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

AMS:ASML • NL0010273215

Current stock price

1222.4 EUR
+29.8 (+2.5%)
Last:

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

9

1. ASML.AS Profitability Analysis

1.1 Basic Checks

  • In the past year ASML was profitable.
  • ASML had a positive operating cash flow in the past year.
  • In the past 5 years ASML has always been profitable.
  • ASML had a positive operating cash flow in each 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 2025 2B 4B 6B 8B 10B

1.2 Ratios

  • ASML has a Return On Assets of 26.44%. This is amongst the best in the industry. ASML outperforms 89.39% of its industry peers.
  • ASML has a Return On Equity of 60.75%. This is amongst the best in the industry. ASML outperforms 89.39% of its industry peers.
  • ASML has a Return On Invested Capital of 45.44%. This is amongst the best in the industry. ASML outperforms 93.94% of its industry peers.
  • The Average Return On Invested Capital over the past 3 years for ASML is significantly above the industry average of 15.52%.
  • The last Return On Invested Capital (45.44%) for ASML is above the 3 year average (28.63%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 26.44%
ROE 60.75%
ROIC 45.44%
ROA(3y)17.7%
ROA(5y)17.73%
ROE(3y)43.4%
ROE(5y)47.73%
ROIC(3y)28.63%
ROIC(5y)28.52%
ASML.AS Yearly ROA, ROE, ROICASML.AS Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10 20 30 40 50

1.3 Margins

  • ASML's Profit Margin of 30.66% is amongst the best of the industry. ASML outperforms 80.30% of its industry peers.
  • In the last couple of years the Profit Margin of ASML has grown nicely.
  • With an excellent Operating Margin value of 36.02%, ASML belongs to the best of the industry, outperforming 86.36% of the companies in the same industry.
  • ASML's Operating Margin has improved in the last couple of years.
  • ASML's Gross Margin of 52.15% is fine compared to the rest of the industry. ASML outperforms 63.64% of its industry peers.
  • In the last couple of years the Gross Margin of ASML has grown nicely.
Industry RankSector Rank
OM 36.02%
PM (TTM) 30.66%
GM 52.15%
OM growth 3Y2.19%
OM growth 5Y3.98%
PM growth 3Y1.15%
PM growth 5Y3.4%
GM growth 3Y1.44%
GM growth 5Y2.61%
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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8

2. ASML.AS Health Analysis

2.1 Basic Checks

  • ASML has a Return on Invested Capital (ROIC), which is well above the Cost of Capital (WACC), which means it is creating value.
  • Compared to 1 year ago, ASML has less shares outstanding
  • Compared to 5 years ago, ASML has less shares outstanding
  • 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 2025 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

  • An Altman-Z score of 11.62 indicates that ASML is not in any danger for bankruptcy at the moment.
  • ASML has a Altman-Z score (11.62) which is in line with its industry peers.
  • ASML has a debt to FCF ratio of 0.42. This is a very positive value and a sign of high solvency as it would only need 0.42 years to pay back of all of its debts.
  • The Debt to FCF ratio of ASML (0.42) is better than 83.33% of its industry peers.
  • A Debt/Equity ratio of 0.12 indicates that ASML is not too dependend on debt financing.
  • With a decent Debt to Equity ratio value of 0.12, ASML is doing good in the industry, outperforming 66.67% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.12
Debt/FCF 0.42
Altman-Z 11.62
ROIC/WACC3.86
WACC11.77%
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 2025 5B 10B 15B 20B

2.3 Liquidity

  • ASML has a Current Ratio of 1.24. 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 (1.24) is worse than 92.42% of its industry peers.
  • A Quick Ratio of 0.77 indicates that ASML may have some problems paying its short term obligations.
  • ASML has a Quick ratio of 0.77. This is amonst the worse of the industry: ASML underperforms 93.94% 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 1.24
Quick Ratio 0.77
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

  • ASML shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 16.90%, which is quite good.
  • 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.
  • ASML shows quite a strong growth in Revenue. In the last year, the Revenue has grown by 15.58%.
  • 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)16.9%
EPS 3Y20.41%
EPS 5Y23.86%
EPS Q2Q%19.17%
Revenue 1Y (TTM)15.58%
Revenue growth 3Y15.55%
Revenue growth 5Y18.5%
Sales Q2Q%13.25%

3.2 Future

  • The Earnings Per Share is expected to grow by 20.95% on average over the next years. This is a very strong growth
  • Based on estimates for the next years, ASML will show a quite strong growth in Revenue. The Revenue will grow by 13.75% on average per year.
EPS Next Y22.44%
EPS Next 2Y26.38%
EPS Next 3Y22.61%
EPS Next 5Y20.95%
Revenue Next Year15.71%
Revenue Next 2Y17.59%
Revenue Next 3Y14.56%
Revenue Next 5Y13.75%

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 80B
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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4

4. ASML.AS Valuation Analysis

4.1 Price/Earnings Ratio

  • Based on the Price/Earnings ratio of 47.25, the valuation of ASML can be described as expensive.
  • 62.12% of the companies in the same industry are more expensive than ASML, based on the Price/Earnings ratio.
  • ASML's Price/Earnings ratio indicates a rather expensive valuation when compared to the S&P500 average which is at 26.64.
  • With a Price/Forward Earnings ratio of 30.96, ASML can be considered very expensive at the moment.
  • ASML's Price/Forward Earnings is on the same level as the industry average.
  • When comparing the Price/Forward Earnings ratio of ASML to the average of the S&P500 Index (21.36), we can say ASML is valued slightly more expensively.
Industry RankSector Rank
PE 47.25
Fwd PE 30.96
ASML.AS Price Earnings VS Forward Price EarningsASML.AS Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 20 40 60

4.2 Price Multiples

  • The rest of the industry has a similar Enterprise Value to EBITDA ratio as ASML.
  • ASML's Price/Free Cash Flow ratio is rather cheap when compared to the industry. ASML is cheaper than 80.30% of the companies in the same industry.
Industry RankSector Rank
P/FCF 42.68
EV/EBITDA 24.9
ASML.AS Per share dataASML.AS EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 20 40 60 80 100

4.3 Compensation for Growth

  • The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates an expensive valuation of the company.
  • The excellent profitability rating of ASML may justify a higher PE ratio.
  • ASML's earnings are expected to grow with 22.61% in the coming years. This may justify a more expensive valuation.
PEG (NY)2.11
PEG (5Y)1.98
EPS Next 2Y26.38%
EPS Next 3Y22.61%

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4

5. ASML.AS Dividend Analysis

5.1 Amount

  • With a yearly dividend of 0.61%, ASML is not a good candidate for dividend investing.
  • Compared to an average industry Dividend Yield of 0.52, ASML pays a bit more dividend than its industry peers.
  • With a Dividend Yield of 0.61, ASML pays less dividend than the S&P500 average, which is at 1.80.
Industry RankSector Rank
Dividend Yield 0.61%

5.2 History

  • The dividend of ASML is nicely growing with an annual growth rate of 20.76%!
Dividend Growth(5Y)20.76%
Div Incr Years2
Div Non Decr Years2
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 17.36% of its income as dividend. This is a sustainable payout ratio.
  • ASML's earnings are growing around the same pace than its dividend. As long as the earnings growth is kept the dividend growth is sustainable.
DP17.36%
EPS Next 2Y26.38%
EPS Next 3Y22.61%
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

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ASML.AS Fundamentals: All Metrics, Ratios and Statistics

ASML HOLDING NV

AMS:ASML (4/30/2026, 7:00:00 PM)

1222.4

+29.8 (+2.5%)

Chartmill FA Rating
GICS IndustryGroupSemiconductors & Semiconductor Equipment
GICS IndustrySemiconductors & Semiconductor Equipment
Industry Strength97.3
Industry Growth92
Earnings (Last)04-15
Earnings (Next)07-15
Inst Owners45.24%
Inst Owner ChangeN/A
Ins Owners0.01%
Ins Owner ChangeN/A
Market Cap474.47B
Revenue(TTM)32.67B
Net Income(TTM)14.69B
Analysts78.57
Price Target1460.38 (19.47%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 0.61%
Yearly Dividend6.55
Dividend Growth(5Y)20.76%
DP17.36%
Div Incr Years2
Div Non Decr Years2
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)11
Avg Revenue beat(16)9.77%
PT rev (1m)4.44%
PT rev (3m)37.86%
EPS NQ rev (1m)1%
EPS NQ rev (3m)11.06%
EPS NY rev (1m)0.28%
EPS NY rev (3m)10.75%
Revenue NQ rev (1m)0.77%
Revenue NQ rev (3m)7.1%
Revenue NY rev (1m)0.67%
Revenue NY rev (3m)10.87%
Valuation
Industry RankSector Rank
PE 47.25
Fwd PE 30.96
P/S 9.9
P/FCF 42.68
P/OCF 34.32
P/B 19.62
P/tB 33.46
EV/EBITDA 24.9
EPS(TTM)25.87
EY2.12%
EPS(NY)39.48
Fwd EY3.23%
FCF(TTM)28.64
FCFY2.34%
OCF(TTM)35.62
OCFY2.91%
SpS123.47
BVpS62.31
TBVpS36.53
PEG (NY)2.11
PEG (5Y)1.98
Graham Number190.442 (-84.42%)
Profitability
Industry RankSector Rank
ROA 26.44%
ROE 60.75%
ROCE 55.43%
ROIC 45.44%
ROICexc 79.43%
ROICexgc 181.2%
OM 36.02%
PM (TTM) 30.66%
GM 52.15%
FCFM 23.19%
ROA(3y)17.7%
ROA(5y)17.73%
ROE(3y)43.4%
ROE(5y)47.73%
ROIC(3y)28.63%
ROIC(5y)28.52%
ROICexc(3y)45.35%
ROICexc(5y)45.13%
ROICexgc(3y)91.3%
ROICexgc(5y)98.87%
ROCE(3y)34.92%
ROCE(5y)34.79%
ROICexgc growth 3Y6.72%
ROICexgc growth 5Y22.57%
ROICexc growth 3Y8.15%
ROICexc growth 5Y18.91%
OM growth 3Y2.19%
OM growth 5Y3.98%
PM growth 3Y1.15%
PM growth 5Y3.4%
GM growth 3Y1.44%
GM growth 5Y2.61%
F-Score7
Asset Turnover0.86
Health
Industry RankSector Rank
Debt/Equity 0.12
Debt/FCF 0.42
Debt/EBITDA 0.16
Cap/Depr 189.17%
Cap/Sales 5.66%
Interest Coverage 150.75
Cash Conversion 73.97%
Profit Quality 75.66%
Current Ratio 1.24
Quick Ratio 0.77
Altman-Z 11.62
F-Score7
WACC11.77%
ROIC/WACC3.86
Cap/Depr(3y)252.06%
Cap/Depr(5y)239.45%
Cap/Sales(3y)10.35%
Cap/Sales(5y)10.04%
Profit Quality(3y)86.81%
Profit Quality(5y)107.17%
High Growth Momentum
Growth
EPS 1Y (TTM)16.9%
EPS 3Y20.41%
EPS 5Y23.86%
EPS Q2Q%19.17%
EPS Next Y22.44%
EPS Next 2Y26.38%
EPS Next 3Y22.61%
EPS Next 5Y20.95%
Revenue 1Y (TTM)15.58%
Revenue growth 3Y15.55%
Revenue growth 5Y18.5%
Sales Q2Q%13.25%
Revenue Next Year15.71%
Revenue Next 2Y17.59%
Revenue Next 3Y14.56%
Revenue Next 5Y13.75%
EBIT growth 1Y25.35%
EBIT growth 3Y18.08%
EBIT growth 5Y23.22%
EBIT Next Year28.84%
EBIT Next 3Y23.37%
EBIT Next 5Y20.72%
FCF growth 1Y21.3%
FCF growth 3Y15.46%
FCF growth 5Y24.71%
OCF growth 1Y11.78%
OCF growth 3Y13.59%
OCF growth 5Y21.11%

ASML HOLDING NV / ASML.AS Fundamental Analysis FAQ

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

ChartMill assigns a fundamental rating of 7 / 10 to ASML.AS.


Can you provide the valuation status for ASML HOLDING NV?

ChartMill assigns a valuation rating of 4 / 10 to ASML HOLDING NV (ASML.AS). This can be considered as Fairly Valued.


Can you provide the profitability details for ASML HOLDING NV?

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


What are the PE and PB ratios of ASML HOLDING NV (ASML.AS) stock?

The Price/Earnings (PE) ratio for ASML HOLDING NV (ASML.AS) is 47.25 and the Price/Book (PB) ratio is 19.62.


Can you provide the dividend sustainability for ASML stock?

The dividend rating of ASML HOLDING NV (ASML.AS) is 4 / 10 and the dividend payout ratio is 17.36%.