The reiterated $4.0B revenue guide supports the bullish thesis on TTMI's aerospace/defense PCB demand and AI data center buildout exposure. Watch for June 2026 close of the refinancing — a successful execution would lower interest expense and extend maturity profile. Margin targets (13-15% op margin, 16-18% EBITDA margin) are wide ranges; tighter guidance on next earnings call would be a positive catalyst. Near-term price action likely driven by investor day tone and any incremental demand commentary.
Price Chart
Executive Summary
TTMI filed an 8-K for its 2026 Investor Day, reiterating its raised $4.0B revenue guidance for FY2026 and providing new non-GAAP margin targets. The company also disclosed plans to upsize and reprice a $400M Term Loan and secure $1B in new Revolving Credit facilities, expected to close in June 2026. The refinancing and strong revenue outlook are credit-positive signals, but the margin targets are broad and the deals are not yet closed.
Key Facts
- FY2026 revenue guidance of $4.0B reiterated
- FY2026 non-GAAP operating margin target: 13%-15%
- FY2026 Adjusted EBITDA margin target: 16%-18%
- FY2026 cash flow from operations expected in range of $300M-$320M
- FY2026 free cash flow (non-GAAP) expected to be slightly positive
- Repriced and upsized $400M Term Loan due May 2030 expected to close June 2026
- Repricing expected to reduce cost of borrowing by 50 bps
- New $1B Revolving Credit facilities maturing in 2031, replacing existing ABL facilities
- Refinancing transactions subject to definitive documentation and customary closing conditions
Financial Impact
Revenue guidance of $4.0B vs $20.5B market cap implies ~19.5% revenue yield; refinancing expected to reduce borrowing cost by 50 bps on $400M term loan (~$2M annual savings)
Risk Factors
- Refinancing transactions are not yet closed and may be delayed or fall through
- FY2026 margin targets are non-GAAP and exclude certain costs; GAAP margins could be significantly lower
- Forward guidance is aspiration-based from an investor day, not firm; may not be ratified on next 10-Q
- $4.0B revenue target was 'recently raised' — implies prior expectations may not be met without the raise
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-240340 |
| Document: 0001193125-26-240340-index-headers.html | 0001193125-26-240340 |
| Document: 0001193125-26-240340-index.html | 0001193125-26-240340 |
| Document: 0001193125-26-240340.txt | 0001193125-26-240340 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 10, 2026 22d ago | 8-K | $126.44 $117.97 | ▼ −6.70% | ▼ −6.48% | $131.87 (+4.29%) |
Aug 26, 2026 5w ago | Insider Cluster | $121.70 $115.60 | ▼ −5.01% | ▼ −4.89% | $131.87 (+8.36%) |
Aug 17, 2026 6w ago | Press Release | $140.98 $107.12 | ▼ −24.02% | ▼ −22.83% | $131.87 (−6.46%) |
Jun 29, 2026 13w ago | Insider Cluster | $186.80 $149.39 | ▼ −20.03% | ▼ −21.41% | $131.87 (−29.41%) |
Jun 17, 2026 15w ago | Press Release | $216.44 $210.57 | ▼ −2.71% | ▼ −1.05% | $131.87 (−39.07%) |
Jun 3, 2026 17w ago | Press Release | $184.84 $187.21 | ▲ +1.28% | ▲ +3.84% | $131.87 (−28.66%) |
Jun 3, 2026 17w ago | 8-K | $184.84 $187.21 | ▲ +1.28% | ▲ +3.84% | $131.87 (−28.66%) |
May 27, 2026 18w ago | 8-K | $190.67 $189.60 | ▼ −0.56% | ▼ −1.03% | $131.87 (−30.84%) |
May 18, 2026 19w ago | 8-K | $161.41 $190.67 | ▲ +18.13% | ▲ +15.83% | $131.87 (−18.30%) |
May 8, 2026 21w ago | 8-K | $162.99 $158.86 | ▼ −2.53% | ▼ −2.45% | $131.87 (−19.09%) |
US Market Status
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