TTM Technologies (TTMI) Net Margin Rebound Tests Premium 84x P/E Narrative

TTM Technologies (TTMI) opened 2026 with Q1 revenue of US$846.0 million and basic EPS of US$0.48, alongside trailing 12 month EPS of US$1.89 on US$3.1 billion of revenue. This gives investors a clear view of both the latest quarter and the broader run rate. Over the past year, the company’s quarterly revenue moved from US$648.7 million in Q1 2025 to US$846.0 million in Q1 2026. Basic EPS over the same quarters shifted from US$0.32 to US$0.48, while trailing 12 month net income climbed from US$56.3 million in Q4 2024 to US$195.3 million in Q1 2026, helping frame how margins are settling at the current share price of US$158.22.

See our full analysis for TTM Technologies.

With the numbers on the table, the next step is to see how this earnings profile compares with the most widely held narratives around TTM Technologies and where those stories align or differ from what the current margins suggest.

See what the community is saying about TTM Technologies

Net margin settles around 6.3% on US$3.1b in sales

• On a trailing 12 month basis, TTM Technologies generated US$3.1b of revenue and US$195.3 million of net income, which works out to a net margin of about 6.3% versus 3.1% a year earlier.
• Consensus narrative points to higher value engineered work and new capacity in Penang and Syracuse as key margin supports. However, current quarterly net income of US$49.99 million on US$846.0 million of revenue and the 6.3% trailing margin indicate that expansion projects are still running through the income statement.
  • Analysts in the consensus view expect margins to move toward 12.7% in a few years, so the current 6.3% margin leaves a sizable gap that depends on better utilization and mix.
  • At the same time, the trailing margin already reflects facility ramp costs that the consensus narrative flags as a drag. This means part of the expected uplift is already offset by heavier spending today.

151.1% earnings growth meets 84.1x P/E

• Trailing 12 month earnings grew by 151.1% year on year to US$195.3 million, while the shares trade on a trailing P/E of 84.1x against peer and US Electronic industry averages of 46.3x and 26.8x respectively.
• Bulls argue that strong earnings momentum and forecasts for about 35.3% yearly earnings growth justify paying up for the stock, but the current multiple at a share price of US$158.22 leaves less room for error than the bullish story suggests.
  • Bullish forecasts cite revenue growth of roughly 17% per year and margin expansion into double digits, whereas the latest four quarters total US$3.1b of revenue with a 6.3% margin, so the gap between today and the bullish endgame is still wide.
  • The DCF fair value in the dataset of about US$198.16 per share sits above the current price, which supports the bullish case on paper, but that outcome relies on the same growth and margin path that underpins the premium 84.1x P/E.

On this kind of growth and premium valuation mix, bulls and bears both have data to point to, so it can help to see how optimistic investors are framing the story in more detail. 🐂 TTM Technologies Bull Case

DCF upside versus bearish execution worries

• The shares trade at US$158.22 compared with a DCF fair value of about US$198.16 and an allowed analyst price target reference of US$160.00, while earnings have grown about 27.1% per year over five years and the trailing 12 month net margin sits at 6.3%.
• Bears focus on heavy capital spending and customer concentration, and the current numbers give some support to that concern while also showing areas where the cautious view is not fully playing out yet.
  • Expansion projects in Penang and Syracuse and higher cost US facilities are flagged as margin headwinds, and the 6.3% trailing margin, together with quarterly net income of roughly US$50 million, indicates that these investments are still in an early earnings contribution phase.
  • On the other hand, multi year earnings growth of about 27.1% and a 151.1% lift in trailing earnings over the last year show that, so far, profitability has grown alongside the spending that bearish investors worry about.

If you want to see how the more cautious investors interpret these same numbers, including the capital projects and customer mix, it is worth reading their full case. 🐻 TTM Technologies Bear Case

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for TTM Technologies on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

Seeing both optimism and concern in the numbers, it makes sense to review the data yourself, weigh the trade offs, and decide how comfortable you are with the balance of opportunity and risk. To go a level deeper, take a close look at the 3 key rewards and 2 important warning signs.

See What Else Is Out There

TTM Technologies currently pairs a 6.3% net margin with an 84.1x P/E and relies on optimistic growth assumptions, which leaves little room for disappointment.

If that mix feels tight for your comfort, you may wish to compare it with companies that screen as more attractively priced by checking out the 51 high quality undervalued stocks.

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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