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Dutch maker of semiconductor deposition equipment, especially atomic layer deposition (ALD) tools for advanced chips.
Dutch maker of semiconductor deposition equipment, especially atomic layer deposition (ALD) tools for advanced chips.
Sells deposition equipment to a small number of the largest chipmakers, so a few big orders move results and revenue swings with leading-edge logic and memory spending; spares, service and upgrades follow each installed tool. ALD, which builds a chip layer one atom-thin film at a time, matters more as chip designs get more complex.
In one line: A Dutch Lam Research/Applied Materials in deposition.
Moat: wide (IP / patents, customer qualification, process know-how). Leading share and deep IP in ALD, a critical process step for advanced logic and memory nodes.
Headquarters: Almere, Netherlands · Founded: 1968 · Employees: 4,519
Size ASM International (ASM.AS) is a Netherlands Industrials company (Industrial Machinery) with a market value of $35.5B, the 6th largest of 61 Netherlands companies the cockpit tracks. Shares closed at €651.00 on 6 Nov 2026.
Performance Over six months the shares fell 27.6%, against -7.0% for the median peer and +0.4% for the Netherlands market (cap-weighted) — 4th lowest of 20 in its peer set.
Growth Revenue grew 13.4% over the last twelve months (peer median +8.1%); the operating margin is 31.1% (peer median 16.9%).
Valuation It trades at 27.0× forward earnings against a peer median of 23.2× (8th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 30% a year for seven years (Req g). Recent delivered growth is +19%, so the hurdle is +11 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 10.2 points above its cost of capital (14.9% WACC).
Next results Next results expected around 23 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €3.72B | €3.17B | €2.93B | €2.63B | €2.41B |
| Revenue growth | — | +8% | +11% | +9% | — |
| Gross profit | €1.93B | €1.64B | €1.48B | €1.27B | €1.14B |
| EBITDA | €1.42B | €1.19B | €991M | €835M | €720M |
| Net income | €998M | €724M | €686M | €752M | €389M |
| Free cash flow | €852M | €849M | €743M | €613M | €489M |
| Capital expenditure | €499M | €468M | €365M | €318M | €208M |
| Total debt | €93.9M | €77.9M | €35.3M | €33.6M | €28.1M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| ASM International ASM.AS | $35.5B | -28% | +13% | 31% | 27.0× | 30.0% |
| Applied Materials AMAT | $264B | -24% | +8% | 31% | 18.8× | 25.5% |
| Tokyo Electron 8035.T | $122B | +41% | +18% | 28% | 23.1× | 28.8% |
| Lam Research LRCX | $250B | -32% | +33% | 37% | 19.6× | 26.4% |
| Kokusai Electric 6525.T | $7.62B | -21% | +15% | 19% | 20.0× | 30.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ASM.AS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -27.5% | -3.0% | 2nd lowest of 21 |
| 6-month return | -27.6% | -7.0% | 4th lowest of 20 |
| Distance from 52-week high | -40.4% | -30.7% | 6th lowest of 21 |
| Revenue growth (TTM) | +13.4% | +8.1% | 8th highest of 21 |
| Operating margin | 31.1% | 16.9% | 2nd highest of 21 |
| Forward P/E | 27.0× | 23.2× | 8th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 30.0% | 16.6% | 3rd most demanding of 19 |
| Growth delivered (Del g) | +19.0% | +9.2% | 5th highest of 19 |
| Hurdle (Req g minus delivered) | +11.0 pp | +3.1 pp | 5th most demanding of 19 |
| ROIC minus cost of capital | +10.2 pp | +4.3 pp | 7th highest of 20 |
| EV / EBITDA | 21.4× | 15.8× | 4th most expensive of 14 |
| Net debt / EBITDA | -0.9× | 0.8× | 5th least indebted of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| ASM International ASM.AS | Netherlands | $35.5B | -28% | +13% | 31% | 27.0× | 30.0% | +19.0% |
| Eoptolink Technology 300502.SZ | China | $36.0B | -54% | +101% | 44% | 12.3× | 21.7% | +65.5% |
| Advanced Micro-Fabrication Equipment Inc. China 688012.SS | China | $36.5B | +1% | +26% | 12% | 51.5× | 51.7% | +40.3% |
| Schindler SCHN.SW | Switzerland | $39.4B | +17% | -3% | 13% | 28.2× | 2.3% | +0.6% |
| Ingersoll Rand IR | United States | $31.9B | +10% | +8% | 19% | 21.8× | 17.3% | +14.0% |
| Yushu Technology 688836.SS | China | $39.8B | n/a | +333% | 19% | n/a | n/a | n/a |
| Daikin Industries 6367.T | Japan | $40.4B | -1% | +11% | 8% | 21.8× | 7.4% | +15.0% |
| Gree Electric Appliances, Inc. of Zhuhai 000651.SZ | China | $31.2B | -3% | -11% | 16% | 8.6× | -16.4% | 0.0% |
| Fanuc 6954.T | Japan | $31.2B | -23% | +13% | 23% | 22.0× | 16.9% | +9.2% |
| Carrier Global CARR | United States | $42.9B | -22% | +3% | 9% | 17.2× | 19.0% | +4.5% |
| Veralto VLTO | United States | $28.5B | +35% | +6% | 22% | 24.6× | 8.3% | +4.8% |
| Dover DOV | United States | $27.1B | -7% | +8% | 18% | 17.6× | 12.2% | +3.9% |
| Alfa Laval ALFA.ST | Sweden | $22.5B | 0% | +4% | 18% | 24.2× | 7.9% | +10.9% |
| Xylem XYL | United States | $22.4B | -14% | +2% | 16% | 17.4× | 12.1% | +13.1% |
| SYM SYM | United States | $22.3B | -30% | +20% | 1% | 101.9× | n/a | n/a |
| Smc 6273.T | Japan | $21.9B | -27% | +16% | 24% | 15.9× | 16.2% | +8.8% |
| Zhejiang Sanhua Intelligent Controls 002050.SZ | China | $21.5B | -28% | +3% | 15% | 33.3× | 23.8% | +20.8% |
| NAURA Technology 002371.SZ | China | $60.6B | +4% | +18% | 11% | 56.5× | 33.4% | +45.5% |
| VAT VACN.SW | Switzerland | $19.0B | -11% | -2% | 25% | 48.2× | 25.8% | +9.2% |
| Woodward WWD | United States | $18.7B | -14% | +22% | 16% | 31.0× | 18.9% | +7.4% |
| Honeywell Technologies HON | United States | $69.8B | -1% | -17% | 18% | 23.2× | 4.1% | +2.8% |