TTM Technologies (TTMI) Shares Drop -6.3% Over Past Month Despite Record Revenue
Key Takeaways
- TTMI shares declined approximately 6.3% over the past 30 days, closing at $137.21 on August 7, 2026, compared with $146.44 on July 10, 2026.
- The company posted record Q2 2026 revenue of $1.0 billion, up 37% year-over-year, with non-GAAP EPS of $0.99 surpassing analyst estimates.
- Data Center and Networking revenue surged 91% year-over-year, accounting for 40% of quarterly sales, fueled by AI infrastructure demand.
- The stock has pulled back sharply from its 52-week high of $223.83 reached in late June, reflecting post-earnings volatility and profit-taking.
- Management raised full-year 2026 revenue guidance to approximately $4.4 billion, with non-GAAP EPS approaching $5.
- Pending acquisitions of Swiss Technology Group and ILFA mark TTM's strategic entry into the European printed circuit board market.
Current Market Snapshot
TTMI shares closed at $137.21 on August 7, 2026, reflecting a 6.3% decline over the trailing 30-day period. The stock has shown notable volatility after reaching its late-June peak above $220, with the pullback gaining momentum into late July and early August. This move coincided with the company’s Q2 earnings release on August 5, where GAAP EPS of $0.77 missed consensus estimates of $0.90—primarily due to a $14 million non-cash unrealized loss on a cross-currency swap—even as non-GAAP results comfortably exceeded expectations. With a market capitalization near $13.6 billion and a beta of 2.14, TTMI remains a high-volatility name that continues to attract attention from growth-oriented and AI-thematic investors.
TTM Technologies’ Business and Competitive Position
TTM Technologies is one of the world’s largest manufacturers of printed circuit boards, radio frequency components, and advanced interconnect solutions. The company serves a diversified set of end markets, including aerospace and defense, data center and networking, medical and industrial instrumentation, and automotive. TTM operates manufacturing facilities across North America and Asia, with recent capacity expansions in Syracuse, New York, and Penang, Malaysia. Approximately 80% of the company’s net sales are now tied to artificial intelligence and defense megatrends, according to CEO Edwin Roks, positioning TTM as a key beneficiary of sustained investment in AI data center infrastructure and priority defense programs. The company’s competitive moat rests on its advanced manufacturing capabilities—including ultra-HDI and asymmetrical N+M interconnect technology—alongside deep customer relationships with major defense contractors and hyperscale data center operators. I also checked this using Tickeron’s AI Screener to see how the stock compares to others in the industry.
Recent Developments Driving TTMI
The most consequential recent development was TTM’s Q2 2026 earnings report on August 5. The company delivered its first-ever $1 billion revenue quarter, with non-GAAP EPS of $0.99 beating estimates by nearly 10%. Data Center and Networking revenue grew 91% year-over-year, driven by AI-related demand for advanced interconnect solutions, while the Aerospace and Defense segment posted 14% growth with a book-to-bill ratio of 1.3 and a program backlog that reached $1.7 billion. However, GAAP EPS fell short of consensus due to a non-cash currency hedge loss, and the stock initially traded lower following the report.
Beyond earnings, TTM has begun early-stage volume production of its N+M asymmetrical interconnect PCBs, with management targeting approximately $600 million in N+M revenue during the second half of 2026. The company also announced two European acquisitions—Swiss Technology Group, a MedTech interconnect specialist, and ILFA, a German PCB manufacturer—marking its first direct manufacturing presence in Europe. Meanwhile, the ribbon-cutting at the Syracuse ultra-HDI facility and Phase 1 completion of the Penang expansion signal ongoing capacity investments. On the sentiment front, analysts at B. Riley and Stifel Nicolaus raised price targets to $208 and $205, respectively, following Q1 results, though the stock’s sharp decline from June highs also coincided with insider selling activity totaling approximately $17.2 million and a downgrade to “hold” from Wall Street Zen in mid-June.
2026 Outlook and What Investors Should Watch
TTM Technologies enters the second half of 2026 with elevated expectations. Management guided Q3 revenue to $1.10–$1.14 billion and non-GAAP EPS to $1.21–$1.27, both above analyst consensus. The N+M PCB production ramp is the single most important operational catalyst—roughly $600 million in second-half revenue is tied to this advanced technology, with yields and volume execution critical to margin expansion. The Syracuse facility’s volume ramp, Penang’s path to breakeven, and the closing of the STG and ILFA acquisitions all represent milestones investors should monitor closely.
Key risks include customer and end-market concentration, as nearly 77% of revenue now comes from data center, networking, and aerospace and defense. Heavy capital expenditures—the 2026 capex range was raised by approximately $45 million—will continue to absorb free cash flow and could pressure near-term returns if ramps underperform projections. Broader macroeconomic factors, including interest rate policy and AI infrastructure spending trajectory, will also influence sentiment. Analyst consensus remains broadly constructive, with an average price target of $212, though the stock’s post-earnings pullback signals that investors are demanding tangible execution before re-rating shares higher.
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TTMI's RSI Oscillator ascends from oversold territory
The RSI Indicator for TTMI moved out of oversold territory on August 25, 2026. This could be a sign that the stock is shifting from a downward trend to an upward trend. Traders may want to buy the stock or call options. The A.I.dvisor looked at 31 similar instances when the indicator left oversold territory. In 28 of the 31 cases the stock moved higher. This puts the odds of a move higher at 90%.
Technical Analysis (Indicators)
Bullish Trend Analysis
The Stochastic Oscillator suggests the stock price trend may be in a reversal from a downward trend to an upward trend. 40 of 49 cases where TTMI's Stochastic Oscillator exited the oversold zone resulted in an increase in price. Tickeron's analysis proposes that the odds of a continued upward trend are 82%.
The Moving Average Convergence Divergence (MACD) for TTMI just turned positive on August 27, 2026. Looking at past instances where TTMI's MACD turned positive, the stock continued to rise in 36 of 48 cases over the following month. The odds of a continued upward trend are 75%.
Following a +8.06% 3-day Advance, the price is estimated to grow further. Considering data from situations where TTMI advanced for three days, in 264 of 332 cases, the price rose further within the following month. The odds of a continued upward trend are 80%.
TTMI may jump back above the lower band and head toward the middle band. Traders may consider buying the stock or exploring call options.
Bearish Trend Analysis
The Momentum Indicator moved below the 0 level on September 21, 2026. You may want to consider selling the stock, shorting the stock, or exploring put options on TTMI as a result. In 46 of 75 cases where the Momentum Indicator fell below 0, the stock fell further within the subsequent month. The odds of a continued downward trend are 61%.
Following a 3-day decline, the stock is projected to fall further. Considering past instances where TTMI declined for three days, the price rose further in 50 of 62 cases within the following month. The odds of a continued downward trend are 68%.
Fundamental Analysis (Ratings)
The Tickeron Price Growth Rating for this company is 43 (best 1 - 100 worst), indicating steady price growth. TTMI’s price grows at a higher rate over the last 12 months as compared to S&P 500 index constituents.
The Tickeron Profit vs. Risk Rating rating for this company is 50 (best 1 - 100 worst), indicating well-balanced risk and returns. The average Profit vs. Risk Rating rating for the industry is 67, placing this stock slightly better than average.
The Tickeron PE Growth Rating for this company is 52 (best 1 - 100 worst), pointing to average earnings growth. The PE Growth rating is based on a comparative analysis of stock PE ratio increase over the last 12 months compared against S&P 500 index constituents.
The Tickeron Valuation Rating of 59 (best 1 - 100 worst) indicates that the company is fair valued in the industry. This rating compares market capitalization estimated by our proprietary formula with the current market capitalization. This rating is based on the following metrics, as compared to industry averages: P/B Ratio (6.423) is normal, around the industry mean (5.223). P/E Ratio (53.113) is within average values for comparable stocks, (80.582). Projected Growth (PEG Ratio) (0.330) is also within normal values, averaging (2.258). Dividend Yield (0.000) settles around the average of (0.005) among similar stocks. P/S Ratio (3.604) is also within normal values, averaging (4.796).
The Tickeron SMR rating for this company is 61 (best 1 - 100 worst), indicating strong sales and a profitable business model. SMR (Sales, Margin, Return on Equity) rating is based on comparative analysis of weighted Sales, Income Margin and Return on Equity values compared against S&P 500 index constituents. The weighted SMR value is a proprietary formula developed by Tickeron and represents an overall profitability measure for a stock.
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General Information
a manufacturer of printed circuit boards
Industry ElectronicComponents
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