TTM Technologies (TTMI) financial statements
TTM Technologies reported revenue of $2.9B in fiscal 2025, up 1.5% a year over 9 years.
Net income was $177M and the operating margin 9.1%, against 6.8% in 2016.
Free cash flow was -$683,000, and the company returned $18M in net buybacks.
The diluted share count rose 4% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from TTM Technologies's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.5B | $2.7B | $2.2B | $2.1B | $2.1B | $2.2B | $2.5B | $2.2B | $2.4B | $2.9B |
| Cost of revenue | $2.1B | $2.2B | $1.8B | $1.8B | $1.7B | $1.9B | $2.0B | $1.8B | $2.0B | $2.3B |
| Gross profit | $424M | $430M | $403M | $377M | $359M | $372M | $458M | $413M | $477M | $602M |
| Research and development | — | — | $14M | $18M | $20M | $18M | $25M | $27M | $32M | $29M |
| Selling, general and admin | $214M | $192M | $208M | $198M | $186M | $188M | $233M | $227M | $250M | $278M |
| Operating income | $173M | $213M | $119M | $110M | $28M | $126M | $210M | $42M | $116M | $265M |
| Interest expense | $76M | $54M | $76M | $82M | $73M | $45M | $46M | $48M | $48M | $45M |
| Pre-tax income | $67M | $140M | $47M | $34M | -$46M | $70M | $183M | $297,000 | $84M | $210M |
| Income tax | $31M | $15M | -$88M | $2M | -$30M | $16M | $88M | $19M | $28M | $33M |
| Net income | $35M | $124M | $174M | $41M | $178M | $54M | $95M | -$19M | $56M | $177M |
| EPS (diluted) | $0.34 | $1.04 | $1.38 | $0.39 | $1.67 | $0.50 | $0.91 | -$0.18 | $0.54 | $1.68 |
| Diluted shares | 101M | 132M | 134M | 106M | 106M | 108M | 104M | 103M | 104M | 105M |
| Gross margin | 16.7% | 16.2% | 18.0% | 17.7% | 17.1% | 16.5% | 18.4% | 18.5% | 19.5% | 20.7% |
| Operating margin | 6.8% | 8.0% | 5.3% | 5.1% | 1.3% | 5.6% | 8.4% | 1.9% | 4.8% | 9.1% |
| Net margin | 1.4% | 4.7% | 7.8% | 1.9% | 8.4% | 2.4% | 3.8% | -0.8% | 2.3% | 6.1% |
Balance sheet
Fiscal years, from TTM Technologies's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $256M | $409M | $256M | $380M | $452M | $538M | $403M | $450M | $504M | $501M |
| Receivables | $433M | $484M | $523M | $504M | $381M | $386M | $473M | $414M | $449M | $564M |
| Inventory | $269M | $295M | $109M | $114M | $116M | $128M | $171M | $213M | $225M | $250M |
| Total current assets | $1.0B | $1.2B | $1.2B | $1.3B | $1.2B | $1.4B | $1.5B | $1.4B | $1.6B | $1.9B |
| Property, plant and equipment | $967M | $1.1B | $1.1B | $678M | $650M | $666M | $724M | $808M | $870M | $1.0B |
| Goodwill | $373M | $373M | $699M | $707M | $637M | $637M | $760M | $703M | $670M | $670M |
| Total assets | $2.5B | $2.8B | $3.5B | $3.6B | $2.9B | $3.0B | $3.3B | $3.3B | $3.5B | $3.8B |
| Total current liabilities | $689M | $720M | $673M | $947M | $518M | $558M | $761M | $704M | $809M | $962M |
| Long-term debt | $909M | $975M | $1.5B | $1.2B | $843M | $928M | $879M | $914M | $914M | $912M |
| Total liabilities | $1.7B | $1.8B | $2.2B | $2.3B | $1.5B | $1.6B | $1.8B | $1.8B | $1.9B | $2.1B |
| Shareholders' equity | $821M | $1.0B | $1.2B | $1.3B | $1.4B | $1.5B | $1.5B | $1.5B | $1.6B | $1.8B |
| Net debt | $763M | $571M | $1.2B | $1.1B | $391M | $390M | $477M | $468M | $414M | $415M |
Cash flow
Fiscal years, from TTM Technologies's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $298M | $333M | $273M | $312M | $287M | $177M | $273M | $187M | $237M | $292M |
| Capital spending | $85M | $151M | $150M | $143M | $103M | $82M | $103M | $160M | $186M | $293M |
| Free cash flow | $213M | $181M | $123M | $169M | $184M | $95M | $170M | $27M | $51M | -$683,000 |
| Stock-based compensation | $11M | $18M | $21M | $17M | $16M | $18M | $20M | $23M | $30M | $42M |
| Share buybacks (net) | — | — | — | — | — | -$65M | -$35M | -$24M | -$34M | -$18M |
| Net borrowing | -$248M | $24M | $486M | — | — | $74M | $0 | -$57M | -$1M | -$4M |
| Free cash flow margin | 8.4% | 6.8% | 5.5% | 7.9% | 8.7% | 4.2% | 6.8% | 1.2% | 2.1% | -0.0% |
Questions
What was TTM Technologies's revenue in 2025?
$2.9B in fiscal 2025, from its 10-K filing.
How much free cash flow does TTM Technologies generate?
-$683,000 in fiscal 2025 (operating cash flow minus capital spending).
From TTM Technologies's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.