Short answer
TTM TECHNOLOGIES INC (TTMI) filed its fiscal 2025 10-K annual report with the SEC on Feb 17, 2026. It reported revenue of $2.9B (+19.0% year over year) and net income of $177M.
- Top risk flagged: 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
FY2025 key financial metrics · XBRL
- Revenue
- $2.9B
- +19.0% YoY
- Net income
- $177M
- +215.2% YoY
- Operating margin
- 9.1%
- +4.4 pp YoY
- Gross margin
- 20.7%
- +1.2 pp YoY
- EPS (diluted)
- $1.68
- +211.1% YoY
- ROE
- 10.1%
- +6.5 pp YoY
- Operating cash flow
- $292M
- +23.2% YoY
Source: XBRL data from the TTM TECHNOLOGIES INC (TTMI) FY2025 10-K on SEC EDGAR. USD.
TTM TECHNOLOGIES INC FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
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