VOL. XCIV, NO. 247
WIDE MOAT STOCKS & COMPETITIVE ADVANTAGES
ASM International N.V. ASM
AmsterdamSemiconductor equipment and materialsFinancials to Jun 30, 2026 · Updated Oct 7, 2026
Moat ranks
Balance sheet
| €B | Dec '24 | Dec '25 |
|---|---|---|
| Cash | 0.9 | 1.0 |
| Securities | 0.0 | 0.0 |
| Debt | 0.0 | 0.0 |
| Net cash | 0.9 | 1.0 |
| Equity | 3.7 | 4.0 |
- Debt / EBITDA
- 0.00×
- Debt / equity
- 0.00×
- Leases (12/31/23)
- €34M
- Diluted shares
- 49M
- Book value / share
- €81.46
- Price / book
- 11.6×
- Net cash / share
- €20.88
- Market cap
- €46.4B
- Enterprise value
- €45.4B
Per-share record
Key indicators
| Indicator | Latest | Vs year ago | Last 8 quarters |
|---|---|---|---|
| Revenue growth | 20.0% | +1.7 pts | |
| Operating margin | 32.2% | +1.2 pts | |
| FCF margin | 34.6% | +19.3 pts | |
| Capex / revenue | 11.9% | -1.3 pts | |
| Spares & Services revenue | €209M | +29% | |
| Equipment revenue | €794M | +18% | |
| Adjusted gross R&D spending | €138M | +8% | |
| ALD market share · 3/31/26 | ≥55.0% | – | |
| Gross margin | 51.9% | +0.1 pts |
Margins and growth from reported quarters; company KPIs as reported in results releases.
About ASM
ASM International supplies deposition, thermal-processing and polishing equipment to chipmakers, plus spares and services. FY2025 sales were EUR3.173 billion: 77.4% equipment and 22.6% services.
- Learning Curve Yield
ASM has accumulated materials, precursor, reactor, and process-integration know-how across successive device generations.
- Design In Qualification
Deposition tools and recipes are qualified layer-by-layer for specific device nodes.
- Installed Base Consumables
ASM tools create repeat demand for process-specific OEM spares, upgrades and support.
- Sep 22, 2026
ASM launched XP8 Vertos Flowable Carbon with initial high-volume deployment, combining gap fill and planarization in one PECVD step. This adds a new logic and memory patterning application; revenue and customer count are undisclosed (ASM September 22 announcement).
- Sep 14, 2026
ASM completed its EUR150 million buyback, repurchasing 185,522 shares for employee and board share awards. The program supports capital returns but also offsets compensation dilution (ASM September 15 announcement).
- Sep 7, 2026
ASM proposed former Infineon COO Rutger Wijburg for its Supervisory Board, adding semiconductor manufacturing experience if shareholders approve his appointment in March 2027 (ASM September 7 announcement).
- Jul 28, 2026
ASM raised its outlook to EUR1.1 billion plus or minus 5% in Q3 revenue at constant currency and expects 2027 sales above the earlier EUR4.6 billion upper target. New-node demand must convert into shipments (Q2 2026 results).
- Jul 6, 2026
ASM nominated Chris Figee as its next CFO, with a planned December 1 start and March 2027 shareholder vote. Paul Verhagen remains CFO until appointment, preserving continuity (Q2 2026 results).
Ownership
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On this page
Financial record
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM | Trend | Change 2016–25 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Per share (€) | |||||||||||||
| Revenue | 9.76 | 12.43 | 15.40 | 25.68 | 26.91 | 35.37 | 49.11 | 53.16 | 59.38 | 64.46 | 68.41 | +23.3%/yr | |
| Cash flow | 1.49 | 1.96 | 2.58 | 9.78 | 5.36 | 7.78 | 11.03 | 14.85 | 18.18 | 21.55 | 20.06 | +34.5%/yr | |
| Earnings | 2.21 | 7.63 | 2.96 | 6.58 | 5.78 | 10.11 | 7.93 | 15.18 | 13.88 | 14.70 | 21.84 | +23.4%/yr | |
| Free cash flow | 0.49 | 0.52 | 0.36 | 7.55 | 2.06 | 4.58 | 6.78 | 8.44 | 10.79 | 12.04 | 10.20 | +42.6%/yr | |
| Capex | 1.00 | 1.44 | 2.22 | 2.22 | 3.30 | 3.21 | 4.25 | 6.41 | 7.39 | 9.51 | 9.86 | +28.4%/yr | |
| Dividends | 0.70 | 0.70 | 0.82 | 2.01 | 2.00 | 1.98 | 2.48 | 2.49 | 2.74 | 2.99 | 3.24 | +17.6%/yr | |
| Book value | 32.62 | 33.91 | 30.91 | 36.37 | 37.58 | 45.84 | 56.00 | 65.12 | 75.88 | 81.38 | 90.44 | +10.7%/yr | |
| Diluted shares (M) | 61 | 59 | 53 | 50 | 49 | 49 | 49 | 50 | 49 | 49 | 49 | -2.4%/yr | |
| Totals (€B) | |||||||||||||
| Revenue | 0.6 | 0.7 | 0.8 | 1.3 | 1.3 | 1.7 | 2.4 | 2.6 | 2.9 | 3.2 | 3.4 | +20.4%/yr | |
| Operating income | 0.1 | 0.1 | 0.1 | 0.4 | 0.3 | 0.5 | 0.6 | 0.7 | 0.8 | 0.9 | 1.0 | +31.1%/yr | |
| Net income | 0.1 | 0.5 | 0.2 | 0.3 | 0.3 | 0.5 | 0.4 | 0.8 | 0.7 | 0.7 | 1.1 | +20.5%/yr | |
| Free cash flow | 0.0 | 0.0 | 0.0 | 0.4 | 0.1 | 0.2 | 0.3 | 0.4 | 0.5 | 0.6 | 0.5 | +39.2%/yr | |
| Buybacks | 0.1 | 0.2 | 0.4 | 0.1 | 0.1 | 0.1 | 0.0 | 0.1 | 0.2 | 0.2 | 0.1 | +5.1%/yr | |
| Dividends | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.2 | +14.8%/yr | |
| Net cash | 0.4 | 0.8 | 0.3 | 0.5 | 0.4 | 0.5 | 0.4 | 0.6 | 0.9 | 1.0 | – | +€0.7B | |
| Margins & returns (%) | |||||||||||||
| Gross margin | 44.2 | 41.5 | 40.9 | 49.7 | 47.0 | 47.9 | 47.4 | 48.3 | 50.5 | 51.8 | 51.8 | +7.6 pts | |
| Operating margin | 13.8 | 15.3 | 15.2 | 29.5 | 24.6 | 28.4 | 26.2 | 24.8 | 27.4 | 29.6 | 30.2 | +15.8 pts | |
| Net margin | 22.7 | 61.4 | 19.2 | 25.6 | 21.5 | 28.6 | 16.1 | 28.5 | 23.4 | 22.8 | 31.9 | +0.1 pts | |
| FCF margin | 5.0 | 4.2 | 2.3 | 29.4 | 7.6 | 12.9 | 13.8 | 15.9 | 18.2 | 18.7 | 14.9 | +13.6 pts | |
| ROIC | 4.1 | 7.8 | 7.4 | 23.2 | 18.7 | 22.8 | 22.1 | 20.5 | 23.1 | 25.6 | – | +21.5 pts | |
| Return on equity | 6.8 | 22.5 | 9.6 | 18.1 | 15.4 | 22.1 | 14.2 | 23.3 | 18.3 | 18.1 | 24.2 | +11.3 pts | |
| R&D % of revenue | 15.2 | 12.6 | 10.8 | 8.6 | 10.5 | 8.7 | 9.7 | 11.7 | 12.6 | 12.9 | 12.5 | -2.4 pts | |
| Stock pay % of revenue | 1.4 | 1.1 | 1.0 | 0.8 | 1.0 | 1.0 | 1.2 | 1.4 | 1.4 | 1.5 | 1.6 | +0.1 pts | |
| Capex % of revenue | 10.2 | 11.6 | 14.4 | 8.7 | 12.3 | 9.1 | 8.6 | 12.1 | 12.4 | 14.8 | 14.4 | +4.5 pts | |
Change uses 2016 and 2025 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2016 base. Trend shows the fiscal years.
Moat
Moat scorecard
- Strength
- Confidence
- Structure
- Oligopoly
- Durability
- durable
- Trajectory
- widening
- Pricing power
- moderate
- Wafer-processing equipment77.4%2 claims
- Spares and services22.6%1 claim
Moat claims
- Applies to
- Wafer-processing equipment
- Confidence
- Durability
- durable
- Trajectory
- wideningas of Sep 22, 2026
ASM has accumulated materials, precursor, reactor, and process-integration know-how across successive device generations. Its company-reported greater-than-55% ALD share and current advanced-node wins support a strong advantage, but public disclosures do not provide customer yield comparisons that would justify a maximum score.
ASM retained company-reported ALD share above 55%, won molybdenum-ALD layers at 1.4nm, and launched Flowable Carbon in initial high-volume production; these extend its process know-how into new applications, although customer yield comparisons are not disclosed.
- Equipment revenue€794M+18%
- ALD market share≥55.0%
- Adjusted gross R&D spending€138M+8%
- Applied Materials, Tokyo Electron, Lam Research, and other rivals closing performance gaps
- Customers qualifying multiple suppliers to reduce dependence and increase price leverage
- Architecture or materials transitions moving critical deposition steps away from ASM strengths
- SourceASM Q1 2026 Investor PresentationApr 21, 2026
- NewsASM reports second quarter 2026 resultsJul 28, 2026
- Applies to
- Wafer-processing equipment
- Confidence
- Durability
- medium
- Trajectory
- wideningas of Sep 22, 2026
Deposition tools and recipes are qualified layer-by-layer for specific device nodes. Yield and integration risk make replacement difficult during a production cycle, but positions must be re-won as customers move to new architectures and nodes.
Q2 2026 brought 1.4nm molybdenum-ALD wins and another DRAM customer selecting Epi, while September’s Flowable Carbon launch had initial high-volume deployment; ASM is securing positions for new process generations.
- Equipment revenue€794M+18%
- ALD market share≥55.0%
- Customers standardizing process flows to enable easier multi-sourcing
- Node delays or architecture shifts reducing the value of existing qualifications
- Competitors winning the next qualification cycle before high-volume production
- NewsASM reports second quarter 2026 results - 1.4nm ALD winsJul 28, 2026
- NewsASM reports second quarter 2026 results - DRAM Epi selectionJul 28, 2026
- NewsASM reports second quarter 2026 results - CVD qualificationsJul 28, 2026
- Applies to
- Spares and services
- Confidence
- Durability
- durable
- Trajectory
- stableas of Jul 28, 2026
ASM tools create repeat demand for process-specific OEM spares, upgrades and support. Q2 2026 service growth and further outcome-based adoption support customer dependence on its process knowledge. The category also includes installation and qualification since 2025, so its sales growth does not measure recurring demand alone.
Q2 2026 Spares & Services revenue reached EUR208.7 million, up a reported 29% year on year, with further outcome-based service adoption; this supports the installed-base business, but ASM does not publish retention or third-party-part penetration.
- Spares & Services revenue€209M+29%
- Customers self-maintaining mature tools or qualifying third-party parts
- Fab-utilization declines reducing transactional spares demand
- Service-price concessions negotiated alongside future equipment awards
- NewsASM reports second quarter 2026 results - Spares & ServicesJul 28, 2026
- SourceService products | ASMAug 8, 2026
Profile change log
- Oct 7, 2026 · business change
ASM launched XP8 Vertos Flowable Carbon with initial high-volume deployment, combining gap fill and planarization in one PECVD step. This adds a new logic and memory patterning application; revenue and customer count are undisclosed (ASM September 22 announcement).
- Oct 7, 2026 · business change
ASM completed its EUR150 million buyback, repurchasing 185,522 shares for employee and board share awards. The program supports capital returns but also offsets compensation dilution (ASM September 15 announcement).
- Oct 7, 2026 · business change
ASM proposed former Infineon COO Rutger Wijburg for its Supervisory Board, adding semiconductor manufacturing experience if shareholders approve his appointment in March 2027 (ASM September 7 announcement).
- Oct 7, 2026 · business change
ASM raised its outlook to EUR1.1 billion plus or minus 5% in Q3 revenue at constant currency and expects 2027 sales above the earlier EUR4.6 billion upper target. New-node demand must convert into shipments (Q2 2026 results).
- Oct 7, 2026 · business change
ASM nominated Chris Figee as its next CFO, with a planned December 1 start and March 2027 shareholder vote. Paul Verhagen remains CFO until appointment, preserving continuity (Q2 2026 results).
- Oct 7, 2026 · business change
ASM acquired Axus for EUR81.480 million of net cash, adding CMP equipment beside deposition and epitaxy. Employment-contingent consideration and earn-outs affect later costs and cash use (ASM Annual Report 2025, Note 1).
- Oct 7, 2026 · analyst revision
Replaced Q2 2026 revenue weights of 79.2% equipment and 20.8% services with the reported FY2025 mix of 77.4% and 22.6%. Added trajectories, market links, management and a testable debate; service evidence now identifies installation and qualification within the category.
- Oct 7, 2026 · business change
ASM repaid EUR4 per common share, or EUR208.774 million, from capital using part of its ASMPT sale proceeds. This was a separate capital return, not an ordinary dividend or stock split (ASM Annual Report 2018).
- Oct 7, 2026 · business change
ASM sold a further 9.1% stake in ASMPT in November 2017, leaving a stake near 25%. The gain supported reported profit and cash returns but did not come from wafer-equipment sales (ASM Annual Report 2017).
- Oct 7, 2026 · business change
ASM sold a 4.9% stake in ASMPT in April 2017, reducing its exposure to the equity-accounted back-end equipment business. Together with the November sale, this produced EUR284.898 million in annual gains (ASM Annual Report 2017).
Industry & peers
Peer map
Hover a point for its values; click a peer to compare. Dashed lines: industry medians.
Wafer fabrication equipment
Global sales of equipment used in wafer fabrication, including wafer processing, mask and reticle production, and fab facilities equipment. It excludes semiconductor test and assembly equipment; aftermarket service and spare parts are a separate market.
- ASML
- Applied Materials
- Lam Research
- Tokyo Electron
- KLA
| Stocks | Moat | Gross m. | Op. m. | |
|---|---|---|---|---|
| ASM | 82 | 51.8% | 30.2% | |
| Industry median | 9 | 82 | 52.7% | 35.3% |
| Sector median | 77 | 75 | 64.9% | 23.6% |
| All stocks median | 398 | 76 | 52.9% | 19.6% |
Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.
Drivers & risks
- AI accelerators and high-bandwidth memory require additional leading-edge capacity and more demanding process steps; deposition and etch can gain more work per wafer.
- Migration to gate-all-around logic, advanced DRAM and higher-layer 3D NAND increases process complexity even without equal growth in wafer output.
- Government incentives and regional fab construction add demand, but tool deliveries depend on completed clean rooms, power and customer qualification.
- Rates and the economic cycle affect the cost of financing new fabs and customer electronics demand. Strong memory pricing and high fab utilization encourage spending; excess capacity delays it.
- China is a leading equipment destination. Export licenses and entity restrictions can remove customers, parts sales and service opportunities, while local suppliers gain supported demand.
- A few large foundries and memory makers decide much of the spending. Order delays, memory overcapacity or a slower return on AI investment can sharply reduce shipments.
- Node transitions reopen supplier selection. Applied Materials, Tokyo Electron, ASM International and local suppliers can win new process steps even when incumbents retain installed tools.
- Tariffs, scarce components, specialty materials and skilled engineers can raise equipment costs or delay delivery. Rare-earth licensing and supply restrictions add further exposure.
- Supplier sales are largely in U.S. dollars, but manufacturing and operating costs span currencies. Exchange-rate moves change costs, customer spending power and the economics of local production.
Bulls & bears
Can ASM turn new-node process wins into sustained equipment and service cash earnings through a chip-spending cycle, despite customer concentration and China restrictions?
Arguments
What to watch
- 1Equipment sales and 1.4nm/DRAM ALD and Epi production wins
- 2Recast Spares & Services revenue and outcome-based adoption
- 3Operating cash flow after property, development and intangible purchases
Next check: Q3 2026 results on October 27, followed by the October 28 conference call: test EUR1.1 billion constant-currency revenue guidance, 1.4nm ramp, memory demand and working-capital recovery.
Sources: company filings and dated sources collected for Find My Moat; market cap as of Oct 6, 2026. Not investment advice.
Free to reuse, commercially too, with a credit link. See the data license.
Moat Score 82/100 by <a href="https://www.findmymoat.com/stocks/XAMS:ASM">Find My Moat</a> (as of September 2026)Request update
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