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ASML Holding N.V.

ASML

Technology Semiconductor Equipment & Materials

ASML Holding N.V.’s revenue for fiscal 2025 (year ended December 2025) was $37.0 billion, up 20.8% from fiscal 2024.

Revenue
+52.8%
EPS
+132.1%
Free cash flow
+4,578.0%
Total debt
−28.5%

Quarter to September 2026, against a year earlier

1,511.84 87.09 +6.11%
Market cap
$549.1B
P/E
37.2×
Fwd P/E
34.0×
Dividend yield
0.62%
F-score
8/9
ROIC
84.9%
Net debt / EBITDA
−0.7×
Dividend safety
80/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Net bought
—
Trades
0 sells · 0 buys
Ownership
0.00%

Capital & Financial Ratios $m

Size
Market Cap 549,130
Revenue ttm 45,815
Net income ttm 15,199
Free cash flow ttm 23,953
Net debt Q (12,399)
Valuation
P/E 37.2 (above 35: high)
Forward P/E 34.0
Price / sales 12.6 (above 10: high)
Forward P/S Powerpack
Price / FCF 24.2
Price / book 26.1 (above 6: high)
Financial health
Current ratio Q 1.5
Debt / equity Q 0.1 (at or below 0.5: strong)
Interest coverage Q 3,051.4
Growth
Revenue growth Q +52.8% (above 0%: growing)
Operating income growth Q +106.4% (above 0%: growing)
EPS, this year +55.7% (at or above 15%: strong)
EPS, next year A +38.0% (at or above 15%: strong)
Revenue, next year A +33.7% (at or above 10%: strong)
EPS, past 5 yrs +23.6% (at or above 15%: strong)
EPS, next 5 yrs A +41.6% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates; n/m is not meaningful, as a P/E on a loss. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 12.4×, against a ten-year median of 9.3×; over the ten years it ranged from 5.0× in 2018 to 18.5× in 2026.
P/E against its own 10 years 53.13%
10-year low 10-year high
P/S against its own 10 years 78.01%
10-year low 10-year high
P/B against its own 10 years 88.05%
10-year low 10-year high
EV/Sales against its own 10 years 77.32%
10-year low 10-year high
EV/FCF against its own 10 years 10.88%
10-year low 10-year high

Dividends raised 3 years running

Yield
0.62%
Annual rate
9.32
Payout ratio
22.9%
Growth, 2018–26
+23.8%/yr
  1. 1.69 ’18
  2. 3.51 ’19 +108
  3. 2.85 ’20 −19
  4. 3.95 ’21 +39
  5. 6.63 ’22 +68
  6. 6.45 ’23 −3
  7. 6.71 ’24 +4
  8. 7.37 ’25 +10
  9. 9.32 ’26 +26
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 7,587 13,787 15,072 14,658
Receivables 6,184 4,934 4,114 11,427
Inventory 9,579 11,786 12,931 13,705
Other 3,052 2,753 2,220 2,478
26,402 33,261 34,639 42,617
2023 2024 2025 Q'26
Payables 2,540 3,788 3,985 —
ST’ Debt 0 1,093 1,903 —
Other 12,383 13,603 18,110 28,665
17,614 21,698 27,452 28,665

Compound Annual Growth %

10y 5y 3y
Sales 18.13% 18.28% 18.33%
Cash Flow 20.34% 22.06% 17.00%
Earnings 21.58% 21.78% 22.42%
Book Value 9.07% 6.98% 33.71%

Earnings Trends EPS, adjusted, against the consensus

Sep 2026 Estimate 12.47 Actual 14.89

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Dec 2025 9.04 8.55 Miss by 0.49
Mar 2026 7.72 8.37 Beat by 0.65
Jun 2026 7.98 8.81 Beat by 0.83
Sep 2026 12.47 14.89 Beat by 2.42
Dec 2026 17.22 — Reports 27 January 2027

EPS $

Mar Jun Sep Dec Year
’26 8.37 8.81 14.89 — —
’25 6.31 6.69 6.41 8.55 27.95
’24 3.38 4.32 5.80 7.30 20.82
’23 5.31 5.37 5.23 5.60 21.53
’22 1.94 3.77 4.32 4.70 14.89
’21 3.86 3.04 5.02 5.01 16.40
’20 1.03 1.97 2.96 3.85 9.69
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 10,261 10,844 13,423 — —
’25 8,156 8,732 8,785 11,287 36,960
’24 5,743 6,723 8,211 9,906 30,583
’23 7,241 7,496 7,263 7,826 29,827
’22 3,966 5,787 5,820 6,735 22,308
’21 5,261 4,844 6,181 5,733 22,019
’20 2,692 3,662 4,627 4,986 15,968
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (2,558) 1,997 13,585 — —
’25 (62) 844 677 12,863 14,322
’24 (273) 997 1,060 10,300 12,083
’23 787 427 1,231 3,446 5,891
’22 (658) 2,754 1,063 5,783 8,942
’21 (1,135) 4,301 2,057 7,609 12,832
’20 (668) 411 208 5,336 5,286
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (3,052) 1,551 13,079 — —
’25 (501) 323 280 12,374 12,476
’24 (734) 421 581 9,561 9,829
’23 208 (171) 673 2,804 3,514
’22 (940) 2,515 725 5,252 7,552
’21 (1,373) 4,003 1,827 7,263 11,719
’20 (936) 156 (84) 5,006 4,143
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 7,519 10,232 12,925 13,238 15,968 22,019 22,308 29,827 30,583 36,960 45,815 +19.4% 49,398 63,572 78,608 +28.6%
Gross margin, % 44.81 45.03 45.95 44.67 48.63 52.71 50.54 51.29 51.28 52.83 54.35 +8.0 pt
EBT 1,872 2,765 3,469 3,098 4,588 7,933 6,802 9,831 9,785 12,905 18,424 +23.9%
EBT margin, % 24.89 27.02 26.84 23.40 28.73 36.03 30.49 32.96 31.99 34.92 40.21 +10.0 pt
Net income 1,629 2,395 3,061 2,903 4,059 6,960 5,926 8,484 8,193 10,872 15,199 +23.5%
Per share, $
Per share, $ Revenue 17.67 23.81 30.42 31.46 38.17 53.73 56.09 75.74 77.76 95.13 119.59 +20.6%
Earnings 3.83 5.57 7.20 6.90 9.70 16.42 14.90 21.55 20.83 27.97 40.65 +24.7%
Cash flow 4.33 4.73 8.54 8.72 12.64 31.31 22.48 14.96 30.72 36.86 67.57 +26.9%
Capex (0.84) (0.94) (1.69) (2.36) (2.73) (2.71) (3.50) (6.04) (5.73) (4.75) (5.05) +21.2%
Free cash flow 3.49 3.79 6.85 6.36 9.90 28.60 18.99 8.92 24.99 32.11 62.52 +28.0%
Book value 25.53 28.08 32.36 33.52 37.86 29.28 23.34 36.97 50.84 57.12 66.29 +9.4%
Shares, m 426 430 425 421 418 410 398 394 393 389 385 (1.0%)
Valuation, ×
Valuation, × P/E 28.99 32.31 21.70 43.02 49.67 46.97 37.27 33.28 33.31 38.23 37.19 36.5
P/S 6.25 7.47 5.12 9.41 12.78 14.82 9.80 9.47 8.91 11.25 12.64 9.5
P/B 4.33 6.33 4.81 8.83 12.88 27.19 23.54 19.39 13.63 18.73 26.10 14.0
EV/Sales 6.14 7.44 5.03 9.27 12.59 14.66 9.65 9.38 8.63 10.97 12.41 9.4
EV/FCF 31.12 46.73 22.33 45.85 48.51 27.54 28.51 79.60 26.85 32.50 23.74 39.0
Cash, $m
Cash, $m Operating cash flow 1,843 2,033 3,629 3,670 5,286 12,832 8,942 5,891 12,083 14,322 25,886 +25.6%
Capex (359) (405) (720) (992) (1,143) (1,112) (1,390) (2,377) (2,254) (1,846) (1,934) +19.9%
Free cash flow 1,484 1,628 2,909 2,677 4,143 11,719 7,552 3,514 9,829 12,476 23,953 +26.7%
Balance, $m
Balance, $m Working capital 5,839 6,403 7,959 8,329 10,654 6,971 5,354 8,787 11,563 7,187 13,952 +2.3%
Net debt (816) (297) (1,137) (1,740) (3,054) (3,557) (3,283) (2,574) (8,715) (10,105) (12,399) +32.3%
Shareholders’ equity 10,867 12,067 13,748 14,103 15,838 11,997 9,283 14,560 19,994 22,189 25,396 +8.3%
Returns, %
Returns, % ROA 9.64 12.09 13.80 11.82 14.37 20.80 16.01 20.82 17.10 19.81 25.93 +10.2 pt
ROIC 11.41 14.98 17.36 15.80 22.62 59.13 71.34 51.03 54.10 66.13 84.93 +54.7 pt
ROE 16.14 20.88 23.71 20.85 27.12 50.01 55.69 71.17 47.42 51.55 0.00 +35.4 pt
People
People Employees 14,072 19,216 23,247 24,900 26,614 32,016 39,086 42,416 44,027 44,209 — +13.6%
Revenue/emp, $m 0.53 0.53 0.56 0.53 0.60 0.69 0.57 0.70 0.69 0.84 — +5.1%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

ASML Holding N.V. vs peers in Semiconductor Equipment & Materials (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
ASML ASML Holding N.V. $549.1B 37.2× 34.0× +52.79% (above 0%: growing) +132.09% (above 0%: growing) +4,578.01% (above 0%: growing) 57.45% 44.36%
AMAT Applied Materials, Inc. $264.0B 31.8× 25.3× +24.83% (above 0%: growing) +43.50% (above 0%: growing) +13.66% (above 0%: growing) 50.31% 33.74% Compare
LRCX Lam Research Corporation $250.4B 32.7× 20.9× +54.38% (above 0%: growing) +77.42% (above 0%: growing) +103.28% (above 0%: growing) 52.30% 39.95% Compare
KLAC KLA Corporation $180.5B 37.7× 24.4× +28.86% (above 0%: growing) +39.41% (above 0%: growing) +25.38% (above 0%: growing) 61.85% 45.01% Compare
TER Teradyne, Inc. $34.1B 27.8× 23.6× +69.78% (above 0%: growing) +196.72% (above 0%: growing) +9,539.10% (above 0%: growing) 59.06% 30.78% Compare
Q Qnity Electronics, Inc. $24.5B 45.8× 31.8× +21.94% (above 0%: growing) −7.33% (below 0%: shrinking) −19.92% (below 0%: shrinking) 47.75% 21.53% Compare
ENTG Entegris, Inc. $19.6B 54.6× 38.8× +24.61% (above 0%: growing) +124.07% (above 0%: growing) +22.32% (above 0%: growing) 49.74% 22.93% Compare
NVMI Nova Ltd. $10.0B 35.2× 33.0× +28.15% (above 0%: growing) +37.91% (above 0%: growing) −10.48% (below 0%: shrinking) 57.71% 32.25% Compare
ONTO Onto Innovation Inc. $8.5B 72.1× 28.5× +35.30% (above 0%: growing) +76.81% (above 0%: growing) +30.97% (above 0%: growing) 53.41% 18.52% Compare
Median of peers $29.3B 36.5× 26.9× +28.51% +60.16% +23.85% 52.86% 31.52%

All 30 Semiconductor Equipment & Materials stocks →

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Bank of America Oct 20, 2026 Reiterated Buy —

ASML Holding N.V. (ASML) Latest News

9 Nov

Impact 4 · · Zacks
Impact 3 · · Zacks

8 Nov

Impact 3 · · The Motley Fool

6 Nov

Impact 3 · · Simply Wall St.

5 Nov

Impact 3 · · The Motley Fool

3 Nov

Impact 3 · · Zacks

2 Nov

Impact 3 · · TIKR

29 Oct

Impact 4 · · The Motley Fool
Impact 3 · · Zacks

28 Oct

Impact 3 ·

27 Oct

Impact 4 · · Insider Monkey

26 Oct

Impact 4 · · Investing.com

23 Oct

Impact 4 · · The Motley Fool transcript
Impact 4 · · Insider Monkey
Impact 4 · · 24/7 Wall St.
Impact 3 ·
Impact 3 · · The Motley Fool

22 Oct

Impact 4 · · 24/7 Wall St.
Impact 4 · · TIKR

21 Oct

Impact 4 · · The Motley Fool
Impact 4 · · The Motley Fool
Impact 4 · · TIKR
Impact 3 · · Zacks

20 Oct

Impact 4 · · The Motley Fool
Impact 4 · · 24/7 Wall St.
Impact 4 · · Investing.com
Impact 4 · · GlobeNewswire

19 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Simply Wall St.
Impact 3 · · Insider Monkey

ASML metrics, ten years each

stockrow.com/ASML · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com