TacticScaleWhat TTM Technologies Does & How It Makes Money (TTMI)
Updated October 2026 · reflects TTM Technologies's latest reported financials
Maker of printed circuit boards, RF components, and defense radar systems. TTM makes money by manufacturing and selling custom circuit boards, substrates, RF components and assemblies to equipment makers, contract manufacturers and distributors.
How TTM Technologies makes money
TTM makes money by manufacturing and selling custom circuit boards, substrates, RF components and assemblies to equipment makers, contract manufacturers and distributors. It also sells engineered radar, communication and surveillance systems to aerospace and defense customers and government agencies, and charges for design, testing and quick-turn production services.
What TTM Technologies does
TTM Technologies, founded in 1978 and based in Santa Ana, California, makes the physical building blocks of modern electronics. Its core product is the printed circuit board, along with the IC substrates that chips sit on. TTM sells these to equipment makers in data center computing, networking, automotive, medical, industrial and instrumentation markets, and it also offers layout design, simulation, testing and quick-turnaround production. TTM also has a large aerospace and defense business. It reports three segments: A&D, Commercial, and RF&S Components. On the defense side, the company builds complete mission systems, including the AN/APS-153 multi-mode radar, surveillance and weather-avoidance radar for aircraft, drones and ships, the communications suite on MH-60R/S helicopters, identification friend-or-foe and air traffic control systems, and MOSAIC-brand products for maritime surveillance, counter-UAS and advanced air mobility. Across both businesses it supplies specialized RF and microwave parts such as multi-chip modules, beamforming networks and ceramic components.
Products & services
- Printed circuit boards (PCBs) and IC substrates
- AN/APS-153 multi-mode radar
- MOSAIC-brand maritime surveillance and counter-UAS systems
- RF and microwave assemblies, beamforming and switching networks
- Surface-mount microwave components and ceramic RF components
- Quick turnaround (QTA) PCB production and design services
What is TTM Technologies worth?
On an owner-earnings DCF, TTM Technologies's most-likely value is about $17 versus a recent price near $121 (86% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$8) with a margin of safety — so the honest verdict here is “Stretched — richly priced.” Fair value earns its keep only at the extremes, not in the wide middle.
Today's $121 is above even the optimistic Bull case ($32) — the market expects faster, longer growth than modeled here. Expensive unless that extra growth actually shows up.
⚠ High leverage — net debt is 8.5× annual cash flow. Net debt is subtracted from this fair value, but refinancing at higher rates, principal timing, and share dilution aren’t modeled — the equity can be worth far less if cash flow weakens.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
Related companies
Founder Technology (600601.SS) · Teledyne Technologies (TDY) · CTS (CTS) · Teradyne (TER) · TE Connectivity (TEL)