TTM Technologies manufactures advanced printed circuit boards (PCBs) and integrated defense electronics. PCBs are the physical backbone of electronic devices, routing signals between components, and TTM focuses on the most technically demanding end of this market — high layer count boards, high-density interconnect (HDI) boards, and rigid-flex boards — which command premium pricing over commodity PCB producers. TTM's commercial PCB business is driven primarily by AI data center and networking demand, plus automotive and medical customers. TTM's defense business includes both advanced PCBs and, through the acquisitions of Anaren and Telephonics, fully integrated systems: radar, surveillance, communications, and RF/microwave assemblies for platforms including helicopters, UAVs, and ships. TTM is the sole provider of the U.S. Navy's AN/APS-153 radar on the MH-60R helicopter, illustrating the deep incumbency TTM can achieve on defense programs. TTM operates three segments: A&D (~41% of revenue), Commercial (~58%), and RF & Specialty Components (~1%). TTM sells to roughly 1,300 customers, including OEMs, defense contractors like Raytheon and Lockheed Martin, and government agencies. TTM's margins are heavily driven by capacity utilization, product mix, and complexity — as customers demand more layers and tighter geometries, TTM's pricing power increases. TTM is expanding capacity in China, ramping a greenfield facility in Penang, Malaysia, and building new U.S. facilities in Syracuse and Eau Claire to capture AI infrastructure and defense growth.