Does TTM TECHNOLOGIES INC have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores TTM TECHNOLOGIES INC (TTMI) 39.4 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 29, returns on capital 52, balance-sheet safety 37, capital discipline 38.

How has TTMI's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 39.4 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

TTM TECHNOLOGIES INC

TTMI · Technology · $13.6B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power29

Median gross margin 17.8% over 10y, very stable.

Returns on capital52

Median ROIC 11.4%, above the 9% hurdle in 70% of years.

Balance-sheet safety37

Net debt/EBITDA n/ax, interest coverage 6x.

Capital discipline38

Owner earnings trend unclear, share count growing (dilution).

Margin of safety

Above valueOn sale

No price data

Owner earnings (normalized): —
Est. intrinsic value / share: —
Recent price: $132.02
Discount to value: No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

18 years of fundamentals

The business, in plain English

TTM TECHNOLOGIES INC booked $2.9B of revenue in FY2025 in the Technology sector and kept 20.7% of it as gross profit — a moderate-margin business by that measure. After every other cost, 6.1% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $582.5M (FY2009) to $2.9B (FY2025) — about 10.6% a year compounded over 16 years.

It earned 17.7% on invested capital in FY2025, with a median of 10.7% across 17 filed years. The Returns on Capital filter above scores it 52/100.

The balance sheet carried $3.5M of total debt in FY2023. Balance-Sheet Safety scores it 37/100.

The share count rose 28.8% between FY2010 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 38/100.

Put together: Returns on Capital is the strongest of the four filters (52/100) and Pricing Power the weakest (29/100), which is how TTMI lands at 39/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$2.9B FY2025

Gross marginRevenue kept after cost of goods20.7% FY2025

Return on invested capitalOperating profit on the capital employed17.7% FY2025

Owner earningsCash an owner could take out−$115.1M FY2025

Gaps in a line mean that item isn’t in TTMI’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale39.4 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — TTMI has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Technology context

#327 of 532 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

#325GGRP THE GLIMPSE GROUP, INC.39.6 out of 100, No moatNo moat
#326AUID authID Inc.39.5 out of 100, No moatNo moat
#328MAX MediaAlpha, Inc.39.3 out of 100, No moatNo moat
#329ASFH ASIAFIN HOLDINGS CORP.38.9 out of 100, No moatNo moat

Compare TTMI with its nearest peers →All Technology companies on the Index →

Common questions about TTMI

Does TTM TECHNOLOGIES INC have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores TTM TECHNOLOGIES INC (TTMI) 39.4 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 29, returns on capital 52, balance-sheet safety 37, capital discipline 38.
How has TTMI's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 39.4 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell TTMI. See the disclaimer.