Abstract

TTM Technologies Inc will report fiscal second-quarter 2026 results on August 5, 2026, Post Market, with consensus pointing to revenue near 962.04 million US dollars and adjusted EPS around 0.90, while investors track mix-driven margin progress, order quality, and updates on recently announced European acquisitions.

Market Forecast

Consensus for the fiscal second quarter of 2026 centers on revenue of 962.04 million US dollars, up 43.91% year over year, adjusted EPS of approximately 0.90, up 71.25% year over year, and EBIT of 126.38 million US dollars, up 73.62% year over year. The company has not provided explicit guidance for gross profit margin or net profit margin for the quarter in the data we collected, so those metrics are not included in the forecast summary. The revenue base remains balanced across the company’s two reporting groups, with the Commercial portfolio and the Aerospace and Defense portfolio both positioned to contribute; management’s near-term priorities include sustaining volume growth, improving operating leverage, and protecting pricing through disciplined program execution. Within that mix, the Commercial group—responsible for 495.04 million US dollars of last quarter’s sales—has the clearest near-term volume catalysts tied to ongoing customer ramps, while the Aerospace and Defense group, which delivered 351.66 million US dollars last quarter, offers steadier, contract-driven visibility; segment-level year-over-year growth rates were not disclosed.

Last Quarter Review

In the fiscal first quarter of 2026, TTM Technologies Inc delivered revenue of 845.98 million US dollars, up 30.42% year over year, with a gross profit margin of 21.42%, GAAP net profit attributable to shareholders of 49.99 million US dollars, a net profit margin of 5.91%, and adjusted EPS of 0.75, up 50.00% year over year. A key highlight was the broad beat versus market expectations: revenue exceeded consensus by 56.14 million US dollars and adjusted EPS surpassed estimates by 0.08, supported by EBIT of 108.02 million US dollars, up 58.36% year over year. By business line, the Commercial group contributed 495.04 million US dollars and the Aerospace and Defense group 351.66 million US dollars, in line with the company’s mix shift and the 30.42% year-over-year revenue expansion seen at the corporate level.

Current Quarter Outlook

Main business trajectory and revenue drivers

Management and market models imply a step-up in quarterly performance driven by both volume and mix. The revenue estimate of 962.04 million US dollars suggests robust year-over-year growth of 43.91%, with operating leverage reflected in the 73.62% implied EBIT growth to 126.38 million US dollars and a 71.25% increase in adjusted EPS to about 0.90. The acceleration versus last quarter’s 30.42% top-line expansion points to higher utilization and a richer product mix, important for converting incremental sales into earnings. While formal gross margin guidance for the second quarter is not included in the collected forecast set, margin sensitivity remains tied to mix between complex, higher-value programs and more mature, lower-priced offerings. Given that last quarter’s gross margin was 21.42%, investors will look for sequential improvement as fixed-cost absorption benefits from rising throughput and as pricing holds against input costs. Free cash flow cadence can also influence quarterly interpretation. At the company’s recent investor event, the multi-quarter framework for margin and cash generation included targets for 2026 that are consistent with scaling profitability; translating that trajectory to the quarter at hand means monitoring working-capital intensity as new program ramps draw inventory and receivables higher. A cleaner conversion in the second half would support the full-year cash narrative. On the expense side, disciplined operating expense control remains a lever for incremental margin capture as revenue inflects. If the topline arrives near the 962.04 million US dollars consensus and operating costs track plan, the EBIT estimate of 126.38 million US dollars appears achievable, with EPS upside or downside hinging on mix and any non-operating items. The company’s program pipeline suggests continued momentum across multiple customers this quarter. However, given the absence of formal margin guidance in the quarter, markets may extrapolate conservatively from the prior 21.42% gross margin base and then react to any surprise. Upside would likely come from a higher proportion of complex assemblies and higher-reliability content, while downside could emerge if lower-margin volume temporarily dominates the shipment mix. Against that backdrop, the most direct catalysts for the print are revenue execution on high-volume ramps and evidence of margin progression consistent with the elevated EBIT growth forecast.

Most promising business this quarter

The Commercial portfolio appears best positioned to drive incremental upside in the near term. Last quarter, Commercial delivered 495.04 million US dollars in revenue, the largest contribution among the company’s reporting groups. The current-quarter consensus assumes that demand from key customers remains solid, supporting both the 43.91% year-over-year company-level revenue growth and the 71.25% EPS rise. In practical terms, this means the Commercial mix could skew toward higher-value programs that carry better margin characteristics, enabling faster EBIT expansion than revenue growth would imply. The correlation seen in the forecast—where EBIT growth outpaces revenue growth—is consistent with that interpretation. Execution risks for the Commercial portfolio are typical of a quarter with multiple ramps. Any shortfalls in supplier deliveries, manufacturing yields, or customer timing could shift revenue recognition between weeks within the quarter. That said, last quarter’s favorable performance versus expectations—an overrun of 56.14 million US dollars on revenue and 0.08 on adjusted EPS—offers a baseline that the operating system is absorbing higher volume effectively. Investors will also be attentive to backlog quality and the identification of which programs are pacing above plan; that disclosure can color the sustainability of H2 growth. If the quarter shows that shipment momentum and mix quality in Commercial are intact, the earnings algorithm implied by the 126.38 million US dollars EBIT forecast becomes more credible. Importantly, management’s multi-quarter financial targets envisage improved profitability as scale builds. The Commercial group’s ability to deliver complex, higher-value content supports this framework, particularly if conversion improves and scrap rates remain controlled. In such a scenario, incremental margin could surprise positively, even if the headline gross margin change is modest, as fixed-cost absorption and favorable mix do more of the work at the EBIT line. Conversely, if a larger proportion of lower-complexity shipments drives the topline beat, the translation to EPS could lag, making the quality of revenue as crucial as the quantity for investor interpretation.

Key stock-price swing factors

Three elements are likely to govern share reaction around the print: mix-driven margin visibility, acquisition updates, and the broader market’s stance toward hardware-oriented equities. On mix and margin, investors will quickly triangulate the relationship between the 43.91% revenue growth and the 71.25% EPS growth implied by consensus; a result that confirms operating leverage will reinforce the margin-up narrative set out in management’s long-term targets. The opposite outcome—strong revenue without commensurate profitability—would invite questions on pricing, input costs, and program-level margin dispersion. Clarity on sequential gross margin progression from the 21.42% baseline established in the prior quarter will be particularly important for sentiment. Acquisition execution is the second swing factor. The company announced plans to acquire Swiss Technology Group and ILFA GmbH in Europe, with both deals expected to close in the third quarter and expected to be immediately, though modestly, accretive. Timely progress reports on regulatory clearances, integration planning, and early customer feedback can support the narrative that inorganic investments will enhance the earnings power in 2026 and beyond. Post-close integration milestones—supply-chain alignment, sales channel cross-sell, and localized prototyping capacity—can also shape expectations for 2027 exit margins, even if the near-term financial contributions are small. The third driver is market technicals. The stock’s addition to the Russell 1000 Index in late June increases index-linked ownership and liquidity, which can magnify moves around catalysts. Meanwhile, recent commentary from a prominent sell-side firm characterized the broader hardware cohort’s pullback as a valuation reset rather than a demand deterioration. If the quarter’s numbers validate that underlying demand remains resilient and margins are expanding as scale builds, a re-rating impulse could follow. Conversely, if revenue arrives near 962.04 million US dollars but falls short on profitability metrics, the market could emphasize quality-of-earnings concerns and maintain a more defensive multiple until the third-quarter run-rate is better established.

Analyst Opinions

Bullish views clearly dominate recent commentary, with positive takes outnumbering bearish ones by a wide margin during the January 1, 2026 to July 29, 2026 window; among the analyst and institutional notes we reviewed, the balance skews decisively in favor of the upside case. A well-known investment bank framed the recent sector-wide drawdown as a valuation normalization rather than a signal of weaker demand, explicitly including TTM Technologies Inc among names where expectations had gotten ahead of fundamentals and then reset, thereby creating a more attractive setup for solid quarterly execution. That stance aligns with the prevailing quantitative forecasts: revenue of 962.04 million US dollars, up 43.91% year over year, adjusted EPS around 0.90, up 71.25%, and EBIT of 126.38 million US dollars, up 73.62%. A separate stream of commentary emphasizes supportive market mechanics following the company’s addition to a major large-cap equity index in June, which tends to increase passive ownership and narrow bid-ask spreads around key events. Together, those inputs form a consistent bullish narrative heading into August 5, 2026. The bullish case is built on three planks. First, execution momentum: last quarter’s top- and bottom-line beats—56.14 million US dollars above revenue consensus and an 0.08 beat on adjusted EPS—provide evidence that the company is scaling effectively as demand improves. Second, operating leverage: consensus expects EBIT to grow faster than revenue this quarter, which would confirm that higher throughput and richer mix are translating into profit at the rate envisaged in management’s multi-quarter margin framework. Third, incremental catalysts: the announced acquisitions in Europe are expected to be immediately, albeit modestly, accretive once closed in the third quarter, adding product and regional breadth that can support 2026–2027 earnings power. Where bears worry that a lower-quality mix could blunt margin progression, bulls counter that the combination of volume growth, disciplined expense control, and favorable program mix places the company on track to meet or exceed near-term profitability forecasts. In this context, the majority view expects that if revenue lands at approximately 962.04 million US dollars and management demonstrates sequential improvement from the prior quarter’s 21.42% gross margin base, shares should respond constructively, especially given recent multiple compression across the hardware cohort. Analysts in the bullish camp also highlight how the 71.25% year-over-year increase in adjusted EPS embeds room for conservative mix assumptions; any indication of stronger-than-expected high-value program shipments would offer incremental upside to the 0.90 EPS marker. They also note that inclusion in a major large-cap index can bring steadier fund flows, potentially dampening downside volatility if results are in line and amplifying upside when beats are coupled with confident commentary on the second half. Overall, the consensus-bullish perspective is that the setup into August 5, 2026 is favorable: the revenue base is expanding, operating leverage is evident in forecasts, and company-specific catalysts—organic and inorganic—provide multiple avenues for earnings delivery through year-end.