Forensic Analysis · Technology / Software · as of Sep 25, 2026
Ttm Technologies Inc (TTMI)
A forensic read on Ttm Technologies Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
9.6
Distress distance
Clean
Earnings quality
4
Forensic signals
53.0
P / E (ttm)
10.1%
ROE
$13.3B
Market cap
19.0%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Ttm Technologies Inc earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 9.6, placing it in the Safe zone. 4 forensic signals were flagged in its latest SEC filings, led by share-count dilution.
What the filings flag
+1.3%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +3% over the last 2 years to FY2025 (+1.3%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~1.3% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~3%.
FCF ($683,000)
FY2025
Shareholder returns.Returned $18M to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($683,000) after capex — there was no free cash flow to fund the payout from at all, though operating cash flow alone was $292M — 6% of that. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.
$77M
FY2023–FY2024
Goodwill impairments.Took $77M of goodwill writedowns across 2 years (FY2023 ($44M), FY2024 ($33M)) — about 204% of net income over the span. A large writedown means an acquisition turned out worth far less than was paid — a real mark against M&A discipline.
9.4%
FY2025
Return on invested capital.Return on invested capital is 9.4% in the latest fiscal year and rising across FY2023–FY2025 from 1.3%. After-tax operating profit was $28M in FY2023 and $223M in FY2025, with operating income at 1.9% of revenue in FY2023, 4.8% in FY2024 and 9.1% in FY2025. The capital base behind it barely moved across FY2023–FY2025 ($2.2B to $2.4B, +10%), so there has been little new capital for that return to be earned on. FY2023's operating profit carried a $44M goodwill write-off and a $24M restructuring charge that alone took about 2.0 points off that year's return, so about 2.0 of the 8.1-point rise across FY2023–FY2025 is that charge leaving the base year rather than the capital earning more. FY2024's operating profit carried a $33M goodwill write-off and a $11M restructuring charge that alone took about 1.4 points off that year's return; FY2024 sits between the two ends of FY2023–FY2025, so the charge shapes the path between them without moving the change across it.
Key fundamentals
Latest Revenue$2.91B
Revenue Growth YoY+19.0%
Revenue CAGR (2yr)+14.1%
Net Margin6.1%
Free Cash Flow-$683,000.00
Return on Equity10.1%
Debt / Equity0.52x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Ttm Technologies Inc's actual 10-K/10-Q/8-K filings?