TTM Technologies, Inc. (TTMI) 株式分析

企業概要

TTM Technologies, Inc. is a leading manufacturer and supplier of mission systems, radio frequency (RF) components, RF microwave/microelectronic assemblies, and printed circuit boards (PCBs) and substrates, serving markets across the United States, Taiwan, and internationally. The company operates within the Technology sector, specifically focusing on the Electronic Components industry, which implies a high dependence on demand cycles for defense, aerospace, and commercial electronics applications. As of the latest reporting period, the entity commands a market capitalization of $10.99B and generates annual revenue of $2.91B, employing a workforce of 18,200 individuals. These valuation and revenue figures indicate that the company holds a significant position in its niche, reflecting substantial operational scale and a robust presence in the global supply chain for critical electronic infrastructure.

財務健全性

The company reported revenue of $2.91B and net income of $177.45M over the trailing twelve months, while EBITDA stood at $414.70M, revealing a cost structure where operating expenses and interest obligations consume a significant portion of earnings before interest and taxes. The free cash flow stands at $-61,288,876, indicating a period of negative cash generation that suggests the company is currently investing heavily in capital expenditures or managing working capital requirements, thereby limiting immediate financial flexibility for dividends or buybacks. Profitability analysis shows a gross margin of 20.7%, an operating margin of 10.5%, and a profit margin of 6.1%, where the narrowing gap between gross and profit margins highlights the substantial impact of selling, general, and administrative costs on the final bottom line. The balance sheet displays $504.33M in cash against total debt of $1.03B, resulting in a debt-to-equity ratio of 58.42%, which characterizes a leveraged balance sheet rather than a conservative one. Liquidity is supported by a current ratio of 1.93, indicating that current assets are nearly double current liabilities and providing a comfortable buffer against short-term obligations. Return metrics reveal a return on equity of 10.7% and a return on assets of 4.6%, suggesting that management is generating moderate returns relative to shareholder equity but lower returns relative to the total asset base employed.

バリュエーション評価

Valuation metrics show a trailing P/E ratio of 63.01 compared to a forward P/E of 23.57, implying that the market is pricing in a dramatic increase in future earnings per share as the forward multiple is significantly lower than the historical average. The price-to-book ratio is recorded at 6.21, indicating that the market values the company's equity at more than six times its book value, suggesting a high premium assigned to the company's intangible assets or growth prospects. Alternative valuation metrics such as the price-to-sales ratio of 3.78 and an EV/EBITDA of 27.66 further suggest that investors are willing to pay a premium for revenue and earnings relative to peers in the electronic components space. The stock's 52-week price range spans from a low of $17.18 to a high of $113.46, illustrating extreme volatility within a single fiscal year. Without knowing the exact current price, the wide range demonstrates that the stock has experienced substantial price discovery, moving from deeply undervalued levels to a peak that reflects aggressive investor sentiment. The beta value of 1.76 indicates that the stock price is significantly more volatile than the broader market, meaning it tends to amplify market movements with greater magnitude.

Growth & Income

Revenue growth year-over-year is reported at 19.0%, while earnings growth year-over-year is an exceptional 828.3%, indicating that earnings are expanding at a rate vastly faster than revenue, which often points to a one-time event, significant margin expansion, or a correction in prior period comparatives. The company does not pay a dividend, as evidenced by a dividend yield of N/A and a payout ratio of 0.0%, meaning the company retains all of its net income of $177.45M to reinvest in operations, reduce debt, or fund growth initiatives rather than distributing cash to shareholders. This reinvestment strategy is consistent with a non-dividend payer profile where capital is directed back into the business to capitalize on the rapid revenue expansion and operational scaling within the mission systems and RF component markets. Overall, the growth and income profile is defined by aggressive earnings expansion and a total retention of profits, prioritizing capital allocation for internal growth over income generation through dividends.