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TTM Technologies (TTMI) Drew Attention At Farnborough, Is The Stock Fully Priced?

Simply Wall St · 1d ago

TTM Technologies (TTMI) is back in focus after its high profile presence at the Farnborough International Airshow in the UK, where it highlighted printed circuit board and RF solutions for aerospace, defense, and AI infrastructure customers.

See our latest analysis for TTM Technologies.

Despite the Farnborough spotlight and an upcoming earnings call on 5 August 2026, TTM Technologies’ share price has recently been under pressure, with the 1 month share price return down 37.35%. However, the year to date share price return of 86.11% and a very large 5 year total shareholder return suggest longer term momentum remains strong.

If Farnborough put AI hardware and defense supply chains on your radar, it could be a good moment to widen the search and look at 54 AI infrastructure stocks

After a huge multiyear run and a sharp one-month pullback, TTM Technologies now sits between two stories: one where most of the upside is already in the rearview mirror, and another where today’s valuation still leaves room ahead.

Most Popular Narrative: 38% Undervalued

With TTM Technologies last closing at $131.41 against a widely followed fair value estimate of $212, the current pullback sits against a narrative that still assumes a lot of earnings power ahead and a relatively low discount rate of 8.95%.

Ongoing expansion into higher-value engineered solutions and advanced manufacturing capabilities, particularly through new capacity in Penang, Syracuse, and product mix shifts, increases pricing power and drives gross margin improvements over time, enhancing net margin profile.

Growing industry-wide emphasis on supply chain resiliency and secure domestic sourcing is likely to shift PCB market share toward North American providers like TTM, potentially leading to persistent outperformance in revenue and free cash flow as customers prioritize domestic production.

Read the complete narrative.

Want to see what kind of revenue curve and margin lift are baked into that $212 figure? The narrative leans heavily on compound growth, richer mix, and a punchy earnings multiple that assumes investors keep paying up for this combination.

Result: Fair Value of $212 (UNDERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, the bullish TTM Technologies story still runs into execution risk if high cost new facilities are underutilized or if key concentrated customers reduce orders.

Find out about the key risks to this TTM Technologies narrative.

Another View on TTM Technologies: Pricing Power or Pricing Stretch?

That 38% undervalued story rests on rich earnings and margin assumptions, but the current P/E of 77x tells a different tale. It sits well above the US Electronic industry at 29.3x and a fair ratio of 65x. This points to meaningful valuation risk if expectations cool.

For a closer look at how those earnings expectations stack up against price ratios and what might have to go right to support them, See what the numbers say about this price — find out in our valuation breakdown.

NasdaqGS:TTMI P/E Ratio as at Jul 2026
NasdaqGS:TTMI P/E Ratio as at Jul 2026

Next Steps

With sentiment on TTM Technologies pulled between optimism and caution, it makes sense to move quickly, review the data yourself, and weigh both sides. To see the balance of potential upsides and concerns in one place, take a look at the 4 key rewards and 2 important warning signs

Looking for more investment ideas beyond TTM Technologies?

If TTM Technologies has you thinking about what else could be worth your attention, do not sit on the sidelines while other opportunities move ahead.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.