ASML Holding (ASML) - Company Research

Last Updated: 11 September 2026

ASML Holding NV is the only company in the world that builds extreme ultraviolet (EUV) lithography machines, the tools required to pattern the most advanced logic and memory chips. That position makes the Veldhoven-based group a single point of dependency for every leading-edge fab on the planet. FY2025 net sales reached €32.7bn with net income of €9.6bn, and management has twice raised its FY2026 guidance during the year — most recently on 15 July 2026 to €43–45bn of net sales — on the back of AI-driven capacity investment by logic and memory customers. This report sets out what ASML sells, what the filings actually say, how the shares are currently priced, and where the risks sit. No analyst ratings and no price targets are used anywhere in this document. You can follow the price action on our Live Charts page.

1. Company Snapshot

Field	Value
Listing	NASDAQ: ASML (New York Registry Shares, 1:1) and Euronext Amsterdam: ASML
Sector	Semiconductor capital equipment — lithography systems
Headquarters	Veldhoven, the Netherlands
Employees	More than 44,500 FTE (stated in the Q2 2026 results release, 15 July 2026)
CEO / Leadership	Christophe Fouquet, President and CEO (in post since April 2024, confirmed as signatory of the Q2 2026 results on 15 July 2026); Roger Dassen, EVP and CFO; Marco Pieters, EVP and CTO since October 2025
Revenue (FY2025)	€32,667.3m net sales (FY2025 Form 20-F, XBRL tag RevenueFromContractWithCustomerExcludingAssessedTax)
Net income (FY2025)	€9,609.4m (FY2025 Form 20-F)
Gross margin (FY2025)	52.8% (gross profit €17,258.0m on net sales €32,667.3m)
Market cap	Approximately US$661bn / €567bn (September 2026), based on 385.42m shares outstanding at 31 December 2025 and a share price of about US$1,714.88
Share price	About US$1,714.88 on Nasdaq (4 September 2026); about €1,472 on Euronext Amsterdam
Index membership	AEX (Amsterdam); EURO STOXX 50, where it carried a weight of about 7.98% in August 2026
Reporting	US GAAP, presented in euros; a separate IFRS annual report is also published
Fiscal year end	31 December

2. Bull and Bear Case

Bull Case

• A genuine monopoly at the leading edge: ASML is the sole commercial supplier of EUV lithography worldwide, and no credible competitor exists — Canon and Nikon between them hold only a residual share of the older DUV market. No chip below roughly 7nm is manufactured in volume without an ASML machine.
• Guidance raised twice in one year: FY2026 net sales guidance moved from €34–39bn in January 2026 to €36–40bn in April 2026 and then to €43–45bn on 15 July 2026, with gross margin guided to 54–56%. Upgrades of that magnitude within six months are unusual for a company of this size.
• Installed base annuity keeps growing: Installed Base Management revenue (service and field upgrades) was €8.2bn in FY2025, up 26% year on year, and €2,762m in Q2 2026 alone. This is recurring, higher-margin revenue that grows mechanically as the global fleet of installed systems expands.
• Pricing power is being exercised: reporting in July 2026 indicated ASML is seeking price increases on both EUV and mature DUV tools, with some Chinese customers accepting roughly 10% higher prices on mature DUV systems. Management describes this as value-based pricing tied to tool productivity gains.
• Capacity is being built for a bigger 2027: ASML said in July 2026 it plans to add about 30% to its 2026 low-NA EUV capacity (around 65 units a year) and about 30% to its DUV immersion capacity (around 130 units a year) for 2027, and is investigating a further 30% for 2028.

Bear Case

• China policy is a recurring, unresolved overhang: China fell from roughly 49% of system sales in 2024 to about 33% in FY2025. Proposed US legislation would extend restrictions to servicing revenue in China, not just new tool sales, and the shares fell on export-control headlines on 7 April 2026.
• Extreme customer concentration: TSMC alone accounted for roughly 24% of FY2025 net sales, and TSMC plus Samsung for about 38%. A capex pause at one or two customers moves ASML's revenue line directly.
• Bookings are violently lumpy: net bookings were €5,399m in Q3 2025, €13,158m in Q4 2025 and about €5.5bn in Q2 2026. A single soft quarter of orders can reset market expectations even when revenue is unaffected.
• The valuation leaves no room for disappointment: the shares trade at roughly 53 times trailing GAAP earnings and roughly 51 times FY2025 free cash flow, having ranged between US$791.02 and US$1,999.96 over the past 52 weeks. That is a wide band for a mega-cap.
• High-NA is still pre-production: ASML only targets production-grade availability of High-NA EUV by the end of 2026, and imec is aiming at a Q4 2026 qualification. Slower customer qualification would push out the payback on ASML's own capacity spending.

3. Business Segments

ASML reports one operating segment but discloses net sales by product line. The split below is for FY2025, from ASML's 2025 Annual Report financials.

Segment / category	% of revenue	What it is
DUV systems	37% (€12.0bn)	Deep ultraviolet immersion and dry scanners (ArFi, ArF dry, KrF, i-line) used for mature and mid-range nodes as well as many non-critical layers at the leading edge. Down 6% year on year in FY2025.
EUV systems	35% (€11.6bn)	Extreme ultraviolet scanners (NXE and EXE families) required for the most critical layers at advanced logic and DRAM nodes. Up 39% year on year, with revenue recognised on 48 EUV systems in FY2025.
Installed Base Management	25% (€8.2bn)	Service contracts, spare parts and field upgrades on the global installed fleet. Up 26% year on year and the most stable revenue line in the business.
Metrology and Inspection	3% (€0.83bn)	YieldStar optical metrology and e-beam inspection systems used to measure and control patterning accuracy. Up 28% year on year.

By end market, FY2025 net system sales split roughly 66% logic (€16.1bn) and 34% memory (€8.4bn). By geography, FY2025 system sales were approximately 33% China, 25% South Korea and 22% Taiwan, with the balance across the United States, Japan and EMEA. In Q4 2025 specifically the split was China 36%, South Korea 22%, United States 17%, Taiwan 13% and other 12%.

4. Business Model and Moat

How it makes money. ASML sells lithography systems at prices running from tens of millions of euros for mature DUV tools to more than €350m for the newest High-NA EUV machines, then earns a long tail of service and upgrade revenue over each system's twenty-year-plus operating life. Systems revenue is cyclical and order-driven; Installed Base Management revenue is annuity-like and grew to €8.2bn in FY2025.

Why the moat is unusually deep. EUV lithography took roughly two decades and tens of billions of euros of combined ASML, customer and supplier investment to commercialise. The light source, the optics (supplied by Zeiss under an exclusive arrangement), the vacuum systems and the control software are each near-unrepeatable engineering assets. No competitor has shipped a commercial EUV tool. In DUV, ASML holds the large majority of the market with Canon and Nikon splitting the remainder.

Where the margin comes from. Gross margin was 52.8% in FY2025 and reached 54.0% in Q2 2026, above ASML's own guidance, driven primarily by higher-than-expected Installed Base Management sales. Mix between EUV, DUV and service is the dominant swing factor, with field upgrades on NXE:3800E systems shifting revenue into the higher-margin installed-base line.

What it costs to stay ahead. R&D expense was €4,698.8m in FY2025, up 9.2% on FY2024's €4,303.7m, directed at NXE:3800E/F systems, EXE High-NA platforms, e-beam and optical metrology, multibeam inspection and holistic software. SG&A was €1,257.8m. Operating income was €11,301.4m.

The structural vulnerability. The same concentration that gives ASML pricing power also exposes it to policy. Export controls are set by governments in The Hague and Washington rather than negotiated with customers, and they have already halved China's share of system sales in two years.

5. Financial Health

All figures below are taken from ASML's Form 20-F filings and quarterly results releases. Annual balance-sheet and cash-flow figures were re-derived directly from ASML's SEC XBRL company facts (CIK 0000937966) rather than from third-party aggregators.

Fiscal Year	Revenue (€m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2021	18,611.0	+33.1%	€14.34	€14.34†	€5.50	€4,075.0m
FY2022	21,173.4	+13.8%	€14.13	€14.13†	€5.80	€3,514.2m
FY2023	27,558.5	+30.2%	€19.89	€19.89†	€6.10	€4,631.5m
FY2024	28,262.9	+2.6%	€19.24	€19.24†	€6.40	€3,677.3m
FY2025	32,667.3	+15.6%	€24.71	€24.71†	€7.50	€2,709.0m

† ASML does not publish an adjusted or non-GAAP earnings per share figure. The GAAP diluted EPS is repeated in that column so the table remains complete. Long-term debt is the non-current borrowings line from the balance sheet; the current portion was €990.2m at 31 December 2025 and €1,010.3m at 31 December 2024.

Quarter / Half	Revenue	Adjusted EPS	GAAP EPS
Q2 2026	€9,326m	€7.59†	€7.59‡
Q1 2026	€8,767m	€7.15†	€7.15‡
Q4 2025	€9,718m	€7.35†	€7.35‡
Q3 2025	€7,516m	€5.49†	€5.49‡
FY2025 total	€32,667.3m	€24.71†	€24.71

‡ Quarterly figures are basic EPS as published in each quarterly results release; the FY2025 total is diluted EPS per the Form 20-F. Gross margin by quarter was 54.0% in Q2 2026, 53.0% in Q1 2026, 52.2% in Q4 2025 and 51.6% in Q3 2025. Net bookings, ASML's key forward indicator, were about €5.5bn in Q2 2026, €13,158m in Q4 2025 (of which €7.4bn EUV) and €5,399m in Q3 2025 (of which €3.6bn EUV). Backlog stood at €38,797m at the end of FY2025.

The balance sheet is net cash. At 31 December 2025 ASML held €12,916.0m of cash and cash equivalents, with cash plus short-term investments of €13,322m reported in the Q4 2025 release, against total borrowings of €3,699.2m (€2,709.0m non-current plus €990.2m current). Net cash from operating activities was €12,658.5m in FY2025 and capital expenditure on property, plant and equipment was €1,573.6m.

6. Valuation

Raw metrics, September 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	Approximately €567bn (US$661bn) — 385.42m shares outstanding at 31 December 2025 multiplied by a Euronext price of about €1,472
Trailing P/E (GAAP)	About 53x on trailing-twelve-month basic EPS of €27.58 (Q3 2025 €5.49 + Q4 2025 €7.35 + Q1 2026 €7.15 + Q2 2026 €7.59). On FY2025 reported diluted EPS of €24.71 the multiple is about 60x. ASML publishes no adjusted earnings figure, so there is no second, flattered version of this multiple.
P/E (forward)	n/a — ASML guides to net sales and gross margin only and does not publish an EPS forecast, and this report does not use third-party consensus estimates.
P/S (TTM)	About 16.1x (market cap €567bn / trailing-twelve-month net sales €35,327m, being Q3 2025 €7,516m + Q4 2025 €9,718m + Q1 2026 €8,767m + Q2 2026 €9,326m)
Enterprise value	About €558bn (market cap €567.4bn + total debt €3.70bn − cash and short-term investments €13.32bn, per the FY2025 balance sheet: non-current long-term debt €2,709.0m, current portion €990.2m, cash and equivalents €12,916.0m)
EV/EBITDA (TTM)	About 45x (EV €558bn / EBITDA €12,340.9m). EBITDA is FY2025 operating income of €11,301.4m plus D&A of €1,039.5m, using the wider total of depreciation €916.0m plus amortisation of intangibles €123.5m rather than the narrower €1,025.9m cash-flow add-back. ASML does not publish quarterly operating income, so a true twelve-month-to-June-2026 figure cannot be built from primary filings; on FY2026 guided revenue the multiple would be materially lower.
P/FCF	About 51x (market cap €567bn / FCF €11,084.9m; FCF = FY2025 net cash from operating activities €12,658.5m − purchases of property, plant and equipment €1,573.6m)
52-week high	US$1,999.96, reached 30 June 2026
52-week low	US$791.02, on 10 September 2025
Dividend	€7.50 per share declared in respect of FY2025. A 2026 interim dividend of €1.88 per share went ex on Euronext on 27 July 2026 and was paid on 5 August 2026.
Buyback	New 2026–2028 programme of up to €12bn announced 28 January 2026; about €1.1bn repurchased in Q2 2026 alone. The prior 2022–2025 programme closed in December 2025 having repurchased €7.6bn of its €12bn authorisation.
Short interest (% of float)	0.55% (2.14m shares short), per Nasdaq settlement data reported via Fintel
Days to cover	1.2

7. What Are They Building

High-NA EUV. The EXE:5000 first-generation High-NA systems went to Intel, TSMC and imec for research from 2023. The EXE:5200, built for high-volume manufacturing, is now with Intel (acceptance testing completed in late 2025), SK hynix (installed at a DRAM fab in September 2025), Samsung (first unit received in late 2025) and imec, which is targeting qualification in Q4 2026 for sub-2nm work. ASML expects High-NA to reach production-grade availability by the end of 2026. Fewer than a dozen units are installed worldwide and each costs in the region of US$400m.

Capacity. Alongside the Q2 2026 results ASML set out plans to add roughly 30% to its 2026 low-NA EUV capacity of about 65 units a year for 2027, and roughly 30% to its DUV immersion capacity of about 130 units a year, with a further 30% on each under investigation for 2028. The upgrade portfolio is also being expanded significantly.

Metrology, inspection and software. R&D of €4.7bn in FY2025 covered the NXE:3800E/F, the EXE High-NA family, the XT:260 packaging tool, e-beam inspection and YieldStar optical metrology, a multibeam inspection roadmap, and holistic software applications using AI.

Artificial intelligence, as a supplier and a user. On 9 September 2025 ASML led a €1.3bn investment in Mistral AI's Series C round, taking a roughly 11% fully diluted stake and becoming Mistral's largest shareholder at a valuation of about €11.7bn, with a seat on Mistral's strategic committee. The stated aim is to embed AI into ASML's own R&D, operations and system software.

8. Peer Comparison

Peer	Market cap (September 2026)	Key 2025/2026 metric
Applied Materials (NASDAQ: AMAT)	Approximately US$394bn as at August 2026 per companiesmarketcap.com, with later coverage implying a higher figure	Shares up about 98% year-to-date in 2026 on AI capex demand, per Yahoo Finance coverage dated 18 August 2026. Broadest front-end equipment portfolio in the industry but no lithography exposure.
KLA Corporation (NASDAQ: KLAC)	Approximately US$221bn (September 2026, companiesmarketcap.com)	Shares up about 59% year-to-date in 2026. Dominant in process control and inspection, complementary rather than competitive to ASML.
Lam Research (NASDAQ: LRCX)	Approximately US$104–108bn (2026 estimate from secondary market data)	FY2025 revenue of about US$17.8bn. Leader in etch and deposition, with heavy memory exposure.
Tokyo Electron (TSE: 8035)	Approximately US$70–76bn (2026 estimate from secondary market data)	Consolidated net sales of about ¥2.45tn (roughly US$17bn) for the year ended March 2025. Competes in coater/developer track tools that sit alongside ASML scanners.
Canon and Nikon (lithography units)	Not separately disclosed — lithography is a minor part of each diversified parent	Combined DUV lithography share of roughly 10% (about 5% each) against ASML's share of more than 90%, per industry analysis at siliconsemiconductor.net. Neither has a commercial EUV product.

For scheduled results and macro releases across this peer group, see the ChartsView Economic Calendar.

9. Insider Activity

ASML is a foreign private issuer and its management and supervisory board members disclose dealings under EU Market Abuse Regulation rules to the Dutch regulator (AFM) rather than on SEC Form 4. The transactions below were disclosed during 2026 and are aggregated by Hargreaves Lansdown from FactSet-sourced regulatory notifications. Chief Executive Christophe Fouquet appears on both sides of the ledger, with an award-related disposal in February 2026 and a market sale in January 2026.

Name	Date	Type	Shares	Price	Value	Plan Type
Birgit M. Conix	22 Jul 2026	Buy	125	€1,556.00	€194,500	Open-market purchase, Supervisory Board
Birgit M. Conix	13 Feb 2026	Buy	254	€1,180.02	€299,725	Open-market purchase, Supervisory Board
Christophe D. Fouquet	3 Feb 2026	Sell	1,553	€1,206.73	€1,874,052	Award/option related
Roger J.M. Dassen	3 Feb 2026	Sell	1,553	€1,206.73	€1,874,052	Award/option related
Frederic Schneider-Maunoury	3 Feb 2026	Sell	1,553	€1,206.73	€1,874,052	Award/option related
Wayne R. Allan	3 Feb 2026	Sell	1,498	€1,206.73	€1,807,682	Award/option related
Christophe D. Fouquet	29 Jan 2026	Sell	1,000	€1,225.00	€1,225,000	Open-market sale
Roger J.M. Dassen	28 Jan 2026	Sell	2,000	€1,300.00	€2,600,000	Open-market sale

The February 2026 disposals cluster on a single date across four executives at an identical price, which is the signature of a scheduled vesting event rather than discretionary selling. The only unambiguously discretionary purchases in the period were the two Supervisory Board buys by Birgit Conix.

10. Key Risks

• Export controls and policy risk: US-led restrictions have already cut China's share of ASML system sales from roughly 49% in 2024 to about 33% in FY2025. Proposed US legislation would extend restrictions to servicing revenue in China, which is higher-margin than tool sales and had been assumed to be insulated. ASML shares fell on 7 April 2026 on proposals of this kind.
• Customer concentration: TSMC alone was approximately 24% of FY2025 net sales and TSMC plus Samsung roughly 38%. Decisions taken in a handful of boardrooms determine a large share of ASML's revenue, and the July 2026 reports of TSMC resisting ASML price increases show that relationship is not frictionless.
• Order cyclicality: net bookings swung from €5,399m in Q3 2025 to €13,158m in Q4 2025 and back to about €5.5bn in Q2 2026. Because bookings are the market's forward indicator, this volatility transmits directly into the share price regardless of reported revenue.
• High-NA execution and adoption: production-grade availability is only targeted for the end of 2026 and imec's qualification target is Q4 2026. ASML is expanding capacity ahead of confirmed high-volume adoption, so a slower ramp would leave that investment underutilised.
• Geopolitical exposure to Taiwan: Taiwan accounted for about 22% of FY2025 system sales and is home to ASML's largest customer. Any disruption to the Taiwanese semiconductor ecosystem would be immediate and severe for ASML.
• Memory and AI capex reversal: memory was about 34% of FY2025 system sales, driven substantially by HBM and DDR5 demand tied to AI infrastructure build-out. A pause in AI data-centre spending, or memory oversupply, would show up in bookings well before it showed up in revenue.
• Valuation compression: at roughly 53x trailing GAAP earnings and about 51x FY2025 free cash flow, the shares embed continued high growth. The 52-week range of US$791.02 to US$1,999.96 demonstrates how quickly that rating can move in either direction.

11. Recent Developments

• 09 Sep 2025 — ASML leads €1.3bn investment in Mistral AI. ASML took a roughly 11% fully diluted stake in the French AI company's Series C, becoming its largest shareholder at a valuation of about €11.7bn and gaining a seat on Mistral's strategic committee.
• 09 Oct 2025 — Marco Pieters appointed Chief Technology Officer. Pieters became EVP and CTO from October 2025, reporting to CEO Christophe Fouquet, with formal shareholder ratification scheduled for the April 2026 AGM.
• 15 Oct 2025 — Q3 2025 results. Net sales of €7,516m, gross margin of 51.6% and net income of €2,125m, with net bookings of €5,399m of which €3.6bn was EUV.
• 28 Jan 2026 — Q4 and FY2025 results plus a new €12bn buyback. FY2025 net sales of €32.7bn and net income of €9.6bn, record Q4 bookings of €13,158m, and the announcement of a 2026–2028 share repurchase programme of up to €12bn.
• 25 Feb 2026 — 2025 Annual Reports published. ASML issued both its US GAAP and IFRS annual reports, including CSRD sustainability statements.
• 07 Apr 2026 — Shares fall on proposed China export curbs. Reports of tightening US restrictions, including measures that could reach servicing revenue in China, knocked the shares.
• 15 Apr 2026 — Q1 2026 results. Net sales of €8,767m, gross margin of 53.0% and net income of €2,757m, reported on the same day as further export-control news flow.
• 22 Apr 2026 — 2026 Annual General Meeting held at the TWINSCAN Auditorium in Veldhoven.
• 15 Jul 2026 — Q2 2026 results and a second guidance raise. Net sales of €9,326m, gross margin of 54.0% and net income of €2,918m, all above guidance. FY2026 guidance was lifted to €43–45bn of net sales and 54–56% gross margin, and capacity expansion plans for 2027 were set out.
• 16 Jul 2026 — Reports of a pricing standoff with TSMC. Multiple outlets reported ASML seeking higher tool prices, with some Chinese customers accepting roughly 10% increases on mature DUV systems while TSMC pushed back on low-NA EUV pricing. Neither company has stated publicly how the discussion will be resolved.
• 07 Sep 2026 — Weekly buyback disclosure. ASML continued to report share repurchase transactions under the 2026–2028 programme in its regular Market Abuse Regulation notifications.

12. Key Dates

• 14 Oct 2026 — Q3 2026 results, the next scheduled disclosure of net sales, gross margin and net bookings
• Expected Oct 2026 — declaration of the third 2026 interim dividend, historically announced alongside third-quarter results
• Expected Jan 2027 — Q4 and FY2026 results, based on ASML's consistent late-January reporting pattern; the exact date has not yet been published
• Expected Apr 2027 — 2027 Annual General Meeting, based on the 22 April 2026 precedent
• 10 Jun 2027 — Capital Markets Day, at which management has said it will update its longer-term financial model

ASML's 2030 model, reiterated in the FY2025 Annual Report and carried over from the November 2024 Investor Day, points to an annual revenue opportunity of approximately €44bn to €60bn at a gross margin of approximately 56% to 60%. The June 2027 Capital Markets Day is the scheduled point at which those figures will next be revisited. Discussion of ASML and the wider semiconductor equipment complex continues on the ChartsView Forum.

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