TTM Technologies (TTMI) Investor Day 2026 summary

Strategic direction and business overview

• Introduced a refreshed brand identity, emphasizing technology leadership and a balanced portfolio across six end markets, with AI and defense megatrends driving 80% of business.

• Transitioning from legacy PCBs to advanced interconnect and integration solutions, leveraging early customer engagement and moving up the value chain.

• Maintaining a global manufacturing footprint with 25 facilities and 19,000 employees, and planning expansion in Europe.

• Pursuing organic growth through technology innovation, capacity expansion, targeted M&A, and operational excellence, with a focus on global diversification.

• Strong emphasis on high entry barriers, trusted relationships, and disciplined capital deployment to sustain long-term profitable growth.

Financial performance and outlook

• Achieved $2.9B revenue in 2025, representing 19% YoY growth and a 14% two-year CAGR, with 46% from Aerospace & Defense and 54% from Commercial.

• Non-GAAP EPS grew from $1.34 in 2023 to $2.46 in 2025, with adjusted EBITDA margin expanding from 13.4% to 15.7%.

• 2026 revenue is projected at $4B, implying 38% growth, with operating margin targets raised to 13%-15% and EBITDA margin to 16%-18%, driven by N+M technology and operational efficiencies.

• CapEx guidance is $300-$320M for 2026, with a long-term CapEx-to-sales ratio of 6%-7%, and $450M in capital investments planned from 2025–2027 to support AI data center growth.

• Strong balance sheet with low leverage, upsized debt facilities, a $1B revolver, and a planned $400M term loan B provide flexibility for organic investment and strategic M&A.

Aerospace & Defense sector

• Aerospace & Defense revenue reached nearly $1.5B in 2025, with 13% YoY growth and 22% EBITDA growth, driven by defense (90% of portfolio), commercial aerospace, and space markets.

• Backlog stands at $1.6B with a $7.2B pipeline, reflecting strong demand and multi-year visibility, especially in defense and space programs.

• Embedded in over 480 programs, including F-35, Artemis II, and Golden Dome, with a durable competitive position in mission-critical electronics.

• Significant investments in U.S. capacity (Syracuse, Sterling, Chippewa Falls, Farmingdale) and North American technical capabilities enable $500M incremental revenue potential by 2028.

• Strategy includes expanding engineering and integration expertise, replicating domestic success internationally, and deepening customer engagement.