TTM Technologies Sets $4 B FY2026 Revenue Target, Boosts Margin Guidance and Secures $1 B Credit Facility
TTM Technologies used its Investor Day webcast to reaffirm a $4 billion FY2026 revenue outlook while widening non‑GAAP operating and EBITDA margins. The company also unveiled a $400 million repriced term loan and a new $1 billion revolving credit facility, moves that could sharpen its balance sheet ahead of a June closing.
TTM Technologies (TTMI) told investors on May 27 that it remains on track for a $4.0 billion revenue run‑rate in fiscal 2026, a figure that underpins its latest non‑GAAP profitability targets. The company now projects operating margins of 13%‑15% and Adjusted EBITDA margins of 16%‑18%, both at the upper end of prior guidance ranges. Cash flow from operations is expected to sit between $300 million and $320 million, delivering a slightly positive non‑GAAP free cash flow for the year.
The guidance comes amid a broader strategic push to strengthen liquidity. TTM announced a $400 million term loan, due May 2030, that will be repriced and upsized with a 50‑basis‑point reduction in borrowing cost. The loan is slated to close in June 2026, subject to customary conditions. In parallel, the company is arranging a revolving credit facility of up to $1 billion, maturing in 2031, intended to replace its existing U.S. and Asian asset‑based lending facilities. Both financing transactions are expected to close concurrently, providing a more flexible capital structure.
Shares responded positively to the news, climbing 3.8% to $197.13 in after‑hours trading, extending a 24% gain over the past week and a 185.4% rise year‑to‑date. The stock now sits near the top of its 52‑week range, with an RSI of 72 indicating continued momentum.
TTM’s filing includes the standard forward‑looking statements disclaimer, pointing investors to the risk factors outlined in its recent SEC filings. The company also clarified its use of non‑GAAP measures, noting that GAAP reconciliations for the FY2026 outlook are not provided because the metrics are intended for internal performance tracking and investor communication.
Analysts see the tighter credit terms and higher margin guidance as a sign that TTM is positioning itself to capture growth in the high‑mix, high‑value segments of the printed circuit board market, while maintaining sufficient cash generation to fund capital expenditures and potential acquisitions.
The Investor Day presentation and accompanying slides are available on TTM Technologies’ investor relations website.
Financial Details
| FY2026 Revenue Guidance | $4.0 billion |
| FY2026 NonGAAP Operating Margin Range | 13% - 15% |
| FY2026 NonGAAP Adjusted EBITDA Margin Range | 16% - 18% |
| FY2026 Cash Flow From Operations Range | $300 million - $320 million |
| FY2026 Free Cash Flow | Slightly positive (non‑GAAP) |
| Term Loan Principal Amount | $400 million |
| Term Loan Cost Reduction | 50 basis points |
| Revolving Credit Facility Available Borrowings | $1 billion |
| Revolving Credit Maturity | 2031 |
Key Takeaways
- Reaffirmed FY2026 revenue guidance at $4.0 billion.
- Raised non‑GAAP operating margin outlook to 13%‑15% and Adjusted EBITDA margin to 16%‑18%.
- Projected cash flow from operations of $300‑$320 million with slightly positive free cash flow.
- Announced a $400 million repriced term loan (‑50 bps) and a new $1 billion revolving credit facility maturing in 2031, both to close in June 2026.
- Shares jumped 3.8% post‑announcement, extending a strong YTD performance.