PCB manufacturing company TTM Technologies (NASDAQ: TTMI) reported Q3 2026 results topping the market’s revenue expectations, with sales up 59.9% year on year to $1.20 billion. The company expects next quarter’s revenue to be around $1.43 billion, close to analysts’ estimates. Its non-GAAP profit of $1.46 per share was 16.1% above analysts’ consensus estimates.

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Company overview

As one of the world's largest printed circuit board manufacturers with facilities spanning North America and Asia, TTM Technologies (NASDAQ: TTMI) manufactures printed circuit boards (PCBs) and radio frequency (RF) components for aerospace, defense, automotive, and telecommunications industries.

Revenue growth

A company’s long-term sales performance can indicate its overall quality. Any business can put up a good quarter or two, but many enduring ones grow for years.

With $3.83 billion in revenue over the past 12 months, TTM Technologies is one of the larger companies in the business services industry and benefits from a well-known brand that influences purchasing decisions.

As you can see below, TTM Technologies’s sales grew at an excellent 12% compounded annual growth rate over the last five years. This is a great starting point for our analysis because it shows TTM Technologies’s demand was higher than many business services companies.

Long-term growth is the most important, but within business services, a half-decade historical view may miss new innovations or demand cycles. TTM Technologies’s annualized revenue growth of 27.3% over the last two years is above its five-year trend, suggesting its demand was strong and recently accelerated.

This quarter, TTM Technologies reported magnificent year-on-year revenue growth of 59.9%, and its $1.20 billion of revenue beat Wall Street’s estimates by 7.3%. Company management is currently guiding for a 84.7% year-on-year increase in sales next quarter.

Looking further ahead, sell-side analysts expect revenue to grow 40.2% over the next 12 months, an improvement versus the last two years. This projection is eye-popping and indicates its newer products and services will spur better top-line performance.

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Adjusted operating margin

TTM Technologies has done a decent job managing its cost base over the last five years. The company has produced an average adjusted operating margin of 10.8%, higher than the broader business services sector.

Analyzing the trend in its profitability, TTM Technologies’s adjusted operating margin rose by 4.8 percentage points over the last five years, as its sales growth gave it operating leverage.

In Q3, TTM Technologies generated an adjusted operating margin profit margin of 15.5%, up 3.2 percentage points year on year. This increase was a welcome development and shows it was more efficient.

Earnings per share

Revenue trends explain a company’s historical growth, but the long-term change in earnings per share (EPS) points to the profitability of that growth — for example, a company could inflate its sales through excessive spending on advertising and promotions.

TTM Technologies’s EPS grew at 24.6% compounded annual growth rate over the last five years, higher than its 12% annualized revenue growth. This tells us the company became more profitable on a per-share basis as it expanded.

Diving into the nuances of TTM Technologies’s earnings can give us a better understanding of its performance. As we mentioned earlier, TTM Technologies’s adjusted operating margin expanded by 4.8 percentage points over the last five years. This was the most relevant factor (aside from the revenue impact) behind its higher earnings; interest expenses and taxes can also affect EPS but don’t tell us as much about a company’s fundamentals.

Like with revenue, we analyze EPS over a shorter period to see if we are missing a change in the business.

For TTM Technologies, its two-year annual EPS growth of 60.2% was higher than its five-year trend. We love it when earnings growth accelerates, especially when it accelerates off an already high base.

In Q3, TTM Technologies reported adjusted EPS of $1.46, up from $0.67 in the same quarter last year. This print easily cleared analysts’ estimates, and shareholders should be content with the results. Over the next 12 months, Wall Street expects TTM Technologies’s full-year EPS to grow 95% from $3.90 to $7.60.

Key takeaways from TTM Technologies’s Q3 results

It was good to see TTM Technologies beat analysts’ EPS expectations this quarter. We were also excited its revenue outperformed Wall Street’s estimates by a wide margin. Overall, we think this was a decent quarter with some key metrics above expectations. However, the market seemed to be hoping for more, and the stock traded down 6.9% to $95.01 immediately after reporting.

So should you invest in TTM Technologies right now? When making that decision, it’s important to consider its valuation, business qualities, as well as what has happened in the latest quarter. We cover that in our actionable full research report which you can read here (it’s free).