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The zones of discrimination for M-Score is as such:
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Good Sign:
Beneish M-Score -2.27 no higher than -1.78, which implies that the company is unlikely to be a manipulator.
The historical rank and industry rank for TTM Technologies's Beneish M-Score or its related term are showing as below:
TTMI'
s Beneish M-Score Range Over the Past 10 Years
Min: -3.05 Med: -2.61 Max: -1.54
Current: -2.27
During the past 13 years, the highest Beneish M-Score of TTM Technologies was -1.54. The lowest was -3.05. And the median was -2.61.
The historical data trend for TTM Technologies's Beneish M-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.
TTMI vs SANM, FN, LFUS: Beneish M-Score Comparison
For the Electronic Components subindustry, TTM Technologies's Beneish M-Score, along with its competitors' market caps and Beneish M-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 Beneish M-Score vs Hardware Industry
For the Hardware industry and Technology sector, TTM Technologies's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where TTM Technologies's Beneish M-Score falls into.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of TTM Technologies for today is based on a combination of the following eight different indices:
M
=
-4.84
+
0.92 * DSRI
+
0.528 * GMI
+
0.404 * AQI
+
0.892 * SGI
+
0.115 * DEPI
=
-4.84
+
0.92 * 1.1209
+
0.528 * 0.9548
+
0.404 * 0.792
+
0.892 * 1.2759
+
0.115 * 1.1957
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 0.9591
+
4.679 * -0.013152
-
0.327 * 1.0344
=
-2.27
* 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.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
DEPI
=
(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))
/
(Depreciation_t / (Depreciaton_t + PPE_t))
=
(145.893 / (145.893 + 1001.982))
/
(153.03 / (153.03 + 1286.583))
=
0.127098
/
0.106299
=
1.1957
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
TATA
=
(IncomefromContinuingOperations_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(NetIncome_t - NonOperatingIncome_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(236.775 - -28.056
-
322.905)
/
4415.709
=
-0.013152
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
TTM Technologies has a M-score of -2.27 suggests that the company is unlikely to be a manipulator.
TTM Technologies (TTMI) has a Beneish M-Score of -2.27 as of Aug. 20, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on TTM Technologies and its competitors. According to the industry distribution chart, TTM Technologies ranks #1455 out of 2403 companies in the Hardware industry, placing it in the top 60.5%.
Is TTM Technologies' Beneish M-Score too high?
TTM Technologies' current Beneish M-Score is -2.27. Based on the distribution chart, TTM Technologies ranks #1455 out of 2403 companies in the Hardware industry, which is below the industry midpoint. Overall, TTM Technologies has a GF Score™ of 77/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does TTM Technologies' Beneish M-Score compare to SANM and FN?
According to the Hardware industry distribution chart, TTM Technologies ranks #1455 out of 2403 companies for Beneish M-Score. This places TTM Technologies in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Hardware company?
A good Beneish M-Score depends on the Hardware industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on TTM Technologies and its competitors. TTM Technologies's current Beneish M-Score is -2.27. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is TTM Technologies stock overvalued right now?
Based on GuruFocus' analysis, TTM Technologies (TTMI) is currently considered Significantly Overvalued. The stock's GF Value™ is $36.69, compared to a current price of $116.41 — trading 217.3% above its estimated fair value. The current Beneish M-Score is -2.27. TTM Technologies' overall GF Score™ is 77/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For TTM Technologies (TTMI), the current Beneish M-Score is -2.27 as of Aug. 20, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is TTM Technologies (TTMI) Overvalued in 2026?
Based on GuruFocus' analysis, TTM Technologies stock appears to be overvalued.
The current stock price of $116.41 is trading 217.3% above its estimated GF Value™ of $36.69.
GuruFocus considers TTM Technologies to be Significantly Overvalued.
Key valuation signals for TTMI:
Beneish M-Score: -2.27
GF Value™: $36.69 vs. price of $116.41 (217.3% above fair value)
No single metric tells the full story. See the TTMI stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
TTM Technologies Inc manufactures technology products, including mission systems, RF components, RF/microwave assemblies, and advanced interconnect products such as PCBs and substrates. It operates through three segments: A&D, Commercial, and RF&S Components. The A&D segment supports aerospace and defense missions with PCBs, assemblies, microelectronics, and integrated systems. The Commercial segment, generating the majority of revenue, serves automotive, medical, industrial, and data center markets. The RF&S Components segment provides TTM-designed RF components and COTS products. The Company's revenues come from PCBs, engineered systems, and long-term contracts for intelligence, surveillance, and communications solutions.
77GF Score
Get the complete analysis for TTMI
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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