TTMI

TTM Technologies just delivered a genuine inflection: FY2025 revenue grew 30.2% to $2.91B and net income swung to $177M from a -$18.7M loss in FY2024, with operating income up 525% to $265M and diluted EPS of $1.68. The mix is improving in the right direction — Data Center Computing climbed to 24% of net sales (from 14% in 2023) as generative-AI demand builds, while Aerospace and Defense remains the anchor at 44%. Operating cash flow of $292M (+55.8%) funds an aggressive build-out: the Syracuse, NY ultra-HDI facility for national-security work begins volume production in 2H 2026, alongside new Eau Claire, WI capacity and land rights in Penang, Malaysia for China supply-chain diversification.

The balance sheet supports the growth: $1.76B equity against $912M long-term debt and $501M cash, with ROE recovering to 10.1%. But profitability is still thin for a manufacturer — 20.7% gross margin, 9.1% operating margin and 6.1% net margin — and FY2025 capex of $293M now exceeds operating cash flow, so the capacity bet is consuming the cash it generates.