How Does FTG Company Work?

FTG Circuits specializes in manufacturing advanced printed circuit boards (PCBs). These include high-density interconnect (HDI), radio frequency (RF), thermal management, and rigid-flex and flex applications. These PCBs are fundamental to modern electronics, particularly in demanding sectors.

FTG Aerospace designs, certifies, and manufactures illuminated cockpit products and electronic assemblies. They also provide simulation products and in-service support for aerospace and defense original equipment manufacturers (OEMs) and operators. This includes specialized items like illuminated cockpit panels and integrated switch panels.

The company employs advanced manufacturing techniques to meet the demand for miniaturized, high-speed electronics, driven by advancements in 5G, AI, and automotive technology. Continuous investment in technology, R&D, and capital equipment is a cornerstone of FTG's strategy. In the past five years, FTG has invested over $35 million in these areas.

FTG maintains production facilities across the United States, Canada, and China. This global presence enables them to serve a diverse customer base of over 200 clients worldwide. Their supply chain and distribution networks are crucial for supporting aerospace, defense, and avionics providers.

The acquisition of Circuits Minnetonka and Circuits Haverhill in April 2023 bolstered FTG's Circuits segment, contributing nine months of operating results to year-to-date 2024 figures. Further strengthening its aerospace presence, FTG acquired FLYHT Aerospace Solutions Ltd. in Q1 2025, expanding its product offerings for Airbus aircraft and targeting future growth through increased sales and insourced manufacturing.

FTG secured a substantial $17.0 million contract in 2024 for COMAC's C919 aircraft cockpit interface assemblies, with production extending into Q3 2026. Additionally, De Havilland Aircraft of Canada Ltd. selected FTG in Q1 2025 to supply updated cockpit control assemblies for the new DHC-515 aerial firefighting aircraft. The company also announced plans to open a new Aerospace facility in Hyderabad, India, by late 2025 to support strategic growth.

Despite a six-week strike at its Aerospace Toronto facility in Q1 2024 that impacted shipments and earnings, FTG demonstrated resilience. The Aerospace segment's sales remained flat year-over-year, as growth at other sites offset the strike's effects. This resilience underscores the company's robust operational management and its ability to navigate challenges.

FTG's competitive edge is built on brand strength, technological leadership, and a focus on high-reliability products. Significant investments in R&D and capital equipment ensure the company remains at the forefront of technological advancements, addressing demands for increased performance and miniaturization. FTG aims to double its size every five years through a combination of organic growth and strategic acquisitions, while integrating AI and IoT in PCB design and developing advanced PCBs for 5G applications.

FTG holds a significant position in specialized electronics manufacturing. The PCB market was valued at an estimated $79.95 billion in 2025, with the defense electronics market reaching $175.2 billion in 2024. FTG's strong customer loyalty is evident in its substantial bookings and backlog, with Q1 2025 bookings at $51.5 million and a backlog of $142.5 million.

Potential U.S. tariffs on approximately $55 million of sales from Canadian or Chinese sites are a key risk. FTG mitigates this by prioritizing non-U.S. customers for its Canadian operations and aligning manufacturing with customer locations. Supply chain disruptions and raw material cost fluctuations are managed through production optimization, increased automation, and sourcing alternative materials.

FTG's strategic initiatives include organic growth, acquisitions, and technology investment. The acquisition of FLYHT Aerospace Solutions Ltd. and the planned Aerospace facility in Hyderabad, India, by late 2025 are key expansion steps. The company is also integrating AI and IoT into its processes and developing higher frequency PCBs.

Analysts project FTG's sales to increase from $162 million in 2024 to $203 million in 2026, with earnings per share growing from $0.45 to $0.61. The company aims to double its size every five years through technology investments, operational improvements, and strategic acquisitions, maintaining a healthy debt-to-EBITDA ratio. Understanding the Marketing Strategy of FTG is crucial to appreciating its growth trajectory.