vs
Side-by-side financial comparison of TTM TECHNOLOGIES INC (TTMI) and Waters Corporation (WAT). Click either name above to swap in a different company.
Waters Corporation is the larger business by last-quarter revenue ($932.4M vs $846.0M, roughly 1.1× TTM TECHNOLOGIES INC). Waters Corporation runs the higher net margin — 24.2% vs 5.9%, a 18.2% gap on every dollar of revenue. On growth, TTM TECHNOLOGIES INC posted the faster year-over-year revenue change (30.4% vs 6.8%). Over the past eight quarters, TTM TECHNOLOGIES INC's revenue compounded faster (21.8% CAGR vs 21.0%).
TTM Technologies, Inc. is an American printed circuit board (PCB) manufacturer headquartered in Santa Ana, California. Founded in 1998, the company is one of the top five PCB manufacturers in the world and the largest in North America, and the largest supplier of PCBs to the U.S. military. TTM serves customers in industries including aerospace and defense, medical, industrial, automotive, computing, and networking.
Waters Corporation is an American company headquartered in Milford, Massachusetts that provides analytical instruments and software used for chromatography, mass spectrometry, laboratory informatics, and rheometry by the life sciences, materials, and food industries.
TTMI vs WAT — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $846.0M | $932.4M |
| Net Profit | $50.0M | $225.2M |
| Gross Margin | 21.4% | 61.1% |
| Operating Margin | 8.6% | 29.0% |
| Net Margin | 5.9% | 24.2% |
| Revenue YoY | 30.4% | 6.8% |
| Net Profit YoY | 55.3% | -2.7% |
| EPS (diluted) | — | $3.76 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $846.0M | — | ||
| Q4 25 | $774.3M | $932.4M | ||
| Q3 25 | $752.7M | $799.9M | ||
| Q2 25 | $730.6M | $771.3M | ||
| Q1 25 | $648.7M | $661.7M | ||
| Q4 24 | $651.0M | $872.7M | ||
| Q3 24 | $616.5M | $740.3M | ||
| Q2 24 | $570.1M | $708.5M |
| Q1 26 | $50.0M | — | ||
| Q4 25 | $50.7M | $225.2M | ||
| Q3 25 | $53.1M | $148.9M | ||
| Q2 25 | $41.5M | $147.1M | ||
| Q1 25 | $32.2M | $121.4M | ||
| Q4 24 | $5.2M | $231.4M | ||
| Q3 24 | $14.3M | $161.5M | ||
| Q2 24 | $10.5M | $142.7M |
| Q1 26 | 21.4% | — | ||
| Q4 25 | 21.4% | 61.1% | ||
| Q3 25 | 20.8% | 59.0% | ||
| Q2 25 | 20.3% | 58.3% | ||
| Q1 25 | 20.2% | 58.2% | ||
| Q4 24 | 19.4% | 60.1% | ||
| Q3 24 | 21.1% | 59.3% | ||
| Q2 24 | 18.2% | 59.3% |
| Q1 26 | 8.6% | — | ||
| Q4 25 | 10.4% | 29.0% | ||
| Q3 25 | 9.6% | 24.0% | ||
| Q2 25 | 8.5% | 24.4% | ||
| Q1 25 | 7.7% | 22.9% | ||
| Q4 24 | 1.4% | 33.5% | ||
| Q3 24 | 8.3% | 28.5% | ||
| Q2 24 | 3.0% | 26.7% |
| Q1 26 | 5.9% | — | ||
| Q4 25 | 6.5% | 24.2% | ||
| Q3 25 | 7.0% | 18.6% | ||
| Q2 25 | 5.7% | 19.1% | ||
| Q1 25 | 5.0% | 18.3% | ||
| Q4 24 | 0.8% | 26.5% | ||
| Q3 24 | 2.3% | 21.8% | ||
| Q2 24 | 1.8% | 20.1% |
| Q1 26 | — | — | ||
| Q4 25 | $0.47 | $3.76 | ||
| Q3 25 | $0.50 | $2.50 | ||
| Q2 25 | $0.40 | $2.47 | ||
| Q1 25 | $0.31 | $2.03 | ||
| Q4 24 | $0.05 | $3.88 | ||
| Q3 24 | $0.14 | $2.71 | ||
| Q2 24 | $0.10 | $2.40 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $410.0M | $587.8M |
| Total DebtLower is stronger | — | $1.4B |
| Stockholders' EquityBook value | $1.8B | $2.6B |
| Total Assets | $4.0B | $5.1B |
| Debt / EquityLower = less leverage | — | 0.55× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $410.0M | — | ||
| Q4 25 | $501.2M | $587.8M | ||
| Q3 25 | $491.1M | $459.1M | ||
| Q2 25 | $448.0M | $367.2M | ||
| Q1 25 | $411.3M | $382.9M | ||
| Q4 24 | $503.9M | $325.4M | ||
| Q3 24 | $469.5M | $331.5M | ||
| Q2 24 | $440.4M | $327.4M |
| Q1 26 | — | — | ||
| Q4 25 | $916.2M | $1.4B | ||
| Q3 25 | $916.6M | — | ||
| Q2 25 | $917.1M | — | ||
| Q1 25 | $917.6M | — | ||
| Q4 24 | $914.4M | $1.6B | ||
| Q3 24 | $912.8M | — | ||
| Q2 24 | $913.9M | — |
| Q1 26 | $1.8B | — | ||
| Q4 25 | $1.8B | $2.6B | ||
| Q3 25 | $1.7B | $2.3B | ||
| Q2 25 | $1.6B | $2.2B | ||
| Q1 25 | $1.6B | $2.0B | ||
| Q4 24 | $1.6B | $1.8B | ||
| Q3 24 | $1.5B | $1.6B | ||
| Q2 24 | $1.5B | $1.4B |
| Q1 26 | $4.0B | — | ||
| Q4 25 | $3.8B | $5.1B | ||
| Q3 25 | $3.7B | $4.9B | ||
| Q2 25 | $3.6B | $4.7B | ||
| Q1 25 | $3.5B | $4.6B | ||
| Q4 24 | $3.5B | $4.6B | ||
| Q3 24 | $3.4B | $4.5B | ||
| Q2 24 | $3.3B | $4.4B |
| Q1 26 | — | — | ||
| Q4 25 | 0.52× | 0.55× | ||
| Q3 25 | 0.54× | — | ||
| Q2 25 | 0.56× | — | ||
| Q1 25 | 0.58× | — | ||
| Q4 24 | 0.58× | 0.89× | ||
| Q3 24 | 0.59× | — | ||
| Q2 24 | 0.60× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $164.6M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | 0.73× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $62.9M | $164.6M | ||
| Q3 25 | $141.8M | $187.3M | ||
| Q2 25 | $97.8M | $41.1M | ||
| Q1 25 | $-10.7M | $259.6M | ||
| Q4 24 | — | $240.1M | ||
| Q3 24 | $65.1M | $204.6M | ||
| Q2 24 | $43.9M | $54.5M |
| Q1 26 | — | — | ||
| Q4 25 | $-6.5M | — | ||
| Q3 25 | $42.4M | — | ||
| Q2 25 | $37.4M | — | ||
| Q1 25 | $-74.0M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $24.2M | — | ||
| Q2 24 | $-5.4M | — |
| Q1 26 | — | — | ||
| Q4 25 | -0.8% | — | ||
| Q3 25 | 5.6% | — | ||
| Q2 25 | 5.1% | — | ||
| Q1 25 | -11.4% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 3.9% | — | ||
| Q2 24 | -1.0% | — |
| Q1 26 | — | — | ||
| Q4 25 | 9.0% | — | ||
| Q3 25 | 13.2% | — | ||
| Q2 25 | 8.3% | — | ||
| Q1 25 | 9.8% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 6.6% | — | ||
| Q2 24 | 8.7% | — |
| Q1 26 | — | — | ||
| Q4 25 | 1.24× | 0.73× | ||
| Q3 25 | 2.67× | 1.26× | ||
| Q2 25 | 2.36× | 0.28× | ||
| Q1 25 | -0.33× | 2.14× | ||
| Q4 24 | — | 1.04× | ||
| Q3 24 | 4.55× | 1.27× | ||
| Q2 24 | 4.19× | 0.38× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
TTMI
| Commercial | $495.0M | 59% |
| Aerospace & Defense | $351.7M | 42% |
| Medical, Industrial, and Instrumentation | $16.0K | 0% |
WAT
Segment breakdown not available.
