¿Es todavía una buena opción comprar TTM Technologies (TTMI) después de casi triplicarse en 2025?

The stock of TTM Technologies (TTMI) has surged nearly threefold in 2025, riding the tailwinds of AI-driven demand and robust financial performance. But with a trailing P/E ratio of 58.28 as of December 13, 2025, well above its 10-year average of 23.94, investors must ask: Is this valuation justified by fundamentals, or is it a case of overbought optimism? Let's dissect the numbers and narrative.

Valuation: A Premium to History and Peers

TTMI's current P/E ratio is a stark outlier. As of November 2025, its P/E stood at 51.46, a 58.71% premium to its 10-year average of 8.75. Even the electronics manufacturing industry's 2025 forward P/E of 22.44X pales in comparison. This disconnect raises red flags. While AI's transformative potential is undeniable, paying 50+ times earnings for a company that reported $0.67 in non-GAAP EPS in Q3 2025 demands extraordinary growth to justify the multiple.

Financial Performance: Strong, But Can It Sustain?

TTMI's Q3 2025 results were stellar: $752.7 million in net sales, up 22% year-over-year, and adjusted EBITDA of $120.9 million (16.1% of sales). Guidance for Q4 2025-$730 million to $770 million in revenue and $0.64–$0.70 in non-GAAP EPS-suggests momentum. However, 2024 revenue growth of 9.41% followed a 10.52% decline in 2023 highlights volatility. The question is whether AI-driven demand can smooth out these fluctuations or if TTMI's growth is a temporary spike.

AI Exposure: Real, But Not a Monopoly

TTMI's management attributes its growth to "robust demand in Data Center Computing and Networking" driven by generative AI. The company has expanded high-end PCB capacity in China and launched AI-optimized components like ultra-small RF crossovers. Yet, while these moves position TTMI to benefit from AI infrastructure spending, they don't guarantee a monopoly. Competitors like Advanced Circuits or TTM's peers in the electronics manufacturing sector are also scaling for AI. The key differentiator is TTMI's operational execution-its Q3 record net income of $71 million and facility expansions in Wisconsin and Penang suggest it's keeping up with demand.

Analyst Sentiment: Optimism, But With Caution

Analysts have raised TTMI's price targets to $78–$79, citing confidence in its AI trajectory. However, these targets imply a P/E of around 45X (based on $0.67–$0.70 EPS), still above the industry average. This optimism hinges on two assumptions: that AI demand will continue to outpace supply and that TTMI can maintain its margins amid rising costs. The latter is a risk-TTMI's EBITDA margin of 16.1% in Q3 2025 is solid but not exceptional in the sector.

The Bottom Line: Buy, But With a Caveat

TTMI's valuation is stretched, but its fundamentals are undeniably strong. The company is winning in AI-driven markets, with tangible investments in capacity and product lines. However, a P/E of 50+X requires not just growth but accelerating growth. If TTMI can deliver another 20% revenue increase in 2026 while expanding margins, the stock could justify its premium. But if AI demand plateaus or competition intensifies, the current multiple could contract rapidly.

For now, TTMI remains a "buy" for investors who believe in the long-term AI narrative and are willing to tolerate volatility. But those seeking a more conservative entry might wait for a pullback-or a clearer path to earnings sustainability.