There's still no stopping circuit board maker TTM Technologies (Nasdaq: TTMI).

The stock has more than doubled over the past year and gained 39% since the last earnings report, where I noted that the company and its stock were on an upswing. With $378 million in fourth-quarter sales and non-GAAP earnings of $0.49 per share, the company bested analyst expectations once again and proved that the stock gains are well-deserved.

The report wasn't impressive enough to send the stock on another rocket ride, but analysts had to adjust their targets when TTM raised its quarterly guidance a month ago. In other words, Mr. Market already knew what was coming.

The audacious acquisition of Asian board maker Meadville, which was nearly as big as TTM to begin with, added about $0.20 per share to the earnings this quarter. The spending spree has left a lot of debt on TTM's balance sheet, but the company is clearly getting what it paid for -- and investors are reaping the benefits, as well.

TTM's recent stock gains could put the longtime Motley Fool Stock Advisor pick back on the warpath. The debt-ridden balance sheet isn't ideal for making further acquisitions, but stock-swap deals are starting to look attractive. Those shares have become a weapon.

Not that TTM has a lot of rivals left to buy. DDI (Nasdaq: DDIC) could be a target, and a small one at that. Sanmina-SCI (Nasdaq: SANM) would take TTM out of its tight focus on circuit boards and into entirely new markets, which would be a blessing and a curse. And Sanmina would be another bet-the-company deal, which is unlikely to happen until TTM fully digests Meadville.

With or without acquisitions in its sights, TTM makes fellow Fool Rex Moore's mouth water -- from a value perspective. The stock has been very good to my all-star CAPS ranking and could also help you in just a couple of clicks.

Fool contributor Anders Bylund holds no position in any of the companies discussed here. TTM Technologies is a Motley Fool Stock Advisor selection. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. You can check out Anders' holdings and a concise bio if you like, and The Motley Fool is investors writing for investors.