TTMI Nasdaq Russell 1000 Earnings call
TTM Technologies (TTMI) · Q2 2026 results and valuation
Share price: $78.70 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 5 Aug 2026 and 29 Apr 2026
Net income up 66.1% on the previous quarter. Management sounded about as positive as a typical company call, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+66.1%
Net income vs Q1 2026
Outlook given
Net income 83.0M vs 50.0M
Revenue +18.7%
Against the same quarter last year (Q2 2025) it is +100.0%, so it is not just seasonal.
2 · How management spoke
Typical
Less upbeat than 63% of company calls
Answers to analysts: typical, in line with the script.
Similar to last call.
3 · What stood out
Guidance
TTMI expects this end market to represent 32% of total sales in the third quarter of 2026, continuing both year-on-year and sequential growth.
Valuation
Is TTM Technologies undervalued?
Reverse DCF. Average free cash flow of the last three fiscal years (the last year was negative) (2025-12-29), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
The projected cash flow doesn't cover the debt, so the price is far above the model's fair value.
Current price
$78.70
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+48.5% for 10 yrs
Fair value / share
$-1.21
Buy below
$-0.91
Price vs fair value
n/a
Price vs buy-below price
n/a
Read between the lines
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Guidance
Selling and administrative costs are expected to run about 7% of net sales in the third quarter, and research spending about 1%.
Source quote
“We expect SG&A expense to be approximately 7% of net sales in the third quarter and R&D expenditures to be approximately 1% of net sales.”
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Figure
The company is tracking ahead of its plan to achieve at least $4 billion in net sales in 2026.
Source quote
“We are tracking well ahead of our previously communicated plan to achieve at least $4 billion in net sales in 2026, and our earnings...”
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Fading
The company reported that the aerospace and defense segment accounts for 50% of the business, while communication and guidance systems comprise approximately 25%.
Source quote
“If you look at, let's say, aerospace and defense, the breakdown is about 50% of the aerospace and defense business... So that's what we did. Then we have about, let's say, 25% communication, mostly communication related, some guidance systems, these type of things.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“In this market, technology demand has been robust across our diverse set of customers, and we are particularly excited for our growth momentum as we've initiated the early stage of...”
“Sales grew 37% year-on-year reflecting continued demand strength in our data center and networking end market driven by the requirements of AI while our medical, industrial and instrumentation, and aerospace...”
“Second, our adjusted EBITDA for the second quarter of 16.6%, reflecting strong operating performance, leading to another all-time high record and quarterly non-GAAP EPS of $0.99.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-29)
| Metric | Q2 2026period end 2026-06-29 | Q1 2026period end 2026-03-30 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 1.00B | 846.0M | +18.7% | 730.6M | +37.4% |
| Gross profit | 211.9M | 181.2M | +16.9% | 148.1M | +43.0% |
| Operating income | 109.1M | 72.4M | +50.5% | 61.8M | +76.6% |
| Net income | 83.0M | 50.0M | +66.1% | 41.5M | +100.0% |
| EPS | 0.77 | 0.47 | +63.8% | 0.40 | +92.5% |
| P/E today 60.0 | 84.1 | 48.0 | +36.1 | 45.9 | +38.2 |
Topics
Most discussed now
- At TTM Technologies, TTM Technologies is focused on designing and manufacturing complex advanced interconnect products and printed circuit…
- During the second quarter, TTM Technologies also recognized a noncash pretax unrealized loss in the amount of $14 million from changes...
- Key financial highlights are also summarized in the earnings presentation posted on TTM Technologies' website.
- TTM Technologies sees very nice things happening both on the munition side.
- It looks like sometimes TTM Technologies is the only supplier in the U.S., so this is very helpful....
Faded since Q1 2026
- Fading GAAP operating income for the first quarter of 2026 was $72.4 million compared to comp operating income for the first...
- Fading TTM Technologies is identifying, let's say, its anchor customers like it did in Penang.
- Fading TTM Technologies spokes about the headwinds of 160 basis points, bringing that back, so let's say, in half to 80 basis...
- Fading If you look at the aerospace and defense and by the way, you probably saw in the earnings that TTM Technologies...
Latest announcements
Official filings, newest first.
- Material agreement; New financial obligation; Regulation FD disclosure; Other events · SEC 8-K
- Material agreement; New financial obligation; Change to shareholder rights · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Material agreement; Regulation FD disclosure · SEC 8-K
- Results of operations · SEC 8-K
- Other events · SEC 8-K
- Material agreement; Agreement terminated; New financial obligation; Change to shareholder rights; Regulation FD disclosure · SEC 8-K
- Regulation FD disclosure · SEC 8-K