PCB manufacturing company TTM Technologies (NASDAQ: TTMI) announced better-than-expected revenue in Q1 CY2026, with sales up 30.4% year on year to $846 million. On top of that, next quarter’s revenue guidance ($950 million at the midpoint) was surprisingly good and 14.5% above what analysts were expecting. Its non-GAAP profit of $0.75 per share was 12.4% 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 is one signal of its overall quality. Any business can put up a good quarter or two, but many enduring ones grow for years.

With $3.10 billion in revenue over the past 12 months, TTM Technologies is a mid-sized business services company, which sometimes brings disadvantages compared to larger competitors benefiting from better economies of scale. On the bright side, it can still flex high growth rates because it’s working from a smaller revenue base.

As you can see below, TTM Technologies’s sales grew at a solid 7.5% compounded annual growth rate over the last five years. This is an encouraging starting point for our analysis because it shows TTM Technologies’s demand was higher than many business services companies.

We at StockStory place the most emphasis on long-term growth, but within business services, a half-decade historical view may miss recent innovations or disruptive industry trends. TTM Technologies’s annualized revenue growth of 17.2% over the last two years is above its five-year trend, suggesting its demand was strong and recently accelerated.

This quarter, TTM Technologies reported wonderful year-on-year revenue growth of 30.4%, and its $846 million of revenue exceeded Wall Street’s estimates by 6.9%. Company management is currently guiding for a 30% year-on-year increase in sales next quarter.

Looking further ahead, sell-side analysts expect revenue to grow 14.2% over the next 12 months, a deceleration versus the last two years. Despite the slowdown, this projection is commendable and implies the market is forecasting success for its products and services.

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Adjusted Operating Margin

TTM Technologies was profitable over the last five years but held back by its large cost base. Its average adjusted operating margin of 9.9% was weak for a business services business.

On the plus side, TTM Technologies’s adjusted operating margin rose by 3.6 percentage points over the last five years, as its sales growth gave it operating leverage.

In Q1, TTM Technologies generated an adjusted operating margin profit margin of 11.4%, in line with the same quarter last year. This indicates the company’s overall cost structure has been relatively stable.

Earnings Per Share

We track the long-term change in earnings per share (EPS) for the same reason as long-term revenue growth. Compared to revenue, however, EPS highlights whether a company’s growth is profitable.

TTM Technologies’s EPS grew at 18.4% compounded annual growth rate over the last five years, higher than its 7.5% annualized revenue growth. This tells us the company became more profitable on a per-share basis as it expanded.

We can take a deeper look into TTM Technologies’s earnings quality to better understand the drivers of its performance. As we mentioned earlier, TTM Technologies’s adjusted operating margin was flat this quarter but expanded by 3.6 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 more recent period because it can provide insight into an emerging theme or development for the business.

For TTM Technologies, its two-year annual EPS growth of 35.5% was higher than its five-year trend. We love it when earnings growth accelerates, especially when it accelerates off an already high base.

In Q1, TTM Technologies reported adjusted EPS of $0.75, up from $0.50 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 of $2.70 to grow 28.9%.

Key Takeaways from TTM Technologies’s Q1 Results

We were impressed by how significantly TTM Technologies blew past analysts’ EPS guidance for next quarter expectations this quarter. We were also excited its revenue outperformed Wall Street’s estimates by a wide margin. Zooming out, we think this was a good print with some key areas of upside. The stock traded up 12.8% to $155.50 immediately following the results.

Sure, TTM Technologies had a solid quarter, but if we look at the bigger picture, is this stock a buy? 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).