TTM TECHNOLOGIES INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data TTM TECHNOLOGIES INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2023	FY2024	FY2024	FY2025
Revenue	2,533	2,659	2,238	2,133	2,105	2,249	2,495	2,233	2,443	2,906
Cost of revenue	2,110	2,229	1,835	1,756	1,746	1,877	2,037	1,819	1,965	2,305
Gross profit	424	430	403	377	359	372	458	413	477	602
Research and development			13.7	17.9	19.8	18.1	24.8	27.3	31.8	29
Selling and marketing	66.4	65.9	70.1	69.2	63.9	63	75.2	76.9	80	85.5
General and administrative	147	126	138	129	122	125	158	150	170	192
Operating expenses	250	217	284	268	331	246	248	371	361	337
Operating income	173	213	119	110	28.1	126	210	42.3	116	265
Interest expense	76	53.9	75.8	82.1	73.2	45.5	45.5	48.1	47.5	45.3
Other non-operating income	-106	-72.8	-71.8	-75.3	-74.4	-55.9	-27.5	-42	-32.1	-54.3
Pre-tax income	67	140	47.2	34.3	-46.3	70.1	183	0.3	83.9	210
Income tax	31.4	15.2	-88.2	2.41	-29.9	15.6	88.3	19	27.7	32.9
Income from continuing operations			135	31.9	-16.4	54.4	94.6	-18.7	56.3	177
Net income to minority interests	0.71	0.51
Net income	34.9	124	174	41.3	178	54.4	94.6	-18.7	56.3	177
EBITDA	330	364	210	203	128	212	302	141	221	375
EPS, basic	0.35	1.22	1.68	0.39	1.67	0.51	0.93	-0.18	0.55	1.73
EPS, diluted	0.34	1.04	1.38	0.39	1.67	0.50	0.91	-0.18	0.54	1.68
Shares, basic (weighted)	100	102	103	105	106	106	102	103	102	103
Shares, diluted (weighted)	101	132	134	106	106	108	104	103	104	105

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2023	FY2024	FY2024	FY2025
Cash and equivalents	256	409	256	380	452	538	403	450	504	501
Receivables	433	484	523	504	381	386	473	414	449	564
Inventory	269	295	109	114	116	128	171	213	225	250
Other current assets	54.6	33.5	30.3	23.3	27.2	30.9	41.4	54.1	47.8	72.4
Total current assets	1,013	1,221	1,207	1,343	1,249	1,407	1,493	1,430	1,607	1,855
Property, plant and equipment	967	1,057	1,052	678	650	666	724	808	870	1,011
Lease right-of-use assets				22.2	24.3	20.8	18.9	86.3	78.3	80.9
Goodwill	373	373	699	707	637	637	760	703	670	670
Intangible assets	127	103	376	326	281	240	288	237	192	155
Other non-current assets	21.4	28.2	55.6	60.1	53.8	54.3	39	60.6	55.6	68.2
Total assets	2,500	2,782	3,458	3,561	2,896	3,026	3,324	3,324	3,472	3,840
Accounts payable	372	497	431	330	327	361	362	335	406	544
Accrued liabilities	97.2	104	95	85.1	97.3	89.4	116	98.6	108	133
Deferred revenue		0	3.22	3.84	4.25	14.2	104	127	171	176
Short-term debt	111	4.58	30	250			50	3.5	3.8	3.82
Total current liabilities	689	720	673	947	518	558	761	704	809	962
Long-term debt	909	975	1,462	1,226	843	928	879	914	914	912
Lease liabilities				15.4	17.2	15.3	12.2	80.8	77.5	87.5
Other non-current liabilities	72.9	74.7	94.8	92.3	73.8	68.9	135	114	108	116
Total liabilities	1,671	1,771	2,230	2,282	1,452	1,570	1,788	1,813	1,909	2,078
Total debt	1,020	980	1,492	1,476	843	928	929	918	918	916
Paid-in capital	758	777	798	815	831	840	858	881	911	952
Retained earnings	74.8	231	433	474	652	706	801	782	838	1,016
Treasury stock						-63.8	-98.7	-123	-158	-175
Other comprehensive income	-44.3	3.4	-3.92	-10.1	-38.9	-27.3	-24.8	-29.1	-27.9	-30.9
Shareholders' equity	821	1,011	1,227	1,279	1,444	1,455	1,536	1,511	1,564	1,762
Minority interests	8.28
Total equity	829	1,011	1,227	1,279	1,444	1,455	1,536	1,511	1,564	1,762
Total liabilities and equity	2,500	2,782	3,458	3,561	2,896	3,026	3,324	3,324	3,472	3,840
Shares outstanding	100	102	104	106	107	104	102	102	102	103

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2023	FY2024	FY2024	FY2025
Net income	35.6	125	174	41.3	178	54.4	94.6	-18.7	56.3	177
Depreciation and amortization	156	151	91.3	93.4	99.6	85.9	91.3	99.2	105	110
Stock-based compensation	11.1	18.3	20.7	16.8	16.1	17.7	19.5	22.9	29.8	41.7
Deferred income tax	0.9	-9.16	-98.7	-13	-6.66	5.85	60.4	-11.2	-1.23	3.79
Change in receivables	23.2	-51.1	1.37	19.5	123	-5.24	-35.7	49.9	-35.1	-115
Change in inventory	-0.29	-25.4	18.3	-12.6	1.38	-12	-4.41	-45.4	-11.9	-25.1
Change in payables	-7.8	54.6	-45.7	42	1.21	41	-14.8	-34.6	49.7	139
Cash from operations	298	333	273	312	287	177	273	187	237	292
Capital expenditures	-85.1	-151	-150	-143	-103	-82	-103	-160	-186	-293
Acquisitions			-596			0	-298	0	0
Cash from investing	-78	-124	-746	-136	404	-84.1	-395	-92	-146	-274
Debt issued	775	725	600			500	0	235	8.42	0
Debt repaid	-1,023	-701	-114			-426	0	-292	-9.6	-3.8
Stock issued	1.74	0.07	0.19		0.19			0	0	0.24
Share buybacks						-64.7	-35.4	-24.4	-34.5	-17.9
Cash from financing	-217	-59	321	-31.8	-642	-7.23	-11.3	-47.7	-36.8	-20.9
Exchange rate effect	-6.08	3.36	-0.97
Net change in cash	-2.82	153	-153	144	51.4	86.1	-135	47.5	53.7	-2.7
Free cash flow	213	181	123	169	184	94.7	170	27	51.2	-0.68
Interest paid	72	39.1	63	71.3	59.2	42.4	42.8	47.9	49	46.2
Income taxes paid	25.1	20.1	27.6	20.1	18.1	5.21	4.57	53.8	18.8	37.4

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 29, 2026; growth uses fiscal years. Valuation uses the share price of $129.17 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	21.2%	Gross profit / revenue.
Operating margin	9.9%	Operating income / revenue.
EBITDA margin	13.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	7.8%	Pre-tax income / revenue.
Net margin	7.0%	Net income / revenue.
FCF margin	-0.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	9.6%	Cash from operations / revenue.
Effective tax rate	10.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	12.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.4%	Net income / average total assets.
Return on invested capital (ROIC)	12.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	0.9%	Research and development expense / revenue.
Stock-based pay / revenue	1.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	10.0%	Capital expenditures / revenue.
D&A / revenue	3.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	19.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	5.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	26.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	9.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	10.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	128.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	7.9%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	56.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	69.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	7.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	24.0%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	215.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	23.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-0.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	211.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	22.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	0.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	23.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	2.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	0.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-101.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	12.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	4.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	4.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	10.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	5.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.78x	Current assets / current liabilities.
Quick ratio	0.97x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.40x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.50x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	22.0%	Total debt / total assets.
Liabilities / assets	56.2%	Total liabilities / total assets.
Net debt	$465.6M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.03x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	7.62x	Operating income / interest expense.
Working capital	$985.9M	Current assets - current liabilities.
Goodwill and intangibles / assets	18.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.13B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.76x	Revenue / average total assets.
Fixed asset turnover	2.84x	Revenue / average property, plant and equipment.
Inventory turnover	8.64x	Cost of revenue / average inventory.
Days inventory	42 days	365 x average inventory / cost of revenue.
Receivables turnover	4.69x	Revenue / average receivables.
Days sales outstanding	78 days	365 x average receivables / revenue.
Days payables	111 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	9 days	Days inventory + days sales outstanding - days payables.
FCF conversion	-6.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	104.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.20	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$31.39	Revenue / diluted weighted shares.
FCF per share	-$0.14	Free cash flow / diluted weighted shares.
Operating cash flow per share	$3.00	Cash from operations / diluted weighted shares.
Book value per share	$18.36	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$10.71	Tangible book value / shares outstanding.
Cash per share	$4.82	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$13.61B	Share price x shares outstanding.
Enterprise value	$14.07B	Market cap + total debt - cash - short-term investments.
P/E	57.5x	Market cap / net income. Only when net income is positive.
P/S	4.03x	Market cap / revenue.
P/B	7.03x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	12.1x	Market cap / tangible book value, when positive.
P/OCF	42.1x	Market cap / cash from operations, when positive.
EV/Sales	4.17x	Enterprise value / revenue.
EV/EBIT	42.1x	Enterprise value / operating income, when both are positive.
EV/EBITDA	31.3x	Enterprise value / EBITDA, when both are positive.
FCF yield	-0.1%	Free cash flow / market cap.
Earnings yield	1.7%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.0%	(Dividends paid + share buybacks) / market cap.
PEG	2.53x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was TTM TECHNOLOGIES INC's revenue in fiscal 2025?

TTM TECHNOLOGIES INC reported revenue of $2.91B for fiscal 2025, 19% higher than the year before.

Was TTM TECHNOLOGIES INC profitable in fiscal 2025?

Yes. Net income was $177.4M, a net margin of 6.1%.

How much free cash flow did TTM TECHNOLOGIES INC generate in fiscal 2025?

Cash from operations of $291.9M minus capital expenditures of $292.6M left free cash flow of -$683.0K.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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