Park West Asset Management, in a gesture one might describe as either boldness or desperation, has taken a position in TTM Technologies. Some 543,167 shares have been acquired, a sum amounting to a rather substantial $37.48 million. One trusts their analysts have considered the implications more thoroughly than the prevailing market enthusiasm suggests.
A Curious Ascent
The filing, dated February 17, 2026, confirms the purchase. TTM Technologies, it appears, has enjoyed a year of exceptional, almost indecent, prosperity. The share price has, rather improbably, tripled. A 250% gain in twelve months is, shall we say, unusual. One suspects a degree of speculative fervour is at play, a condition rarely conducive to long-term investment.
Portfolio Considerations
A glance at Park West’s holdings reveals a predictable concentration in the usual suspects. Alphabet, Amazon, and the ubiquitous Google – a safe harbour for the moderately adventurous. Their current allocation, as of the aforementioned date, stands thus:
- NASDAQ:GOOGL: $110.18 million (9.3% of AUM)
- NASDAQ:Z: $70.61 million (5.9% of AUM)
- NASDAQ:AMZN: $69.45 million (5.8% of AUM)
- NASDAQ:FLEX: $59.33 million (5.0% of AUM)
- NASDAQ:PRCH: $46.11 million (3.9% of AUM)
The addition of TTM, therefore, represents a departure. A tilt towards the hardware, one might say. A recognition, perhaps, that even in the age of ethereal software, something tangible must, at some point, be constructed.
Company Particulars
| Metric | Value |
|---|---|
| Price (as of market close February 17, 2026) | $90.91 |
| Market Capitalization | $10 billion |
| Revenue (TTM) | $2.91 billion |
| Net Income (TTM) | $177.45 million |
A Brief Assessment
TTM Technologies, it is claimed, offers a comprehensive range of printed circuit boards and related components. They serve a diverse clientele, spanning aerospace, defence, and the ever-demanding data centres. A respectable business, undoubtedly. Though one suspects the term “advanced” is employed with a degree of optimistic exaggeration. They manufacture things, which, in this age of digital abstraction, is almost a novelty.
The Rationale, If Any
The current enthusiasm, one gathers, stems from a confluence of factors. A 19% surge in fourth-quarter revenue, driven by the insatiable appetite for generative AI and the enduring, if somewhat depressing, demands of the military-industrial complex. A book-to-bill ratio of 1.35 and a $1.6 billion backlog provide a modicum of reassurance. Though backlogs, as any seasoned investor knows, are merely promises, and promises are so easily broken.
Park West’s investment, at least, appears considered. This is not a reckless plunge into speculative mania, but a calculated wager on a sector with genuine, if limited, potential. The question, of course, is whether this potential justifies the current valuation. Guidance suggests a continued revenue growth of 15% to 20%. A respectable figure, but hardly unprecedented. Whether this is sufficient to sustain the current trajectory remains to be seen. One suspects, however, that the market rarely concerns itself with such tedious details.
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2026-02-27 02:52