TTM Technologies (TTMI) Citi's Global Industrial Tech and Mobility Conference 2025 summary

Company overview and strategic focus

• Operates as a technology-enabled critical supplier in advanced defense radar, cloud infrastructure, AI data centers, and other high-growth tech sectors.

• Revenue is approximately $2.4 billion, with a global footprint of 23 facilities and 18,000 employees.

• Strategic focus is on diversification, with near-term emphasis on Aerospace and Defense and growth in Data Center and Computing driven by generative AI.

• Transitioned from a PCB-focused company to integrated electronics and mission systems, primarily through acquisitions and divestitures.

• Aerospace and Defense now represents about 46% of business, with 90% of that in defense applications.

Market dynamics and growth drivers

• Data Center and Computing segment grew nearly 60% year-over-year in 2023, driven by generative AI demand.

• Penang, Malaysia facility was built in response to customer demand for alternatives to China, with anchor customers investing in the site.

• About 40% of revenue is produced in China, but only 2-3% is for internal Chinese consumption; most output is exported.

• Automotive segment growth is expected to be low due to limited EV adoption in US and Europe, despite higher content in EVs.

• Medical, industrial automation, and instrumentation markets are served with a broad customer base and mixed cyclicality.

Aerospace and Defense segment insights

• Q4 book-to-bill ratio was 1.14, with a $1.5 billion program backlog.

• Over 200 defense programs, with only one customer above 10% of sales and no single program above 6% of revenue.

• Key platforms include F-35, F-16, MH-60, SPY-6, SPY-7, LTAMDS radar, Javelin, and AMRAAM.

• Growth in this segment is organic, driven by lifecycle timing, radar system refreshes, and increased electrification.

• Commercial technology advancements are leveraged to accelerate defense product development.