TTM Technologies’ second quarter showed notable momentum, with the market reacting positively to results that surpassed Wall Street’s expectations. Management credited strong demand in both artificial intelligence (AI) and defense end markets as primary growth drivers, highlighting robust order pipelines and an 81% year-on-year increase in backlog. CEO Edwin Roks emphasized, “Approximately 80% of our net sales are related to these two megatrends,” and pointed to successful customer alignment in data center, networking, and aerospace programs.
Is now the time to buy TTMI? Find out in our full research report (it’s free for active Edge members).
TTM Technologies (TTMI) Q2 CY2026 Highlights:
- Revenue: $1.00 billion vs analyst estimates of $958.4 million (37.4% year-on-year growth, 4.8% beat)
- Adjusted EPS: $0.99 vs analyst estimates of $0.90 (10.3% beat)
- Adjusted EBITDA: $166.8 million vs analyst estimates of $157.4 million (16.6% margin, 5.9% beat)
- Revenue Guidance for Q3 CY2026 is $1.12 billion at the midpoint, above analyst estimates of $1.04 billion
- Adjusted EPS guidance for Q3 CY2026 is $1.24 at the midpoint, above analyst estimates of $1.10
- Operating Margin: 10.9%, up from 8.5% in the same quarter last year
- Market Capitalization: $13.77 billion
While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From TTM Technologies’s Q2 Earnings Call
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James Ricchiuti (Needham & Company) asked about the impact of the N+M scale-up on revenues and margins. CEO Edwin Roks and CFO Daniel Boehle explained that N+M will increasingly contribute to margins as yields improve, with a large portion of production expected in the second half of the year.
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James Ricchiuti (Needham & Company) also inquired about customer concentration, specifically 10% customers. Roks responded that large customers are well-distributed across commercial and defense segments, with a growing number of significant commercial customers.
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James Ricchiuti (Needham & Company) questioned Penang facility progress. Roks reported positive developments, noting Penang is very close to breakeven, which they hope to achieve in late Q3 or Q4, expanding anchor customer relationships, and beginning to support data center production alongside medical and industrial products.
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Steven Fox (Fox Advisors) explored the expanding aerospace and defense pipeline. Roks described a balanced business split between PCB and electronics integration, with strong demand in both munitions and advanced radar, and a $7 billion qualified pipeline.
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Michael Crawford (B. Riley Securities) probed supply chain risks for high-end PCB materials. Roks said supply issues are more pronounced in low-end automotive, while TTM has been able to secure needed materials for advanced products, protecting key growth segments.
Catalysts in Upcoming Quarters
In the coming quarters, TTM Technologies (NASDAQ: TTMI) will be closely watched for (1) the scale and profitability of the N+M ramp, especially as the Syracuse facility moves toward full capacity by 2028, (2) the successful integration and early performance of the newly acquired European businesses, and (3) the ability of TTM’s pipeline in defense and medical markets to convert into sustainable revenue growth. Progress in operational efficiency and supply chain management will also be key indicators of execution.
TTM Technologies currently trades at $132.66, up from $131.25 just before the earnings. At this price, is it a buy or sell? See for yourself in our full research report (it’s free).
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