TTMITTM TECHNOLOGIES INC

Printed Circuit Boards

Revenue: $2.9B; 30% YoY
Operating margin: 9.1%; 380% YoY
EBITDA: $375M; 165% YoY
Market cap: $8.7B
Employees: 18,200; $160K revenue each
Net debt / EBITDA: -2.3×; −$873M net debt
AI in 10-K: 3.3; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
164% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
6% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
16% of assets
Over 40% of assets
Shareholder dissentNo
86% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$160K · 12th pct
Bottom quartile of its SIC industry
Quiet on AINo
3.3 per 10K words · 72nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 2.3× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$8.7B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$33M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$2.2B	$2.5B	$2.2B	$2.9B	30%
Operating income	$126M	$210M	$42M	$265M	525%
Net income	$54M	$95M	−$19M	$177M	1048%
Operating cash flow	$177M	$273M	$187M	$292M	56%
Capex	$82M	$103M	$160M	$293M	83%
Stock-based comp	$18M	$20M	$23M	$42M	82%
Buybacks	$65M	$35M	$24M	$18M	27%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Apr 15, 2021	Su Sih (BVI) Ltd	SC 13D/A	5.0%	Passive

Insider trading

Open-market buys, 12 mo: $3M · 5
Open-market sells, 12 mo: $36M · 255
Net: −$33M

Pay vs performance

No pay-versus-performance disclosure yet.