TTMITTM Technologies, Inc.

Industry Electronics mfg Updated 1 Oct 2026 Price 23 Oct 2026

If management hits its targets, one share by the end of 2028

$80.11 → $88.85

If management hits its targets

from IR material and Earnings Calls

What one share would be worth today and in 12, 24 and 36 months if the company does exactly what its management has promised, next to what a share costs now. Worked out from the targets management gave in its own results decks and earnings calls.

$80 → $80

One guided year on: +5% a year. 2027 is the year management has guided, and it is still running 12 months from the price date, so the 12-month bar, $80.11, stays at or near today's price: the model counts no growth until a guided year is over and only the share count moves. Carried one year past it on management's own figures, the same ones the 24- and 36-month bars use, a share works out to $88.85 at the end of 2028, 26 months from the price date. Climbing there at an even pace from today's $80.11 is +5% a year, $83.99 in 12 months, and that is the figure the Companies page lists.

Show the math

today's company value held at 9× the operating profit management's guided 2027 sales imply at the margin it last reported, then grown at 15-20% a year, the only annual growth range management has given for a year without acquisitions in it; net debt of $1.9B taken off and the result divided by a share count growing 3.8% a year, as it did in the half to 31 Jul 2026. Each figure management gave as a range is taken at its middle. Up to the end of 2027, the year management has guided, the company's value is today's and only the share count moves, so the figure is held at today's price rather than shown falling with the dilution.

Shares	Today	In 12 monthsOct 2027	In 24 monthsOct 2028	In 36 monthsOct 2029
Past pace: all sharesshares +3.8% a year as in the half to Jul '26; there are no converts and no warrants	$80	$80110M sh · held	$87114M sh	$101119M sh

Show the math, step by step

How we got there: company value if the plan is delivered, minus debt, divided by all the shares, including the new ones they’d have to sell to pay for it.

The base. The first 2027 guide, $6.5-6.75bn of net sales, given with the Q3 2026 results. At the 17.4% non-GAAP operating margin reported for Q3 2026 that sets the multiple at 9×, after which the base cancels out of the later years. 2026 is nine months reported with its fourth quarter guided, so the base year has rolled on to 2027.
The growth. 2028-30 are not guided; on the Q1 2026 call management refused to go beyond the year. The range is the first full-year guide it ever gave, 15% to 20%, carried forward as the stated driver.
The margin. Held flat at the last reported figure. No deck in eight states a margin target, the line-item guidance page was dropped in Q3 '25, and the chief financial officer declined to say what the new factory ramp does to margin at all. No number, no growth.
The debt. Net debt is $1.9B: the 28 Sep '26 balance sheet in the Q3 release, which holds the $500M of notes, plus the $1.1B of secured term loans drawn two days later to pay cash for Epiq Solutions. The release puts leverage at 2.8 times pro forma EBITDA. Fees and the pending ILFA, Ophir Optics ($650M) and UK purchases are outside it.
Arithmetic. (company value − net debt) ÷ shares. Today: $80 × 105.3M shares. Nothing here charges the 6.750% coupon separately; the 2027 guide includes the acquisitions' financing costs.

Promises vs. what happened

14 claims · 8 decks

Every target management put in a slide deck, and whether they hit it, missed it, or quietly dropped it.

Promise	Made in	What happened
Q4 '25 sales $730-770M, EPS $0.64-0.70	Q3 '25	$774.3M; EPS $0.70, at the top	Held
Q2 '26 sales $930-970M, EPS $0.82-0.88	Q1 '26	$1,004.1M and $0.99 — both above	Held
Q3 '26 sales $1.10-1.14B, EPS $1.21-1.27	Q2 '26	$1,203.9M and $1.46 — both above	Held
Automotive rationalised further	Q1 '26	11% of sales to 7%, and 6% guided	Held
N+M phase 1 done, Q3 '26 ramp	Q2 '26	mass-production shipments began	Held
Syracuse ultra-HDI in qualification	Q2 '26	operations started; no volume date	Held
2026 sales +15-20%	Q4 '25	now $4.47-4.49B, about +54%, acquisitions in	Open
2026 non-GAAP EPS near $5.00	Q2 '26	now $4.97-5.03; Q4 needs $1.77-1.83	Open
Q4 '26 sales $1.42-1.44B, EPS $1.77-1.83	Q3 '26	open; STG and Epiq inside it	Open
2027 sales $6.5-6.75B, EPS $8.25-8.75	Q3 '26	open; the release says EPS $8.10-8.90	Open
$400M of N+M capacity from cash flow	Q3 '26	no period; nine-month free cash flow $36M	Open
Golden Dome: a $600M+ pipeline	Q2 '26	another booking; no period, no award value	Open
Penang "fully on track"	Q2 '26	now "profitability on track"; no milestone	Open
Data centre 49% of Q3 '26 sales	Q2 '26	41%; the 49% moved to Q4 '26	Missed

What they’re pitching

the headline page, deck by deck

The headline from each quarterly results deck over two years, so you can see what they want you to focus on, and when it changes.

Q4
'24Q1
'25Q2
'25Q3
'25Q4
'25Q1
'26Q2
'26Q3
'26

The beatPage one since Q4 '24

A&D backlogPage one since Q2 '26

Data centreOff page one Q1 '25

Book-to-billOff page one Q3 '26

Cash funds capexNew Q3 '25 · Page one since Q3 '26

End marketsFirst seen Q3 '25

Golden DomeFirst seen Q1 '26

FactoriesPage one since Q2 '26

AcquisitionsPage one since Q3 '26

on the headline page further in the deck not in the deck▲ onto page one▼ off page one● first mentionTap a mark for the quote.