TTMI TTM TECHNOLOGIES INC
Price Chart
Executive Summary
TTMI filed an 8-K for its 2026 Investor Day, reiterating its raised $4.0B revenue guidance for FY2026 and providing new non-GAAP margin targets. The company also disclosed plans to upsize and reprice a $400M Term Loan and secure $1B in new Revolving Credit facilities, expected to close in June 2026. The refinancing and strong revenue outlook are credit-positive signals, but the margin targets are broad and the deals are not yet closed.
Actionable Insight
The reiterated $4.0B revenue guide supports the bullish thesis on TTMI's aerospace/defense PCB demand and AI data center buildout exposure. Watch for June 2026 close of the refinancing — a successful execution would lower interest expense and extend maturity profile. Margin targets (13-15% op margin, 16-18% EBITDA margin) are wide ranges; tighter guidance on next earnings call would be a positive catalyst. Near-term price action likely driven by investor day tone and any incremental demand commentary.
Key Facts
- FY2026 revenue guidance of $4.0B reiterated
- FY2026 non-GAAP operating margin target: 13%-15%
- FY2026 Adjusted EBITDA margin target: 16%-18%
- FY2026 cash flow from operations expected in range of $300M-$320M
- FY2026 free cash flow (non-GAAP) expected to be slightly positive
- Repriced and upsized $400M Term Loan due May 2030 expected to close June 2026
- Repricing expected to reduce cost of borrowing by 50 bps
- New $1B Revolving Credit facilities maturing in 2031, replacing existing ABL facilities
- Refinancing transactions subject to definitive documentation and customary closing conditions
Financial Impact
Revenue guidance of $4.0B vs $20.5B market cap implies ~19.5% revenue yield; refinancing expected to reduce borrowing cost by 50 bps on $400M term loan (~$2M annual savings)
Risk Factors
- Refinancing transactions are not yet closed and may be delayed or fall through
- FY2026 margin targets are non-GAAP and exclude certain costs; GAAP margins could be significantly lower
- Forward guidance is aspiration-based from an investor day, not firm; may not be ratified on next 10-Q
- $4.0B revenue target was 'recently raised' — implies prior expectations may not be met without the raise
Market Snapshot
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-240340 |
| Document: 0001193125-26-240340-index-headers.html | 0001193125-26-240340 |
| Document: 0001193125-26-240340-index.html | 0001193125-26-240340 |
| Document: 0001193125-26-240340.txt | 0001193125-26-240340 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 3, 2026
6d ago
|
Press Release
| $184.84 $167.62 | ▼ −9.32% | ▼ −6.74% | $178.38 (−3.49%) |
|
Jun 3, 2026
6d ago
|
8-K
| $184.84 $167.62 | ▼ −9.32% | ▼ −6.74% | $178.38 (−3.49%) |
|
May 27, 2026
13d ago
|
8-K
| $190.67 $187.79 | ▼ −1.51% | ▼ −2.06% | $178.38 (−6.45%) |
|
May 18, 2026
22d ago
|
8-K
| $161.41 $169.36 | ▲ +4.93% | ▲ +3.89% | $178.38 (+10.51%) |
|
May 8, 2026
4w ago
|
8-K
| $162.99 $162.99 | · 0.00% | ▲ +0.14% | $178.38 (+9.44%) |
|
May 1, 2026
5w ago
|
144
| $158.99 $157.47 | ▼ −0.96% | ▼ −0.61% | $178.38 (+12.20%) |
|
Apr 15, 2026
7w ago
|
Press Release
| $116.93 $126.24 | ▲ +7.96% | ▲ +6.75% | $178.38 (+52.55%) |
|
Apr 1, 2026
9w ago
|
144
| $97.08 $97.48 | ▲ +0.41% | ▲ +0.33% | $178.38 (+83.75%) |
|
Mar 19, 2026
11w ago
|
DEFA14A
| $91.54 $101.42 | ▲ +10.79% | ▲ +9.69% | $178.38 (+94.87%) |
US Market Status
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