As global demand for semiconductors surges, TTM Technologies has emerged as a major beneficiary. The company makes high-tech printed circuit boards that anchor chips in place, a key part of the semiconductor supply chain.
Enthusiasm from Wall Street has followed with the company’s shares having shot up past $100 each on Jan. 16, for a market cap of $10.5 billion, from just $26 apiece a year earlier.
TTM CEO Edwin Roks says even more gangbuster growth is on the way.
“I can disclose here that over the coming three years, every year, we will grow between 15 and 20 percent, topline,” Roks said at an investor conference on Jan. 13. “And, we will double our earnings from ’25 to ’27.”
The company’s share price immediately shot further upward, and TTM promptly reported the CEO’s strong guidance in written form to the Securities and Exchange Commission.
The company said third-quarter profit surged to $53.1 million from $14.3 million in the same period a year earlier. Sales were up 22% to $752.7 million for the period ended Sept. 29 (Nasdaq: TTMI).
Bullish Sentiment for Industry
The TTM growth is part of a broader wave of bullish sentiment for the printed circuit board (PCB) industry.
The Taiwan Printed Circuit Association noted that the entire PCB market experienced significant growth, largely supported by strength in AI servers and related applications, investor website Finviz said on Jan. 14.
TTM Technologies is a global manufacturer of the PCBs and related electronic components. It serves roughly 1,400 customers worldwide across markets such as aerospace and defense, data center computing, automotive, medical, industrial and networking.
Its customer base includes OEMs, electronic manufacturing services and design firms, distributors, and domestic and allied foreign government agencies, according to regulatory filings.
Data centers and aerospace are “two of the big megatrends helping us to grow the company,” Roks told the Business Journal on Oct. 1.
The company had 480 employees in Orange County and 17,800 companywide as of October.
Roks said the majority of TTM’s printed circuit boards are made in the U.S., China and a growing facility in Penang, Malaysia.
No. 1 PCB Maker in U.S.
TTM is the No. 1 maker of PCBs in the U.S. and globally No. 6.
The printed circuit boards—used to hold powerful semiconductors in place in nearly all electronic products today—are far more complex than their name indicates.
Some of them can have up to 80 layers in all and are becoming increasingly sophisticated, turning them into modules, sub-systems and full-fledged systems.
“If you look at the bill of material, the most expensive component is quite often the PCB. So that is why we are so well positioned,” according to the CEO.
His autumn prediction from back then has come true: “I’m sure our stock price will continue to go up.”
Europe will be the company’s next strategic direction, he said in the fall.
Roks says that data center demand may not flatten out until 2030 or 2032, as AI “is booming,” while defense demand is also growing.
While the PCBs make up over 80% of TTM’s business, Roks said that percentage is likely to decrease as the company creates even more complex modules.
“We do modules where you add very, very high-end components on top of the PCB and we sell it as a sub-system,” he said.
