Filing Flows › TTM Technologies (TTMI) › Takeover & LBO
Is TTM Technologies (TTMI) a takeover target?
A leveraged buyout at today's price plus 30% ($107.82 a share) would return a loss of about 0% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $56.48 a share (−32% against today's $82.94). Historically 2.1% of companies with its figures were bought within a year (0.41× the average).
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $107.82 | today's $82.94 plus 30% |
| × shares | 107.7 million | |
| = Equity value | $11.6B | |
| + Debt refinanced | $1.6B | |
| − Cash | $876M | |
| = Enterprise value | $12.4B | 21.2× EBITDA of $584M |
| Fees | $248M | 2% of the price |
| New debt | $3.2B | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $9.4B | 75% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $4.1B | $631M | $246M | −$38.6M | $3.3B |
| Year 2 | $4.4B | $674M | $249M | −$25.7M | $3.3B |
| Year 3 | $4.7B | $711M | $251M | −$12.8M | $3.3B |
| Year 4 | $4.9B | $741M | $252M | −$259K | $3.3B |
| Year 5 | $5.0B | $763M | $252M | $11.4M | $3.3B |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 16.6× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $12.7B | |
| − Debt left | $3.3B | |
| = Buyer's equity | $9.4B | |
| Money multiple | 1.00× | on $9.4B put in |
| Buyer's yearly return (IRR) | −0.1% |
Price against return
What the buyer makes at other premiums over today's $82.94; the IRR reaches 20% at $56.48 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $91.23 | 4.3% |
| 20% | $99.53 | 2.0% |
| 30% | $107.82 | −0.1% |
| 40% | $116.12 | −1.9% |
| 50% | $124.41 | −3.5% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $3.8B | |
| EBITDA, last 12 months | $584M | 15.3% of revenue |
| Depreciation and amortization | $160M | |
| Capital spending | $321M | |
| Debt | $1.6B | |
| Cash | $876M | |
| Share price | $82.94 | on Oct 30, 2026 |
Fixed rules, the same as the interactive view's starting point: the shares are bought at today's price plus 30%, the company's debt is refinanced and fees take 2%. New debt is the least of 5.5× EBITDA, 65% of the price and the amount whose interest EBITDA covers 2 times, at 7.65% a year (SOFR 3.89% plus the high-yield B spread 3.26% plus 0.5%, rates of Oct 15, 2026). Revenue grows 8.0% in the first year — the company's own rate, held between −3% and +8% — fading to 3% by year 5; the EBITDA margin, depreciation and capital spending stay at today's share of revenue; working capital takes 10% of each year's added revenue; tax is 22% of profit after interest. Every dollar of free cash flow repays debt. After 5 years the buyer sells at today's multiple of EBITDA.
What a takeover could cost
Takeovers in its sector paid a median premium of 30% over the share price before the deal (the middle half 12% to 31%), according to the 14 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, TTM Technologies would cost about $107.82 a share, $11.6B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 12% | $92.89 | $10.0B |
| Median | 30% | $107.82 | $11.6B |
| High end (a quarter paid more) | 31% | $108.65 | $11.7B |
The odds, from history
Historically 2.1% of companies with its figures were bought within a year (0.41× the average). Its figures put it in decile 1 of 10 (10 = the most likely to be bought). The odds come from a model of every merger proxy, tender-offer response and going-private statement filed on EDGAR since 2011, set against each company's size, margins, debt, cash flow and growth the year before.
TTM Technologies' latest quarter
TTM Technologies, Q3 2026: revenue $1.2B (+60% year over year), operating margin 13.5%, net earnings $84.8M, operating cash flow $155M. The chart follows the revenue to costs, profit and cash.
Questions
Is TTM Technologies being acquired?
No headline, 8-K or 13D about a sale is on file in the last year.
Could private equity buy TTM Technologies?
A leveraged buyout at today's price plus 30% ($107.82 a share) would return a loss of about 0% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $56.48 a share (−32% against today's $82.94).
What would a takeover of TTM Technologies cost?
Takeovers in its sector paid a median premium of 30% over the share price before the deal (the middle half 12% to 31%), according to the 14 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, TTM Technologies would cost about $107.82 a share, $11.6B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.