Printed circuit board maker TTM Technologies Inc. has surged into the ranks of Orange County’s most valuable public companies, climbing to No. 4 after shares soared nearly 70% in the past month, adding about $7 billion in market value.
CEO Edwin Roks says the company is benefitting from the “megatrends” such as data centers, networking, aerospace and defense. The company’s circuit boards hold the
powerful semiconductors in place in nearly all electronic products today.
“We have really had an inflection point,” he told the Business Journal in a May 5 interview.
The goal, he said, is to stay at the cutting edge of “advanced interconnect technologies through innovation.”
The company’s market capitalization jumped from $10 billion in early April to nearly $17 billion at press time. TTM has jumped from the 23rd most valuable publicly traded company headquartered in OC in 2024 to the fourth, behind Edwards Lifesciences, Chipotle Mexican Grill and Rivian Automotive.
TTM’s shares were trading at $160.64 apiece as of May 6 for a market cap of $16.7 billion, up from $95.70 per share on April 6, for a rise of 68% (Nasdaq: TTMI).
“We have multiple touchpoints basically just to make sure that we are showing the Street that we are doing the right things,” said Roks, indicating that more M&A is possible among other advances.
About a year ago, the shares hovered around $16 each, making the stock a 10-bagger.
Revenue Projections Upped
TTM finished 2025 with $2.9 billion in sales.
Roks says the company is “tracking well ahead” of previous sales projections.
“We will be ending this year at $4 billion for the full year,” he said, implying a 38% sales growth this year and more growth in 2027.
Even then, he says he’s “still careful” when making predictions.
He’s a bit more bullish than the four analysts who cover the company. They are predicting 31% growth to $3.8 billion this year, followed by another 17% to $4.45 billion in 2027.
Roks’ optimism suggests he expects sales to accelerate in the second half of this year.
TTM said first-quarter sales totaled $846 million, up 30% year-over-year. Analysts had estimated $787 million in sales.
The company forecasts second-quarter sales of $930 million to $970 million and an adjusted profit of 82 cents to 88 cents. Analysts had forecast sales of $822 million and a 74-cent profit. At the mid-point, second-quarter sales would be a 30% increase over the same period a year ago.
After TTM’s most recent earnings, William Stein managing director at Truist Securities in New York, raised the company’s share price target to $180 from $115.
“TTM delivered an excellent Q1 result and guided Q2 above consensus as the trends that have been helping in the last few qtrs (demand, mix, pricing and execution) continue,” Stein wrote in a note to clients.
80% of TTM Business
The TTM chief executive credits a revised strategy, as well as technology and capacity, to the fast-growing world of huge “hyperscaler” tech companies.
“About 80% of our business is driven by these megatrends. There is a huge demand for interconnect solutions, integrated solutions where we use our interconnect to make integrated systems,” Roks says.
The printed circuit boards are far more complex than their name indicates.
Some of them can have up to 80 layers and are becoming increasingly sophisticated, with capabilities ranging from modules and subsystems to full-fledged systems. They are ideal for the booming AI infrastructure sector.
The company also makes radio-frequency components and radio-frequency microwave/microelectronic assemblies and has branched out into several other high-tech areas, including radar.
The company had about 18,200 employees worldwide as of Dec. 29, with various production sites, including Syracuse, N.Y., and Malaysia.
European Expansion
Roks last September succeeded Thomas Edman, who had led the company since 2014 before retiring.
TTM says discussions are underway to expand in Europe, along with further growth in China and the U.S., while closer to home, a headquarters move from Santa Ana to Irvine is in the cards.
The company moved its headquarters to Santa Ana soon after its founding in 1998.
TTM serves about 1,300 customers in sectors including aerospace, defense, medical and industrial, as well as data centers, networking and automotive.
“We have multiple touchpoints basically just to make sure that we are showing the Street that we are doing the right things,” according to the TTM CEO.
He worked for 20 years at Thousand Oaks-based Teledyne Technologies Inc.
Investor Day Upcoming
TTM plans to discuss its business and future opportunities during its 2026 Investor Day on May 27, at the Nasdaq Exchange in New York.
The aerospace and defense end market represented 40% of first-quarter 2026 sales. Sales in the aerospace and defense market grew 11% year-on-year for the first quarter.
“In addition, we continue to see an increase in bookings for respective programs and we also have first booking that was confirmed to support Golden Dome,” Roks says. The Golden Dome is President Trump’s proposed missile defense system.
TTM Highlights Telling Its Story
TTM Technologies CEO Edwin Roks says he believes in sharing information
“We tell our story a bit more. We explain it to our investment community, the analysts, our customers, our employees, all stakeholders, what our strategy is and how we will succeed now and in the future.”
He also emphasizes a dialogue with TTM’s top customers.
The company was featured on Jim Cramer’s “Mad Money” in early May.
Cramer said of the company’s stock: “It’s a good one.”
Roks clearly likes the attention of a company that was previously often overlooked.
“We get a lot of good exposure. We’re on the radar,” says Roks.
—Kevin Costelloe
HQ Likely Moving to Irvine
TTM Technologies will be moving its headquarters from Santa Ana to Irvine.
CEO Edwin Roks says negotiations are still underway with more information to be released later.
The move is likely to take place “over the coming months,” he said in April.
The company will keep its production plant in Santa Ana.
“Santa Ana is doing extremely well.” It measures 18,000 square feet, and more manufacturing expansion is possible near that site.
Roks added, “We love it here, being close to our customers. The business is going well. It’s the right climate.”
—Kevin Costelloe
