TTM Technologies' N+M Technology Ramps Up: Can Revenue Soar?

TTM Technologies TTMI is ramping up N+M technology at a favorable time, positioning the company for a potentially meaningful revenue boost from surging AI-driven data center demand.

The company has already delivered tens of millions of dollars of N+M products and expects approximately $600 million of N+M business in the second half of 2026. About one-third of this opportunity is expected in the third quarter and two-thirds in the fourth quarter, pointing to an accelerating contribution to revenue.

The opportunity is supported by strong Data Center and Networking demand, where second-quarter sales surged 91% year over year as customers expanded AI data-center infrastructure. TTM Technologies expects the end market to account for 49% of third-quarter sales as N+M enters volume production. Importantly, N+M yields are running better than expected, and further yield improvements as production scales should support margin expansion in the third and fourth quarters.

The Zacks Consensus Estimate projects revenue growth of 50.88% year over year in 2026, reinforcing the growth outlook for the company.  Moreover, N+M is a family of technologies that can support multiple customers and applications beyond data centers and networking. Thus, with production scaling, strong AI infrastructure demand and improving yields, N+M appears capable of becoming a significant revenue and margin driver for TTMI.

TTMI Faces Competition in Advanced Electronics

Amphenol Corporation APH is strengthening its position in high-speed electronics through Wilder Technologies, which adds high-performance test-and-measurement capabilities for high-speed digital, RF and signal-integrity applications in IT datacom. This expands Amphenol’s technology portfolio around next-generation connectivity, creating competitive pressure on TTMI as APH targets rapidly growing advanced electronics and data-center applications.

Sanmina Corporation SANM is expanding high-technology PCB capabilities for AI and aerospace-and-defense products, backed by investments in capacity and new equipment. Sanmina stated these investments are beginning to pay off as PCB revenue grows, while broader cloud and AI infrastructure demand supports expansion. This positions SANM as a more direct PCB competitor to TTMI in advanced applications.

TTMI’s Share Price Performance, Valuation & Estimates

TTMI shares have surged 71.7% year to date, significantly outperforming the broader Zacks Computer and Technology sector's 18.5% growth.

TTMI’s YTD Price Performance

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From a valuation standpoint, TTMI stock is currently trading at a trailing 12-month P/E ratio of 47.36X compared with the Electronics - Miscellaneous Components industry’s 21.1X. TTMI has a Value Score of D.

TTMI’s Valuation

Image Source: Zacks Investment Research

The Zacks Consensus Estimate points to continued earnings momentum for TTMI, with earnings per share projected at $4.82 for 2026 and $6.90 for 2027, representing year-over-year growth of 95.9% and 43.2%, respectively.

Image Source: Zacks Investment Research

TTM Technologies currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

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This article originally published on Zacks Investment Research (zacks.com).

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