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TTMI
USInformation Technology · Electronic Manufacturing Services
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Structural: largest North American PCB + RF assembly merchant; A&D ~50% of mix carries multi-year backlog ($1.5B+) and DoD trusted-supplier status that Chinese competitors structurally cannot serve. Datacenter PCB content per AI server is 3-5x legacy on layer count + HDI complexity - TTMI's Syracuse + new Penang advanced HDI fabs are the production lever.
(1) A&D book-to-bill consistently above 1.0 with F-35, missile-defense, radar programs ramping; (2) datacenter end-market inflecting on hyperscaler AI capex; (3) Penang HDI plant comes online late-2026 adding ~$300M revenue capacity; (4) trusted-foundry mandate creates pricing power vs offshore PCB; (5) automotive ADAS content per vehicle compounding.
(1) PCB is a cyclical commodity business with thin mid-single-digit margins outside A&D; (2) Penang ramp execution risk + start-up costs pressure 2026 margins; (3) commercial end-markets (networking, computing ex-AI) remain soft; (4) customer concentration - top 5 customers >35% of revenue; (5) capex cycle elevated through 2027 compressing FCF conversion.
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Auto-computed retracement of the trailing 52w low-high leg. Recomputed on each refresh; not a curated level.