TTM TECHNOLOGIES INC — Form 8-K
Filed October 22, 2026 · analyzed by the 8-K Agent
8-K
▲ Likely positive
significance 42/100
What the filing says
TTM reported Q3 2026 net sales of $1.203 billion (60% YoY growth), GAAP net income of $84.8 million ($0.79 diluted EPS), and adjusted EBITDA of $242.3 million (20.1% margin—all-time records). On October 19, 2026, TTM announced plans to acquire Ophir Optics from MKS Inc. for $650 million (10.3x FY2027 adjusted EBITDA) in an all-cash transaction funded by cash on hand, future cash flow, and revolving credit; post-closing leverage expected to be 1.5–2.0x. TTM also acquired or is acquiring Merlin Circuit Technology Ltd./Merlin Flex Ltd. (UK, undisclosed price), ILFA GmbH (Germany, closing Q4 2026), Swiss Technology Group, and Epiq Solutions (both recently closed).
Why this rating
Strong organic Q3 growth and margins; $650M Ophir acquisition is ~16% of TTM market cap but management expects to delever to 1.5–2.0x, reducing near-term concern. Multiple smaller acquisitions increase execution risk and integration burden; leverage of 2.8x post-Epiq is moderate. Material bolt-on M&A activity, but not transformational relative to size.
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