Here are a couple of brief analogies for TTM Technologies (TTMI):

• Corning for circuit boards
• Intel for printed circuit boards

• Printed Circuit Boards (PCBs): TTM Technologies is a leading global manufacturer of diverse types of printed circuit boards, which serve as fundamental building blocks for nearly all electronic devices.
• RF & Specialty Components: The company produces a range of radio frequency (RF) components, RF assemblies, and specialized products essential for high-frequency and high-performance applications across various industries.

TTM Technologies (symbol: TTMI) primarily sells its products, which include printed circuit boards (PCBs) and radio frequency (RF) components, to other companies (B2B). These components are integrated into a wide range of finished products by its customers.

Based on TTM Technologies' latest annual report (10-K filing for the fiscal year ended December 31, 2023), the company explicitly states that no single customer accounted for 10% or more of its net sales in 2023, 2022, or 2021. This indicates that TTMI has a highly diversified customer base and does not rely on any single major customer for a significant portion of its revenue.

As such, TTM Technologies does not publicly disclose the names of individual "major customers" that meet a significant revenue threshold. Its products are integrated into a wide range of applications across several key end markets, including:

• Aerospace & Defense
• Automotive
• Data Center Computing
• Industrial & Instrumentation
• Medical

While the specific names of its individual major customers are not publicly identified by the company, TTMI serves a broad spectrum of manufacturers and technology companies within these global sectors.

Edwin Roks, President and Chief Executive Officer

Edwin Roks, Ph. D., joined TTM Technologies as President and Chief Executive Officer in September 2025. He also serves as a member of the Board of Directors. Dr. Roks brings over 25 years of leadership experience in global technology businesses. Prior to TTM, he served as Chief Executive Officer of Teledyne Technologies Incorporated, where he also led its largest business segment as President of Teledyne Digital Imaging from 2015 to 2024. Earlier, Dr. Roks held the position of Teledyne's Chief Technology Officer and various other executive management roles. From 1990 to 2005, he worked at Philips Research Laboratories and Philips Semiconductor (now NXP), holding several senior technical positions, including Chief Technology Officer and R&D Director in the imaging divisions.

Daniel L. Boehle, Executive Vice President and Chief Financial Officer

Daniel L. Boehle became TTM Technologies' Executive Vice President, Chief Financial Officer in September 2023, having joined the company as Executive Vice President in August 2023. Prior to TTM, Mr. Boehle served as Vice President and Chief Financial Officer for Aerojet Rocketdyne Holdings, Inc. from 2020 to 2023. He was also Vice President, Controller, and Chief Accounting Officer for Aerojet from August 2017 to July 2020. Earlier in his career, he held various leadership roles across corporate accounting, financial reporting, and financial planning and analysis at Northrop Grumman Corporation.

Catherine A. Gridley, Executive Vice President and President, Aerospace & Defense (A&D) Sector

Catherine A. Gridley joined TTM Technologies in 2019. Prior to her current role, she was Vice President and General Manager of the Advanced Defense Services Division at Northrop Grumman Corporation. Before Northrop Grumman, Ms. Gridley held various P&L leadership positions with DynCorp International, GE Aviation Systems, and Goodrich.

Douglas L. Soder, Executive Vice President and President of the Commercial Sector

Douglas L. Soder joined TTM Technologies in 2006. Before his current position, he served as EVP and President of the Communications and Computing Business Unit from 2015 to 2018, EVP and President of the North America Business Unit from 2012 through 2015, and EVP Global Sales from 2006 to 2012. Before joining TTM, Mr. Soder was Executive Vice President of Tyco Electronics - Printed Circuit Group, a position he held from 2001.

Daniel J. Weber, Senior Vice President, General Counsel & Secretary

Daniel J. Weber has served as Senior Vice President, General Counsel and Secretary of TTM Technologies, Inc. since February 2016. He joined TTM in 2015. Before his tenure at TTM, Mr. Weber served as General Counsel for Viasystems for approximately 11 years, and had been in-house counsel for Viasystems for over 15 years. He was also Vice President and General Counsel of Courtesy Corporation, a plastic molding manufacturer, and General Counsel of International Wire Group, Inc., a multinational insulated and bare copper wire manufacturer. In the early 2000s, Mr. Weber was part of a team that managed companies acquired by Hicks, Muse, Tate and Furst, a private equity firm, which included Viasystems, International Wire Group (IWG), and Courtesy Corporation, all of which later went through bankruptcy after the 2001 economic downturn. Mr. Weber steered Viasystems through its acquisition by TTM in 2015.

The key risks to TTM Technologies (TTMI) are primarily centered around its capital-intensive operations, the challenges of executing its expansion plans, and its relatively high debt load.

1. Technology and Process Risk / Competition: TTM Technologies operates in a complex and capital-intensive industry that demands continuous investment in technology and processes. The failure to innovate and improve advanced printed circuit boards (PCBs) and radio frequency (RF) products could lead to a loss of market share and erode business performance, especially given the rapidly changing end-market technology.
2. Operational Challenges and Execution Risk for New Facilities: The company's aggressive expansion efforts, including the ramp-up of new manufacturing facilities (such as the one in Penang, Malaysia), are critical for its growth. However, these efforts are placing a strain on margins, and slow ramp-ups or execution missteps can delay revenue contributions and hamper the company's ability to meet expectations.
3. High Leverage and Debt: TTM Technologies carries a significant total debt-to-equity ratio, which is considerably higher than some of its peers. While this debt has been utilized to finance expansion plans, it represents a substantial financial burden. This leverage could pose immediate problems, particularly if there are disruptions to growth opportunities or if interest rates rise, making debt servicing more expensive.

The emergence of additive manufacturing (3D printed electronics) capable of producing complex circuit boards and RF components, which could eventually offer advantages in design flexibility, rapid prototyping, and potentially lower production costs or faster time-to-market compared to traditional subtractive manufacturing processes used by TTM.

TTM Technologies (symbol: TTMI) operates in several significant addressable markets for its main products and services, primarily focusing on Printed Circuit Boards (PCBs), RF and Microwave Components/Assemblies, and Advanced Integrated Solutions. These offerings cater to a diverse range of industries including aerospace and defense, automotive, and data center computing.

Addressable Markets for TTM Technologies' Main Products and Services:

• Printed Circuit Boards (PCBs):
  • The global printed circuit board market was valued at approximately USD 73.1 billion in 2024 and is projected to reach USD 97.7 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 3.30%. Other estimates place the global market at USD 71.57 billion in 2024, expected to reach USD 113.49 billion by 2032 with a CAGR of 6.3%. Asia Pacific accounts for the largest share of this market.
• RF and Microwave Components & Assemblies:
  • The global RF component market size was estimated at USD 46.5 billion in 2024 and is projected to grow to USD 171.5 billion by 2034, demonstrating a significant CAGR of 14%.
  • The global microwave devices market was valued at USD 8.31 billion in 2024 and is anticipated to grow at a CAGR of 5.5% from 2025 to 2034.
  • For space-based RF microwave technology, the global market size was approximately USD 8.25 billion in 2024 and is projected to reach USD 15.43 billion by 2033, with a CAGR of 7.2%.
• Advanced Integrated Solutions & Systems Integration:
  • The global integrated systems market was valued at USD 30.08 billion in 2024 and is projected to reach USD 138.64 billion by 2035, exhibiting a substantial CAGR of 14.90%. Other analyses suggest the global integrated systems market size was USD 27.81 billion in 2024, forecasted to grow to USD 56.52 billion by 2033 at an 8.2% CAGR. North America is a dominant region in this market, holding approximately 42% of the global share.
  • More broadly, the global system integration market reached USD 451.6 billion in 2024 and is projected to reach USD 847.5 billion by 2033, with a CAGR of 6.88%. North America also leads this market.

Key End Markets Served by TTM Technologies:

• Aerospace and Defense Electronics:
  • The global aerospace-defense electronics market was valued at approximately USD 145.7 billion in 2023 and is projected to grow to USD 258.3 billion by 2032, with a CAGR of 6.4%. Another estimate for the global defense electronics market size was USD 176.0 billion in 2024, with a projection to reach USD 278.2 billion by 2033 at a CAGR of 4.96%. North America holds a significant share in the aerospace electronics market.
• Automotive Electronics:
  • The global automotive electronics market was valued at USD 283.8 billion in 2024 and is expected to reach approximately USD 641.7 billion by 2034, growing at a CAGR of 8.6%. Asia Pacific holds the largest market share in automotive electronics.
• Data Center Computing:
  • The global data center chip market was estimated at USD 21.21 billion in 2024 and is projected to reach USD 42.74 billion by 2030, with a CAGR of 12.5%. The broader global data center market was valued at USD 214.0 billion in 2023 and is predicted to reach USD 406.6 billion by 2030, with a CAGR of 9.60%. North America holds the largest market share in the data center chip market and the overall data center market.

Expected Drivers of Future Revenue Growth for TTM Technologies (TTMI)

TTM Technologies (TTMI) is anticipated to drive future revenue growth over the next 2-3 years through several key areas:

1. Robust Demand in Aerospace and Defense (A&D) Market: TTM Technologies continues to experience strong and sustained demand within its Aerospace and Defense segment, which represented 46% of total sales in Q3 2025. The company has a significant A&D program backlog of approximately $1.46 billion, providing good visibility into future sales. Growth in this market is fueled by positive defense budget tailwinds and increased military equipment builds, including demand for AESA Radar technology.
2. Expanding Presence in Data Center Computing, Driven by AI: The burgeoning demand for generative artificial intelligence (AI) is a significant catalyst for TTM's Data Center Computing and Networking end markets. This segment has shown substantial year-over-year growth, with Data Center Computing sales surging 44% in Q3 2025, reaching a record high due to continued demand from data center customers building products for Gen AI.
3. Strategic Expansion with New Manufacturing Facilities: The company is investing in new, advanced manufacturing facilities to support future growth and enhance supply chain resiliency. The Penang, Malaysia facility is already contributing to sales, and TTM expects continued growth from this site. Additionally, the new Ultra-HDI PCB facility in Syracuse, New York, is progressing, with equipment installation underway and volume production expected to commence in the second half of 2026.
4. Shift Towards Advanced Technology and Engineered Products: TTM is strategically transforming its business model by focusing on higher-margin, differentiated solutions, including advanced technology and engineered products. This shift involves leveraging its capabilities in mission systems, RF components, and RF microwave/microelectronic assemblies to meet the critical performance and reliability needs of its target markets.
5. Growth in Networking and Medical, Industrial, and Instrumentation (MII) Markets: Beyond its primary growth drivers, TTM is also benefiting from expansion in its Networking and Medical, Industrial, and Instrumentation (MII) end markets. The Networking segment, in particular, is showing strong year-on-year growth, partly driven by AI-related demand. The MII segment also posted a 14% growth in Q3 2025.

Share Repurchases

• On May 3, 2023, TTM Technologies authorized a $100 million share repurchase program set to expire on May 3, 2025.
• A new $100 million share repurchase program was authorized on May 9, 2025, effective through May 7, 2027, replacing the previous expiring program.
• These repurchase programs are viewed as a prudent use of capital, leveraging strong cash flow and a solid balance sheet, while maintaining flexibility for strategic acquisitions.

Outbound Investments

• TTM Technologies completed the acquisition of Telephonics Corporation in June 2022 for approximately $330 million in cash, expanding its Aerospace and Defense product offerings.
• In July 2025, the company acquired a 750,000-square-foot manufacturing facility in Eau Claire, Wisconsin, to enhance high-volume, advanced technology PCB production, particularly for data center computing and generative AI applications.
• Also in July 2025, TTM secured land rights for a future manufacturing site in Penang, Malaysia, aimed at diversifying supply chains and providing cost-competitive advanced technology PCB manufacturing in Southeast Asia.

Capital Expenditures

• Capital expenditures for TTM Technologies averaged $126.8 million from fiscal years 2020 to 2024, peaking at $220.7 million in June 2025.
• Expected capital expenditures for 2025 are projected to be between $265 million and $285 million, with $54 million specifically allocated to the Syracuse, NY plant.
• The primary focus of capital expenditures includes expanding High Density Interconnect (HDI), RF technology, and other advanced manufacturing capabilities in the PCB segment, as well as designing new products in the RF&S Components segment, to support data center computing, generative AI, and national security requirements.