TTM Technologies (TTMI) Valuation: Assessing the Impact of Record Results and Upbeat Forecasts

TTM Technologies (TTMI) just announced its highest-ever quarterly revenue and profit, driven by rising demand in several key sectors including generative AI, aerospace, defense, and medical technology. The company easily cleared expectations and raised its outlook for the upcoming quarter.

See our latest analysis for TTM Technologies.

TTM Technologies has more than doubled investor wealth this year, with a 152% year-to-date share price return and a remarkable 176% total shareholder return over the past 12 months. After a red-hot rally fueled by record results, an upbeat outlook, and double-digit growth in key markets, momentum is clearly building as the company rides the wave of demand coming from generative AI as well as strong fundamentals in aerospace, defense, and medical segments.

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But after such a dramatic run-up and a surge in optimism, does TTM Technologies still offer value for new investors? Or is all the future growth already reflected in today’s share price?

Most Popular Narrative: 1.2% Undervalued

TTM Technologies is trading close to its most widely followed fair value estimate, with the last close at $61.98 and a narrative fair value pegged just slightly higher. This narrows the gap and prompts deeper questions about the earnings engine driving the stock’s current level.

Large-scale data center buildouts announced by tech giants (e.g., Google, CoreWeave, Meta) and TTM's new Wisconsin facility position the company to capture outsized demand for advanced PCBs and interconnects required for AI and cloud infrastructure, directly supporting revenue growth and long-term customer relationships.

Read the complete narrative.

Curious which key assumptions power this nearly “just right” fair value? Revenue climbs, margin expansion, and bold profit jumps all play a role. See what numbers truly back this call. Will strong growth be enough to keep this premium?

Result: Fair Value of $62.75 (UNDERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, ongoing operational challenges at TTM's Penang facility, or unexpected shifts in major customer commitments, could quickly test this nearly "just right" bullish narrative.

Find out about the key risks to this TTM Technologies narrative.

Another View: Signals from Market Multiples

While the narrative and fair value models suggest TTM Technologies is trading near its “just right” price, market multiples tell a more cautious story. The company’s price-to-earnings ratio of 48.5x is notably higher than both its industry peer average of 34.4x and the US Electronic industry’s 25.7x, and it is also above the fair ratio of 36.3x. This premium raises the risk that market optimism could fade quickly if growth stalls or expectations reset. Does this gap signal that TTM’s stock is vulnerable to a pullback, or will earnings continue to surge and justify the lofty valuation?

Story Continues

See what the numbers say about this price — find out in our valuation breakdown.NasdaqGS:TTMI PE Ratio as at Oct 2025

Build Your Own TTM Technologies Narrative

If you see the story differently or want to dig into the numbers yourself, you can build your own view in just a few minutes. Do it your way.

A great starting point for your TTM Technologies research is our analysis highlighting 4 key rewards and 1 important warning sign that could impact your investment decision.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include TTMI.

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