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€1,494.40
Market Capi
€574B
Growth-adj P/E (3-yr hist)i
1.9x
Growth-adj P/E (3-yr proj)i
0.6x
P/S 26Ei
13x
P/S 28Ei
8.9x
EV/EBIT 26Ei
33x
EV/EBIT 28Ei
19x
P/E 26Ei
40x
P/E 28Ei
23x
P/S 26Ei
13x
EV/EBIT 26Ei
33x
P/E 26Ei
40x
P/S 28Ei
8.9x
EV/EBIT 28Ei
19x
P/E 28Ei
23x
Revenue
2026E
€43B
Gross Margini
53%
Hist. CAGRi
16%
Proj. CAGRi
26%
EBIT
2026E
€17B
Op. Margini
35%
Hist. CAGRi
20%
Proj. CAGRi
37%
Net profit
2026E
€15B
Net Margini
29%
Hist. CAGRi
20%
Proj. CAGRi
36%
Business Model
Recent Developments
Average Targeti
€2,001.14+27%
Consensusi
Buy
44 analysts covering
Net cashi
€14B
Div. Yieldi
0.6%
Buyback Yldi
1.7%
Market Capi
€574B
P/E 26Ei
40x
Adj. P/E (fwd.)i
0.6x
Revenue 26E
€43B
Proj. CAGRi
26%
Gross Margini
53%
EBIT 26E
€17B
Proj. CAGRi
37%
Op. Margini
35%
Net Profit 26E
€15B
Proj. CAGRi
36%
Net Margini
29%
Average Targeti
€2,001.14+27%
Consensusi
Buy
44 analysts covering
Profile
ASML designs, builds, and services the photolithography systems that print circuit patterns onto semiconductor wafers, a step at the center of every advanced chip-manufacturing process. The company holds a sole-supplier position in extreme ultraviolet (EUV) lithography, the technology required for the most advanced logic and memory nodes, while its deep ultraviolet (DUV) systems remain the production standard for mainstream and legacy chips.
Industry
ASML sells almost exclusively to the world's largest chipmakers — foundries such as TSMC, memory producers like Samsung and SK Hynix, and integrated device makers including Intel — concentrated in Taiwan, South Korea and China. Demand tracks the boom-bust rhythm of global semiconductor capital spending, making order volumes cyclical, though multi-year backlogs and recurring service revenue on the installed base smooth the swings. Once a fab standardizes on ASML's platform, switching suppliers mid-roadmap is impractical, yielding decade-long customer relationships.
Key metrics
Economic moat
ASML is the sole commercial supplier of EUV lithography, a technology built on decades of proprietary optics, precision engineering and in-house light-source IP that no competitor has managed to replicate. Its systems cost hundreds of millions of euros each and take years to qualify into a customer's fab, locking chipmakers into multi-generation roadmaps built around ASML's tools. Export restrictions on EUV technology further concentrate global supply, reinforcing a structural monopoly and durable pricing power. ASML's optics partnership with Zeiss and in-house Cymer light-source technology add supplier-side barriers a new entrant could not quickly replicate.
Christophe Fouquet
French national who joined ASML in 2008 after prior roles at KLA-Tencor and Applied Materials, rising through marketing and product-management positions before serving as Chief Business Officer. He became CEO in April 2024, giving him deep operating knowledge of ASML's EUV roadmap heading into the current growth cycle.
Roger Dassen
Dutch executive who joined ASML as CFO in 2018 after a career at Deloitte, holding a PhD in business economics. He has steered the balance sheet through ASML's heaviest EUV capital-spending years and its record shareholder-return program.
Frédéric Schneider-Maunoury
A graduate of Ecole Polytechnique, Schneider-Maunoury joined ASML in 2009 from Alstom and has led operations since 2010, making him the longest-serving member of the Board of Management after the CEO. He oversees the manufacturing and supply chain behind ASML's EUV and DUV production.
Nils Andersen
Danish executive who chairs ASML's board after leading A.P. Møller–Mærsk as CEO from 2007 to 2016 and Carlsberg as CEO from 2001 to 2007. He joined ASML's Supervisory Board in 2023, bringing large-cap industrial and consumer governance experience to board oversight.
Other key figures
The Board of Management also includes Chief Technology Officer Marco Pieters, a long-tenured ASML engineer who stepped into the role in 2025, alongside Chief Customer Officer Jim Koonmen and Chief Strategic Sourcing & Procurement Officer Wayne Allan. On the Supervisory Board, Vice Chair Terri Kelly is the former CEO of W.L. Gore & Associates, and director Mark Durcan is the former CEO of Micron Technology.
P/S Ratioi
EV/EBITi
P/E Ratioi
Revenue
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
EBIT
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
Net profit
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
Values in billions of EUR.
Operating cashflow · Levered Free Cash Flow
Free Cash Flow
CAPEX
Values in billions of EUR.
Margins
Rentability
Balance sheet
Values in billions of EUR.
Liquidity ratios
Debt-to-Equity-Ratio
Last earnings
ASML's Q2 2026 results (reported July 15, 2026) came in above guidance, with quarterly net income of €2.9 billion on total net sales of €9.3 billion.
The beat was driven by stronger-than-expected Installed Base Management sales (€2.8 billion), alongside €6.6 billion of system sales.
Management raised full-year 2026 net-sales guidance to €43–45 billion, up sharply from the prior €36–40 billion range.
The Q3 2026 outlook of €11.0–12.0 billion in net sales points to a materially stronger second half.
Recent developments
ASML reported very strong order bookings through the first half of 2026, tied to AI- and memory-related capacity investment.
High-NA EUV reached its first high-volume logic integration on Intel's 18A process layers; these systems sell at 2–3x the price of standard EUV tools, supporting future ASP and margin uplift.
China fell to roughly 19% of system sales in Q1 2026 (from 36% in Q4 2025) as tightened export controls curbed DUV demand after years of pull-forward buying.
A year-end 2025 backlog of €38.8 billion continues to underpin multi-year revenue visibility.
Debate & sentiment
Bulls point to ASML's EUV monopoly and the AI-driven capital-spending cycle, with High-NA offering a structural pricing and margin tailwind.
The raised guidance and deep backlog have reinforced confidence in durable 2027-and-beyond demand.
Bears flag China normalization from over 40% of sales toward roughly 20%, plus heavy customer concentration, with the top two customers near 38% of revenue.
Each incremental tightening of export controls remains an overhang on the China outlook.
Consensusi
Buy
Average targeti
€2,001.14+27%
Highest targeti
€2,500.00+58%
Lowest targeti
€1,291.00-18%
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