Business Model
TTM Technologies is the largest PCB manufacturer in North America and the largest supplier of
printed circuit boards to the U.S. military. The company operates across four end markets --
Aerospace & Defense, Data Center & Networking, Medical/Industrial/Instrumentation, and Automotive --
with a rapid mix shift toward higher-growth AI data center demand while maintaining its defense moat.
Revenue by End Market
| End Market | % of Revenue | Trend |
|---|---|---|
| Aerospace & Defense | 40% | Declining from 47% as DC accelerates |
| Data Center & Networking | 36% | Accelerating from 21% to 36% |
| Medical/Industrial/Instrumentation | 16% | Stable |
| Automotive | 8% | Stable/declining share |
Operating Segments
Aerospace & Defense segment -- Serves the U.S. military and prime defense
contractors with ITAR-certified, high-reliability PCBs. 12-24 month qualification cycles create switching costs.
Commercial segment -- Covers data center, networking, MI&I, and automotive. This is where AI-driven growth is concentrated, particularly in high-layer-count boards for switches, routers, and GPU interconnects.
RF&S Components segment -- Specialty RF components and substrates. Smaller contributor. Took a $32.6M goodwill impairment in Q4 2024.
Commercial segment -- Covers data center, networking, MI&I, and automotive. This is where AI-driven growth is concentrated, particularly in high-layer-count boards for switches, routers, and GPU interconnects.
RF&S Components segment -- Specialty RF components and substrates. Smaller contributor. Took a $32.6M goodwill impairment in Q4 2024.
Key Facilities
| Facility | Focus | Status |
|---|---|---|
| Syracuse, NY | Advanced PCB / defense | Major expansion -- H2 2026 online |
| Penang, Malaysia | Commercial / data center | Ramping -- slight delay to breakeven |
| Eau Claire, WI | Defense / aerospace | Operational |
| Shanghai | Commercial | Operational |
| UK (planned) | European expansion | Planned |
Key Business Metrics
A&D Backlog
$1.6B
~4.7 quarters of visibility
Book-to-Bill
1.41x
Commercial: 1.65x
Revenue Growth Target
15-20%
Annual, organic only
FY2026 CapEx
$300-320M
Syracuse + Penang expansions
Management targets: Double earnings from 2025 to 2027, 15-20% annual
revenue growth, all organic (no acquisitions). The strategy is straightforward -- ride the AI data center
buildout while maintaining the defense franchise as a stable base. Revenue mix is shifting rapidly: A&D has
declined from 47% to 40% of revenue as Data Center & Networking has surged from 21% to 36%.
Data sourced from Daloopa, TTM Technologies filings, and earnings call transcripts.