ASM International NV (ASMIY)
OTHER OTC:ASMIY
Top Page
ASM International
(OTC:ASMIY)
Select Model
Select Model
Rating:83Outperform
Price Target:
$967.00
▲(74.47% Upside)
Action:ReiteratedDate:03/06/26
The score is driven primarily by strong financial fundamentals (high profitability, very low leverage, and solid cash generation) and supportive technical trend signals. This is tempered by a high valuation (P/E ~36 and low yield) and some cyclical/visibility risks highlighted on the earnings call despite upbeat 2026 demand and margin guidance.
Positive Factors
High Profitability
Sustained high gross and net margins indicate durable pricing power and differentiated technology (ALD/epitaxy). Robust margins support reinvestment in R&D, absorb cyclical downturns, and enable consistent internal funding for product development and long-term competitiveness.
Negative Factors
China Market Weakness
A substantial decline in China bookings represents a structural revenue risk given China's size in semiconductor demand. Export controls and reduced Chinese customer spending can permanently reduce addressable market share and delay product ramps, pressuring multi-year growth trajectories.
Read all positive and negative factors
Positive Factors
Negative Factors
High Profitability
Sustained high gross and net margins indicate durable pricing power and differentiated technology (ALD/epitaxy). Robust margins support reinvestment in R&D, absorb cyclical downturns, and enable consistent internal funding for product development and long-term competitiveness.
Read all positive factors
ASM International (ASMIY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$41.81B
Dividend Yield0.55%
Average Volume (3M)395.00
Price to Earnings (P/E)36.2
Beta (1Y)1.46
Revenue Growth21.38%
EPS Growth49.42%
CountryUS
Employees4,558
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)4.02
Shares Outstanding49,328,550
10 Day Avg. Volume0
30 Day Avg. Volume395
Financial Highlights & Ratios
PEG Ratio22.99
Price to Book (P/B)6.28
Price to Sales (P/S)8.26
P/FCF Ratio30.86
Enterprise Value/Market Cap0.84
Enterprise Value/Revenue11.05
Enterprise Value/Gross Profit21.32
Enterprise Value/Ebitda25.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)21.94
Revenue Forecast (FY)$4.27B
ASM International Business Overview & Revenue Model
Company Description
ASM International NV, together with its subsidiaries, engages in the research, development, manufacture, marketing, and servicing of equipment and materials that are used to produce semiconductor devices in the United States, Europe, and Asia. Its...
How the Company Makes Money
ASM International generates revenue primarily through the sale of its semiconductor manufacturing equipment and systems, which are sold to foundries and integrated device manufacturers (IDMs) globally. The company's revenue model includes both pro...
ASM International Earnings Call Summary
Earnings Call Date:Mar 03, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 21, 2026
Earnings Call Sentiment Positive
The call presents a largely positive picture: ASM delivered record annual revenue, strong operating profit growth, record operating margin and robust free cash flow while demonstrating clear momentum in advanced logic/foundry, recurring spares & services, and targeted strategic investments. Near-term headwinds include a Q4 revenue decline, quarterly margin compression, a reduced memory mix and weakness in power/analog/SiC, plus higher near-term R&D and CapEx. Management's guidance and commentary point to accelerating demand in 2026 (especially 2nm/1.4nm and China recovery), and on balance the operational achievements and forward-looking market opportunities outweigh the temporary challenges described.Positive Updates
Record Annual Revenue and Double-Digit Growth
Full-year 2025 sales reached EUR 3.2 billion, up 12% at constant currency (record high) and marking the company's ninth consecutive year of double-digit growth.
Negative Updates
Q4 Revenue Decline and Quarterly Margin Pressure
Q4 2025 revenue was EUR 698 million, down 7% year-on-year (constant currency) but above guidance. Q4 gross margin fell to 49.8% from 51.9% in Q3 and operating margin dropped to 25% for the quarter, reflecting lower revenue and mix effects.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Annual Revenue and Double-Digit Growth
Full-year 2025 sales reached EUR 3.2 billion, up 12% at constant currency (record high) and marking the company's ninth consecutive year of double-digit growth.
Read all positive updates
Company Guidance
The company guided Q1 2026 revenue to EUR 830 million ±4% (≈EUR 797–863m), with Q2 expected to be higher than Q1 and the second half of 2026 guided to be above the first half; advanced logic/foundry is expected to be the strongest segment, memory to show healthy growth, power/analog a modest recovery, and China sales are now expected to increase year‑over‑year. For 2026 management reiterated gross margin guidance of 46%–51% and said they expect to be toward the higher end of that range; net R&D is expected to remain in the low double‑digit area with Paul citing roughly ~10% as a modelling reference (net R&D was 12.5% in 2025), while SG&A should decline further as a percentage of sales (below 9% in 2026). Capital allocation and balance‑sheet metrics highlighted: 2025 CapEx was EUR 280m (vs prior guidance EUR 200–250m), 2026 CapEx will be driven by Scottsdale with Almere ramping later, free cash flow excluding M&A was a record EUR 615m (+12% ex‑M&A), year‑end cash was slightly north of EUR 1bn with no debt, and the company announced a new EUR 150m buyback and a proposed dividend of EUR 3.25/sh (up from EUR 3), having spent ~EUR 300m on dividends and buybacks in 2025; they also disclosed the Axus acquisition for EUR 81m (plus up to EUR 30m earn‑out) and said they will stop reporting quarterly bookings (will continue to disclose year‑end backlog and move to half‑year/annual segment sales).ASM International Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
95
Very Positive
Cash Flow
82
Very Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 3.05B | 2.93B | 2.63B | 2.41B | 1.73B |
| Gross Profit | 1.58B | 1.48B | 1.27B | 1.14B | 828.13M |
| EBITDA | 1.15B | 990.54M | 834.57M | 594.06M | 667.76M |
| Net Income | 695.14M | 685.73M | 752.07M | 389.11M | 494.71M |
Balance Sheet | |||||
| Total Assets | 5.33B | 5.16B | 4.23B | 3.75B | 2.71B |
| Cash, Cash Equivalents and Short-Term Investments | 1.03B | 926.00M | 637.26M | 419.31M | 491.51M |
| Total Debt | 63.97M | 35.26M | 33.56M | 28.12M | 23.46M |
| Total Liabilities | 1.33B | 1.41B | 999.92M | 1.00B | 469.33M |
| Stockholders Equity | 4.00B | 3.75B | 3.23B | 2.75B | 2.24B |
Cash Flow | |||||
| Free Cash Flow | 815.59M | 532.92M | 418.18M | 333.01M | 223.79M |
| Operating Cash Flow | 1.03B | 897.65M | 735.89M | 541.49M | 380.64M |
| Investing Cash Flow | -608.59M | -349.97M | -289.04M | -474.88M | -114.40M |
| Financing Cash Flow | -301.13M | -301.03M | -236.05M | -132.60M | -240.26M |
ASM International Technical Analysis
Positive
554.24
Price Trends
807.89
Positive
729.36
Positive
649.39
Positive
Market Momentum
3.70
Negative
61.52
Neutral
87.13
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ASMIY, the sentiment is Positive. The current price of 554.24 is below the 20-day moving average (MA) of 782.95, below the 50-day MA of 807.89, and below the 200-day MA of 649.39, indicating a bullish trend. The MACD of 3.70 indicates Negative momentum. The RSI at 61.52 is Neutral, neither overbought nor oversold. The STOCH value of 87.13 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
83 Outperform | $41.81B | 36.20 | 19.21% | 0.55% | 21.38% | 49.42% | |
77 Outperform | $23.76B | 14.74 | 11.36% | 6.06% | 5.87% | -20.93% | |
69 Neutral | $27.10B | 21.96 | 7.68% | ― | 0.25% | -106.22% | |
64 Neutral | $26.99B | 183.93 | 1.53% | ― | -16.13% | -81.06% | |
63 Neutral | $52.66B | 26.78 | 12.81% | 2.29% | 8.01% | 10.41% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
56 Neutral | $34.17B | 136.11 | 0.97% | 1.28% | -17.33% | -76.71% |
* Technology Sector Average
ASMIY
ASM International
858.58
443.98
107.08%
ASX
ASE Technology Holding Co
24.51
16.85
220.06%
ON
ON Semiconductor
68.49
33.61
96.36%
STM
STMicroelectronics
39.14
20.41
108.98%
UMC
United Micro
9.53
3.28
52.60%
GFS
GlobalFoundries Inc
48.70
14.89
44.04%
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.