TTM Technologies, Inc.

TTM Technologies started in 1998 as a printed circuit board shop in Redmond, Washington and is now the largest PCB maker in North America and the largest supplier of circuit boards to the United States military. Getting there took acquisitions rather than organic growth. Honeywell Advanced Circuits in 2002, Tyco Printed Circuit Group in 2006, Viasystems in 2015, Anaren in 2018 for radio frequency components, and Telephonics in 2022 for $330 million, which pulled complete radar and surveillance systems into a company that had previously sold the boards inside them. Headquarters sit in Santa Ana, California. Around 15,000 people work across roughly thirty facilities in North America and Asia, with offices from Hong Kong and Bengaluru to Tokyo, St. Louis and Taipei. The stock trades on Nasdaq as TTMI and sits in the S&P 400.

The company reports in three segments. Aerospace and defense is the one that matters here and has been running close to 45 percent of revenue. Commercial is the larger unit by volume, covering automotive, medical, industrial and instrumentation, data center computing and networking. RF and specialty components sells TTM-designed parts and commercial off the shelf products. The interconnect catalogue runs from conventional rigid boards through high density interconnect, ultra-HDI, flex and rigid-flex, radio frequency and microwave laminates, substrate-like PCBs and thermal management constructions. On top of that sit Xinger branded RF components, circulators, resistive parts, transceivers and beamforming networks, then integrated assemblies, multi-chip modules, mixed-signal ASICs, ceramics, backplanes and MicroTCA products.

Mission systems is the Telephonics inheritance. TTM builds maritime surveillance and weather avoidance radars for fixed and rotary wing aircraft, uncrewed platforms and ships, along with communications and identification systems, and it is the sole supplier of the AN/APS-153 multi-mode radar carried by the Navy's MH-60R Seahawk, a line that has drawn orders past $330 million. Capacity is the current story. A $130 million facility in Syracuse, New York, including $30 million from the Department of War, opened for ultra-HDI production aimed squarely at domestic defense electronics supply, adding 400 jobs toward a Central New York workforce near 1,000 with volume production due in the second half of 2026. The company has also taken a 750,000 square foot plant in Eau Claire, Wisconsin and land rights in Penang, Malaysia, where the ramp has been the main margin story of the past year as yields on key programs climbed from roughly 40 percent to between 70 and 80 percent. Commercial space is now a named market of its own, which reflects how much launch and satellite demand has moved into the same high frequency, high layer count board technology that defense radar already required. The through line across all of it is that TTM sells the interconnect layer, and increasingly the box around it.