TTMIHIGH SIGNALOPPORTUNITY10-K

TTMI delivered exceptional operational performance with net income surging 215% to $177.4M driven by strong revenue growth and significant margin expansion.

The company demonstrated robust operational leverage with operating income growing 128% on just 19% revenue growth, indicating substantial efficiency gains and margin expansion. The increased capital expenditure of $292.6M (+58%) signals management's confidence in future growth opportunities and capacity expansion plans.

Comparing 2026-02-17 vs 2025-02-21View on EDGAR →
FINANCIAL ANALYSIS

TTMI showed exceptional financial performance across all key metrics, with revenue growing 19% to $2.9B while net income exploded 215% to $177.4M, demonstrating powerful operational leverage. The company significantly increased capital expenditures by 58% to $292.6M while maintaining strong operating cash flow growth of 23%, indicating aggressive investment in future growth while generating substantial cash. The growth in accounts receivable aligned with revenue increases, and the company maintained a disciplined approach to capital allocation despite reducing share buybacks, suggesting management is prioritizing growth investments over shareholder returns in the near term.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
+215.2%
$56.3M→$177.4M

Net income grew 215.2% — bottom-line growth signals improving overall business health.

Operating Income
P&L
+128.1%
$116.0M→$264.7M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Provision for Credit Losses
P&L
+82.7%
$854K→$1.6M

Credit loss provisions surged 82.7% — management flagging significant deterioration in loan quality ahead.

Capital Expenditure
Cash Flow
+57.5%
$185.7M→$292.6M

Capital expenditure jumped 57.5% — major investment cycle underway; assess returns on deployment.

Share Buybacks
Cash Flow
-48.2%
$34.5M→$17.9M

Buyback activity reduced 48.2% — capital being redeployed elsewhere or cash conservation underway.

Gross Profit
P&L
+26%
$477.4M→$601.7M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Accounts Receivable
Balance Sheet
+25.7%
$448.6M→$563.7M

Receivables grew 25.7% — monitor days sales outstanding for collection efficiency.

Operating Cash Flow
Cash Flow
+23.2%
$236.9M→$291.9M

Operating cash flow grew 23.2% — strong conversion of earnings to cash, healthy business fundamentals.

Revenue
P&L
+19%
$2.4B→$2.9B

Revenue growing 19% — solid top-line momentum, watch margins for quality of growth.

Current Liabilities
Balance Sheet
+18.9%
$809.1M→$962.2M

Current liabilities rose 18.9% — increased short-term obligations, watch current ratio.

LANGUAGE CHANGES
NEW — 2026-02-17
PRIOR — 2025-02-21
ADDED
As of February 11, 2026, there were outstanding 103,404,925 shares of the registrant s Common Stock, $0.001 par value.
FORM 10-K SUMMARY 46 SIGNATURES 47 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS 48 2 Glossary of Terms and Acronyms The following table provides definitions of certain terms and acronyms that may be used within the text of this report.
2025 Repurchase Program Share repurchase program authorized by the Board of Directors on May 8, 2025 NISPOM National Industrial Security Program Operating Manual A D Aerospace and Defense NOLs Net operating losses ABL Revolving Loans U.S.
RF S Components RF and Specialty Components DCF Discounted cash flow RMB Renminbi DCSA Defense Counterintelligence and Security Agency RoHS Restriction of Hazardous Substances DFM Design-for-manufacturability ROU Right-of-use DoW U.S.
HNTE High and new technology enterprise Term Loan Facility First Amendment, dated as of August 1, 2024, to that certain Amended and Restated Term Loan Credit Agreement, dated as of May 30, 2023 IC Integrated circuit TSR Total stockholder return IFF Identification Friend or Foe TTM TTM Technologies, Inc.
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REMOVED
As of February 14, 2025, there were outstanding 102,108,642 shares of the registrant s Common Stock, $0.001 par value.
B USINESS General We are a leading global manufacturer of technology solutions, including mission systems, radio frequency (RF) components, RF microwave/microelectronic assemblies, and quick-turn and technologically advanced printed circuit boards (PCB).
According to a December 2024 report by Prismark Partners, we are one of the largest PCB manufacturers in the world based on 2023 revenue.
In 2024, we generated approximately $2.4 billion in net sales and ended the year with approximately 16,400 employees worldwide.
Our customers include original equipment manufacturers (OEMs), electronic manufacturing services (EMS) providers, original design manufacturers (ODMs), distributors, and government agencies (both domestic and allied foreign governments).
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