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

AMS:ASML • NL0010273215

Current stock price

1176.4 EUR
+1 (+0.09%)
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

  • ASML had positive earnings in the past year.
  • ASML had a positive operating cash flow in the past year.
  • Each year in the past 5 years ASML has 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 better Return On Assets (19.00%) than 89.66% of its industry peers.
  • ASML has a better Return On Equity (49.00%) than 91.38% of its industry peers.
  • The Return On Invested Capital of ASML (35.18%) is better than 93.10% 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 14.64%.
  • 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

  • ASML has a Profit Margin of 29.42%. This is amongst the best in the industry. ASML outperforms 84.48% of its industry peers.
  • In the last couple of years the Profit Margin of ASML has grown nicely.
  • ASML has a better Operating Margin (34.60%) than 89.66% of its industry peers.
  • In the last couple of years the Operating Margin of ASML has grown nicely.
  • ASML's Gross Margin of 52.83% is fine compared to the rest of the industry. ASML outperforms 65.52% 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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5

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 an improved debt to assets ratio.
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

  • ASML has a debt to FCF ratio of 0.25. This is a very positive value and a sign of high solvency as it would only need 0.25 years to pay back of all of its debts.
  • Looking at the Debt to FCF ratio, with a value of 0.25, ASML belongs to the top of the industry, outperforming 86.21% of the companies in the same industry.
  • A Debt/Equity ratio of 0.14 indicates that ASML is not too dependend on debt financing.
  • Looking at the Debt to Equity ratio, with a value of 0.14, ASML is in the better half of the industry, outperforming 67.24% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.14
Debt/FCF 0.25
Altman-Z N/A
ROIC/WACC3.18
WACC11.07%
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

  • ASML has a Current Ratio of 1.26. This is a normal value and indicates that ASML is financially healthy and should not expect problems in meeting its short term obligations.
  • ASML has a worse Current ratio (1.26) than 89.66% of its industry peers.
  • ASML has a Quick Ratio of 1.26. This is a bad value and indicates that ASML is not financially healthy enough and could expect problems in meeting its short term obligations.
  • ASML has a worse Quick ratio (0.79) than 87.93% of its industry peers.
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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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 28.48%, which is quite impressive.
  • ASML shows a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 23.86% yearly.
  • The Revenue has grown by 15.58% in the past year. This is quite good.
  • Measured over the past years, ASML shows a quite strong growth in Revenue. The Revenue has been growing by 18.50% on average per year.
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

  • Based on estimates for the next years, ASML will show a quite strong growth in Earnings Per Share. The EPS will grow by 19.85% on average per year.
  • Based on estimates for the next years, ASML will show a quite strong growth in Revenue. The Revenue will grow by 13.07% on average per year.
EPS Next Y22.09%
EPS Next 2Y25.89%
EPS Next 3Y22.66%
EPS Next 5Y19.85%
Revenue Next Year14.6%
Revenue Next 2Y16.28%
Revenue Next 3Y14.55%
Revenue Next 5Y13.07%

3.3 Evolution

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is stable.
  • The estimated forward Revenue 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 80

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3

4. ASML.AS Valuation Analysis

4.1 Price/Earnings Ratio

  • ASML is valuated quite expensively with a Price/Earnings ratio of 47.59.
  • ASML's Price/Earnings ratio is in line with the industry average.
  • ASML's Price/Earnings ratio indicates a rather expensive valuation when compared to the S&P500 average which is at 25.54.
  • A Price/Forward Earnings ratio of 38.98 indicates a quite expensive valuation of ASML.
  • Based on the Price/Forward Earnings ratio, ASML is valued a bit more expensive than 63.79% of the companies in the same industry.
  • ASML's Price/Forward Earnings ratio indicates a rather expensive valuation when compared to the S&P500 average which is at 22.70.
Industry RankSector Rank
PE 47.59
Fwd PE 38.98
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

4.2 Price Multiples

  • ASML's Enterprise Value to EBITDA ratio is a bit more expensive when compared to the industry. ASML is more expensive than 67.24% of the companies in the same industry.
  • Compared to the rest of the industry, the Price/Free Cash Flow ratio of ASML indicates a rather cheap valuation: ASML is cheaper than 82.76% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 41.41
EV/EBITDA 36.12
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 ASML does not grow enough to justify the current Price/Earnings ratio.
  • The excellent profitability rating of ASML may justify a higher PE ratio.
  • A more expensive valuation may be justified as ASML's earnings are expected to grow with 22.66% in the coming years.
PEG (NY)2.15
PEG (5Y)1.99
EPS Next 2Y25.89%
EPS Next 3Y22.66%

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5

5. ASML.AS Dividend Analysis

5.1 Amount

  • With a yearly dividend of 0.64%, ASML is not a good candidate for dividend investing.
  • Compared to an average industry Dividend Yield of 0.79, ASML pays a bit more dividend than its industry peers.
  • With a Dividend Yield of 0.64, ASML pays less dividend than the S&P500 average, which is at 1.89.
Industry RankSector Rank
Dividend Yield 0.64%

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

  • 26.54% of the earnings are spent on dividend by ASML. This is a low number and sustainable payout ratio.
  • The dividend of ASML is growing, but earnings are growing more, so the dividend growth is sustainable.
DP26.54%
EPS Next 2Y25.89%
EPS Next 3Y22.66%
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 (3/24/2026, 12:38:04 PM)

1176.4

+1 (+0.09%)

Chartmill FA Rating
GICS IndustryGroupSemiconductors & Semiconductor Equipment
GICS IndustrySemiconductors & Semiconductor Equipment
Earnings (Last)01-28
Earnings (Next)04-15
Inst Owners44.32%
Inst Owner ChangeN/A
Ins Owners0.01%
Ins Owner ChangeN/A
Market Cap456.62B
Revenue(TTM)32.67B
Net Income(TTM)9.61B
Analysts78.1
Price Target1391.22 (18.26%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 0.64%
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)3.17%
PT rev (3m)42.19%
EPS NQ rev (1m)9.98%
EPS NQ rev (3m)18.88%
EPS NY rev (1m)10.44%
EPS NY rev (3m)13.78%
Revenue NQ rev (1m)6.24%
Revenue NQ rev (3m)11.12%
Revenue NY rev (1m)9.8%
Revenue NY rev (3m)9.91%
Valuation
Industry RankSector Rank
PE 47.59
Fwd PE 38.98
P/S 13.98
P/FCF 41.41
P/OCF 36.07
P/B 23.28
P/tB 31.53
EV/EBITDA 36.12
EPS(TTM)24.72
EY2.1%
EPS(NY)30.18
Fwd EY2.57%
FCF(TTM)28.41
FCFY2.41%
OCF(TTM)32.61
OCFY2.77%
SpS84.16
BVpS50.53
TBVpS37.31
PEG (NY)2.15
PEG (5Y)1.99
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
WACC11.07%
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 Y22.09%
EPS Next 2Y25.89%
EPS Next 3Y22.66%
EPS Next 5Y19.85%
Revenue 1Y (TTM)15.58%
Revenue growth 3Y15.55%
Revenue growth 5Y18.5%
Sales Q2Q%4.92%
Revenue Next Year14.6%
Revenue Next 2Y16.28%
Revenue Next 3Y14.55%
Revenue Next 5Y13.07%
EBIT growth 1Y-10.34%
EBIT growth 3Y20.24%
EBIT growth 5Y22.77%
EBIT Next Year28.54%
EBIT Next 3Y23.46%
EBIT Next 5Y19.34%
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 Fundamental Analysis 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 3 / 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 47.59 and the Price/Book (PB) ratio is 23.28.


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 22.09% in the next year.