ASM INTERNATIONAL NV (ASM.AS) Fundamental Analysis & Valuation

AMS:ASM • NL0000334118

676.8 EUR
-39.6 (-5.53%)
Last: Mar 6, 2026, 07:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership

This ASM.AS fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

Fundamental Rating

6

Taking everything into account, ASM scores 6 out of 10 in our fundamental rating. ASM was compared to 64 industry peers in the Semiconductors & Semiconductor Equipment industry. ASM has an excellent profitability rating, but there are some minor concerns on its financial health. ASM is valued quite expensively, but it does show have an excellent growth rating. These ratings would make ASM suitable for growth investing!


Dividend Valuation Growth Profitability Health

8

1. ASM.AS Profitability Analysis

1.1 Basic Checks

  • ASM had positive earnings in the past year.
  • ASM had a positive operating cash flow in the past year.
  • ASM had positive earnings in each of the past 5 years.
  • Each year in the past 5 years ASM had a positive operating cash flow.
ASM.AS Yearly Net Income VS EBIT VS OCF VS FCFASM.AS Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M 800M

1.2 Ratios

  • The Return On Assets of ASM (14.94%) is better than 81.25% of its industry peers.
  • ASM has a better Return On Equity (20.42%) than 70.31% of its industry peers.
  • ASM has a Return On Invested Capital of 20.12%. This is amongst the best in the industry. ASM outperforms 82.81% of its industry peers.
  • ASM had an Average Return On Invested Capital over the past 3 years of 16.63%. This is in line with the industry average of 15.14%.
  • The 3 year average ROIC (16.63%) for ASM is below the current ROIC(20.12%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 14.94%
ROE 20.42%
ROIC 20.12%
ROA(3y)13.82%
ROA(5y)14.5%
ROE(3y)18.59%
ROE(5y)18.64%
ROIC(3y)16.63%
ROIC(5y)16.46%
ASM.AS Yearly ROA, ROE, ROICASM.AS Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 5 10 15 20

1.3 Margins

  • The Profit Margin of ASM (23.87%) is better than 65.63% of its industry peers.
  • ASM's Profit Margin has declined in the last couple of years.
  • Looking at the Operating Margin, with a value of 30.26%, ASM is in the better half of the industry, outperforming 76.56% of the companies in the same industry.
  • ASM's Operating Margin has improved in the last couple of years.
  • Looking at the Gross Margin, with a value of 51.86%, ASM is in the better half of the industry, outperforming 62.50% of the companies in the same industry.
  • ASM's Gross Margin has improved in the last couple of years.
Industry RankSector Rank
OM 30.26%
PM (TTM) 23.87%
GM 51.86%
OM growth 3Y-1.4%
OM growth 5Y6.33%
PM growth 3Y-6.49%
PM growth 5Y-4.38%
GM growth 3Y1.81%
GM growth 5Y3.46%
ASM.AS Yearly Profit, Operating, Gross MarginsASM.AS Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 20 40 60

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6

2. ASM.AS Health Analysis

2.1 Basic Checks

  • The Return on Invested Capital (ROIC) is well above the Cost of Capital (WACC), so ASM is creating value.
  • The number of shares outstanding for ASM has been reduced compared to 1 year ago.
  • The number of shares outstanding for ASM has been increased compared to 5 years ago.
  • Compared to 1 year ago, ASM has an improved debt to assets ratio.
ASM.AS Yearly Shares OutstandingASM.AS Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 10M 20M 30M 40M 50M
ASM.AS Yearly Total Debt VS Total AssetsASM.AS Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B 4B 5B

2.2 Solvency

  • ASM has a debt to FCF ratio of 0.08. This is a very positive value and a sign of high solvency as it would only need 0.08 years to pay back of all of its debts.
  • The Debt to FCF ratio of ASM (0.08) is better than 96.88% of its industry peers.
  • A Debt/Equity ratio of 0.01 indicates that ASM is not too dependend on debt financing.
  • ASM has a Debt to Equity ratio of 0.01. This is amongst the best in the industry. ASM outperforms 93.75% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.01
Debt/FCF 0.08
Altman-Z N/A
ROIC/WACC1.82
WACC11.06%
ASM.AS Yearly LT Debt VS Equity VS FCFASM.AS Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B

2.3 Liquidity

  • A Current Ratio of 2.16 indicates that ASM has no problem at all paying its short term obligations.
  • ASM has a Current ratio (2.16) which is in line with its industry peers.
  • ASM has a Quick Ratio of 1.68. This is a normal value and indicates that ASM is financially healthy and should not expect problems in meeting its short term obligations.
  • The Quick ratio of ASM (1.68) is comparable to the rest of the industry.
Industry RankSector Rank
Current Ratio 2.16
Quick Ratio 1.68
ASM.AS Yearly Current Assets VS Current LiabilitesASM.AS Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 500M 1B 1.5B 2B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

7

3. ASM.AS Growth Analysis

3.1 Past

  • ASM shows a small growth in Earnings Per Share. In the last year, the EPS has grown by 4.73%.
  • The Earnings Per Share has been growing by 22.75% on average over the past years. This is a very strong growth
  • Looking at the last year, ASM shows a quite strong growth in Revenue. The Revenue has grown by 11.33% in the last year.
  • The Revenue has been growing by 21.13% on average over the past years. This is a very strong growth!
EPS 1Y (TTM)4.73%
EPS 3Y11.54%
EPS 5Y22.75%
EPS Q2Q%-26.05%
Revenue 1Y (TTM)11.33%
Revenue growth 3Y19.24%
Revenue growth 5Y21.13%
Sales Q2Q%-13.3%

3.2 Future

  • ASM is expected to show quite a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 16.29% yearly.
  • The Revenue is expected to grow by 12.67% on average over the next years. This is quite good.
EPS Next Y3.7%
EPS Next 2Y7.36%
EPS Next 3Y13.69%
EPS Next 5Y16.29%
Revenue Next Year7.74%
Revenue Next 2Y9.3%
Revenue Next 3Y12.67%
Revenue Next 5Y12.67%

3.3 Evolution

  • The estimated forward EPS growth is still strong, although it is decreasing when compared to the stronger growth in the past years.
  • The estimated forward Revenue growth is still strong, although it is decreasing when compared to the stronger growth in the past years.
ASM.AS Yearly Revenue VS EstimatesASM.AS Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 2B 4B 6B 8B
ASM.AS Yearly EPS VS EstimatesASM.AS Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 10 20 30 40

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3

4. ASM.AS Valuation Analysis

4.1 Price/Earnings Ratio

  • With a Price/Earnings ratio of 45.03, ASM can be considered very expensive at the moment.
  • ASM's Price/Earnings ratio is in line with the industry average.
  • ASM is valuated expensively when we compare the Price/Earnings ratio to 26.29, which is the current average of the S&P500 Index.
  • Based on the Price/Forward Earnings ratio of 40.92, the valuation of ASM can be described as expensive.
  • Compared to the rest of the industry, the Price/Forward Earnings ratio of ASM indicates a slightly more expensive valuation: ASM is more expensive than 64.06% of the companies listed in the same industry.
  • When comparing the Price/Forward Earnings ratio of ASM to the average of the S&P500 Index (24.57), we can say ASM is valued expensively.
Industry RankSector Rank
PE 45.03
Fwd PE 40.92
ASM.AS Price Earnings VS Forward Price EarningsASM.AS Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30 40

4.2 Price Multiples

  • The rest of the industry has a similar Enterprise Value to EBITDA ratio as ASM.
  • Based on the Price/Free Cash Flow ratio, ASM is valued a bit cheaper than the industry average as 68.75% of the companies are valued more expensively.
Industry RankSector Rank
P/FCF 44.79
EV/EBITDA 28.68
ASM.AS Per share dataASM.AS EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 20 40 60

4.3 Compensation for Growth

  • The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates an expensive valuation of the company.
  • ASM has an outstanding profitability rating, which may justify a higher PE ratio.
  • A more expensive valuation may be justified as ASM's earnings are expected to grow with 13.69% in the coming years.
PEG (NY)12.16
PEG (5Y)1.98
EPS Next 2Y7.36%
EPS Next 3Y13.69%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

4

5. ASM.AS Dividend Analysis

5.1 Amount

  • ASM has a yearly dividend return of 0.42%, which is pretty low.
  • ASM's Dividend Yield is comparable with the industry average which is at 0.69.
  • Compared to an average S&P500 Dividend Yield of 1.82, ASM's dividend is way lower than the S&P500 average.
Industry RankSector Rank
Dividend Yield 0.42%

5.2 History

  • The dividend of ASM is nicely growing with an annual growth rate of 6.39%!
Dividend Growth(5Y)6.39%
Div Incr Years2
Div Non Decr Years5
ASM.AS Yearly Dividends per shareASM.AS Yearly Dividends per shareYearly Dividends per share 2019 2020 2021 2022 2023 2024 2025 2026 1 2 3

5.3 Sustainability

  • 18.80% of the earnings are spent on dividend by ASM. This is a low number and sustainable payout ratio.
  • The dividend of ASM is growing, but earnings are growing more, so the dividend growth is sustainable.
DP18.8%
EPS Next 2Y7.36%
EPS Next 3Y13.69%
ASM.AS Yearly Income VS Free CF VS DividendASM.AS Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M
ASM.AS Dividend Payout.ASM.AS Dividend Payout, showing the Payout Ratio.ASM.AS Dividend Payout.PayoutRetained Earnings

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ASM.AS Fundamentals: All Metrics, Ratios and Statistics

ASM INTERNATIONAL NV

AMS:ASM (3/6/2026, 7:00:00 PM)

676.8

-39.6 (-5.53%)

Chartmill FA Rating
GICS IndustryGroupSemiconductors & Semiconductor Equipment
GICS IndustrySemiconductors & Semiconductor Equipment
Earnings (Last)03-03
Earnings (Next)N/A
Inst Owners60.72%
Inst Owner ChangeN/A
Ins Owners0.09%
Ins Owner ChangeN/A
Market Cap33.39B
Revenue(TTM)2.93B
Net Income(TTM)783.70M
Analysts74.62
Price Target759.95 (12.29%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 0.42%
Yearly Dividend2.76
Dividend Growth(5Y)6.39%
DP18.8%
Div Incr Years2
Div Non Decr Years5
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-0.68%
Min EPS beat(2)-15.47%
Max EPS beat(2)14.11%
EPS beat(4)2
Avg EPS beat(4)6.41%
Min EPS beat(4)-15.47%
Max EPS beat(4)30.35%
EPS beat(8)3
Avg EPS beat(8)0.13%
EPS beat(12)4
Avg EPS beat(12)-1.22%
EPS beat(16)7
Avg EPS beat(16)1.23%
Revenue beat(2)1
Avg Revenue beat(2)-0.33%
Min Revenue beat(2)-1.28%
Max Revenue beat(2)0.62%
Revenue beat(4)2
Avg Revenue beat(4)-0.13%
Min Revenue beat(4)-1.28%
Max Revenue beat(4)0.79%
Revenue beat(8)5
Avg Revenue beat(8)0.18%
Revenue beat(12)7
Avg Revenue beat(12)0.24%
Revenue beat(16)8
Avg Revenue beat(16)0.24%
PT rev (1m)17.28%
PT rev (3m)20.88%
EPS NQ rev (1m)12.89%
EPS NQ rev (3m)12.89%
EPS NY rev (1m)0%
EPS NY rev (3m)1.77%
Revenue NQ rev (1m)6.28%
Revenue NQ rev (3m)6.28%
Revenue NY rev (1m)1.24%
Revenue NY rev (3m)-0.35%
Valuation
Industry RankSector Rank
PE 45.03
Fwd PE 40.92
P/S 10.17
P/FCF 44.79
P/OCF 28.73
P/B 8.7
P/tB 12.74
EV/EBITDA 28.68
EPS(TTM)15.03
EY2.22%
EPS(NY)16.54
Fwd EY2.44%
FCF(TTM)15.11
FCFY2.23%
OCF(TTM)23.56
OCFY3.48%
SpS66.57
BVpS77.8
TBVpS53.13
PEG (NY)12.16
PEG (5Y)1.98
Graham Number162.21
Profitability
Industry RankSector Rank
ROA 14.94%
ROE 20.42%
ROCE 24.27%
ROIC 20.12%
ROICexc 20.12%
ROICexgc 28.63%
OM 30.26%
PM (TTM) 23.87%
GM 51.86%
FCFM 22.7%
ROA(3y)13.82%
ROA(5y)14.5%
ROE(3y)18.59%
ROE(5y)18.64%
ROIC(3y)16.63%
ROIC(5y)16.46%
ROICexc(3y)20.48%
ROICexc(5y)20.83%
ROICexgc(3y)32.62%
ROICexgc(5y)29.73%
ROCE(3y)20.06%
ROCE(5y)19.85%
ROICexgc growth 3Y7.29%
ROICexgc growth 5Y16.64%
ROICexc growth 3Y-2.54%
ROICexc growth 5Y9.64%
OM growth 3Y-1.4%
OM growth 5Y6.33%
PM growth 3Y-6.49%
PM growth 5Y-4.38%
GM growth 3Y1.81%
GM growth 5Y3.46%
F-Score7
Asset Turnover0.63
Health
Industry RankSector Rank
Debt/Equity 0.01
Debt/FCF 0.08
Debt/EBITDA 0.05
Cap/Depr 173.26%
Cap/Sales 12.69%
Interest Coverage 250
Cash Conversion 94.15%
Profit Quality 95.11%
Current Ratio 2.16
Quick Ratio 1.68
Altman-Z N/A
F-Score7
WACC11.06%
ROIC/WACC1.82
Cap/Depr(3y)177.39%
Cap/Depr(5y)175.83%
Cap/Sales(3y)11.05%
Cap/Sales(5y)10.89%
Profit Quality(3y)72.97%
Profit Quality(5y)59.94%
High Growth Momentum
Growth
EPS 1Y (TTM)4.73%
EPS 3Y11.54%
EPS 5Y22.75%
EPS Q2Q%-26.05%
EPS Next Y3.7%
EPS Next 2Y7.36%
EPS Next 3Y13.69%
EPS Next 5Y16.29%
Revenue 1Y (TTM)11.33%
Revenue growth 3Y19.24%
Revenue growth 5Y21.13%
Sales Q2Q%-13.3%
Revenue Next Year7.74%
Revenue Next 2Y9.3%
Revenue Next 3Y12.67%
Revenue Next 5Y12.67%
EBIT growth 1Y40.43%
EBIT growth 3Y17.57%
EBIT growth 5Y28.8%
EBIT Next Year46.57%
EBIT Next 3Y25.05%
EBIT Next 5Y20.23%
FCF growth 1Y104.96%
FCF growth 3Y33.54%
FCF growth 5Y7.13%
OCF growth 1Y72.38%
OCF growth 3Y33.11%
OCF growth 5Y12.92%

ASM INTERNATIONAL NV / ASM.AS FAQ

Can you provide the ChartMill fundamental rating for ASM INTERNATIONAL NV?

ChartMill assigns a fundamental rating of 6 / 10 to ASM.AS.


Can you provide the valuation status for ASM INTERNATIONAL NV?

ChartMill assigns a valuation rating of 3 / 10 to ASM INTERNATIONAL NV (ASM.AS). This can be considered as Overvalued.


Can you provide the profitability details for ASM INTERNATIONAL NV?

ASM INTERNATIONAL NV (ASM.AS) has a profitability rating of 8 / 10.


What is the valuation of ASM INTERNATIONAL NV based on its PE and PB ratios?

The Price/Earnings (PE) ratio for ASM INTERNATIONAL NV (ASM.AS) is 45.03 and the Price/Book (PB) ratio is 8.7.


Is the dividend of ASM INTERNATIONAL NV sustainable?

The dividend rating of ASM INTERNATIONAL NV (ASM.AS) is 4 / 10 and the dividend payout ratio is 18.8%.