TTM TECHNOLOGIES INC (TTMI) FY2025 10-K Annual Report
TTM TECHNOLOGIES INC (TTMI) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 17, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
TTM TECHNOLOGIES INC FY2025 10-K Analysis
Business Overview
- • Core business: global manufacturer of advanced interconnect products, RF/microwave assemblies, and engineered systems serving aerospace, defense, commercial markets
- • Emphasis on quick-turn manufacturing delivering prototype PCBs within 24 hours to 15 days, capturing premium pricing for fast delivery
- • Strategic focus on expanding integrated systems via acquisitions of Anaren and Telephonics, deepening RF/radar technology capabilities for aerospace and defense
- • Employee base approx. 18,200 worldwide across 24 facilities in North America and Asia as of 2025, supporting $2.9B net sales
- • Sole provider of U.S. Navy’s AN/APS-153 multi-mode radar and communications suites for MH-60R/S helicopters, underscoring unique government defense role
Management Discussion & Analysis
- • Revenue $2.91B for fiscal 2025, up 19.0% YoY from $2.44B in 2024, driven by aerospace & defense, data center computing, and networking markets
- • Operating margin 9.1% in 2025 vs 4.8% in 2024, due to higher sales volume, better product mix, and operational execution
- • Best segment Commercial: sales $1.59B (up 24.3%), operating margin 15.1%; worst segment RF&S Components: sales $40M (up 7.3%), operating margin 28.1% but smallest absolute income
- • Operating cash flow improved; capex for new PCB facilities in Syracuse and Penang, acquisitions totaling land and facilities; no specific dollar values for buybacks or dividends disclosed
- • Management highlights factory expansions for advanced PCBs targeting AI/data center demand and supply chain diversification; risks include foreign exchange losses and goodwill impairment sensitivity
Risk Factors
- • U.S.-China trade tariffs on PCBs increasing costs and reducing margins, with ~50% sales from non-U.S. operations in 2025 exposing revenue to tariff risks
- • Russia-Ukraine conflict causing supply chain delays, energy price spikes, and geopolitical instability impacting operations and financial performance
- • Supply chain disruptions and raw material cost inflation, especially copper, gold, tin, and palladium, threatening production capacity and gross margins
- • Competitive pressure from EMS providers with global sourcing and direct PCB manufacturing capabilities risk eroding market share and pricing power
- • Customer concentration risk with five largest OEM customers accounting for 44% of net sales in 2025, heightening revenue volatility and payment default exposure
TTM TECHNOLOGIES INC FY2025 Key Financial MetricsXBRL
Revenue
$2.9B
▲ +19.0% YoY
Net Income
$177M
▲ +215.2% YoY
Gross Margin
20.7%
▲ +116bp YoY
Operating Margin
9.1%
▲ +436bp YoY
Net Margin
6.1%
▲ +380bp YoY
ROE
10.1%
▲ +647bp YoY
Total Assets
$3.8B
▲ +10.6% YoY
EPS (Diluted)
$1.68
▲ +211.1% YoY
Operating Cash Flow
$292M
▲ +23.2% YoY
Source: XBRL data from TTM TECHNOLOGIES INC FY2025 10-K filing on SEC EDGAR. All figures in USD.
Get deeper insights on TTM TECHNOLOGIES INC
Access full AI analysis, insider trading data, fund holdings, and cross-signal detection on SignalX.