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TTM Technologies (TTM Technologies) Piotroski F-Score

: 5 (As of Today)
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The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

TTM Technologies has an F-score of 5 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for TTM Technologies's Piotroski F-Score or its related term are showing as below:

TTMI' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 6   Max: 8
Current: 5

During the past 13 years, the highest Piotroski F-Score of TTM Technologies was 8. The lowest was 4. And the median was 6.


TTM Technologies Piotroski F-Score Historical Data

The historical data trend for TTM Technologies's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

TTM Technologies Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 5.00 7.00 6.00 8.00 5.00

TTM Technologies Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 8.00 7.00 6.00 6.00 5.00

Competitive Comparison

For the Electronic Components subindustry, TTM Technologies's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


TTM Technologies Piotroski F-Score Distribution

For the Hardware industry and Technology sector, TTM Technologies's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where TTM Technologies's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Dec23) TTM:Last Year (Dec22) TTM:
Net Income was -5.814 + 6.824 + -37.066 + 17.338 = $-19 Mil.
Cash Flow from Operations was 55.078 + 25.884 + 58.852 + 47.47 = $187 Mil.
Revenue was 544.437 + 546.509 + 572.582 + 569.039 = $2,233 Mil.
Gross Profit was 86.123 + 98.507 + 113.27 + 115.368 = $413 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was
(3323.604 + 3176.035 + 3148.491 + 3266.502 + 3323.663) / 5 = $3247.659 Mil.
Total Assets at the begining of this year (Dec22) was $3,324 Mil.
Long-Term Debt & Capital Lease Obligation was $1,008 Mil.
Total Current Assets was $1,430 Mil.
Total Current Liabilities was $704 Mil.
Net Income was 17.246 + 27.792 + 43.528 + 6.017 = $95 Mil.

Revenue was 581.26 + 625.55 + 671.08 + 617.156 = $2,495 Mil.
Gross Profit was 90.923 + 117.073 + 128.567 + 121.402 = $458 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was
(3025.547 + 3044.148 + 3214.651 + 3292.89 + 3323.604) / 5 = $3180.168 Mil.
Total Assets at the begining of last year (Dec21) was $3,026 Mil.
Long-Term Debt & Capital Lease Obligation was $905 Mil.
Total Current Assets was $1,493 Mil.
Total Current Liabilities was $761 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

TTM Technologies's current Net Income (TTM) was -19. ==> Negative ==> Score 0.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

TTM Technologies's current Cash Flow from Operations (TTM) was 187. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Dec22)
=-18.718/3323.604
=-0.00563184

ROA (Last Year)=Net Income/Total Assets (Dec21)
=94.583/3025.547
=0.03126145

TTM Technologies's return on assets of this year was -0.00563184. TTM Technologies's return on assets of last year was 0.03126145. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

TTM Technologies's current Net Income (TTM) was -19. TTM Technologies's current Cash Flow from Operations (TTM) was 187. ==> 187 > -19 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Dec23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec22 to Dec23
=1007.921/3247.659
=0.31035309

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=905.235/3180.168
=0.28465006

TTM Technologies's gearing of this year was 0.31035309. TTM Technologies's gearing of last year was 0.28465006. ==> Last year is lower than this year ==> Score 0.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Dec23)=Total Current Assets/Total Current Liabilities
=1429.687/703.984
=2.03085155

Current Ratio (Last Year: Dec22)=Total Current Assets/Total Current Liabilities
=1493.056/761.325
=1.9611283

TTM Technologies's current ratio of this year was 2.03085155. TTM Technologies's current ratio of last year was 1.9611283. ==> This year's current ratio is higher. ==> Score 1.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

TTM Technologies's number of shares in issue this year was 102.357. TTM Technologies's number of shares in issue last year was 104.25. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=413.268/2232.567
=0.18510889

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=457.965/2495.046
=0.18354972

TTM Technologies's gross margin of this year was 0.18510889. TTM Technologies's gross margin of last year was 0.18354972. ==> This year's gross margin is higher. ==> Score 1.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Dec22)
=2232.567/3323.604
=0.67173075

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=2495.046/3025.547
=0.82465947

TTM Technologies's asset turnover of this year was 0.67173075. TTM Technologies's asset turnover of last year was 0.82465947. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=0+1+0+1+0+1+1+1+0
=5

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

TTM Technologies has an F-score of 5 indicating the company's financial situation is typical for a stable company.

TTM Technologies  (NAS:TTMI) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


TTM Technologies Piotroski F-Score Related Terms

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TTM Technologies (TTM Technologies) Business Description

Traded in Other Exchanges
Address
200 East Sandpointe, Suite 400, Santa Ana, CA, USA, 92707
TTM Technologies Inc manufactures printed circuit boards. The company is based in the United States and derives roughly half of its revenue domestically. The company organizes itself into two segments: printed circuit boards and RF&S Components. The printed circuit boards segment, which contributes the majority of revenue, offers a range of printed circuit boards as well as layout design and simulation, and testing services. TTM Technologies' products are used in manufacturing, networking, telecommunications, computing, aerospace, and medical fields.
Executives
Robert P. Farrell officer: President C&C 200 EAST SANDPOINTE, SUITE 400, SANTA ANA CA 92707
Shawn A. Powers officer: EVP, Human Resources 1665 SCENIC AVENUE SUITE 250, COSTA MESA CA 92626
Daniel L. Boehle officer: EVP of Finance C/O AEROJET ROCKETDYNE HOLDINGS, INC., 222 N. SEPULVEDA BOULEVARD, SUITE 500, EL SEGUNDO CA 90245
Dale Martin Knecht officer: SVP Information Technology 200 EAST SANDPOINTE, SUITE 400, SANTA ANA CA 92707
Daniel J Weber officer: See Remarks 1665 SCENIC AVENUE, SUITE 250, COSTA MESA CA 92626
Catherine A Gridley officer: SVP & President of A&D BU 200 EAST SANDPOINTE, SUITE 400, SANTA ANA CA 92707
Tony Sanchez officer: Vice President & Controller 1665 SCENIC AVENUE, SUITE 250, COSTA MESA CA 92626
Tom Clapprood officer: President A&D Radar Systems 200 EAST SANDPOINTE, SUITE 400, SANTA ANA CA 92707
Todd B Schull officer: Executive Vice President 1665 SCENIC AVENUE, SUITE 250, COSTA MESA CA 92626
Philip Titterton officer: See Remarks 1665 SCENIC AVENUE, SUITE 250, COSTA MESA CA 92626
Tai Keung Chung officer: See Remarks NO. 4 DAI SHUN STREET, TAI PO INDUSTRIAL ESTATE, TAI PO, NT,, HONG KONG K3 00000
Pamela B. Jackson director 200 EAST SANDPOINTE, SUITE 400, SANTA ANA CA 92707
William Kent Hardwick officer: SVP Global Sales and EMS 5 KENTWOOD COURT, SCOTTS VALLEY CA 95066
Douglas L Soder officer: Executive Vice President 1665 SCENIC AVENUE, SUITE 250, COSTA MESA CA 92626
Jeff Jankowsky officer: President, C&C BU 1665 SCENIC AVENUE, SUITE 250, COSTA MESA CA 92626