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World's sole supplier of extreme ultraviolet (EUV) lithography machines that print the finest circuit patterns on advanced computer chips.
World's sole supplier of extreme ultraviolet (EUV) lithography machines that print the finest circuit patterns on advanced computer chips.
Sells each machine as a very large one-off purchase, then earns a steady flow from servicing and upgrading the machines already installed. With only a handful of chipmaker customers, a few orders can swing a year, and most sales go to Asia. Intel, Samsung and TSMC took stakes in 2012 to help fund its development.
Moat: wide (IP / patents, scale, switching costs). Sole global source of EUV tools, built on decades of proprietary optics and precision-motion IP.
Headquarters: Veldhoven, Netherlands · Founded: 1984 · Employees: 44,209
Size ASML (ASML.AS) is a Netherlands Information Technology company (Semiconductors) with a market value of $550B, the largest of 61 Netherlands companies the cockpit tracks. Shares closed at €1,284 on 6 Nov 2026.
Performance Over six months the shares fell 6.1%, against -12.7% for the median peer and +0.4% for the Netherlands market (cap-weighted) — 5th highest of 14 in its peer set.
Growth Revenue grew 22.5% over the last twelve months (peer median +34.9%); the operating margin is 38.5% (peer median 38.5%).
Valuation It trades at 31.1× forward earnings against a peer median of 22.3× (3rd most expensive of 14).
Price implies For today's price to make sense, revenue must grow about 29% a year for seven years (Req g). Recent delivered growth is +19%, so the hurdle is +10 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 85.8 points above its cost of capital (14.2% WACC).
Credit ASML has 4 bonds outstanding ($3.06B), rated A1 by the agencies and trading like AAA at a weighted spread of 36 bp.
Next results Next results expected around 27 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €39.5B | €32.7B | €28.3B | €27.6B | €21.2B |
| Revenue growth | — | +16% | +3% | +30% | — |
| Gross profit | €21.4B | €16.8B | €14.1B | €13.8B | €10.5B |
| EBITDA | €16.2B | €12.4B | €10.0B | €9.83B | €7.14B |
| Net income | €13.5B | €9.61B | €7.57B | €7.84B | €5.62B |
| Free cash flow | €21.2B | €11.1B | €9.10B | €3.29B | €7.21B |
| Capital expenditure | €1.73B | €1.63B | €2.08B | €2.20B | €1.32B |
| Total debt | €1.96B | €4.64B | €4.99B | €4.86B | €4.46B |
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 |
|---|---|---|---|---|---|---|
| ASML ASML.AS | $550B | -6% | +23% | 39% | 31.1× | 28.9% |
| Nikon 7731.T | $3.17B | -12% | -4% | -2% | 45.4× | n/a |
| Canon 7751.T | $28.4B | +18% | +4% | 10% | 12.2× | -0.6% |
| Applied Materials AMAT | $264B | -24% | +8% | 31% | 18.8× | 25.5% |
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 | ASML.AS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -21.3% | -28.6% | 7th highest of 15 |
| 6-month return | -6.1% | -12.7% | 5th highest of 14 |
| Distance from 52-week high | -26.3% | -39.4% | 4th highest of 15 |
| Revenue growth (TTM) | +22.5% | +34.9% | 6th lowest of 15 |
| Operating margin | 38.5% | 38.5% | 8th highest of 15 |
| Forward P/E | 31.1× | 22.3× | 3rd most expensive of 14 |
| Growth the price implies (Req g, 7 yrs) | 28.9% | 23.4% | 4th most demanding of 13 |
| Growth delivered (Del g) | +18.5% | +14.5% | 6th highest of 13 |
| Hurdle (Req g minus delivered) | +10.4 pp | +9.9 pp | 7th least demanding of 13 |
| ROIC minus cost of capital | +85.8 pp | +11.0 pp | 2nd highest of 15 |
| EV / EBITDA | 29.5× | 25.1× | 3rd most expensive of 11 |
| Net debt / EBITDA | -0.7× | -0.2× | 4th least indebted of 12 |
| Bond spread | 36 bp | 78 bp | tightest of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| ASML ASML.AS | Netherlands | $550B | -6% | +23% | 39% | 31.1× | 28.9% | +18.5% |
| SK hynix 000660.KS | South Korea | $608B | -12% | +220% | 74% | 3.1× | -3.1% | +24.9% |
| Advanced Micro Devices AMD | United States | $733B | -1% | +42% | 18% | 30.0× | 60.9% | +28.8% |
| CXMT 688825.SS | China | $411B | n/a | +156% | 13% | n/a | n/a | n/a |
| Micron Technology MU | United States | $781B | -8% | +256% | 75% | 3.9× | 7.1% | +36.9% |
| SamsungElec 005930.KS | South Korea | $886B | -14% | +88% | 46% | 4.0× | -7.2% | +7.1% |
| Intel INTC | United States | $299B | -55% | +12% | 11% | 39.9× | 46.1% | -7.5% |
| Texas Instruments TXN | United States | $253B | -4% | +20% | 41% | 24.6× | 23.3% | +4.1% |
| Broadcom AVGO | United States | $1.40T | -32% | +49% | 49% | 16.9× | 26.6% | +21.7% |
| Arm ARM | United States | $204B | -18% | +25% | 17% | 67.7× | n/a | n/a |
| Taiwan Semiconductor Manufactur 2330.TW | Taiwan | $1.67T | -5% | +36% | 58% | 15.0× | 10.1% | +23.3% |
| KLA KLAC | United States | $180B | -26% | +16% | 43% | 22.3× | 23.5% | +14.4% |
| Qualcomm QCOM | United States | $177B | -24% | +2% | 24% | 17.0× | 15.9% | +5.1% |
| Analog Devices ADI | United States | $176B | -13% | +34% | 36% | 22.4× | 27.8% | +14.5% |
| Mediatek 2454.TW | Taiwan | $164B | +7% | +6% | 15% | 24.7× | 40.7% | +13.1% |
ASML has 4 bonds outstanding with $3.06B face value. The agencies rate it A1; its bonds trade like AAA. Weighted yield 3.41%, a spread of 36 bp over government bonds.