Core Insights - TTM Technologies, Inc. reported strong financial results for the fourth quarter and fiscal year 2025, with significant growth in net sales and profitability driven by demand in key markets such as Data Center Computing and Aerospace and Defense [3][4][6]. Financial Performance - Fourth quarter 2025 net sales reached $774.3 million, a 19% increase from $651.0 million in the same quarter of 2024 [3][10]. - GAAP operating income for the fourth quarter of 2025 was $80.7 million, compared to $9.0 million in the fourth quarter of 2024, which included a $32.6 million goodwill impairment charge [3][4]. - GAAP net income for the fourth quarter of 2025 was $50.7 million, or $0.48 per diluted share, up from $5.2 million, or $0.05 per diluted share in the fourth quarter of 2024 [4][10]. - Adjusted EBITDA for the fourth quarter of 2025 was $126.2 million, representing 16.3% of net sales, compared to $95.7 million, or 14.7% of net sales, in the fourth quarter of 2024 [5][10]. Annual Results - For the full year 2025, net sales increased to $2.9 billion from $2.4 billion in 2024, marking a 19% growth [7][8]. - GAAP operating income for 2025 was $264.7 million, compared to $116.0 million in 2024 [7]. - GAAP net income for 2025 was $177.4 million, or $1.68 per diluted share, up from $56.3 million, or $0.54 per diluted share in 2024 [8]. - Non-GAAP net income for 2025 was $259.0 million, or $2.46 per diluted share, compared to $177.5 million, or $1.70 per diluted share in 2024 [8]. Market Segments - The Data Center Computing and Networking markets accounted for 36% of total company revenues, driven by demand for generative AI [10][11]. - The Aerospace and Defense segment experienced higher than market growth, contributing significantly to overall revenue [6][11]. - The Medical, Industrial, and Instrumentation markets also showed healthy double-digit revenue growth [6][11]. Business Outlook - For the first quarter of 2026, TTM estimates net sales to be in the range of $770 million to $810 million, with non-GAAP net income projected between $0.64 and $0.70 per diluted share [12]. - For fiscal year 2026, TTM anticipates net sales growth in the range of 15% to 20% [12].

Core Insights - Small-cap stocks present lucrative investment opportunities due to frequent mispricings resulting from limited analyst coverage [1] - The focus is on identifying long-term winners among small-cap stocks, with two recommended stocks and one to avoid [2] Company Analysis The Toro Company (TTC) - Market Cap: $7.20 billion - Current share price is $73.01, trading at a forward P/E of 16.1x [3][5] - The company has historical significance, having ceased production during World War II to support the war effort [3] TTM Technologies (TTMI) - Market Cap: $7.04 billion - Operates as one of the largest printed circuit board manufacturers globally, serving various industries including aerospace and telecommunications [6] - Current share price is $66.25, trading at a forward P/E of 24.7x [8] Skyward Specialty Insurance (SKWD) - Market Cap: $1.85 billion - Experienced a 2.4% annual sales decline over the last two years, indicating significant end-market challenges [9] - Free cash flow margin decreased by 5.6 percentage points over the past five years, suggesting increased capital intensity due to rising competition [9] - Despite challenges, the company achieved a 10.5% annual revenue growth over the last two years and projects 11.2% revenue growth for the next 12 months [10] - Earnings per share grew by 32.4% annually over the last two years, significantly outperforming peers [10] - Founded in 2006, the company provides specialized insurance solutions for underserved markets [11]

Core Insights - TTM Technologies, Inc. announces the retirement of its founder and former CEO, Kent Alder, marking a significant transition for the company [1][2] - Kent Alder founded TTM in 1998, transforming it from a small operation into a global leader in the electronics industry, emphasizing core values such as integrity and performance excellence [2] - The company honors Kent Alder's contributions through the annual "Alder Award," which recognizes outstanding internal team performance, ensuring his legacy continues [3] Company Overview - TTM Technologies, Inc. is a leading global manufacturer of technology solutions, including mission systems, RF components, RF microwave/microelectronic assemblies, and advanced printed circuit boards [4] - The company focuses on reducing time-to-market for customers through its design, engineering, and manufacturing services [4]