Canadian Halal Investor.

NASDAQ Shariah screener · October 2026

Is TTM Technologies, Inc. (TTMI) Halal?

PASS

TTM Technologies, Inc. · NASDAQ: TTMI · Technology

The short answer

TTM Technologies passes all three Shariah gates: it manufactures PCBs, RF components, and mission systems (no interest-based business), carries about $973.5M of interest-bearing debt (7.3% of its ~$13.38 billion market cap), and interest income of about 0.36% of revenue is under the 5% ceiling.

Gate 1 — Business activity: PASS

Gate 1 — business activity: PASS. TTM Technologies, Inc., per its FY2025 Form 10-K (fiscal year ended December 29, 2025, filed February 13, 2026), describes itself as a leading global manufacturer of technology products, including mission systems, radio frequency (RF) components, RF microwave/microelectronic assemblies, and technologically advanced interconnect products including printed circuit boards (PCBs) and substrates.

It reports three segments: Aerospace & Defense ($1,292.5 million of FY2025 net sales), Commercial ($1,585.7 million — data center computing, networking, automotive, medical, industrial, instrumentation), and RF&S Components ($40.0 million — commercial RF components and commercial off-the-shelf components for A&D customers). On October 1, 2026 the company completed its $1.1 billion all-cash acquisition of EPIQ Design Solutions (software-defined radios, RF products, radiation-tolerant space compute).

The company is not an interest-based lender and is not involved in tobacco, gambling, pork, or conventional banking or insurance. For transparency, about 37% of sales serve aerospace and defense end markets and the Epiq acquisition adds signals-intelligence/electronic-warfare products — per this pipeline's standing precedent (CACI), defense electronics lines are not treated as a haram line. The business passes gate 1.

Gate 2 — Debt and cash: PASS

Gate 2 — interest-bearing debt: PASS (7.3%, ceiling 33%). TTM Technologies' Q2 2026 condensed consolidated balance sheet (June 29, 2026) shows short-term debt, including current portion of long-term debt, of $4.0 million and long-term debt, net of discount and issuance costs, of $969.456 million — total interest-bearing debt of about $973.5 million (operating lease liabilities of $10.0 million current plus $104.5 million noncurrent are excluded as they are not interest-bearing debt).

Against a market capitalization of about $13.38 billion (Finnhub, October 2, 2026), that is about 7.3% — under the 33% ceiling. Subsequent event: in September 2026 the company priced $500 million of 6.75% senior notes due 2034 and arranged $300 million and $800 million incremental term loans to fund the Epiq acquisition (closed October 1, 2026). On a pro forma basis that is about $1.6 billion of incremental debt — roughly $2.57 billion total, still about 19.3% of market cap and under the ceiling. Cash and cash equivalents of $507.9 million at June 29, 2026 represent about 3.8% of market cap.

Gate 3 — Non-compliant income: PASS

Gate 3 — non-compliant income: PASS (0.36%, ceiling 5%). On the company's Q4 2025 earnings call (February 4, 2026), management disclosed interest income of $10.4 million for full fiscal year 2025 against net sales of $2,906.345 million — about 0.36%, under the 5% ceiling (the FY2025 Form 10-K income statement separately shows interest expense of $45.334 million).

Note for transparency: Zoya's TTMI page records separately disclosed interest income as $0 (its figure is drawn from the 10-K income-statement line items, which do not break interest income out on its own line); the $10.4 million figure comes from the company's own earnings-call disclosure. Interest income was $10.9 million in FY2024, stable year over year.

Key figures used

Frequently asked questions

What does TTM Technologies do?

TTM Technologies, Inc. (NASDAQ: TTMI) is a US manufacturer of technology products including printed circuit boards (PCBs) and substrates, radio frequency (RF) components, RF microwave/microelectronic assemblies, and mission systems. Per its FY2025 Form 10-K (fiscal year ended December 29, 2025), it reports three segments: Aerospace & Defense (A&D, $1,292.5 million net sales), Commercial ($1,585.7 million - data center computing, networking, automotive, medical, industrial, instrumentation), and RF&S Components ($40.0 million). On October 1, 2026 it completed the $1.1 billion all-cash acquisition of Epiq Solutions, adding software-defined radios and RF products for defense applications.

Is TTM Technologies' business Shariah compliant?

TTM Technologies manufactures electronic interconnect products - printed circuit boards, RF components, and mission systems - and is not an interest-based lender. It is not involved in tobacco, gambling, pork, or conventional banking or insurance. For transparency: about 37% of sales serve aerospace and defense end markets (including radar and communications products for military platforms), and its 2026 Epiq acquisition added signals-intelligence and electronic-warfare products - per this pipeline's standing precedent (CACI), defense electronics lines are not treated as a haram business line. Assessed on the filed business description, the business passes this screener's first gate.

How much interest-bearing debt does TTM Technologies have?

TTM Technologies' Q2 2026 condensed consolidated balance sheet (June 29, 2026) shows short-term debt of $4.0 million plus long-term debt of $969.456 million - total interest-bearing debt of about $973.5 million. Against a market capitalization of about $13.38 billion (Finnhub, October 2, 2026), that is about 7.3% - under the 33% ceiling. A subsequent event: in September 2026 the company priced $500 million of senior notes and arranged incremental term loans ($300 million and $800 million) to fund its October 1, 2026 acquisition of Epiq Solutions - on a pro forma basis that adds about $1.6 billion of debt, for roughly $2.57 billion total, still about 19.3% of market cap and under the ceiling.

How much interest income does TTM Technologies earn?

TTM Technologies' Q4 2025 earnings call (February 4, 2026) disclosed interest income of $10.4 million for the full fiscal year 2025, against net sales of $2,906.345 million - about 0.36%, under the 5% ceiling. The FY2025 Form 10-K income statement separately shows interest expense of $45.334 million. Note: Zoya's TTMI page records interest income as $0 because the 10-K income statement does not break it out on its own line - the $10.4 million figure comes from management's company-issued earnings-call disclosure. Cash and cash equivalents of $507.9 million at June 29, 2026 represent about 3.8% of market capitalization.

What do third-party Shariah screeners say about TTM Technologies?

Zoya publishes a TTMI page citing FY2025 figures ($2,906,345,000 revenue) under its AAOIFI methodology and records separately disclosed interest income as $0, but the compliance rating on the page did not render cleanly in a text fetch, so its current rating could not be verified from public sources. I could not verify a Musaffa rating page for TTMI or a ShariaPortfolio rating from public sources. Third-party screeners apply different assumptions and update on different schedules, and their results can change when new financial statements are published - always check the latest screening before investing.

Sources

Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).