TTMIMEDIUM SIGNALFINANCIAL10-K

TTMI delivered solid revenue growth of 19% to $2.9 billion with proportional improvements in profitability and cash generation, while substantially increasing capital expenditures.

The company's financial performance shows healthy organic growth with gross profit expanding 26% ahead of revenue growth, indicating improving operational efficiency or favorable mix shifts. The meaningful increase in capital expenditures suggests TTMI is investing aggressively in capacity expansion or technology upgrades to support future growth.

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

TTMI demonstrated strong operational performance with revenue growing 19% to $2.9 billion and gross profit expanding 26% to $601.7 million, while operating cash flow increased 23% to $291.9 million. The company substantially increased capital expenditures and reduced share buybacks by roughly half, signaling a strategic shift toward reinvestment over shareholder returns. Balance sheet metrics grew proportionally with business expansion, showing accounts receivable and current assets rising in line with revenue growth while maintaining healthy equity growth of 13%.

FINANCIAL STATEMENT CHANGES
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.

Current Assets
Balance Sheet
+15.5%
$1.6B→$1.9B

Current assets grew 15.5% — improving short-term liquidity or inventory/receivables build.

Stockholders Equity
Balance Sheet
+12.7%
$1.6B→$1.8B

Equity base grew 12.7% — retained earnings accumulation or equity issuance strengthening the balance sheet.

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.
Asset-Based Lending Credit Agreement ITAR International Traffic in Arms Regulations U.S.
ABL Priority Collateral Perfected first priority security interest in certain deposit accounts, cash and cash equivalents, accounts receivable, and certain U.S.
inventory MIDA Malaysia Investment Development Authority U.S.
GAAP Accounting principles generally accepted in the United States of America MYR Malaysian ringgit USG U.S.
federal government 3 PAR T I Statement Regarding Forward-Looking Statements This Report contains forward-looking statements regarding future events or our future financial and operational performance.
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).
We report our worldwide operations based on two reportable segments: (1) PCB , which consists of 15 domestic system, subsystem, and PCB plants; four PCB fabrication plants in China; one in Malaysia; and one in Canada; and (2) RF and Specialty Components (RF S Components) , which consists of one domestic RF component plant and one RF component plant in China.
Industry Overview TTM provides a variety of hardware technology solutions, including completely designed and engineered systems, RF microwave/microelectronic assemblies, product lines of RF components, and technologically advanced PCBs.
Due, in part, to an increasing global threat environment, the President s U.S.
Department of Defense budget request grew by nearly $34 billion, or 4.2% over the two-year period, from the fiscal year 2023 actual to the fiscal year 2025 request according to the United States Department of Defense Fiscal Year 2025 Budget Request Overview Book.
They benefit from increasing electronics content in defense programs as well as increased focus on solid-state active electronically scanned array (AESA) radar systems.
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