in the U.S., directly addressing customer needs for supply chain diversification.

Overall company performance in Q3 2025 shows strong underlying momentum, which provides the cash flow necessary to fund these Question Mark investments. Total net sales for TTM Technologies, Inc. reached $752.7 million, with non-GAAP net income hitting a quarterly record of $71.0 million. Cash flow from operations was robust at $141.8 million for the quarter. This financial strength supports the aggressive capital allocation, as the company's cash position was $414 million as of March 2025, with a Debt-to-Equity ratio of 64% at that time. The market consensus for full-year 2025 revenue was $2.88 billion, and the guidance for Q4 2025 revenue was between $730 million and $770 million. These figures suggest the core business is funding the high-growth, cash-consuming Question Marks.

TTM Technologies, Inc. must see these investments translate into market share gains quickly. If the Penang facility hits its $180 million run-rate revenue target by the end of 2025, and the Wisconsin site begins contributing meaningfully, the RF&S segment could transition out of the Question Mark quadrant. Finance: draft 13-week cash view by Friday.