TTM Technologies' FY 2025 Earnings Put Recent Growth in Focus

TTM Technologies (TTMI) has just wrapped up FY 2025 with fourth quarter revenue of US$774.3 million and basic EPS of US$0.49. This capped a 12 month stretch where trailing 12 month EPS reached US$1.73 on revenue of about US$2.9 billion, alongside earnings growth of 214.4% year over year. Over the past two quarters, the company has seen quarterly revenue move from US$752.7 million to US$774.3 million while EPS went from US$0.51 to US$0.49. The trailing net margin has shifted from 2.3% to 6.1% as earnings quality has been described as high. For investors, the focus is now on how durable those margins prove to be and what that could mean for the path of profitability from here.

See our full analysis for TTM Technologies.

With the latest numbers on the table, the next step is to weigh these results against the main narratives already forming around TTM Technologies, to see which views are supported by the data and which might need a rethink.

Margins Strengthen With 6.1% Net Profit

• Over the last 12 months, TTM generated US$2.9b in revenue and US$177.4 million in net income, which works out to a 6.1% net margin compared with 2.3% in the prior period.
• What stands out for the bullish view is that this higher margin sits alongside trailing 12 month EPS of US$1.73 and earnings growth of 214.4% year over year, which heavily supports the idea of stronger underlying profitability, although:
  • Bulls pointing to “high quality” earnings can reference that net income on a trailing basis went from US$56.3 million to US$177.4 million while revenue moved from US$2.4b to US$2.9b.
  • At the same time, EPS in the last two reported quarters was US$0.51 then US$0.49, so anyone leaning on the bullish case still has to watch how consistent that earnings power is from period to period.

Growth Story Meets Rich 53.9x P/E

• The shares trade on a trailing P/E of 53.9x against peer and US Electronic industry averages of 33.1x and 26.2x, while earnings over the last year grew 214.4% and revenue is forecast to grow about 15.8% per year with earnings expected around 41.9% per year.
• Bears argue that a P/E of 53.9x leaves little room for disappointment, and the current numbers give them some support alongside a few pushbacks:
  • The premium to peers of roughly 21x on P/E is clear, yet analysts’ price target of US$118.50 is still above the current US$92.58 share price, so the stock is not priced above that reference point right now.
  • Critics also point to recent share price volatility and insider selling over the past three months, which sit alongside the richer multiple and give cautious investors more than one data point to think about at the same time.

A lot of investors are asking whether this kind of P/E gap is justified by the earnings run up so far or is setting up a tougher road ahead, and the detailed bear case for TTM goes deeper into that tension. 🐻 TTM Technologies Bear Case

DCF Value and Targets Far Above Market Price

• The stock trades at US$92.58 compared with a DCF fair value estimate of about US$253.64 and an analyst price target of US$118.50, which together point to a large gap between modelled values and the current market price.
• Supporters of the more optimistic narrative often highlight this valuation gap, and the current fundamentals provide several angles to weigh that against:
  • On one hand, trailing EPS of US$1.73, a 6.1% net margin and revenue of US$2.9b give tangible earnings and cash flow inputs behind that DCF fair value of roughly US$253.64.
  • On the other hand, the same data set shows a high 53.9x trailing P/E and recent volatility, so investors leaning on models still have to reconcile a very large implied upside with a multiple that already prices in strong performance.

If you want to see how these cash flow based values tie back to different long term storylines that investors are debating around TTM, the full narrative set lays out the arguments on both sides in one place. 📊 Read the full TTM Technologies Consensus Narrative.

Next Steps

Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on TTM Technologies's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.

See What Else Is Out There

TTM’s rich 53.9x P/E, recent EPS slip from US$0.51 to US$0.49 and share price volatility all highlight valuation and consistency concerns for investors.

If that mix of a high multiple and choppy earnings leaves you uneasy, compare it with our 81 resilient stocks with low risk scores and quickly focus on companies with steadier risk profiles.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.