ASM International NV (ASMIY)
OTHER OTC:ASMIY
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ASM International
(OTC:ASMIY)
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Rating:76Outperform
Price Target:
$1,109.00
▲(100.09% Upside)
Action:ReiteratedDate:04/23/26
The score is driven primarily by strong financial quality (high margins, sharp TTM growth, and a very conservative balance sheet) and a clear bullish price trend. This is tempered by expensive valuation and cash-flow/working-capital volatility highlighted in the latest quarter, plus some supply-chain and China visibility risks.
Positive Factors
Conservative Balance Sheet
Extremely low leverage and an effectively zero net-debt position, plus about EUR 1bn cash at quarter end, give ASM durable financial flexibility. This supports funding R&D, site buildout and cyclical capex without stress, preserving resilience through semiconductor cycles.
Negative Factors
Cash-Flow Volatility
Material swings in free cash flow and a large working-capital build create uncertainty in cash conversion. Persistent volatility can increase short-term financing needs, constrain reinvestment timing, and raise execution risk around elevated capex and R&D commitments during multi-year technology investments.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative Balance Sheet
Extremely low leverage and an effectively zero net-debt position, plus about EUR 1bn cash at quarter end, give ASM durable financial flexibility. This supports funding R&D, site buildout and cyclical capex without stress, preserving resilience through semiconductor cycles.
Read all positive factors
ASM International (ASMIY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$49.48B
Dividend Yield0.55%
Average Volume (3M)395.00
Price to Earnings (P/E)33.4
Beta (1Y)1.47
Revenue Growth21.38%
EPS Growth49.42%
CountryUS
Employees4,558
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)5.87
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/Revenue13.02
Enterprise Value/Gross Profit25.13
Enterprise Value/Ebitda29.39
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)25.1
Revenue Forecast (FY)$4.59B
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 primarily makes money by selling semiconductor wafer fabrication equipment to chipmakers and foundries, with revenue typically recognized around system delivery/acceptance under customer contracts. Its core revenue stream is equi...
ASM International Earnings Call Summary
Earnings Call Date:Apr 21, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 28, 2026
Earnings Call Sentiment Positive
The call conveyed strong operational and financial momentum: revenue beat guidance, robust YoY and sequential growth, record operating margin, healthy customer demand across advanced logic/foundry and memory, and strategic progress on 1.4nm and advanced packaging. Offsetting risks include a negative free cash flow driven by a working capital build, supply‑chain and lead‑time pressures, China visibility and policy uncertainty, and elevated near‑term capital and operating spend. On balance the positives (demand, margin strength, tech positioning and guidance) materially outweigh the near‑term cash and delivery risks.Positive Updates
Revenue Beat and Strong Growth
Q1 revenue of EUR 863 million, at the high end of guidance (EUR 830M ±4%); revenue +16% year‑on‑year (constant currency) and +26% sequential vs Q4 2025.
Negative Updates
Negative Free Cash Flow and Working Capital Build
Free cash flow negative EUR 48 million in Q1, largely from working capital outflow; days of working capital rose to 69 from 45 at end‑December driven by higher accounts receivable and back‑end loaded sales.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue Beat and Strong Growth
Q1 revenue of EUR 863 million, at the high end of guidance (EUR 830M ±4%); revenue +16% year‑on‑year (constant currency) and +26% sequential vs Q4 2025.
Read all positive updates
Company Guidance
ASM guided Q2 2026 revenue of EUR 980 million ±5% (at current currency) and said revenue in H2 will be higher than in H1; for FY2026 it expects gross margin at the higher end of the 47–51% target range, SG&A to fall below 9% of sales, net R&D to remain in the low‑double‑digit % of revenue range, and full‑year CapEx to be around or somewhat above the upper end of the prior EUR 150–250m guidance (Q1 CapEx was EUR 38m). In Q1 ASM reported EUR 863m revenue (+16% CC y/y, +26% vs Q4’25), equipment +14% CC, spares & services +23% CC, gross margin 53.3% (Q4’25 49.8%), operating margin 33.1% (operating profit +21% y/y CC), cash ≈EUR 1bn, free cash flow −EUR 48m, days working capital 69 (vs 45), a EUR 10m FX translation gain and EUR 7m share of income from investments (≈25% stake in ASMPT). Management reiterated China is expected to be first‑half weighted but up year‑on‑year, and that 1.4 nm pilot investment begins later in 2026 with first meaningful sales in H2 and further upside into 2027–28.ASM International Financial Statement Overview
Summary
Income Statement
88
Very Positive
Balance Sheet
93
Very Positive
Cash Flow
67
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.19B | 3.05B | 2.93B | 2.63B | 2.41B | 1.73B |
| Gross Profit | 1.65B | 1.58B | 1.48B | 1.27B | 1.14B | 828.13M |
| EBITDA | 1.41B | 1.15B | 990.54M | 834.57M | 594.06M | 667.76M |
| Net Income | 988.66M | 695.14M | 685.73M | 752.07M | 389.11M | 494.71M |
Balance Sheet | ||||||
| Total Assets | 5.83B | 5.33B | 5.16B | 4.23B | 3.75B | 2.71B |
| Cash, Cash Equivalents and Short-Term Investments | 981.60M | 1.03B | 926.00M | 637.26M | 419.31M | 491.51M |
| Total Debt | 72.08M | 63.97M | 35.26M | 33.56M | 28.12M | 23.46M |
| Total Liabilities | 1.54B | 1.33B | 1.41B | 999.92M | 1.00B | 469.33M |
| Stockholders Equity | 4.29B | 4.00B | 3.75B | 3.23B | 2.75B | 2.24B |
Cash Flow | ||||||
| Free Cash Flow | 424.36M | 815.59M | 532.92M | 418.18M | 333.01M | 223.79M |
| Operating Cash Flow | 767.77M | 1.03B | 897.65M | 735.89M | 541.49M | 380.64M |
| Investing Cash Flow | -631.23M | -608.59M | -349.97M | -289.04M | -474.88M | -114.40M |
| Financing Cash Flow | -316.66M | -301.13M | -301.03M | -236.05M | -132.60M | -240.26M |
ASM International Technical Analysis
Positive
554.24
Price Trends
815.72
Positive
748.24
Positive
657.34
Positive
Market Momentum
30.14
Negative
68.48
Neutral
100.00
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 815.14, below the 50-day MA of 815.72, and below the 200-day MA of 657.34, indicating a bullish trend. The MACD of 30.14 indicates Negative momentum. The RSI at 68.48 is Neutral, neither overbought nor oversold. The STOCH value of 100.00 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | $29.77B | 14.74 | 11.36% | 6.06% | 5.87% | -20.93% | |
76 Outperform | $49.48B | 33.38 | 25.25% | 0.55% | 21.38% | 49.42% | |
69 Neutral | $34.38B | 21.96 | 7.68% | ― | 0.25% | -106.22% | |
65 Neutral | $69.13B | 26.78 | 12.81% | 2.29% | 8.01% | 10.41% | |
65 Neutral | $38.70B | 183.93 | 1.53% | ― | -16.13% | -81.06% | |
65 Neutral | $45.38B | 215.94 | 0.97% | 1.28% | -17.33% | -76.71% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
* Technology Sector Average
ASMIY
ASM International
1,015.38
531.02
109.63%
ASX
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ON
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STM
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UMC
United Micro
12.28
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85.30%
GFS
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61.79
26.56
75.39%
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.