ASML HOLDING NV (ASML.AS) Fundamental Analysis & Valuation

AMS:ASML • NL0010273215

1183.4 EUR
-16.4 (-1.37%)
Last: Mar 5, 2026, 05:29 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership

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

Fundamental Rating

6

Overall ASML gets a fundamental rating of 6 out of 10. We evaluated ASML against 64 industry peers in the Semiconductors & Semiconductor Equipment industry. While ASML belongs to the best of the industry regarding profitability, there are some minor concerns on its financial health. ASML shows excellent growth, but is valued quite expensive already. These ratings could make ASML a good candidate for growth investing.


Dividend Valuation Growth Profitability Health

9

1. ASML.AS Profitability Analysis

1.1 Basic Checks

  • In the past year ASML was profitable.
  • In the past year ASML had a positive cash flow from operations.
  • Each year in the past 5 years ASML has been profitable.
  • Each year in the past 5 years ASML had a positive operating cash flow.
ASML.AS Yearly Net Income VS EBIT VS OCF VS FCFASML.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 2025 2B 4B 6B 8B 10B

1.2 Ratios

  • ASML's Return On Assets of 19.00% is amongst the best of the industry. ASML outperforms 89.06% of its industry peers.
  • Looking at the Return On Equity, with a value of 49.00%, ASML belongs to the top of the industry, outperforming 92.19% of the companies in the same industry.
  • ASML has a Return On Invested Capital of 35.18%. This is amongst the best in the industry. ASML outperforms 92.19% of its industry peers.
  • ASML had an Average Return On Invested Capital over the past 3 years of 30.78%. This is significantly above the industry average of 15.14%.
  • The last Return On Invested Capital (35.18%) for ASML is above the 3 year average (30.78%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 19%
ROE 49%
ROIC 35.18%
ROA(3y)18.07%
ROA(5y)17.83%
ROE(3y)49.42%
ROE(5y)54.02%
ROIC(3y)30.78%
ROIC(5y)30.25%
ASML.AS Yearly ROA, ROE, ROICASML.AS Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20 40 60

1.3 Margins

  • Looking at the Profit Margin, with a value of 29.42%, ASML belongs to the top of the industry, outperforming 85.94% of the companies in the same industry.
  • In the last couple of years the Profit Margin of ASML has grown nicely.
  • The Operating Margin of ASML (34.60%) is better than 89.06% of its industry peers.
  • ASML's Operating Margin has improved in the last couple of years.
  • ASML has a Gross Margin of 52.83%. This is in the better half of the industry: ASML outperforms 67.19% of its industry peers.
  • In the last couple of years the Gross Margin of ASML has grown nicely.
Industry RankSector Rank
OM 34.6%
PM (TTM) 29.42%
GM 52.83%
OM growth 3Y4.06%
OM growth 5Y3.6%
PM growth 3Y3.46%
PM growth 5Y2.96%
GM growth 3Y1.49%
GM growth 5Y1.67%
ASML.AS Yearly Profit, Operating, Gross MarginsASML.AS Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10 20 30 40 50

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ROAROEROICOperating and Profit MarginShow most profitable peers

5

2. ASML.AS Health Analysis

2.1 Basic Checks

  • With a Return on Invested Capital (ROIC) well above the Cost of Capital (WACC), ASML is creating value.
  • The debt/assets ratio for ASML has been reduced compared to a year ago.
ASML.AS Yearly Shares OutstandingASML.AS Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M 400M
ASML.AS Yearly Total Debt VS Total AssetsASML.AS Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10B 20B 30B 40B 50B

2.2 Solvency

  • The Debt to FCF ratio of ASML is 0.25, which is an excellent value as it means it would take ASML, only 0.25 years of fcf income to pay off all of its debts.
  • ASML has a Debt to FCF ratio of 0.25. This is amongst the best in the industry. ASML outperforms 89.06% of its industry peers.
  • ASML has a Debt/Equity ratio of 0.14. This is a healthy value indicating a solid balance between debt and equity.
  • ASML has a better Debt to Equity ratio (0.14) than 68.75% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.14
Debt/FCF 0.25
Altman-Z N/A
ROIC/WACC3.18
WACC11.05%
ASML.AS Yearly LT Debt VS Equity VS FCFASML.AS Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5B 10B 15B

2.3 Liquidity

  • A Current Ratio of 1.26 indicates that ASML should not have too much problems paying its short term obligations.
  • Looking at the Current ratio, with a value of 1.26, ASML is doing worse than 89.06% of the companies in the same industry.
  • A Quick Ratio of 0.79 indicates that ASML may have some problems paying its short term obligations.
  • Looking at the Quick ratio, with a value of 0.79, ASML is doing worse than 87.50% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 1.26
Quick Ratio 0.79
ASML.AS Yearly Current Assets VS Current LiabilitesASML.AS Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10B 20B 30B

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

7

3. ASML.AS Growth Analysis

3.1 Past

  • The Earnings Per Share has grown by an impressive 28.48% over the past year.
  • Measured over the past years, ASML shows a very strong growth in Earnings Per Share. The EPS has been growing by 23.86% on average per year.
  • Looking at the last year, ASML shows a quite strong growth in Revenue. The Revenue has grown by 15.58% in the last year.
  • ASML shows quite a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 18.50% yearly.
EPS 1Y (TTM)28.48%
EPS 3Y20.41%
EPS 5Y23.86%
EPS Q2Q%7.31%
Revenue 1Y (TTM)15.58%
Revenue growth 3Y15.55%
Revenue growth 5Y18.5%
Sales Q2Q%4.92%

3.2 Future

  • The Earnings Per Share is expected to grow by 19.37% on average over the next years. This is quite good.
  • Based on estimates for the next years, ASML will show a quite strong growth in Revenue. The Revenue will grow by 12.66% on average per year.
EPS Next Y10.55%
EPS Next 2Y18.03%
EPS Next 3Y15.73%
EPS Next 5Y19.37%
Revenue Next Year14.29%
Revenue Next 2Y16.15%
Revenue Next 3Y14.6%
Revenue Next 5Y12.66%

3.3 Evolution

  • The EPS growth rate is stable: in the next years the growth will be about the same than in the last years.
  • Although the future Revenue growth is still strong, it is not able to hold up the even more excellent growth rate of the past years.
ASML.AS Yearly Revenue VS EstimatesASML.AS Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 20B 40B 60B
ASML.AS Yearly EPS VS EstimatesASML.AS Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 20 40 60 80

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Find the best growth stocksShow best growing peers

3

4. ASML.AS Valuation Analysis

4.1 Price/Earnings Ratio

  • Based on the Price/Earnings ratio of 47.87, the valuation of ASML can be described as expensive.
  • Compared to the rest of the industry, the Price/Earnings ratio of ASML is on the same level as its industry peers.
  • The average S&P500 Price/Earnings ratio is at 27.03. ASML is valued rather expensively when compared to this.
  • ASML is valuated quite expensively with a Price/Forward Earnings ratio of 43.30.
  • Based on the Price/Forward Earnings ratio, ASML is valued a bit more expensive than the industry average as 67.19% of the companies are valued more cheaply.
  • Compared to an average S&P500 Price/Forward Earnings ratio of 25.11, ASML is valued quite expensively.
Industry RankSector Rank
PE 47.87
Fwd PE 43.3
ASML.AS Price Earnings VS Forward Price EarningsASML.AS Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30 40 50

4.2 Price Multiples

  • Based on the Enterprise Value to EBITDA ratio, ASML is valued a bit more expensive than 67.19% of the companies in the same industry.
  • Based on the Price/Free Cash Flow ratio, ASML is valued cheaply inside the industry as 81.25% of the companies are valued more expensively.
Industry RankSector Rank
P/FCF 41.65
EV/EBITDA 36.88
ASML.AS Per share dataASML.AS EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 20 40 60 80

4.3 Compensation for Growth

  • The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates an expensive valuation of the company.
  • ASML has an outstanding profitability rating, which may justify a higher PE ratio.
  • ASML's earnings are expected to grow with 15.73% in the coming years. This may justify a more expensive valuation.
PEG (NY)4.54
PEG (5Y)2.01
EPS Next 2Y18.03%
EPS Next 3Y15.73%

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

5

5. ASML.AS Dividend Analysis

5.1 Amount

  • With a yearly dividend of 0.61%, ASML is not a good candidate for dividend investing.
  • ASML's Dividend Yield is a higher than the industry average which is at 0.69.
  • With a Dividend Yield of 0.61, ASML pays less dividend than the S&P500 average, which is at 1.82.
Industry RankSector Rank
Dividend Yield 0.61%

5.2 History

  • On average, the dividend of ASML grows each year by 14.78%, which is quite nice.
Dividend Growth(5Y)14.78%
Div Incr Years1
Div Non Decr Years1
ASML.AS Yearly Dividends per shareASML.AS Yearly Dividends per shareYearly Dividends per share 2019 2020 2021 2022 2023 2024 2025 2026 2 4 6

5.3 Sustainability

  • ASML pays out 26.54% of its income as dividend. This is a sustainable payout ratio.
  • ASML's earnings are growing more than its dividend. This makes the dividend growth sustainable.
DP26.54%
EPS Next 2Y18.03%
EPS Next 3Y15.73%
ASML.AS Yearly Income VS Free CF VS DividendASML.AS Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2B 4B 6B 8B 10B
ASML.AS Dividend Payout.ASML.AS Dividend Payout, showing the Payout Ratio.ASML.AS Dividend Payout.PayoutRetained Earnings

More info and screens

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ASML.AS Fundamentals: All Metrics, Ratios and Statistics

ASML HOLDING NV

AMS:ASML (3/5/2026, 5:29:19 PM)

1183.4

-16.4 (-1.37%)

Chartmill FA Rating
GICS IndustryGroupSemiconductors & Semiconductor Equipment
GICS IndustrySemiconductors & Semiconductor Equipment
Earnings (Last)01-28
Earnings (Next)04-15
Inst Owners44.3%
Inst Owner ChangeN/A
Ins Owners0.01%
Ins Owner ChangeN/A
Market Cap459.34B
Revenue(TTM)32.67B
Net Income(TTM)9.61B
Analysts77.62
Price Target1391.22 (17.56%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 0.61%
Yearly Dividend6.28
Dividend Growth(5Y)14.78%
DP26.54%
Div Incr Years1
Div Non Decr Years1
Ex-DateN/A
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-3.12%
Min EPS beat(2)-4.81%
Max EPS beat(2)-1.44%
EPS beat(4)2
Avg EPS beat(4)1.71%
Min EPS beat(4)-4.81%
Max EPS beat(4)11.23%
EPS beat(8)5
Avg EPS beat(8)3.9%
EPS beat(12)9
Avg EPS beat(12)5.26%
EPS beat(16)13
Avg EPS beat(16)6.06%
Revenue beat(2)0
Avg Revenue beat(2)-3.17%
Min Revenue beat(2)-5.4%
Max Revenue beat(2)-0.95%
Revenue beat(4)1
Avg Revenue beat(4)-2.28%
Min Revenue beat(4)-5.4%
Max Revenue beat(4)0.27%
Revenue beat(8)4
Avg Revenue beat(8)-1.08%
Revenue beat(12)7
Avg Revenue beat(12)-0.26%
Revenue beat(16)10
Avg Revenue beat(16)0.11%
PT rev (1m)31.33%
PT rev (3m)46.76%
EPS NQ rev (1m)9.98%
EPS NQ rev (3m)21.81%
EPS NY rev (1m)0%
EPS NY rev (3m)4.39%
Revenue NQ rev (1m)6.24%
Revenue NQ rev (3m)12.94%
Revenue NY rev (1m)9.5%
Revenue NY rev (3m)10.11%
Valuation
Industry RankSector Rank
PE 47.87
Fwd PE 43.3
P/S 14.06
P/FCF 41.65
P/OCF 36.29
P/B 23.42
P/tB 31.71
EV/EBITDA 36.88
EPS(TTM)24.72
EY2.09%
EPS(NY)27.33
Fwd EY2.31%
FCF(TTM)28.41
FCFY2.4%
OCF(TTM)32.61
OCFY2.76%
SpS84.16
BVpS50.53
TBVpS37.31
PEG (NY)4.54
PEG (5Y)2.01
Graham Number167.64
Profitability
Industry RankSector Rank
ROA 19%
ROE 49%
ROCE 42.97%
ROIC 35.18%
ROICexc 71.29%
ROICexgc 117.85%
OM 34.6%
PM (TTM) 29.42%
GM 52.83%
FCFM 33.76%
ROA(3y)18.07%
ROA(5y)17.83%
ROE(3y)49.42%
ROE(5y)54.02%
ROIC(3y)30.78%
ROIC(5y)30.25%
ROICexc(3y)95.08%
ROICexc(5y)81.02%
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)37.59%
ROCE(5y)36.94%
ROICexgc growth 3Y-3.81%
ROICexgc growth 5Y19.89%
ROICexc growth 3Y8.04%
ROICexc growth 5Y22.14%
OM growth 3Y4.06%
OM growth 5Y3.6%
PM growth 3Y3.46%
PM growth 5Y2.96%
GM growth 3Y1.49%
GM growth 5Y1.67%
F-Score6
Asset Turnover0.65
Health
Industry RankSector Rank
Debt/Equity 0.14
Debt/FCF 0.25
Debt/EBITDA 0.22
Cap/Depr 159%
Cap/Sales 4.99%
Interest Coverage 250
Cash Conversion 102.69%
Profit Quality 114.76%
Current Ratio 1.26
Quick Ratio 0.79
Altman-Z N/A
F-Score6
WACC11.05%
ROIC/WACC3.18
Cap/Depr(3y)227.55%
Cap/Depr(5y)221.67%
Cap/Sales(3y)6.78%
Cap/Sales(5y)6.32%
Profit Quality(3y)92.05%
Profit Quality(5y)114.39%
High Growth Momentum
Growth
EPS 1Y (TTM)28.48%
EPS 3Y20.41%
EPS 5Y23.86%
EPS Q2Q%7.31%
EPS Next Y10.55%
EPS Next 2Y18.03%
EPS Next 3Y15.73%
EPS Next 5Y19.37%
Revenue 1Y (TTM)15.58%
Revenue growth 3Y15.55%
Revenue growth 5Y18.5%
Sales Q2Q%4.92%
Revenue Next Year14.29%
Revenue Next 2Y16.15%
Revenue Next 3Y14.6%
Revenue Next 5Y12.66%
EBIT growth 1Y-10.34%
EBIT growth 3Y20.24%
EBIT growth 5Y22.77%
EBIT Next Year28.54%
EBIT Next 3Y23.46%
EBIT Next 5Y18.86%
FCF growth 1Y21.4%
FCF growth 3Y15.44%
FCF growth 5Y24.91%
OCF growth 1Y13.36%
OCF growth 3Y14.26%
OCF growth 5Y22.29%

ASML HOLDING NV / ASML.AS FAQ

Can you provide the ChartMill fundamental rating for ASML HOLDING NV?

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


Can you provide the valuation status for ASML HOLDING NV?

ChartMill assigns a valuation rating of 2 / 10 to ASML HOLDING NV (ASML.AS). This can be considered as Overvalued.


How profitable is ASML HOLDING NV (ASML.AS) stock?

ASML HOLDING NV (ASML.AS) has a profitability rating of 9 / 10.


What is the valuation of ASML HOLDING NV based on its PE and PB ratios?

The Price/Earnings (PE) ratio for ASML HOLDING NV (ASML.AS) is 47.87 and the Price/Book (PB) ratio is 23.42.


What is the earnings growth outlook for ASML HOLDING NV?

The Earnings per Share (EPS) of ASML HOLDING NV (ASML.AS) is expected to grow by 10.55% in the next year.