TTM Technologies Posts Record Sales and 20.1% Adjusted Ebitda Margin

The Tip Desk · October 22, 2026 · 4 min read

Third-quarter sales reached $1.2 billion, up 60% from a year earlier, as Data Center and Networking took 41% of the mix.

TTM Technologies, Inc. (TTMI), a global manufacturer of mission systems, RF components and advanced interconnect products, reported third-quarter net sales of $1.2 billion, up 60% from a year earlier, an all-time quarterly record and a faster year-over-year pace than the 37% increase recorded in the second quarter.

Adjusted EBITDA reached $242.3 million, or 20.1% of net sales, also an all-time quarterly record, versus $166.8 million, or 16.6% of sales, in the prior quarter. Non-GAAP net income was $157.8 million, or $1.46 a share, compared with $106.9 million, or $0.99 a share. GAAP net income was $84.8 million, or $0.79 a share.

Chief Executive Edwin Roks said all key markets contributed to the 60% year-on-year growth, with Data Center & Networking up 115%, Medical, Industrial & Instrumentation up 97%, and Aerospace & Defense up 21%. Those rates compared with year-on-year increases of 91%, 33% and 14% in those same end markets in the second quarter. Roks said margin expansion efforts were producing results as evidenced by adjusted EBITDA margin exceeding 20% for the first time.

Data Center and Networking was 41% of total net sales, versus 40% in the prior quarter, which the company attributed to continued AI demand. Aerospace and Defense was 34% of sales. Total A&D program backlog was $2.0 billion, versus more than $1.7 billion in the second quarter. Medical, Industrial and Instrumentation was 18% of sales.

By reportable segment, Aerospace & Defense net sales were $416.5 million and segment operating income was $77.0 million. Commercial net sales were $787.9 million and segment operating income was $166.3 million.

Cash flow from operations was $154.7 million, or 12.9% of net sales, versus $96.4 million, or 9.6% of sales, in the second quarter. Total book to bill rose to 2.13 from 1.49.

Roks said cash flow from operations continues to be solid, which gives the company confidence that it can comfortably handle the leverage from recent acquisitions and capital investments. Following the Epiq Solutions close on September 30, 2026, the net leverage ratio as of that date was 2.8x of pro-forma adjusted TTM EBITDA, versus 0.9x net leverage reported in the second quarter. By the expected closing of the proposed Ophir Optics acquisition, the company said it expects leverage to be within its targeted range of 1.5-2.0x.

The company completed previously announced acquisitions of Swiss Technology Group and Epiq Solutions in recent weeks; those deals are now included in current guidance. On October 19 it announced plans to acquire Ophir Optics from MKS Inc. for $650 million, or 10.3x expected FY 2027 Adjusted EBITDA, in an all-cash deal expected to be funded with cash on hand, future cash flow and borrowings under its revolving credit facility. On October 9 it agreed to buy Merlin Circuit Technology Ltd. and Merlin Flex Ltd., two small UK PCB factories, for an undisclosed amount, expected to close in the fourth quarter. A planned acquisition of ILFA GmbH is also expected to close in the fourth quarter. The Ophir deal is excluded from current guidance.

For the fourth quarter of 2026, TTM estimates net sales of $1.42 billion to $1.44 billion and non-GAAP net income of $1.77 to $1.83 a share. Those fourth-quarter estimates imply full-year 2026 net sales of $4.47 billion to $4.49 billion and non-GAAP net income of $4.97 to $5.03 a share, compared with the prior quarter’s full-year view of approximately $4.4 billion in sales and non-GAAP earnings approaching $5.00 a share. The fourth-quarter and full-year outlook now include contributions from the closed STG and Epiq acquisitions and associated financing costs.

The company initiated a preliminary 2027 full-year forecast of net sales of $6.5 billion to $6.75 billion and non-GAAP net income of $8.10 to $8.90 a share. That initial 2027 forecast includes recently closed acquisitions and associated financing costs and excludes planned or potential acquisitions that have not closed.

Roks said TTM is well positioned for growth for the foreseeable future and expects continued healthy growth in key end markets, with particular strength in Data Center & Networking and Aerospace & Defense.