TTM Technologies has shifted from a conventional PCB cycle story toward a mix of AI data-center interconnect and defense electronics, but the balance sheet is moving in the opposite direction. Q2 2026 sales crossed $1.0 billion, up 37% year over year; GAAP diluted EPS was $0.77, adjusted EBITDA margin 16.6%, book-to-bill 1.49 and aerospace/defense backlog exceeded $1.7 billion. Management guided Q3 revenue to $1.10-$1.14 billion and raised FY2026 revenue to about $4.4 billion with non-GAAP EPS approaching $5.00. AI demand transmits through higher-layer, higher-speed PCBs and substrates used in switches, accelerators and networking, while defense supplies a separate, backlog-supported engine. The problem is leverage: the Epiq acquisition is all-cash and the current snapshot already shows $1.10 billion debt against $508 million cash. At 27.7x EV/EBITDA the multiple requires successful integration and sustained mix gains. Wait: the $123.36 geometry is archival, not armed. TTMI first needs a fresh RTH structure with dated volume evidence; until then sizing and order fields remain inactive.
TTM manufactures advanced printed circuit boards, RF components and mission-system assemblies. Revenue depends on volume, layer count, technology content and utilization across data-center networking, aerospace/defense, automotive, medical and industrial programs.
AI reaches TTM through the physical interconnect: accelerators, high-radix switches and power-dense racks require high-speed, high-layer-count boards with tighter signal-integrity tolerances. Data-center/networking mix therefore raises content per system, while aerospace/defense adds long-cycle programs and a $1.7B-plus backlog.
The model breaks if hyperscale builds pause, customers redesign boards, yields or utilization disappoint, or defense programs slip. The Epiq acquisition adds capabilities but also all-cash funding, execution and leverage risk just as the equity multiple assumes continued margin expansion. A 1.49 book-to-bill and backlog above $1.7B support visibility, yet aerospace and defense mix carries program, qualification and working-capital timing risk. The critical test is converting data-center demand into margin without allowing acquisition integration or copper and laminate costs to absorb the revenue gain.
| Segment | Revenue | % Total | Description |
|---|---|---|---|
| Reportable segment: Aerospace & Defense | $382.8M Q2 2026 segment sales | 38.1% of consolidated sales | PCBs, assemblies, microelectronics, RF/microwave and mission systems. Q2 segment operating income was $63.9M, a 16.7% margin, versus $48.1M a year earlier. |
| Reportable segment: Commercial | $621.6M Q2 2026 segment sales | 61.9% of consolidated sales | PCBs for data-center networking, automotive, medical, industrial and instrumentation customers. Q2 segment operating income was $112.7M, an 18.1% margin; AI-server exposure remains an end-market driver, not another segment. |
| Metric | Value | Signal |
|---|---|---|
| Q2 2026 net sales | $1.004B | +37% YoY; record |
| Q2 2026 GAAP diluted EPS | $0.77 | Non-GAAP EPS $0.99 |
| Q2 adjusted EBITDA | $166.8M | 16.6% non-GAAP margin |
| Q2 book-to-bill | 1.49 | A&D backlog >$1.7B |
| Q3 2026 revenue guide | $1.10B-$1.14B | Excludes pending acquisitions |
| Trailing EV/EBITDA | 27.7x | As of 2026-08-28, $13.52B EV equals $12.93B market cap plus $1.10B debt less $0.508B cash; divided by $0.489B trailing EBITDA, 27.7x is a premium versus PCB history before Epiq debt. |
| Trailing EV/Revenue | 4.0x | As of 2026-08-28, $13.52B EV divided by $3.38B TTM revenue equals 4.0x, above historical PCB-sector multiples and implies sustained AI and defense mix. |
| Revenue (TTM) | $3.38B | 37.4% YoY |
| Gross Margin | 21.2% | Reported |
| Operating Margin | 10.9% | Profitable |
| Net Margin | 7.0% | Positive |
| ROE | 13.3% | Capital efficiency |
| Cash | $507.9M | Liquidity; sector accounting may limit direct debt netting |
| Debt | $1.10B | Balance-sheet claim |
| Intrinsic-value model | N/A | Fail-closed: insufficient or non-economic output |
| Value / quality panel | 1 positive / 4 negative / 0 neutral | bearish / confidence 71 |
| Fundamental grade audit | 71/100 (B) | base +55, growth +14, grossMargin +2, operatingMargin +5, earningsGrowth +5, roe +0, balanceSheet +0, qualityBoard -6, capitalStructure -1, controls +0; capped score 71/100 |
| Quarter | EPS Actual | EPS Est. | Surprise | Revenue |
|---|---|---|---|---|
| 3Q2025 | $0.67 | $0.60 | 11.2% | - |
| 4Q2025 | $0.70 | $0.68 | 2.6% | - |
| 1Q2026 | $0.75 | $0.67 | 12.4% | - |
| 2Q2026 | $0.99 | $0.90 | 10.3% | - |
Q2 2026 net sales were $1.004B, up 37% YoY. GAAP net income was $83.0M, or $0.77 per diluted share; non-GAAP net income was $106.9M, or $0.99 per diluted share. Adjusted EBITDA was $166.8M, or 16.6% of sales, operating cash flow was $96.4M and total book-to-bill was 1.49. Q3 guidance is $1.10-$1.14B revenue and $1.21-$1.27 non-GAAP EPS; FY2026 revenue is about $4.4B with non-GAAP EPS approaching $5.00. Guidance excludes pending acquisitions, making Epiq's eventual purchase accounting and financing the key caveat. — Next: 2026-11-04
No structured transaction table was captured.
TTM reported 105.343M shares outstanding on June 29, 2026. Q2 weighted-average shares were 104.291M basic and 107.583M diluted, including a 3.292M increment from PRUs, RSUs and options; 0.084M additional awards were anti-dilutive. The 107.583M quarterly diluted average is the minimum observable denominator, while a current point-in-time theoretical fully diluted count remains unavailable. TTM's $1.1B all-cash Epiq agreement is backed by committed $300M term-loan A and $800M seven-year term-loan B facilities plus a possible $77M regulatory termination fee. Those are acquisition debt claims, not common issuance.
3 decision-relevant primary filing(s) are displayed with accession-specific findings. Grade B measures fundamentals; trade state wait measures timing and is evaluated separately.
| Date | Form | Accession | What the filing changes |
|---|---|---|---|
| 2026-08-05 | 10-Q | 0001193125-26-335107 | The Q2 Form 10-Q reports $382.8M Aerospace & Defense segment sales with $63.9M operating income and $621.6M Commercial sales with $112.7M operating income. It also reconciles 104.291M basic to 107.583M diluted weighted-average shares, with 0.084M anti-dilutive awards excluded. |
| 2026-08-17 | 8-K | 0001193125-26-353148 | The August 17 Form 8-K records a $1.1B cash purchase of Epiq Solutions, committed $300M term-loan A and $800M seven-year term-loan B funding, and a $77M regulatory termination fee; this is acquisition debt, not equity issuance. |
| 2026-02-17 | 10-K | 0001193125-26-051976 | The FY2025 Form 10-K supplies the audited PCB and RF operating baseline, customer and end-market concentration, debt covenants and manufacturing risks used to judge the later Epiq acquisition and incremental secured borrowing. |
TTMI point-in-time short-interest context only; no acceleration claim without a comparable dated series.
Unusual Activity: No unusual activity confirmed
| RSI (14) | 41.0 |
| EMA 20 | $125.31 |
| EMA 50 | $137.04 |
| EMA 200 | $121.30 |
| MACD | -6.483 |
| Signal | -6.731 |
| ATR (14) | $9.21 |
| Wyckoff | Transitional |
Wait: the $123.36 geometry is archival, not armed. TTMI first needs a fresh RTH structure with dated volume evidence; until then sizing and order fields remain inactive. For TTMI, only stop $120.38, TP1 $145.80 and TP2 $149.94 are dated structural pivots through 2026-08-27; entry $123.36 has no observed provenance. TTMI requires a newly observed regular-session structure before execution can be reconsidered. Daily indicators and pivots run only through the 2026-08-27 close.
| Indicator | Value | Signal |
|---|---|---|
| Reference close | 2026-08-27 | Daily structure is point-in-time controlled |
| Quote snapshot | 2026-08-28T13:42:51Z | Exact timestamp; not represented as a publication-time live quote |
| Opening observation | 2026-08-28T13:30:00Z | TTMI: no executable regular-session level is established by this frozen observation. |
Regime: risk-on
TTM sits inside the physical interconnect and defense supply chains. AI cluster growth raises demand for high-speed, high-layer-count boards; defense budgets support RF and mission systems. The blast radius includes hyperscaler build schedules, copper/material costs, U.S. defense procurement and acquisition funding, so NVIDIA strength alone cannot validate TTM's margins.
TTM's growth is real and supported by book-to-bill, but the equity now combines cyclical manufacturing, a 27.7x EV/EBITDA multiple and all-cash acquisition leverage. The principal risk is that Epiq funding and integration consume the margin gains investors are paying for. Retail execution is separately constrained: TTM can gap on defense awards or Epiq closing news, and acquisition leverage can widen the spread. Wait: the $123.36 geometry is archival, not armed. TTMI first needs a fresh RTH structure with dated volume evidence; until then sizing and order fields remain inactive.
Backlog and book-to-bill measure demand, not profitability. For a PCB manufacturer, pair them with gross margin, adjusted EBITDA, cash conversion and acquisition leverage before treating revenue growth as quality. For TTM Technologies, Inc., gap behavior and liquidity, spread or slippage are not established for this dormant structure; the sizing implication is zero, event timing must be rechecked, and the old level must not be chased or anticipated.
TTMI: directional flow remains unscored because no dated, inspectable transaction-level source was captured.
TTM's record Q2 sales, 1.49 book-to-bill and more than $1.7B of defense backlog support growth, while the $1.1B Epiq purchase adds leverage and integration risk. The $120.3799 stop and $145.80/$149.94 targets are dated pivots but must be revalidated against that trigger. Wait: the $123.36 geometry is archival, not armed. TTMI first needs a fresh RTH structure with dated volume evidence; until then sizing and order fields remain inactive. TTMI's dated $120.38 stop and $145.80/$149.94 targets remain analytical references, not operational instructions.
Backlog and book-to-bill measure demand, not profitability. Current trade state: wait.
This analysis is provided for informational and educational purposes only. It does not constitute financial advice, investment recommendation, or solicitation to buy or sell any security.
Past performance is not indicative of future results. All investments involve risk, including the possible loss of principal. Always conduct your own research and consult a licensed financial advisor before making investment decisions.
Data comes from point-in-time market snapshots, company filings, Yahoo Finance, SEC EDGAR, and public market data. Accuracy is not guaranteed.
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