A Look At TTM Technologies (TTMI) Valuation After Solid Q1 Results And Updated Earnings Guidance

TTM Technologies earnings update catches investor attention

TTM Technologies (TTMI) has drawn fresh interest after reporting first quarter 2026 results, with higher sales and net income than a year earlier, along with new second quarter net sales guidance of US$930 million to US$970 million.

See our latest analysis for TTM Technologies.

The earnings beat and fresh guidance have arrived during a powerful run, with a 30 day share price return of 34.46% and a year to date share price return of 131.36%, alongside a very large 1 year total shareholder return that extends into multiple times over five years. This points to strong recent momentum but also a very extended move.

If TTM Technologies' surge has you reassessing growth opportunities in complex hardware and infrastructure, it may be a good moment to scope out 37 power grid technology and infrastructure stocks

So with earnings improving, guidance set out and the stock already up sharply, is TTM Technologies still trading at an attractive valuation, or are markets already pricing in much of the future growth story?

Most Popular Narrative: 3.9% Undervalued

TTM Technologies last closed at $163.36, a touch below the most widely followed fair value estimate of $170, which anchors a detailed growth driven narrative.

Ongoing expansion into higher value engineered solutions and advanced manufacturing capabilities, particularly through new capacity in Penang, Syracuse, and product mix shifts, increases pricing power and drives gross margin improvements over time, enhancing net margin profile. Growing industry wide emphasis on supply chain resiliency and secure domestic sourcing is likely to shift PCB market share toward North American providers like TTM, potentially leading to persistent outperformance in revenue and free cash flow as customers prioritize domestic production.

Read the complete narrative.

Want to see what kind of revenue ramp, margin lift, and valuation multiple are baked into that $170 figure? The narrative leans on compound earnings growth, expanding profitability, and a premium P/E that assumes those forecasts hold up.

Result: Fair Value of $170 (UNDERVALUED)

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

However, there are still clear pressure points, including higher operating costs at new US facilities and customer concentration, that could quickly challenge the upbeat earnings narrative.

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

Another View: Rich P/E Puts Pressure On The Story

While the narrative and fair value work argue TTMI is about 3.9% undervalued, the current P/E of 86.9x paints a very different picture. It is well above the US Electronic industry at 27.9x, the peer average at 46.5x, and even the 63.5x fair ratio that the market could move toward, raising the question of how much room is left if sentiment cools.

For investors who like using valuation gaps as a reality check, this kind of P/E premium can act as either a warning sign or a sign of conviction, depending on how confident you are that earnings will keep pace with expectations. Which side are you on when you line TTMI up against its peers and that fair ratio target? See what the numbers say about this price — find out in our valuation breakdown.

Next Steps

With mixed signals on valuation and sentiment, it makes sense to move quickly, review the data for yourself, and weigh up the 3 key rewards and 2 important warning signs.

Looking for more investment ideas?

If TTMI has sharpened your focus, do not stop here, the wider market still holds plenty of stocks that could better fit your goals and risk comfort.

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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.

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