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TTM Technologies makes complex circuit boards used in equipment such as data-center computers and aerospace and defense systems. It also builds hardware that handles radio signals, along with complete radar and communications systems. Its MOSAIC radar family serves applications including maritime surveillance and counter-drone operations. Aerospace and defense is its largest end market, followed by data-center computing.
Equipment makers buy TTM’s products directly or arrange purchases through electronics manufacturing contractors. TTM often negotiates prices and volumes with the equipment maker even when the contractor places the order and owes the payment. Orders generally follow customers’ production schedules. TTM also helps customers design products for manufacturing and charges premium prices for circuit boards delivered on urgent schedules.
A small group of large equipment makers accounts for a substantial share of sales. Much of TTM’s defense business reaches the U.S. government through these customers and their manufacturing contractors, making government budgets and contract awards important sources of demand. TTM must maintain facility security clearances to perform classified U.S. government contracts, and export controls restrict international sales of some products.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
TTM's competition also comes from overseas advanced circuit-board makers Isu Petasys, AT&S and Unimicron, none of which appears in this list.
Sanmina competes with TTM for defense equipment makers' spending on engineered electronics, components and manufacturing services. Watch its ability to win work spanning design, assembly and testing, where TTM also offers customers a single manufacturing source.
Mercury Systems Inc. competes with TTM to supply defense contractors and government customers with electronics modules and subsystems for radar, electronic warfare, avionics and communications. Its delivery of updated, pre-integrated subsystems is worth watching against TTM's radar and communications hardware offerings.
Eltek Ltd competes with TTM in complex multilayer circuit boards sold for defense, aerospace, medical and industrial equipment. Defense and aerospace accounted for 73% of Eltek's production in the year ended December 31, 2025, making that customer group's demand the most relevant part of its business to watch.
Leonardo DRS, Inc. competes with TTM for U.S. and allied defense customers' spending on sensing, electronic warfare and integrated mission electronics. Its sensing and electronic-warfare programs are more relevant to TTM's radar and microwave hardware than its ship-propulsion business.
Celestica and TTM both benefit from hyperscalers' AI computing and high-speed networking spending: Celestica designs and builds data-center platforms for customers, while TTM makes advanced circuit boards for that infrastructure. Watch Celestica's networking and server platform business for a read on the buildout supporting TTM's commercial sales.
Curtiss-Wright competes with TTM to sell engineered electronics to aerospace and defense customers. Its Defense Electronics segment is the clearest comparison for TTM's engineered defense offerings, rather than its nuclear-power or industrial businesses.
MACOM competes with TTM in radio-frequency components and modules that customers build into defense electronics, while both serve data-center and communications hardware demand. Watch MACOM's radar and communications products alongside its high-speed data-center links for signals from these shared markets.
Benchmark Electronics competes with TTM for equipment makers' work in high-reliability radio-frequency hardware, microelectronics and services from design through production. Its aerospace and defense, medical and industrial sales are the useful demand checks for the customer markets they share.
Flex and TTM share exposure to data-center and networking hardware investment: Flex builds compute, networking and rack infrastructure for customers, while TTM supplies advanced boards for those markets. Flex's cloud compute and high-speed networking work is the part to watch for demand relevant to TTM.
Jabil assembles cloud and networking hardware for customers, and production in those markets also drives demand for TTM's advanced circuit boards.
Advanced Energy and TTM serve the same data-center, networking, industrial and medical equipment markets: Advanced Energy sells products that convert electrical power into the form equipment needs, while TTM supplies advanced boards. Its sales into these markets offer a demand check for TTM beyond defense electronics.
Fabrinet and TTM share exposure to data-center networking production: Fabrinet manufactures optical communications hardware for equipment makers, while TTM makes advanced boards for data-center and networking equipment. Watch Fabrinet's optical communications business, where revenue is concentrated among a small number of customers.
Coherent and TTM both serve expanding data-center networks: Coherent sells optical transceivers and networking modules, while TTM supplies advanced boards for computing and networking infrastructure. Coherent's Datacenter & Communications segment is the relevant business to watch, rather than its industrial lasers.
Lumentum Holdings and TTM serve the same data-center networking buildout: Lumentum sells optical networking components and systems to customers, while TTM supplies advanced boards for switching and networking hardware.
AMD sells AI compute processors for infrastructure using TTM's advanced boards, so its Data Center business is a useful check on their shared AI and high-performance computing demand. TTM also names AMD as a competitor in its RF&S Components business.
TTM Technologies Inc earningsThis company
TTM Technologies’ aerospace and defense and commercial businesses will show whether defense programs and data-center demand are still lifting sales without Penang ramp-up costs eating into profits.
Read sales alongside operating margin—the share of sales left after operating costs—for each segment: A&D and Commercial. Growth in both, with margins holding or improving, would show that defense programs and data-center and networking demand are supporting production without eroding profitability. Slower or falling sales with shrinking margins would point to weaker demand, or fixed costs and Penang ramp-up costs weighing more heavily. Together, the figures show whether TTM Technologies is growing both businesses while preserving their ability to earn profit.
Celestica, Inc. earningsCLS
Celestica’s server and networking platform business will show whether customer spending on data-center infrastructure is still supporting demand for TTM Technologies’ advanced circuit boards.
Watch whether Celestica’s data-center server and networking businesses keep growing. Strength in both would indicate that customers are still building AI computing and high-speed network infrastructure, supporting the market for boards used in TTM Technologies’ Commercial business. A slowdown or decline would mean less support for that demand. Celestica’s results can also reflect its own customer wins and losses, so they do not prove that TTM received orders. The report tests whether spending in the shared market is continuing, not how much TTM sold.
Fed Interest Rate Decision
The Fed’s interest-rate decision signals whether borrowing costs across the economy are rising or falling; higher rates can raise the interest TTM Technologies pays on its floating-rate Term Loan Facility and Asia ABL, while its swap offsets part of that cost.
Expected4.0%Last release4.0%
If it comes in above expectations
Higher-than-expected rates can increase interest expense on TTM Technologies’ floating-rate debt, although its swap hedges part of the exposure.
If it comes in below expectations
Lower-than-expected rates can reduce interest expense on TTM Technologies’ floating-rate debt, while the swap continues to offset part of its exposure.
Mercury Systems Inc. earningsMRCY
Mercury Systems Inc.’s radar, electronic-warfare, and communications subsystem business will show how defense demand and deliveries are developing in markets that overlap with TTM Technologies.
Read Mercury Systems Inc.’s sales in its relevant defense businesses alongside margins and delivery progress. Rising sales, stable margins, and steady deliveries would indicate that demand remains active in the radar, electronic-warfare, and communications markets TTM Technologies also serves. Weaker sales or margins, or disrupted deliveries, could point to program delays, softer demand, cost pressure, or tougher competition. The companies do not necessarily pursue the same programs, so this report describes the shared market rather than proving that TTM won or lost a particular order.
Eltek Ltd earningsELTK
Eltek’s complex multilayer circuit-board business will show how demand and board economics are developing among defense and aerospace customers that TTM Technologies also serves.
Read Eltek’s circuit-board sales alongside its margins, with particular attention to defense and aerospace. Growing sales with stable margins would suggest customers still need these boards and competition is not visibly squeezing the business’s profitability. Falling sales or shrinking margins could indicate weaker customer demand, or prices and costs making board work less profitable. Eltek’s scale and customer mix differ from TTM Technologies’, so its results are not a substitute for TTM’s orders or margins; they are a signal about demand and competition in a market the companies share.
