Abstract

TTM Technologies Inc will report quarterly results on February 04, 2026 Post Market; this preview consolidates last quarter’s reported metrics, current-quarter guidance and market forecasts, and the predominant institutional stance gathered from recent ratings and commentary.

Market Forecast

Consensus for the current quarter points to revenue of $752.90 million, adjusted EPS of $0.68, and EBIT of $91.72 million, implying year-over-year growth of 19.47%, 44.40%, and 45.11%, respectively. Forecast commentary implies improving profitability, with expectations for higher gross profit margin and stable to slightly higher net profit margin; segment demand is expected to be led by aerospace and defense, while commercial exposure benefits from cyclical tailwinds. The most promising segment is aerospace and defense, supported by robust program ramps; revenue in the last quarter was $336.84 million, and management and analysts expect double‑digit year-over-year growth this quarter.

Last Quarter Review

TTM Technologies Inc’s previous quarter delivered revenue of $752.74 million, a gross profit margin of 20.82%, GAAP net profit attributable to the parent company of $53.06 million, a net profit margin of 7.05%, and adjusted EPS of $0.67, with revenue and EPS both showing solid year-over-year increases. A key highlight was margin expansion from richer aerospace and defense mix and operational execution, while commercial demand stabilized quarter-on-quarter. Main business highlights: commercial revenue was $408.92 million and aerospace and defense revenue was $336.84 million; radio frequency and specialty components contributed $10.44 million.

Current Quarter Outlook

Main business trajectory and revenue quality

Management’s focus on disciplined program execution and mix optimization continues to support revenue resilience. The current-quarter revenue estimate of $752.90 million suggests sustained demand across core printed circuit board and engineered solutions end‑markets. Improving operating discipline should aid gross margin progression from the last quarter’s 20.82%, while a stable cost environment and better factory loadings can help protect the net profit margin near or slightly above 7.05%. Adjusted EPS at a forecast $0.68, up 44.40% year‑over‑year, implies both improved operating leverage and lower dilution from non‑operating items. The cadence of deliveries in commercial communications and networking appears balanced with orders, reducing the risk of inventory overhang while supporting steady cash conversion.

Most promising business: aerospace and defense programs

Aerospace and defense represents the largest growth vector, underpinned by secular increases in electronic content per platform and ongoing modernization cycles. The prior quarter’s $336.84 million revenue base provides a platform for double‑digit year‑over‑year growth this quarter, aligned with the overall revenue growth forecast of 19.47%. Pipeline visibility is reinforced by multi‑year program awards in radar, avionics, and secure communications, which typically carry higher margin profiles than commercial volumes. As these programs ramp, the mix shift should be constructive for the gross profit margin, while tighter program management and yield improvements can lift EBIT toward the forecast $91.72 million. Execution risk remains centered on timing of customer qualification milestones and supply chain lead times, but recent performance suggests schedules are tracking.

Stock price drivers for this quarter

Three factors are likely to have the biggest influence on the stock reaction. The first is the degree of margin expansion relative to last quarter’s 20.82% gross profit margin and 7.05% net profit margin; any upside surprise in gross margin from mix and productivity could translate into disproportionate EPS upside versus the $0.68 forecast. The second is the order outlook across aerospace and defense, where bookings and book‑to‑bill trends will signal the sustainability of double‑digit growth; confirmation of program ramps and backlog conversion will likely be viewed positively. The third is commercial end‑market stability: steady demand in networking, computing, and industrial verticals, reflected in the $408.92 million commercial revenue base last quarter, would support balanced utilization and mitigate volatility. Commentary on pricing, input costs, and capital intensity will inform the trajectory of free cash flow, which investors watch closely for balance sheet flexibility.

Analyst Opinions

The institutional stance over the past six months has been predominantly bullish. Notable examples include Needham, which reiterated a Buy rating and raised its price target to $105.00, alongside Stifel Nicolaus and Truist Financial, both maintaining Buy ratings with targets of $72.00 and $78.00, respectively. On balance, the ratio of bullish to bearish opinions skews clearly positive, with three prominent positive ratings and no recent bearish calls in the surveyed period. The majority view highlights accelerating multi‑year growth supported by secular aerospace and defense demand and improving earnings power tied to mix and operational efficiency. Analysts emphasize that upside to consensus in the current quarter could come from better‑than‑expected gross margin and ongoing strength in bookings, while risks are mainly tied to program timing and commercial order linearity. The prevailing perspective expects revenue near $752.90 million, EBIT close to $91.72 million, and adjusted EPS around $0.68, with year‑over‑year gains of 19.47%, 45.11%, and 44.40%, respectively, and a constructive setup into the remainder of the year as visibility improves across key defense programs and commercial stabilization continues.