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ASML HOLDING NV (ASML.AS) Stock Fundamental Analysis

AMS:ASML - Euronext Amsterdam - NL0010273215 - Common Stock - Currency: EUR

561.1  -3.1 (-0.55%)

Fundamental Rating

7

We assign a fundamental rating of 7 out of 10 to ASML. ASML was compared to 53 industry peers in the Semiconductors & Semiconductor Equipment industry. ASML gets an excellent profitability rating and is at the same time showing great financial health properties. ASML is not overvalued while it is showing excellent growth. This is an interesting combination. These ratings would make ASML suitable for growth and quality investing!


Dividend Valuation Growth Profitability Health

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9

1. Profitability

1.1 Basic Checks

In the past year ASML was profitable.
In the past year ASML had a positive cash flow from operations.
ASML had positive earnings in each of the past 5 years.
In the past 5 years ASML always reported a positive cash flow from operatings.
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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2B 4B 6B 8B 10B

1.2 Ratios

The Return On Assets of ASML (15.58%) is better than 79.25% of its industry peers.
Looking at the Return On Equity, with a value of 40.98%, ASML belongs to the top of the industry, outperforming 92.45% of the companies in the same industry.
Looking at the Return On Invested Capital, with a value of 25.98%, ASML belongs to the top of the industry, outperforming 88.68% of the companies in the same industry.
ASML had an Average Return On Invested Capital over the past 3 years of 27.90%. This is significantly above the industry average of 15.50%.
Industry RankSector Rank
ROA 15.58%
ROE 40.98%
ROIC 25.98%
ROA(3y)16.96%
ROA(5y)16.56%
ROE(3y)49.24%
ROE(5y)44.73%
ROIC(3y)27.9%
ROIC(5y)25.53%
ASML.AS Yearly ROA, ROE, ROICASML.AS Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10 20 30 40 50

1.3 Margins

Looking at the Profit Margin, with a value of 26.79%, ASML belongs to the top of the industry, outperforming 84.91% of the companies in the same industry.
ASML's Profit Margin has improved in the last couple of years.
Looking at the Operating Margin, with a value of 31.92%, ASML belongs to the top of the industry, outperforming 81.13% of the companies in the same industry.
In the last couple of years the Operating Margin of ASML has grown nicely.
ASML's Gross Margin of 51.28% is fine compared to the rest of the industry. ASML outperforms 71.70% of its industry peers.
ASML's Gross Margin has improved in the last couple of years.
Industry RankSector Rank
OM 31.92%
PM (TTM) 26.79%
GM 51.28%
OM growth 3Y-4.54%
OM growth 5Y6.79%
PM growth 3Y-6.68%
PM growth 5Y4.17%
GM growth 3Y0.44%
GM growth 5Y4.34%
ASML.AS Yearly Profit, Operating, Gross MarginsASML.AS Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 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

With a Return on Invested Capital (ROIC) well above the Cost of Capital (WACC), ASML is creating value.
ASML has about the same amout of shares outstanding than it did 1 year ago.
Compared to 5 years ago, ASML has less shares outstanding
Compared to 1 year ago, ASML has an improved debt to assets ratio.
ASML.AS Yearly Shares OutstandingASML.AS Yearly Shares OutstandingYearly Shares Outstanding 2015 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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10B 20B 30B 40B

2.2 Solvency

An Altman-Z score of 6.30 indicates that ASML is not in any danger for bankruptcy at the moment.
ASML has a Altman-Z score of 6.30. This is in the better half of the industry: ASML outperforms 67.92% of its industry peers.
The Debt to FCF ratio of ASML is 0.55, which is an excellent value as it means it would take ASML, only 0.55 years of fcf income to pay off all of its debts.
With an excellent Debt to FCF ratio value of 0.55, ASML belongs to the best of the industry, outperforming 88.68% of the companies in the same industry.
A Debt/Equity ratio of 0.21 indicates that ASML is not too dependend on debt financing.
ASML has a better Debt to Equity ratio (0.21) than 60.38% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.21
Debt/FCF 0.55
Altman-Z 6.3
ROIC/WACC2.48
WACC10.47%
ASML.AS Yearly LT Debt VS Equity VS FCFASML.AS Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5B 10B 15B

2.3 Liquidity

ASML has a Current Ratio of 1.53. 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 (1.53) is worse than 77.36% of its industry peers.
A Quick Ratio of 0.99 indicates that ASML may have some problems paying its short term obligations.
ASML has a worse Quick ratio (0.99) than 77.36% 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 1.53
Quick Ratio 0.99
ASML.AS Yearly Current Assets VS Current LiabilitesASML.AS Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10B 20B 30B

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7

3. Growth

3.1 Past

The Earnings Per Share has grown by an impressive 22.60% over the past year.
ASML shows a strong growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 25.62% yearly.
Looking at the last year, ASML shows a small growth in Revenue. The Revenue has grown by 2.56% in the last year.
ASML shows quite a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 19.05% yearly.
EPS 1Y (TTM)22.6%
EPS 3Y10.24%
EPS 5Y25.62%
EPS Q2Q%92.93%
Revenue 1Y (TTM)2.56%
Revenue growth 3Y14.94%
Revenue growth 5Y19.05%
Sales Q2Q%46.34%

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 17.78% yearly.
The Revenue is expected to grow by 11.34% on average over the next years. This is quite good.
EPS Next Y24.43%
EPS Next 2Y21.11%
EPS Next 3Y20.74%
EPS Next 5Y17.78%
Revenue Next Year16.37%
Revenue Next 2Y14.5%
Revenue Next 3Y13.2%
Revenue Next 5Y11.34%

3.3 Evolution

Although the future EPS growth is still strong, it is not able to hold up the even more excellent growth rate of the past 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 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 20B 40B 60B
ASML.AS Yearly EPS VS EstimatesASML.AS Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 20 40 60

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4

4. Valuation

4.1 Price/Earnings Ratio

ASML is valuated quite expensively with a Price/Earnings ratio of 25.35.
ASML's Price/Earnings is on the same level as the industry average.
ASML is valuated at similar levels of the S&P average when we compare the Price/Earnings ratio to 28.33, which is the current average of the S&P500 Index.
The Price/Forward Earnings ratio is 19.88, which indicates a rather expensive current valuation of ASML.
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 (21.37), we can say ASML is valued inline with the index average.
Industry RankSector Rank
PE 25.35
Fwd PE 19.88
ASML.AS Price Earnings VS Forward Price EarningsASML.AS Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

Based on the Enterprise Value to EBITDA ratio, ASML is valued a bit more expensive than 69.81% of the companies in the same industry.
ASML's Price/Free Cash Flow ratio is a bit cheaper when compared to the industry. ASML is cheaper than 75.47% of the companies in the same industry.
Industry RankSector Rank
P/FCF 24.33
EV/EBITDA 21.57
ASML.AS Per share dataASML.AS EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 20 40 60

4.3 Compensation for Growth

ASML's PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a correct valuation of the company.
The excellent profitability rating of ASML may justify a higher PE ratio.
ASML's earnings are expected to grow with 20.74% in the coming years. This may justify a more expensive valuation.
PEG (NY)1.04
PEG (5Y)0.99
EPS Next 2Y21.11%
EPS Next 3Y20.74%

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5

5. Dividend

5.1 Amount

ASML has a Yearly Dividend Yield of 1.13%. Purely for dividend investing, there may be better candidates out there.
ASML's Dividend Yield is comparable with the industry average which is at 1.76.
With a Dividend Yield of 1.13, ASML pays less dividend than the S&P500 average, which is at 2.51.
Industry RankSector Rank
Dividend Yield 1.13%

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 2 4 6

5.3 Sustainability

32.40% 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.
DP32.4%
EPS Next 2Y21.11%
EPS Next 3Y20.74%
ASML.AS Yearly Income VS Free CF VS DividendASML.AS Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 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 (4/22/2025, 7:00:00 PM)

561.1

-3.1 (-0.55%)

Chartmill FA Rating
GICS SectorInformation Technology
GICS IndustryGroupSemiconductors & Semiconductor Equipment
GICS IndustrySemiconductors & Semiconductor Equipment
Earnings (Last)04-16 2025-04-16/bmo
Earnings (Next)07-16 2025-07-16/amc
Inst Owners52.38%
Inst Owner ChangeN/A
Ins Owners0.02%
Ins Owner ChangeN/A
Market Cap220.98B
Analysts80
Price Target870.51 (55.14%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 1.13%
Yearly Dividend6.24
Dividend Growth(5Y)14.61%
DP32.4%
Div Incr Years1
Div Non Decr Years1
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)3.52%
Min EPS beat(2)-0.46%
Max EPS beat(2)7.51%
EPS beat(4)3
Avg EPS beat(4)6.1%
Min EPS beat(4)-0.46%
Max EPS beat(4)10.42%
EPS beat(8)7
Avg EPS beat(8)7.03%
EPS beat(12)11
Avg EPS beat(12)7.51%
EPS beat(16)14
Avg EPS beat(16)8.25%
Revenue beat(2)2
Avg Revenue beat(2)1.27%
Min Revenue beat(2)0.08%
Max Revenue beat(2)2.45%
Revenue beat(4)3
Avg Revenue beat(4)0.11%
Min Revenue beat(4)-3.8%
Max Revenue beat(4)2.45%
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
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)0.23%
PT rev (3m)0.7%
EPS NQ rev (1m)14.05%
EPS NQ rev (3m)18.89%
EPS NY rev (1m)-1.22%
EPS NY rev (3m)-3.25%
Revenue NQ rev (1m)4.2%
Revenue NQ rev (3m)6.8%
Revenue NY rev (1m)0%
Revenue NY rev (3m)0.85%
Valuation
Industry RankSector Rank
PE 25.35
Fwd PE 19.88
P/S 7.82
P/FCF 24.33
P/OCF 19.79
P/B 11.96
P/tB 16.66
EV/EBITDA 21.57
EPS(TTM)22.13
EY3.94%
EPS(NY)28.22
Fwd EY5.03%
FCF(TTM)23.06
FCFY4.11%
OCF(TTM)28.35
OCFY5.05%
SpS71.76
BVpS46.92
TBVpS33.69
PEG (NY)1.04
PEG (5Y)0.99
Profitability
Industry RankSector Rank
ROA 15.58%
ROE 40.98%
ROCE 31.62%
ROIC 25.98%
ROICexc 46.94%
ROICexgc 70.04%
OM 31.92%
PM (TTM) 26.79%
GM 51.28%
FCFM 32.14%
ROA(3y)16.96%
ROA(5y)16.56%
ROE(3y)49.24%
ROE(5y)44.73%
ROIC(3y)27.9%
ROIC(5y)25.53%
ROICexc(3y)43.46%
ROICexc(5y)39.92%
ROICexgc(3y)81.29%
ROICexgc(5y)81.27%
ROCE(3y)33.95%
ROCE(5y)31.07%
ROICexcg growth 3Y-15.63%
ROICexcg growth 5Y18.79%
ROICexc growth 3Y0.79%
ROICexc growth 5Y25.18%
OM growth 3Y-4.54%
OM growth 5Y6.79%
PM growth 3Y-6.68%
PM growth 5Y4.17%
GM growth 3Y0.44%
GM growth 5Y4.34%
F-Score7
Asset Turnover0.58
Health
Industry RankSector Rank
Debt/Equity 0.21
Debt/FCF 0.55
Debt/EBITDA 0.39
Cap/Depr 226.77%
Cap/Sales 7.37%
Interest Coverage 56.39
Cash Conversion 112.32%
Profit Quality 119.96%
Current Ratio 1.53
Quick Ratio 0.99
Altman-Z 6.3
F-Score7
WACC10.47%
ROIC/WACC2.48
Cap/Depr(3y)259.75%
Cap/Depr(5y)228.84%
Cap/Sales(3y)9.74%
Cap/Sales(5y)9.91%
Profit Quality(3y)91.57%
Profit Quality(5y)107.38%
High Growth Momentum
Growth
EPS 1Y (TTM)22.6%
EPS 3Y10.24%
EPS 5Y25.62%
EPS Q2Q%92.93%
EPS Next Y24.43%
EPS Next 2Y21.11%
EPS Next 3Y20.74%
EPS Next 5Y17.78%
Revenue 1Y (TTM)2.56%
Revenue growth 3Y14.94%
Revenue growth 5Y19.05%
Sales Q2Q%46.34%
Revenue Next Year16.37%
Revenue Next 2Y14.5%
Revenue Next 3Y13.2%
Revenue Next 5Y11.34%
EBIT growth 1Y-5.14%
EBIT growth 3Y9.72%
EBIT growth 5Y27.13%
EBIT Next Year35.67%
EBIT Next 3Y23.1%
EBIT Next 5Y19.23%
FCF growth 1Y167.57%
FCF growth 3Y-3.05%
FCF growth 5Y29.82%
OCF growth 1Y70.84%
OCF growth 3Y-1.24%
OCF growth 5Y25.03%