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

AMS:ASML • NL0010273215

1195.5 EUR
+33.7 (+2.9%)
Last: Mar 4, 2026, 04:55 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. ASML has an excellent profitability rating, but there are some minor concerns on its financial health. ASML is valued quite expensive, but it does show an excellent growth. This makes ASML very considerable for growth investing!


Dividend Valuation Growth Profitability Health

9

1. ASML.AS Profitability Analysis

1.1 Basic Checks

  • ASML had positive earnings in the past year.
  • In the past year ASML had a positive cash flow from operations.
  • Each year in the past 5 years ASML has been profitable.
  • 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 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2B 4B 6B 8B 10B

1.2 Ratios

  • The Return On Assets of ASML (19.00%) is better than 85.94% of its industry peers.
  • With an excellent Return On Equity value of 49.00%, ASML belongs to the best of the industry, outperforming 89.06% of the companies in the same industry.
  • With an excellent Return On Invested Capital value of 35.18%, ASML belongs to the best of the industry, outperforming 89.06% of the companies in the same industry.
  • 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

  • ASML's Profit Margin of 29.42% is amongst the best of the industry. ASML outperforms 82.81% of its industry peers.
  • In the last couple of years the Profit Margin of ASML has grown nicely.
  • ASML has a Operating Margin of 34.60%. This is amongst the best in the industry. ASML outperforms 85.94% 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 52.83%, ASML is doing good in the industry, outperforming 64.06% 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 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

  • The Return on Invested Capital (ROIC) is well above the Cost of Capital (WACC), so ASML 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 85.94% of the companies in the same industry.
  • ASML has a Debt/Equity ratio of 0.14. This is a healthy value indicating a solid balance between debt and equity.
  • The Debt to Equity ratio of ASML (0.14) is better than 65.63% of its industry peers.
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

  • 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 92.19% 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 90.63% 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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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.
  • 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 19.37% on average per year.
  • The Revenue is expected to grow by 12.66% on average over the next years. This is quite good.
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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2

4. ASML.AS Valuation Analysis

4.1 Price/Earnings Ratio

  • The Price/Earnings ratio is 48.36, which means the current valuation is very expensive for ASML.
  • Compared to the rest of the industry, the Price/Earnings ratio of ASML indicates a slightly more expensive valuation: ASML is more expensive than 64.06% of the companies listed in the same industry.
  • When comparing the Price/Earnings ratio of ASML to the average of the S&P500 Index (26.83), we can say ASML is valued expensively.
  • The Price/Forward Earnings ratio is 43.75, which means the current valuation is very expensive for ASML.
  • Based on the Price/Forward Earnings ratio, ASML is valued a bit more expensive than the industry average as 70.31% of the companies are valued more cheaply.
  • When comparing the Price/Forward Earnings ratio of ASML to the average of the S&P500 Index (24.95), we can say ASML is valued expensively.
Industry RankSector Rank
PE 48.36
Fwd PE 43.75
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 64.06% of the companies in the same industry.
  • 78.13% of the companies in the same industry are more expensive than ASML, based on the Price/Free Cash Flow ratio.
Industry RankSector Rank
P/FCF 42.08
EV/EBITDA 35.69
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 15.73% in the coming years.
PEG (NY)4.58
PEG (5Y)2.03
EPS Next 2Y18.03%
EPS Next 3Y15.73%

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5

5. ASML.AS Dividend Analysis

5.1 Amount

  • ASML has a yearly dividend return of 0.61%, which is pretty low.
  • 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.
  • The dividend of ASML is growing, but earnings are growing more, so the dividend growth is 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

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ASML.AS Fundamentals: All Metrics, Ratios and Statistics

ASML HOLDING NV

AMS:ASML (3/4/2026, 4:55:14 PM)

1195.5

+33.7 (+2.9%)

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 Cap464.03B
Revenue(TTM)32.67B
Net Income(TTM)9.61B
Analysts77.62
Price Target1391.22 (16.37%)
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 48.36
Fwd PE 43.75
P/S 14.2
P/FCF 42.08
P/OCF 36.66
P/B 23.66
P/tB 32.04
EV/EBITDA 35.69
EPS(TTM)24.72
EY2.07%
EPS(NY)27.33
Fwd EY2.29%
FCF(TTM)28.41
FCFY2.38%
OCF(TTM)32.61
OCFY2.73%
SpS84.16
BVpS50.53
TBVpS37.31
PEG (NY)4.58
PEG (5Y)2.03
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 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 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 48.36 and the Price/Book (PB) ratio is 23.66.


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.