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ASML Holding N.V. ASML

AmsterdamSemiconductor equipment and materialsFinancials to Jun 28, 2026 · Updated Oct 6, 2026

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ASML financials
Moat score
77
ROIC
57.6%
P/E
59.8
EV/EBIT
50.5
FCF yield
1.6%
Dividend yield
0.5%
Market cap
€636.1B

Moat ranks

Score rankTied #181 of 396
Durabilitydurable
Market structureOligopoly
Pricing powermoderate

Balance sheet

6/28/26
€BDec 31Jun 28
Cash12.96.7
Securities0.40.9
Debt4.43.7
Net cash8.93.9
Equity19.621.8
Leverage
Debt / EBITDA
0.27×
Debt / equity
0.17×
Leases (12/31/25)
€251M
Capital
Diluted shares
385M
Book value / share
€56.70
Price / book
29.1×
Net cash / share
€10.03
Market cap
€636.1B
Enterprise value
€632.3B

Per-share record

Fiscal years and TTM
Scale
€0€25€50€75€100'16'17'18'19'20'21'22'23'2484.00'2591.78TTM
Revenue per shareCash flow per share

Key indicators

Latest: Q2 '26
IndicatorLatestVs year agoLast 8 quarters
Revenue growth21.3%-2.0 pts
Operating margin37.1%+2.4 pts
FCF margin14.1%+10.0 pts
Capex / revenue4.1%-1.4 pts
Installed Base Management sales€2.8B+32%
EUV systems sold · 12/31/2548+9%
High-NA systems sold · 12/31/254+100%
DUV immersion systems sold · 12/31/25131+2%
Metrology and inspection systems sold · 12/31/25208+26%

Margins and growth from reported quarters; company KPIs as reported in results releases.

About ASML

ASML sells lithography systems, inspection tools and service to chipmakers. In 2025, DUV represented 37% of revenue, EUV 36%, installed-base service and upgrades 25%, and metrology and inspection 3%.

Revenue mix
DUV lithography systems 36.9%EUV lithography systems (incl. High-NA) 35.5%Installed Base Management (service, upgrades, field options) 25.1%Applications, metrology and inspection 2.5%
  • Supply Chain Control

    EUV capability depends on tightly coupled, hard-to-replicate subsystems (especially optics).

  • Capex Knowhow Scale

    High-NA EUV tools are extremely expensive and technically complex, implying large capital and R&D barriers to entry.

  • Brand Trust

    Leading chipmakers rely on ASML as the critical supplier of EUV tools; procurement tends to favor proven uptime, yield and roadmap credibility.

  • Switching Costs General

    DUV scanners operate in tightly matched fleets where nanometer-level overlay and DUV to EUV cross-matching affect yield.

Timeline
  1. Sep 7, 2026

    ASML and TSMC formed a 12-inch photomask initiative for High-NA EUV. TSMC plans High-NA volume production from 2030; the larger-mask pilot targets 2031 and production readiness 2033.

  2. Jul 15, 2026

    ASML raised its 2026 sales outlook to EUR43 billion to EUR45 billion and planned 30% more low-NA EUV and immersion DUV capacity in 2027, responding to stronger customer demand.

  3. Jan 28, 2026

    ASML proposed a Technology and IT reorganization with a net reduction of around 1,700 roles, seeking faster engineering decisions while risking disruption to scarce technical teams.

  4. Sep 9, 2025

    ASML invested EUR1.3 billion in Mistral AI and agreed a long-term AI partnership, adding a strategic stake and a route to improve engineering and lithography software.

Ownership

To 10/6/26
CEO
Christophe Fouquet
Since 2024 · 2 yrs
Professional CEOSingle share class
Insider trades0
Planned sales0

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Financial record

Fiscal year2016201720182019202020212022202320242025TTMTrendChange 2016–25
Per share (€)
Revenue16.0720.7725.6728.0433.3545.3553.2069.9371.8184.0091.78+20.2%/yr
Cash flow3.904.217.217.7711.0426.4321.3213.8128.3732.5529.84+26.6%/yr
Earnings3.644.796.086.158.4814.3414.1319.8919.2424.7127.64+23.7%/yr
Free cash flow3.143.385.785.678.6524.1418.018.2423.0828.3625.70+27.7%/yr
Capex0.760.831.432.102.392.293.315.575.294.194.14+20.9%/yr
Dividends1.041.201.403.142.543.336.435.966.236.567.52+22.7%/yr
Book value23.3224.7727.3029.8733.0824.7122.1434.1346.9450.4356.70+8.9%/yr
Diluted shares (M)428432426422419410398394394389385-1.1%/yr
Totals (€B)
Revenue6.99.010.911.814.018.621.227.628.332.735.3+18.9%/yr
Operating income1.82.43.02.84.16.86.59.09.011.312.5+23.0%/yr
Net income1.62.12.62.63.65.95.67.87.69.610.6+22.4%/yr
Free cash flow1.31.52.52.43.69.97.23.29.111.09.9+26.4%/yr
Buybacks0.40.51.10.41.28.64.61.00.56.03.9+35.0%/yr
Dividends0.40.50.61.31.11.42.62.32.52.62.9+21.4%/yr
Net cash0.70.31.01.62.73.03.12.48.18.93.9+€8.2B
Margins & returns (%)
Gross margin45.744.946.044.748.652.750.551.351.352.852.7+7.1 pts
Operating margin25.627.227.123.629.036.330.732.831.934.635.4+9.0 pts
Net margin22.723.123.721.925.431.626.628.426.829.430.1+6.8 pts
FCF margin19.516.322.520.225.953.233.911.832.133.828.0+14.2 pts
ROIC15.719.323.021.029.978.294.367.571.587.457.6+71.7 pts
Return on equity15.619.322.320.625.658.063.858.341.049.048.7+33.4 pts
R&D % of revenue–14.114.416.715.713.715.414.415.214.413.7–
Stock pay % of revenue0.70.60.40.60.40.60.30.50.60.60.6-0.1 pts
Capex % of revenue4.74.05.67.57.25.16.28.07.45.04.5+0.3 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.

TTM = four quarters to Jun 28, 2026. Per-share values use diluted weighted shares.ROIC = operating income × (1 − 17.4% tax rate, the company's own over three fiscal years excluding one-offs) ÷ (equity + debt − cash and current securities). Returns show a dash when their base is negative or under 10% of revenue. Free cash flow = operating cash flow − capex. Debt is all borrowings; net cash counts long-term securities and excludes leases.

Moat

Moat scorecard

Moat score77
Strength
Confidence
Structure
Oligopoly
Durability
durable
Trajectory
stable
Pricing power
moderate
Segments
  • EUV lithography systems (incl. High-NA)35.5%
    3 claims
  • DUV lithography systems36.9%
    1 claim
  • Applications, metrology and inspection2.5%
    1 claim
  • Installed Base Management (service, upgrades, field options)25.1%
    2 claims

Moat claims

Applies to
EUV lithography systems (incl. High-NA)
Confidence
Durability
durable
Trajectory
stableas of Oct 6, 2026
Why it holds

EUV capability depends on tightly coupled, hard-to-replicate subsystems (especially optics). ZEISS SMT is described as an exclusive optics supplier for ASML EUV tools.

Why stable

ZEISS remains the exclusive EUV optics supplier. ASML plans 30% more low-NA capacity in 2027, but the same critical supplier dependency remains.

Indicators
  • EUV systems sold48+9%
  • High-NA systems sold4+100%
Risks
  • Supplier concentration (ZEISS optics)
  • Geopolitical export controls disrupt supply chain

Profile change log

  1. Oct 6, 2026 · business change

    ASML and TSMC formed a 12-inch photomask initiative for High-NA EUV. TSMC plans High-NA volume production from 2030; the larger-mask pilot targets 2031 and production readiness 2033.

  2. Oct 6, 2026 · business change

    ASML raised its 2026 sales outlook to EUR43 billion to EUR45 billion and planned 30% more low-NA EUV and immersion DUV capacity in 2027, responding to stronger customer demand.

  3. Oct 6, 2026 · business change

    ASML proposed a Technology and IT reorganization with a net reduction of around 1,700 roles, seeking faster engineering decisions while risking disruption to scarce technical teams.

  4. Oct 6, 2026 · business change

    ASML invested EUR1.3 billion in Mistral AI and agreed a long-term AI partnership, adding a strategic stake and a route to improve engineering and lithography software.

  5. Oct 6, 2026 · analyst revision

    Full-year product sales replace rounded half-year mix estimates: DUV is the largest group. SMIC is removed from EUV customers, and dated evidence, moat trends, management and the investment debate make the business risks explicit.

Industry & peers

Peer map

0%10%20%30%40%50%60708090100Moat scoreIndustry medianASML
No peer numbers yet

Peers appear on the map as their numbers are collected.

ASML vs AMAT

Global DUV lithography systems

As of Oct 6, 2026
OligopolyHigh cyclicality

Semiconductor wafer-patterning systems using ArF immersion, ArF dry, KrF and i-line optical exposure. Excludes EUV, mask writers, flat-panel-display lithography and service; includes ASML technology sales classified as DUV.

  1. ASML
  2. Nikon
  3. Canon
2025 leaders, no comparable shares · ASML 2025 US GAAP annual report
StocksMoatGross m.Op. m.
ASML7752.7%35.4%
Industry median98252.7%35.3%
Sector median777564.9%23.6%
All stocks median3987652.9%19.6%

Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.

Drivers & risks

Demand drivers
  • DUV patterns many layers even in fabs using EUV, so leading-edge investment also creates immersion demand.
  • Mature-node logic, analog, power and specialty devices require ongoing dry-tool investment and replacement.
  • Matching DUV to EUV fleets makes overlay and process qualification commercially valuable.
  • AI memory capacity and more complex chip structures increase exposure and alignment requirements.
  • Higher rates and weak device demand delay fab equipment orders; local industrial support can offset part of that cycle.
Risks
  • China licensing rules and weaker permitted customer demand can reduce accessible revenue and accelerate local substitution.
  • Nikon and Canon supply alternatives; fleet integration alone does not prove an exclusive supplier position.
  • Mature-node overcapacity and used-tool supply weaken new-system demand and pricing.
  • Wages, precision-component costs and supplier bottlenecks pressure delivery economics even during strong demand.
  • Currency moves change the relative cost of euro-priced and yen-priced tools and customer investment budgets.

Bulls & bears

Key question · as of Oct 6, 2026

Can rising lithography demand and installed-base upgrades convert into sustained cash earnings as export limits, supplier capacity and slow High-NA adoption constrain growth?

Arguments

3 forFaded: weakening or settled4 against

What to watch

  1. 1EUV and High-NA systems with revenue recognized, and customer volume-production milestones
  2. 2Installed Base Management sales and immersion DUV system sales
  3. 3Operating cash flow, customer receivables and China system sales

Next check: Q3 2026 results on October 14, 2026: check the raised sales outlook, cash collections, regional mix and tool acceptance.

Sources: company filings and dated sources collected for Find My Moat; market cap as of Oct 5, 2026. Not investment advice.

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Moat Score 77/100 by <a href="https://www.findmymoat.com/stocks/XAMS:ASML">Find My Moat</a> (as of September 2026)

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