One gathers Neo Ivy Capital Management has decided to join the party. A rather belated entrance, wouldn’t you say? They’ve acquired a smattering of TTM Technologies shares – 100,879, to be precise – for a sum that, while not ruinous, is certainly noticeable. Approximately $6.96 million. One suspects they’ve been having a particularly good run, or simply ran out of more sensible investments.
The Situation, Briefly
The aforementioned Neo Ivy, in a filing dated February 13th, rather trumpeted their new position. A bit late to the game, darling, but who’s counting? The shares, it seems, are currently enjoying a most enthusiastic rally. 1.10% of Neo Ivy’s portfolio is now dedicated to this venture. A significant commitment, or merely a rounding error in a larger, more chaotic scheme?
A Few Figures, For Those Inclined
- One observes that F, DLB, WELL, ROIV and NVDA are still clinging to the top of Neo Ivy’s affections. A predictable bunch, really.
TTMI, as of February 12th, was trading at $92.33. A staggering 259.82% increase over the previous year. One hopes they haven’t peaked.
The Company, In a Nutshell
| Metric | Value |
|---|---|
| Price (as of market close 2026-02-12) | $92.33 |
| Market Capitalization | $9.56 billion |
| Revenue (TTM) | $2.91 billion |
| Net Income (TTM) | $177.45 million |
TTM Technologies, one gathers, manufactures printed circuit boards and various other electronic components. They serve a diverse clientele, from the aerospace industry to, rather predictably, the data center crowd. A solid business, undoubtedly, though one does wonder if the current valuation is entirely justified. They appear to be rather good at making things that other people plug things into.
What Does It All Mean?
Capital, it seems, is flocking to anything vaguely connected to artificial intelligence. A rather tiresome trend, if you ask me. This company has somehow managed to insinuate itself into that conversation. After a 259.8% ascent, expectations are, naturally, sky-high. But let’s not mistake enthusiasm for substance, shall we?
Their fourth-quarter net sales rose a respectable 19% to $774.3 million, and non-GAAP EPS reached a record $0.70. Adjusted EBITDA margin expanded to 16.3%. Data Center Computing and Networking revenue climbed to 36% of total sales, fuelled by this AI mania. Full-year revenue reached $2.9 billion, up 19%, while non-GAAP net income rose to $259.0 million. A book-to-bill ratio of 1.35 and a $1.6 billion aerospace and defense backlog offer some visibility beyond this current frenzy.
For a portfolio already brimming with cyclical and industrial names, adding a high-beta electronics manufacturer suggests a certain… conviction. Or perhaps simply a lack of imagination. Long-term investors should focus less on the past year’s price chart and more on margin durability, backlog conversion, and whether this AI-related demand can sustain double-digit top-line growth into 2026. Management is guiding for 15% to 20% sales growth, which, frankly, sounds rather optimistic. One suspects they’re hoping for the best, just like everyone else.
It’s all rather thrilling, of course. But one can’t help but feel a certain… weariness. The market, as always, is determined to prove that irrational exuberance is still very much in fashion.
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2026-02-13 23:33