Can TTM Stock Repeat Its Last Five Years?
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TTM Technologies (TTMI) makes printed circuit boards and other parts for data center and networking customers and for the aerospace and defense market. Since late September 2021, its stock has risen 499.7% through November 12, 2026, before dividends. It is natural to give the business the credit for all of that. So how much of that rise do you think came from TTM simply selling more?
How Much Did TTM’s Sales Grow?
TTM’s twelve-month sales went from $2,174 million in September 2021 to $3,828 million in September 2026. This 76.1% increase represents real growth by any measure.
The stock climbed far more over the same years, however, leaving sales to explain only about a third of its rise.
What Else Lifted TTM Stock?
Almost all of the remaining two-thirds came from two sources: the share of sales TTM keeps as profit, and what investors pay for those earnings.
| Source | Then | Now | Share of the stock’s rise |
|---|---|---|---|
| Sales, twelve months | $2,174 million | $3,828 million | 31.6% |
| Net margin | 3.9% | 7% | 32.6% |
| Price-to-earnings multiple | 16.2 | 30.6 | 35.4% |
| Diluted share count | 108 million | 108 million (-0.596%) | 0.334% |
Then: sales and net margin for the twelve months to Sep 27, 2021, the diluted share count for the quarter ended that day, and the multiple at the close of Sep 27, 2021. Now: the twelve months and the quarter to Sep 28, 2026, and the multiple at the close of Nov 12, 2026. The four shares add up to 100% before rounding. A negative share means that source pulled the price down. Split-adjusted share price, dividends excluded.
The price-to-earnings multiple, what investors pay for each dollar of profit, served as the largest single contributor. It rose from 16.2 to 30.6 and explains just over a third of the stock’s rise.
The net margin, the share of sales the company keeps as profit, went from 3.9% to 7.0% and explains about another third. In fiscal Q3 2026 alone, management credited higher sales volume and a better product mix, particularly in data center and networking and in aerospace and defense, for the rise in its gross margin from a year earlier. The share count barely moved over the five years, so it added almost nothing.
Can Margins And Multiples Keep Rising?
TTM’s sales can continue to grow for as long as customers keep ordering more. The margin and the multiple function differently, because both have practical limits.
No company can widen its margins year after year without end, and investors cannot keep paying more for each dollar of profit forever. These two drivers do not repeat the way sales growth can.
What TTM Would Need To Repeat Its Rise
If the margin, the multiple and the share count stayed where they are, TTM’s sales would need to grow 41.8% a year to give the stock the same rise again over a period as long as the last one. Over the past five years, TTM grew its sales 12.0% a year.
Sales are currently growing much faster. Revenue rose 59.9% from a year earlier in fiscal Q3 2026, which management tied to AI-driven demand from data center and networking customers.
TTM’s year-over-year sales growth is the figure to watch in its next report, expected in February 2027.
Does This Mean You Should Act On TTMI?
Betting on a single stock is always risky, whichever way you lean. The Trefis High Quality (HQ) Portfolio holds 30 quality companies in equal weight and has returned 105% since its September 2020 launch.
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