ASML HOLDING NV (ASML.AS) Stock Fundamental Analysis

Europe • Euronext Amsterdam • AMS:ASML • NL0010273215

1233 EUR
+8.2 (+0.67%)
Last: Feb 3, 2026, 10:40 AM
Fundamental Rating

6

We assign a fundamental rating of 6 out of 10 to ASML. ASML was compared to 63 industry peers in the Semiconductors & Semiconductor Equipment industry. Both the health and profitability get an excellent rating, making ASML a very profitable company, without any liquidiy or solvency issues. While showing a medium growth rate, ASML is valued expensive at the moment. These ratings would make ASML suitable for quality investing!


Dividend Valuation Growth Profitability Health

9

1. Profitability

1.1 Basic Checks

  • ASML had positive earnings in the past year.
  • In the past year ASML had a positive cash flow from operations.
  • ASML had positive earnings in 4 of the past 5 years.
  • ASML had a positive operating cash flow in 4 of the past 5 years.
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 2B 4B 6B 8B 10B

1.2 Ratios

  • ASML has a Return On Assets of 20.71%. This is amongst the best in the industry. ASML outperforms 88.89% of its industry peers.
  • ASML has a Return On Equity of 47.39%. This is amongst the best in the industry. ASML outperforms 88.89% of its industry peers.
  • ASML has a better Return On Invested Capital (32.62%) than 88.89% of its industry peers.
  • Measured over the past 3 years, the Average Return On Invested Capital for ASML is significantly above the industry average of 15.01%.
  • The last Return On Invested Capital (32.62%) for ASML is above the 3 year average (27.67%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 20.71%
ROE 47.39%
ROIC 32.62%
ROA(3y)17.06%
ROA(5y)16.62%
ROE(3y)48.22%
ROE(5y)44.12%
ROIC(3y)27.67%
ROIC(5y)25.41%
ASML.AS Yearly ROA, ROE, ROICASML.AS Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 10 20 30 40 50

1.3 Margins

  • ASML has a Profit Margin of 31.73%. This is amongst the best in the industry. ASML outperforms 85.71% of its industry peers.
  • ASML's Profit Margin has improved in the last couple of years.
  • The Operating Margin of ASML (37.74%) is better than 87.30% of its industry peers.
  • In the last couple of years the Operating Margin of ASML has grown nicely.
  • With a decent Gross Margin value of 51.93%, ASML is doing good in the industry, outperforming 65.08% of the companies in the same industry.
  • In the last couple of years the Gross Margin of ASML has grown nicely.
Industry RankSector Rank
OM 37.74%
PM (TTM) 31.73%
GM 51.93%
OM growth 3Y-1.42%
OM growth 5Y8.87%
PM growth 3Y-3.59%
PM growth 5Y6.23%
GM growth 3Y-0.04%
GM growth 5Y4.04%
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 10 20 30 40 50

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7

2. Health

2.1 Basic Checks

  • The Return on Invested Capital (ROIC) is well above the Cost of Capital (WACC), so ASML is creating value.
  • ASML has no outstanding debt. Therefor its Debt/Equity and Debt/FCF ratios are 0 and belong to the best of the industry.
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 10B 20B 30B 40B 50B

2.2 Solvency

  • An Altman-Z score of 12.54 indicates that ASML is not in any danger for bankruptcy at the moment.
  • With a decent Altman-Z score value of 12.54, ASML is doing good in the industry, outperforming 77.78% of the companies in the same industry.
  • ASML has a debt to FCF ratio of 0.51. This is a very positive value and a sign of high solvency as it would only need 0.51 years to pay back of all of its debts.
  • The Debt to FCF ratio of ASML (0.51) is better than 84.13% of its industry peers.
  • ASML has a Debt/Equity ratio of 0.17. This is a healthy value indicating a solid balance between debt and equity.
  • The Debt to Equity ratio of ASML (0.17) is comparable to the rest of the industry.
Industry RankSector Rank
Debt/Equity 0.17
Debt/FCF 0.51
Altman-Z 12.54
ROIC/WACC3.03
WACC10.77%
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 5B 10B 15B 20B

2.3 Liquidity

  • ASML has a Current Ratio of 1.41. This is a normal value and indicates that ASML is financially healthy and should not expect problems in meeting its short term obligations.
  • The Current ratio of ASML (1.41) is worse than 92.06% of its industry peers.
  • A Quick Ratio of 0.79 indicates that ASML may have some problems paying its short term obligations.
  • The Quick ratio of ASML (0.79) is worse than 90.48% of its industry peers.
  • The current and quick ratio evaluation for ASML is rather negative, while it does have excellent solvency and profitability. These ratios do not necessarly indicate liquidity issues and need to be evaluated against the specifics of the business.
Industry RankSector Rank
Current Ratio 1.41
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 10B 20B 30B

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5

3. Growth

3.1 Past

  • ASML shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 27.44%, which is quite impressive.
  • The Earnings Per Share has been growing by 23.66% on average over the past years. This is a very strong growth
EPS 1Y (TTM)27.44%
EPS 3Y20.08%
EPS 5Y23.66%
EPS Q2Q%4.39%
Revenue 1Y (TTM)N/A
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%1.88%

3.2 Future

  • ASML is expected to show quite a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 17.17% yearly.
  • Based on estimates for the next years, ASML will show a quite strong growth in Revenue. The Revenue will grow by 10.80% on average per year.
EPS Next Y11.45%
EPS Next 2Y18.51%
EPS Next 3Y16.04%
EPS Next 5Y17.17%
Revenue Next Year4.75%
Revenue Next 2Y9.75%
Revenue Next 3Y9.98%
Revenue Next 5Y10.8%

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.
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

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2

4. Valuation

4.1 Price/Earnings Ratio

  • With a Price/Earnings ratio of 50.29, ASML can be considered very expensive at the moment.
  • ASML's Price/Earnings ratio is a bit more expensive when compared to the industry. ASML is more expensive than 63.49% of the companies in the same industry.
  • ASML is valuated expensively when we compare the Price/Earnings ratio to 28.41, which is the current average of the S&P500 Index.
  • With a Price/Forward Earnings ratio of 45.12, ASML can be considered very expensive at the moment.
  • 76.19% of the companies in the same industry are cheaper than ASML, based on the Price/Forward Earnings ratio.
  • ASML's Price/Forward Earnings ratio indicates a rather expensive valuation when compared to the S&P500 average which is at 25.64.
Industry RankSector Rank
PE 50.29
Fwd PE 45.12
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

  • Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of ASML indicates a slightly more expensive valuation: ASML is more expensive than 65.08% of the companies listed in the same industry.
  • ASML's Price/Free Cash Flow is on the same level as the industry average.
Industry RankSector Rank
P/FCF 51.46
EV/EBITDA 35.35
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 16.04% in the coming years. This may justify a more expensive valuation.
PEG (NY)4.39
PEG (5Y)2.13
EPS Next 2Y18.51%
EPS Next 3Y16.04%

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4

5. Dividend

5.1 Amount

  • With a yearly dividend of 0.63%, ASML is not a good candidate for dividend investing.
  • ASML's Dividend Yield is a higher than the industry average which is at 0.78.
  • With a Dividend Yield of 0.63, ASML pays less dividend than the S&P500 average, which is at 1.83.
Industry RankSector Rank
Dividend Yield 0.63%

5.2 History

  • The dividend of ASML is nicely growing with an annual growth rate of 14.61%!
Dividend Growth(5Y)14.61%
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

  • 24.55% of the earnings are spent on dividend by ASML. This is a low number and sustainable payout ratio.
  • The dividend of ASML is growing around the same rate as the earnings are growing. If this keeps up the dividend growth is sustainable.
DP24.55%
EPS Next 2Y18.51%
EPS Next 3Y16.04%
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 2B 4B 6B 8B
ASML.AS Dividend Payout.ASML.AS Dividend Payout, showing the Payout Ratio.ASML.AS Dividend Payout.PayoutRetained Earnings

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ASML HOLDING NV

AMS:ASML (2/3/2026, 10:40:02 AM)

1233

+8.2 (+0.67%)

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 Cap478.59B
Revenue(TTM)N/A
Net Income(TTM)10.20B
Analysts77.5
Price Target1059.33 (-14.09%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 0.63%
Yearly Dividend6.24
Dividend Growth(5Y)14.61%
DP24.55%
Div Incr Years1
Div Non Decr Years1
Ex-DateN/A
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)6.54%
Min EPS beat(2)1.85%
Max EPS beat(2)11.23%
EPS beat(4)3
Avg EPS beat(4)5.03%
Min EPS beat(4)-0.46%
Max EPS beat(4)11.23%
EPS beat(8)7
Avg EPS beat(8)5.91%
EPS beat(12)11
Avg EPS beat(12)7.64%
EPS beat(16)15
Avg EPS beat(16)7.77%
Revenue beat(2)1
Avg Revenue beat(2)-1.38%
Min Revenue beat(2)-3.04%
Max Revenue beat(2)0.27%
Revenue beat(4)3
Avg Revenue beat(4)-0.06%
Min Revenue beat(4)-3.04%
Max Revenue beat(4)2.45%
Revenue beat(8)5
Avg Revenue beat(8)-0.26%
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)6.32%
PT rev (3m)13.07%
EPS NQ rev (1m)0%
EPS NQ rev (3m)0%
EPS NY rev (1m)0.42%
EPS NY rev (3m)4.51%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0%
Revenue NY rev (1m)0%
Revenue NY rev (3m)0.21%
Valuation
Industry RankSector Rank
PE 50.29
Fwd PE 45.12
P/S 14.88
P/FCF 51.46
P/OCF 38.61
P/B 22.23
P/tB 40.63
EV/EBITDA 35.35
EPS(TTM)24.52
EY1.99%
EPS(NY)27.33
Fwd EY2.22%
FCF(TTM)23.96
FCFY1.94%
OCF(TTM)31.94
OCFY2.59%
SpS82.86
BVpS55.47
TBVpS30.34
PEG (NY)4.39
PEG (5Y)2.13
Graham Number174.94
Profitability
Industry RankSector Rank
ROA 20.71%
ROE 47.39%
ROCE 39.61%
ROIC 32.62%
ROICexc 42.72%
ROICexgc 73.26%
OM 37.74%
PM (TTM) 31.73%
GM 51.93%
FCFM 28.91%
ROA(3y)17.06%
ROA(5y)16.62%
ROE(3y)48.22%
ROE(5y)44.12%
ROIC(3y)27.67%
ROIC(5y)25.41%
ROICexc(3y)41.66%
ROICexc(5y)38.87%
ROICexgc(3y)84.2%
ROICexgc(5y)83.08%
ROCE(3y)33.6%
ROCE(5y)30.86%
ROICexgc growth 3Y-12.45%
ROICexgc growth 5Y21.45%
ROICexc growth 3Y-3.42%
ROICexc growth 5Y22.02%
OM growth 3Y-1.42%
OM growth 5Y8.87%
PM growth 3Y-3.59%
PM growth 5Y6.23%
GM growth 3Y-0.04%
GM growth 5Y4.04%
F-Score8
Asset Turnover0.65
Health
Industry RankSector Rank
Debt/Equity 0.17
Debt/FCF 0.51
Debt/EBITDA 0.28
Cap/Depr 250.54%
Cap/Sales 9.63%
Interest Coverage 85.97
Cash Conversion 92.68%
Profit Quality 91.13%
Current Ratio 1.41
Quick Ratio 0.79
Altman-Z 12.54
F-Score8
WACC10.77%
ROIC/WACC3.03
Cap/Depr(3y)273.2%
Cap/Depr(5y)236.91%
Cap/Sales(3y)11.06%
Cap/Sales(5y)10.7%
Profit Quality(3y)88.17%
Profit Quality(5y)105.34%
High Growth Momentum
Growth
EPS 1Y (TTM)27.44%
EPS 3Y20.08%
EPS 5Y23.66%
EPS Q2Q%4.39%
EPS Next Y11.45%
EPS Next 2Y18.51%
EPS Next 3Y16.04%
EPS Next 5Y17.17%
Revenue 1Y (TTM)N/A
Revenue growth 3YN/A
Revenue growth 5YN/A
Sales Q2Q%1.88%
Revenue Next Year4.75%
Revenue Next 2Y9.75%
Revenue Next 3Y9.98%
Revenue Next 5Y10.8%
EBIT growth 1Y40.28%
EBIT growth 3Y13.31%
EBIT growth 5Y29.61%
EBIT Next Year39.88%
EBIT Next 3Y21.29%
EBIT Next 5Y19.19%
FCF growth 1Y58.59%
FCF growth 3Y-2.76%
FCF growth 5Y30.05%
OCF growth 1Y43.18%
OCF growth 3Y2.19%
OCF growth 5Y27.61%

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 50.29 and the Price/Book (PB) ratio is 22.23.


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 11.45% in the next year.