TTM Technologies, Inc. (NASDAQ: TTMI) Forecasts 48% Sales Growth

Posted by Hanz Christensen on Oct 22nd, 2026

What happened

TTM Technologies, Inc. (NASDAQ: TTMI) forecast rapid 2027 growth after third-quarter sales reached a record $1.2 billion.

Sales rose 60% from a year earlier. Adjusted EBITDA doubled to $242.3 million, and its margin increased to 20.1% from 16.1%. GAAP operating income climbed to $162.3 million from $71.9 million.

Management expects 2027 sales of $6.5 billion to $6.75 billion. The midpoint is 47.9% above the $4.48 billion midpoint of current 2026 guidance.

Why it matters

Orders support the forecast. The book-to-bill ratio was 2.13, meaning new orders were more than twice reported sales. Aerospace and defense backlog reached $2.0 billion.

Data center and networking sales grew 115% and represented 41% of quarterly sales. That gives TTM Technologies, Inc. (NASDAQ: TTMI) direct exposure to AI infrastructure spending through printed circuit boards and substrates. Aerospace and defense added another 34% of sales, creating a second large demand engine.

Profitability improved alongside volume. Adjusted EBITDA margin expanded four percentage points, while operating cash flow reached $154.7 million, or 12.9% of sales.

The counterweight is financing and integration. Short-term and long-term debt totaled $1.64 billion, up about $728 million from year-end. Cash increased to $876 million from $501 million, partly offsetting the larger debt load. Recently closed acquisitions are in guidance, while planned transactions are excluded.

Stock perps: every US stock that trades as a perpetual future, by leverage, live

What's next

Watch whether fourth-quarter sales land within the $1.42 billion to $1.44 billion range. That is the first bridge between the record quarter and the larger 2027 forecast. Also track book-to-bill as the order surge moves into production.

Leverage is the second test. TTM Technologies, Inc. (NASDAQ: TTMI) reported pro forma net leverage of 2.8 times and targets 1.5 to 2.0 times before closing a planned optics acquisition.

The quarter strengthens the demand and margin case. It does not guarantee that orders convert on schedule or that acquisitions deliver the cash flow needed to reduce leverage.

From OptimistFi Perps

Sources

TTM Technologies, Inc. (NASDAQ: TTMI) third-quarter 2026 results — Released October 22, 2026 at 6:00 a.m. Eastern. Sales, margins, order data, backlog, guidance, debt, cash flow and acquisition context.
TTM Technologies, Inc. (NASDAQ: TTMI) second-quarter 2026 Form 10-Q — Filed August 5, 2026. Company identity, NASDAQ listing, product model, customer concentration and operational, acquisition and financing risks.
Photo: Machine places components on a circuit board by Shixart1985 — Generic manufacturing stock photo taken May 20, 2026. It does not depict a TTM Technologies, Inc. (NASDAQ: TTMI) facility or the reported quarter.
Photo license: Creative Commons Attribution 2.0 — Creator Shixart1985, credited in metadata as Nenad Stojkovic. Original resolution 4024 by 6048 pixels.

Read the full OptimistFi thesis on TTM Technologies, Inc.: https://optimistfi.com/stocks/TTMI

See what would break the TTM Technologies, Inc. thesis and track it live on the OptimistFi Thesis-Break Engine.

Browse every company OptimistFi covers at optimistfi.com/stocks, or read the latest evidence-first research.

The full TTM Technologies, Inc. investment case, its status and the next test to watch live on the TTM Technologies, Inc. thesis page.

Originally published on OptimistFi, evidence-first equity research. More at optimistfi.com.