TTM Technologies, Inc.

Worth knowing

• Profitable, but burning cash. Reports a profit, but free cash flow is negative.

  TTM Technologies reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.

• Stock pay outran buybacks. Stock-based pay expense $94M vs $77M spent repurchasing shares over the 3 fiscal years to 2025. Shares outstanding changed +3.1% from January 2023 to July 2026.

  Over three fiscal years TTM Technologies recorded $94M of stock-based pay expense and spent $77M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years TTM Technologies recorded $94M of stock-based pay expense and spent $77M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.

• Investment surge. Capital spending 10% of revenue, up from 4.1% in 2022.

  TTM Technologies is spending 10% of revenue on facilities and equipment, up from 4.1% in 2022. That weighs on free cash flow today; whether it pays off depends on the returns those investments earn.

• Valuation signals disagree. Cheaper than 58% of peers on operating cash profit (EBITDA), but only 0% on free cash flow.Cheaper than 58% of peers on operating cash profit, but only 0% on free cash flow.

  Relative to its operating cash profit (EBITDA), TTM Technologies looks cheaper than 58% of peers; relative to its free cash flow, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.Relative to its operating cash profit, TTM Technologies looks cheaper than 58% of peers; relative to its free cash flow, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.