ASML Holding N.V.

ASML · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995
Valuation
Market cap	$415,264	$272,519	$298,673	$220,274	$323,611	$198,246	$120,292	$63,256	$70,653	$45,606	$36,083	$47,131	$40,268	$27,310	$17,786	$16,682	$14,746	$7,800	$14,470	$13,159	$9,721	$7,695	$9,667	–	–	–	–	–	–	–	–
Enterprise value	$404,770	$264,179	$296,047	$216,938	$320,192	$194,978	$118,487	$62,100	$68,742	$44,830	$33,608	$45,194	$37,605	$24,753	$15,156	$15,022	$14,263	$7,198	$13,496	$11,485	$7,917	$7,137	$9,470	–	–	–	–	–	–	–	–
P/E (TTM) at period end	38.31×	33.27×	35.22×	37.23×	46.50×	48.93×	41.43×	20.68×	30.32×	26.46×	23.44×	29.68×	29.85×	18.53×	8.72×	12.32×	–	16.53×	15.75×	16.78×	25.11×	26.30×	–	–	–	–	–	–	–	–	–
P/S (TTM) at period end	11.27×	8.91×	10.02×	9.89×	14.70×	12.44×	9.09×	4.90×	6.92×	6.07×	5.17×	6.06×	5.78×	4.49×	2.26×	2.79×	6.64×	1.80×	2.80×	2.93×	3.09×	2.51×	5.56×	–	–	–	–	–	–	–	–
P/B at period end	18.02×	14.24×	20.11×	23.35×	28.06×	11.70×	8.52×	4.74×	5.50×	4.34×	3.93×	5.18×	4.23×	5.09×	3.99×	4.49×	5.80×	2.81×	5.19×	4.62×	4.80×	4.08×	6.74×	–	–	–	–	–	–	–	–
EV / EBITDA (TTM)	29.11×	24.56×	27.98×	29.11×	37.48×	37.65×	32.66×	15.53×	21.33×	19.15×	16.26×	22.16×	22.17×	14.33×	6.03×	8.09×	–	11.97×	10.47×	9.38×	11.62×	12.32×	–	–	–	–	–	–	–	–	–
EV / Sales (TTM)	10.99×	8.64×	9.93×	9.74×	14.54×	12.24×	8.95×	4.81×	6.73×	5.96×	4.82×	5.81×	5.40×	4.07×	1.93×	2.52×	6.43×	1.66×	2.62×	2.55×	2.52×	2.33×	5.44×	–	–	–	–	–	–	–	–
Returns
Return on equity	49.0%	41.0%	58.3%	63.8%	58.0%	25.6%	20.6%	22.3%	19.3%	15.6%	16.4%	15.9%	14.7%	28.2%	42.6%	36.8%	(8.5%)	16.2%	35.1%	29.0%	18.2%	16.9%	(14.0%)	(15.8%)	(39.1%)	35.7%	13.2%	12.4%	34.1%	33.8%	43.3%
Return on invested capital	83.9%	70.4%	68.7%	95.2%	73.6%	28.0%	21.3%	22.6%	18.6%	14.7%	19.7%	19.3%	18.4%	37.7%	100.8%	67.0%	(10.0%)	18.1%	52.7%	72.4%	174.0%	24.9%	(10.6%)	(3.6%)	(25.5%)	28.7%	7.3%	9.8%	34.6%	41.5%	51.9%
Dividend yield	0.7%	1.0%	0.9%	1.2%	0.5%	0.6%	1.2%	1.1%	0.8%	1.1%	0.9%	0.8%	0.7%	0.9%	1.4%	0.7%	0.8%	2.0%	–	–	–	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	1.26×	1.53×	1.50×	1.28×	1.48×	2.41×	2.58×	2.78×	2.80×	2.61×	2.48×	2.47×	2.45×	2.80×	2.56×	2.29×	2.63×	2.95×	2.54×	2.90×	2.26×	3.30×	3.13×	3.21×	3.14×	4.34×	4.86×	4.86×	2.67×	2.19×	1.75×
Debt / equity	0.22×	0.25×	0.34×	0.48×	0.45×	0.34×	0.25×	0.26×	0.28×	0.33×	0.13×	0.15×	0.16×	0.19×	0.21×	0.26×	0.37×	0.36×	0.32×	0.18×	0.22×	0.59×	0.75×	0.82×	1.25×	0.85×	1.29×	0.54×	–	–	0.06×
Effective tax rate	17.7%	18.6%	15.8%	15.0%	15.2%	13.7%	6.9%	12.0%	12.8%	13.1%	10.4%	6.0%	0.8%	0.4%	11.0%	17.8%	12.0%	(4.1%)	20.9%	28.2%	28.4%	35.1%	32.4%	32.7%	31.3%	29.8%	31.7%	31.1%	32.6%	35.1%	36.8%
Share count
Diluted shares outstanding	389	394	394	398	410	419	422	426	432	428	433	440	433	427	330	338	333	334	374	388	372	332	330	326	319	299	288	327	320	313	301

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · EUR millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995
Revenue and gross profit
Revenue	€39,474	€32,667	€28,263	€27,558	€21,173	€18,611	€13,978	€11,820	€10,944	€9,053	€6,795	€6,287	€5,856	€5,245	€4,732	€5,651	€4,508	€1,596	€2,954	€3,768	€3,582	€2,527	€2,464	€1,540	€1,957	€1,848	€2,161	€1,198	€775	€808	€619	€446
Cost of revenue	(€18,025)	(€15,409)	(€13,771)	(€13,422)	(€10,473)	(€8,802)	(€7,181)	(€6,540)	(€5,915)	(€4,942)	(€3,730)	(€3,392)	(€3,260)	(€3,068)	(€2,726)	(€3,202)	(€2,553)	(€1,138)	(€1,938)	(€2,219)	(€2,159)	(€1,548)	(€1,557)	(€1,172)	(€1,490)	(€1,796)	(€1,206)	(€755)	(€445)	(€453)	(€361)	(€277)
Gross profit	€21,449	€17,258	€14,492	€14,136	€10,700	€9,809	€6,797	€5,280	€5,029	€4,020	€3,145	€2,896	€2,596	€2,177	€2,005	€2,449	€1,955	€458	€1,016	€1,550	€1,438	€981	€909	€368	€467	€52	€955	€442	€330	€356	€258	€170
Operating expenses
Research and development	(€4,898)	(€4,699)	(€4,304)	(€3,981)	(€3,254)	(€2,547)	(€2,201)	(€1,968)	(€1,576)	(€1,260)	(€1,026)	(€1,046)	(€1,074)	(€882)	(€589)	(€590)	(€523)	(€467)	(€516)	(€486)	(€385)	(€322)	(€331)	(€286)	(€298)	(€409)	(€215)	(€174)	(€114)	(€79)	–	–
Selling, general and administrative	(€1,333)	(€1,258)	(€1,166)	(€1,113)	(€946)	(€726)	(€545)	(€520)	(€488)	(€417)	(€375)	(€346)	(€321)	(€312)	(€259)	(€218)	(€181)	(€155)	(€210)	(€226)	(€203)	(€201)	(€202)	(€212)	(€263)	(€280)	(€186)	(€140)	(€94)	(€57)	(€96)	(€62)
Total operating expenses	(€6,231)	(€5,957)	(€5,469)	(€5,094)	(€4,199)	(€3,059)	(€2,746)	(€2,489)	(€2,064)	(€1,580)	(€1,387)	(€1,331)	(€1,314)	(€1,129)	(€848)	(€808)	(€704)	(€622)	(€726)	(€735)	(€550)	(€523)	(€533)	(€523)	(€561)	(€747)	(€466)	(€357)	(€241)	(€151)	(€106)	(€69)
Total costs and expenses	(€24,256)	(€21,366)	(€19,240)	(€18,516)	(€14,673)	(€11,861)	(€9,927)	(€9,029)	(€7,979)	(€6,613)	(€5,036)	(€4,722)	(€4,574)	(€4,197)	(€3,575)	(€4,010)	(€3,257)	(€1,759)	(€2,664)	(€2,953)	(€2,694)	(€2,070)	(€2,088)	(€1,695)	(€2,051)	(€2,542)	(€1,672)	(€1,112)	(€686)	(€604)	(€467)	(€345)
Operating income	€15,218	€11,301	€9,023	€9,042	€6,501	€6,750	€4,052	€2,791	€2,965	€2,440	€1,758	€1,565	€1,282	€1,048	€1,157	€1,641	€1,251	(€163)	€289	€815	€888	€457	€376	(€155)	(€94)	(€695)	€489	€85	€88	€204	€152	€101
Earnings
EBITDA	€16,242	€12,327	€9,941	€9,782	€7,084	€7,221	€4,542	€3,239	€3,388	€2,857	€2,115	€1,862	€1,537	€1,277	€1,343	€1,806	€1,402	(€21)	€411	€941	€975	€548	€466	(€10)	€72	(€536)	€555	€128	€122	€220	€162	€107
Interest income	–	€223	€182	€194	€16	€10	€8	€12	€14	€7	€72	€11	€14	€9	€17	€41	€15	€43	€72	€78	€50	€38	€28	–	–	–	–	–	–	–	–	–
Interest expense	–	(€118)	(€163)	(€153)	(€61)	(€55)	(€43)	(€37)	(€42)	(€58)	(€38)	(€27)	(€9)	(€34)	(€23)	(€34)	(€23)	(€51)	(€52)	(€45)	(€50)	(€53)	(€44)	–	–	–	–	–	–	–	–	–
Pre-tax income	€16,174	€11,406	€9,042	€9,084	€6,456	€6,706	€4,017	€2,766	€2,937	€2,389	€1,792	€1,549	€1,274	€1,023	€1,151	€1,649	€1,243	(€172)	€310	€848	€870	€435	€363	(€184)	(€131)	(€698)	€491	€118	€89	€219	€156	€101
Income tax expense	(€2,700)	(€2,013)	(€1,681)	(€1,436)	(€970)	(€1,021)	(€552)	(€192)	(€352)	(€306)	(€234)	(€161)	(€77)	(€8)	(€4)	(€182)	(€221)	€21	€13	(€177)	(€245)	(€124)	(€127)	€60	€43	€219	(€146)	(€38)	(€28)	(€71)	(€55)	(€37)
Net income	€13,474	€9,609	€7,572	€7,839	€5,624	€5,883	€3,554	€2,592	€2,592	€2,067	€1,558	€1,387	€1,197	€1,015	€1,146	€1,467	€1,022	(€151)	€322	€671	€625	€311	€235	(€160)	(€208)	(€480)	€345	€81	€62	€148	€101	€64
Per share
Diluted EPS (GAAP)	€35.00	€24.71	€19.24	€19.89	€14.13	€14.34	€8.48	€6.12	€5.92	€4.91	€3.44	€3.21	€2.72	€2.34	€2.68	€4.44	€3.02	(€0.45)	€0.96	€1.84	€1.63	€0.9351	€0.72	(€0.48)	(€0.64)	(€1.51)	€1.17	€0.28	€0.19	€0.46	€0.32	€0.21
Basic EPS (GAAP)	€35.04	€24.73	€19.25	€19.91	€14.14	€14.36	€8.49	€6.13	€5.94	€4.93	€3.46	€3.22	€2.74	€2.36	€2.70	€4.48	€3.05	(€0.45)	€0.97	€1.89	€1.69	€0.9351	€0.72	(€0.48)	(€0.64)	(€1.51)	€1.21	€0.28	€0.19	€0.46	€0.32	€0.21
Basic shares outstanding	385	388	393	394	398	410	418	421	425	430	426	431	437	430	424	328	335	333	332	356	366	331	331	330	326	319	286	285	327	320	313	301
Margins
Gross margin	54.3%	52.8%	51.3%	51.3%	50.5%	52.7%	48.6%	44.7%	46.0%	44.4%	46.3%	46.1%	44.3%	41.5%	42.4%	43.3%	43.4%	28.7%	34.4%	41.1%	40.1%	38.8%	36.9%	23.9%	23.9%	2.8%	44.2%	36.9%	42.6%	44.0%	41.7%	38.0%
Operating margin	38.6%	34.6%	31.9%	32.8%	30.7%	36.3%	29.0%	23.6%	27.1%	26.9%	25.9%	24.9%	21.9%	20.0%	24.4%	29.0%	27.7%	(10.2%)	9.8%	21.6%	24.8%	18.1%	15.3%	(10.0%)	(4.8%)	(37.6%)	22.6%	7.1%	11.4%	25.3%	24.6%	22.6%
Net margin	34.1%	29.4%	26.8%	28.4%	26.6%	31.6%	25.4%	21.9%	23.7%	22.8%	22.9%	22.1%	20.4%	19.4%	24.2%	26.0%	22.7%	(9.5%)	10.9%	17.8%	17.4%	12.3%	9.6%	(10.4%)	(10.6%)	(26.0%)	16.0%	6.7%	8.0%	18.3%	16.4%	14.3%

Analyst consensus

Buy45 analysts

Bearish · 3 · Hold · 16 · Bullish · 26

Earnings history

	EPS	Estimate
Q4 2024	$7.14	$7.41	Miss
Q1 2025	$6.31	$6.12	Beat
Q2 2025	$6.84	$6.10	Beat
Q3 2025	$6.41	$6.36	Beat
Q4 2025	$8.55	$9.04	Miss
Q1 2026	$8.37	$7.72	Beat
Q2 2026	$8.68	$7.98	Beat
Q3 2026	$14.47	$12.18	Beat

Peers

Company overview

IPO dateMar 15, 1995

CEOChristophe D. Fouquet

Employees44,209

SectorTechnology

IndustrySemiconductors

CountryNL

ExchangeNASDAQ

Websitewww.asml.com

ASML Holding N.V. provides lithography solutions for the development, production, marketing, sales, upgrading, and servicing of advanced semiconductor equipment systems. The company offers lithography, metrology, and inspection systems. It also provides extreme ultraviolet lithography systems; and deep ultraviolet lithography systems comprising immersion and dry lithography systems solutions to manufacture various range of semiconductor nodes and technologies. In addition, the company offers metrology and inspection systems, including YieldStar optical metrology systems, a diffraction-based wafer metrology platform to assess the quality of patterns on the wafers; and HMI electron beam solutions to locate and analyze individual chip defects. Further, it provides computational lithography solutions, and lithography systems and control software solutions; and refurbishes and upgrades lithography systems, as well as offers customer support and related services. Additionally, the company offers hardware, software, and services to chipmakers to produce the patterns of integrated circuits. It operates in Japan, South Korea, Singapore, Taiwan, China, rest of Asia, the Netherlands, rest of Europe, the Middle East, Africa, and the United States. The company was formerly known as ASM Lithography Holding N.V. and changed its name to ASML Holding N.V. in 2001. ASML Holding N.V. was founded in 1984 and is headquartered in Veldhoven, the Netherlands.

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