Forensic Analysis · Communications Equipment & Electronic Components · as of Nov 9, 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
3.7
Distress distance
Clean
Earnings quality
3
Forensic signals
10.7%
ROE
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 (auditor quality, say on pay, board independence, going concern). 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 3.7, placing it in the Safe zone. 3 forensic signals were flagged in its latest SEC filings, led by shareholder returns.
What the filings flag
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. Capex and the payout together ran $19M past operating cash flow — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of. It came out of the balance sheet's own liquid holdings, not new debt: cash fell $3M over FY2025, while total debt fell $2M — $3M of the $19M. The FY2025 cash-flow statement filed $4M of debt repaid; $236,000 from shares issued; $781,000 from sales of property and equipment; net cash used in investing activities of $274M; net cash used in financing activities of $21M.
$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.
9.8%
FY2025
Return on invested capital.Return on invested capital is 9.8% 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 went from $2.2B in FY2023 to $2.3B in FY2025 (+5%), while the revenue it carried went from $2.2B to $2.9B. Across FY2024–FY2025, $478M went into capital expenditure against $216M of depreciation. The base is struck net of amortisation, write-downs and the current liabilities that fund it, so it moved by less than that spending net of the wear, and this row does not say which of those absorbed the difference. 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 8.5-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. A non-cash write-down lowers the reported return in the year it lands.
Key fundamentals
Latest Revenue$2.91B
Revenue Growth YoY+19.0%
Revenue CAGR (2yr)+14.1%
Net Margin6.1%
Free Cash Flow-$683,000
Return on Equity10.7%
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?