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ASM International
(OTC:ASMIY)
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Rating:74Outperform
Price Target:
$918.00
▼(-6.13% Downside)
Action:Reiterated
Date:07/30/26
The score is driven primarily by strong financial quality (high margins and a near debt-free balance sheet) and a constructive earnings call with upgraded outlook and strong cash generation. Offsetting these positives are weak technicals (trading well below major moving averages) and a relatively expensive valuation (P/E 37.3 with a low dividend yield).
Positive Factors
High margins & profitability
Sustained high gross and operating margins indicate strong pricing power, favorable product mix (leading‑edge deposition tools) and operating leverage. Over 2–6 months this underpins durable cash generation and the ability to fund R&D and customer support through semiconductor cycles.
Negative Factors
Customer concentration (logic/foundry)
Heavy dependence on logic/foundry customers concentrates demand timing and node‑transition risk. If a few large customers delay transitions or shift supplier strategies, revenue and equipment utilization can swing materially, raising cyclicality over the coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
High margins & profitability
Sustained high gross and operating margins indicate strong pricing power, favorable product mix (leading‑edge deposition tools) and operating leverage. Over 2–6 months this underpins durable cash generation and the ability to fund R&D and customer support through semiconductor cycles.
Read all positive factors
ASM International (ASMIY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$44.96B
Dividend Yield0.42%
Average Volume (3M)2.19K
Price to Earnings (P/E)36.5
Beta (1Y)1.38
Revenue Growth10.55%
EPS Growth116.79%
CountryUS
Employees4,519
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)22.07
Shares Outstanding49,328,550
10 Day Avg. Volume4,481
30 Day Avg. Volume2,193
Financial Highlights & Ratios
PEG Ratio22.98
Price to Book (P/B)6.28
Price to Sales (P/S)8.26
P/FCF Ratio30.86
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)26.47
Revenue Forecast (FY)$4.69B
ASM International Business Overview & Revenue Model
Company Description
ASM International N.V., together with its subsidiary companies, operates internationally, focusing on the design, production, sales, and maintenance of cutting-edge equipment and specialized materials vital for creating semiconductor devices. Thei...
How the Company Makes Money
ASM International primarily generates revenue by selling semiconductor wafer fabrication equipment, with a major focus on deposition tools (notably ALD systems) used to deposit ultra-thin films during chip manufacturing. A significant portion of r...
ASM International Earnings Call Summary
Earnings Call Date:Jul 28, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 27, 2026
Earnings Call Sentiment Positive
The call conveyed a strong operational and financial performance: revenue and equipment sales beat expectations, margins and free cash flow were robust, and management upgraded longer‑term revenue ambition (2027 > prior top end). Key technology wins (1.4 nm, molybdenum, DRAM epi) and healthy order momentum underpin a confident outlook. Remaining concerns include China‑related visibility and export control uncertainty, seasonal weakness in mature logic/foundry in H2, supply‑chain stress and cost inflation, and a high concentration of equipment sales in logic/foundry. Overall the positive growth, profitability and cash generation materially outweigh the highlighted risks.Positive Updates
Revenue Beat and Strong Quarter-over-Quarter / Year-over-Year Growth
Q2 revenue of €1.0 billion exceeded guidance of €980 million; revenue grew 24% year‑on‑year (constant currency) and 15% sequentially versus Q1 2026.
Negative Updates
Mature Logic/Foundry Seasonality and H2 Decline
Mature logic/foundry was first‑half weighted in 2026 and is the only segment expected to be down in H2 2026, which could partially offset growth given China accounts for a sizable portion of mature node sales.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue Beat and Strong Quarter-over-Quarter / Year-over-Year Growth
Q2 revenue of €1.0 billion exceeded guidance of €980 million; revenue grew 24% year‑on‑year (constant currency) and 15% sequentially versus Q1 2026.
Read all positive updates
Company Guidance
The company guided Q3 revenue of €1.1 billion and expects second‑half revenue to be more than 20% above the first half on a constant‑currency basis (management implies ~€4.0 billion for 2026), with a first meaningful 1.4 nm contribution in H2‑26 and strong drivers from 2 nm, 3–7 nm and HBM/DRAM; Q2 revenue was €1.0 billion (+24% YoY cc, +15% QoQ), equipment sales +22% YoY cc, spares & services +34% YoY cc, and H1 equipment mix was 77% logic/foundry, 15% memory, 8% other; Q2 gross margin was 51.9% and full‑year gross margin is expected around 51%, adjusted operating margin was 33% (adjusted operating profit +27% YoY cc), SG&A improved to 7.9% of revenue (full year <8.5%), net R&D rose 22% YoY cc to 11.1% of revenue (target: low double‑digit %), cash was €1.2 billion, Q2 free cash flow a record €355 million with working capital days down to 50 (from 69), CapEx was €63 million in Q2 and full‑year CapEx is expected above the top end of the €150–€250 million range (>€250m) largely for Scottsdale, a €150 million share buyback starts in H2, order visibility is typically 6–9 months, and management now expects 2027 revenue to exceed the prior top‑end guidance of €4.6 billion.ASM International Financial Statement Overview
Summary
Income Statement
90
Very Positive
Balance Sheet
95
Very Positive
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.36B | 3.05B | 2.93B | 2.63B | 2.41B | 1.73B |
| Gross Profit | 1.74B | 1.58B | 1.48B | 1.27B | 1.14B | 828.13M |
| EBITDA | 1.46B | 1.15B | 990.54M | 834.57M | 594.06M | 667.76M |
| Net Income | 1.07B | 695.14M | 685.73M | 752.07M | 389.11M | 494.71M |
Balance Sheet | ||||||
| Total Assets | 6.13B | 5.33B | 5.16B | 4.23B | 3.75B | 2.71B |
| Cash, Cash Equivalents and Short-Term Investments | 1.18B | 1.03B | 926.00M | 637.26M | 419.31M | 491.51M |
| Total Debt | 70.47M | 63.97M | 35.26M | 33.56M | 28.12M | 23.46M |
| Total Liabilities | 1.69B | 1.33B | 1.41B | 999.92M | 1.00B | 469.33M |
| Stockholders Equity | 4.45B | 4.00B | 3.75B | 3.23B | 2.75B | 2.24B |
Cash Flow | ||||||
| Free Cash Flow | 643.96M | 815.59M | 532.92M | 418.18M | 333.01M | 223.79M |
| Operating Cash Flow | 996.27M | 1.03B | 897.65M | 735.89M | 541.49M | 380.64M |
| Investing Cash Flow | -629.93M | -608.59M | -349.97M | -289.04M | -474.88M | -114.40M |
| Financing Cash Flow | -287.16M | -301.13M | -301.03M | -236.05M | -132.60M | -240.26M |
ASM International Technical Analysis
Negative
977.91
Price Trends
1049.61
Negative
968.00
Negative
830.74
Positive
Market Momentum
-48.44
Positive
42.19
Neutral
30.17
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ASMIY, the sentiment is Negative. The current price of 977.91 is below the 20-day moving average (MA) of 991.06, below the 50-day MA of 1049.61, and above the 200-day MA of 830.74, indicating a neutral trend. The MACD of -48.44 indicates Positive momentum. The RSI at 42.19 is Neutral, neither overbought nor oversold. The STOCH value of 30.17 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ASMIY.
ASM International Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $44.96B | 36.47 | 25.91% | 0.39% | 10.55% | 116.79% | |
68 Neutral | $47.07B | 18.09 | 20.98% | 2.12% | 9.07% | 116.20% | |
65 Neutral | $27.43B | 35.45 | 6.66% | 0.22% | 0.80% | ― | |
63 Neutral | $31.76B | 57.88 | 7.45% | ― | -9.04% | -4.21% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
56 Neutral | $47.01B | 99.45 | 2.66% | 0.70% | 10.06% | -27.68% | |
53 Neutral | $75.50B | 39.90 | 14.45% | 1.13% | 18.30% | 82.12% |
* Technology Sector Average
ASMIY
ASM International
915.59
433.14
89.78%
ASX
ASE Technology Holding Co
36.68
26.77
270.28%
ON
ON Semiconductor
80.40
32.43
67.60%
STM
STMicroelectronics
52.19
27.29
109.64%
UMC
United Micro
18.69
11.97
178.17%
GFS
GlobalFoundries Inc
50.01
13.88
38.43%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.