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. In the quarter to September 2026, revenue grew 52.8%, EPS grew 132.1%, free cash flow grew 4,578.0% and total debt fell 28.5%, each against the same quarter a year earlier. Member of the Nasdaq 100; revenue growth for ten consecutive years.
Follow ASML
ASML Holding N.V. (ASML) Altman Z-score
ASML Holding N.V.'s Altman Z-score for fiscal 2025 is 9.14, in the safe zone (above 2.99).
Altman Z-score, annual
Embed this chart
Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 9.14 | 2.25 |
| FY2024 | 6.89 | (1.46) |
| FY2023 | 8.35 | 2.16 |
| FY2022 | 6.19 | (4.01) |
| FY2021 | 10.21 | 0.25 |
| FY2020 | 9.96 | 1.40 |
| FY2019 | 8.56 | 2.53 |
| FY2018 | 6.02 | (1.13) |
| FY2017 | 7.15 | 2.05 |
| FY2016 | 5.10 | (0.95) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.13 | — | 0.15 | |
| Retained earnings / total assets | 0.35 | — | 0.49 | |
| EBIT / total assets | 0.22 | — | 0.74 | |
| Market value of equity / total liabilities | 11.87 | — | 7.12 | |
| Sales / total assets | 0.65 | — | 0.65 | |
| Altman Z-score | Safe zone | 9.14 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 4.13 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| LRCX Lam Research Corporation compare | 34.2× |
| KLAC KLA Corporation compare | 23.1× |
| ONTO Onto Innovation Inc. compare | 19.0× |
| TER Teradyne, Inc. compare | 15.1× |
| AMAT Applied Materials, Inc. compare | 11.2× |
| ASML ASML Holding N.V. | 9.1× |
| AMKR Amkor Technology, Inc. compare | 3.4× |
| ENTG Entegris, Inc. compare | 2.7× |
| Q Qnity Electronics, Inc. compare | 2.2× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets