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ASML Holding
(NASDAQ:ASML)
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Rating:82Outperform
Price Target:
$2,203.00
▲(50.91% Upside)
Action:Reiterated
Date:06/12/26
ASML scores well primarily on strong financial performance (high margins, low leverage) and a very constructive earnings update with raised full-year revenue guidance and solid operational progress. Technicals also support the score with a clear uptrend and strong momentum. The main constraint is valuation, with a high P/E and a low dividend yield increasing sensitivity to execution and policy-related uncertainties (e.g., export controls).
Positive Factors
High profitability and margins
Sustained, industry-leading margins reflect strong pricing power, high R&D and scale economics in advanced lithography. Durable margins support reinvestment in EUV roadmaps, cushion cyclical revenue swings, and enable consistent funding of upgrades, services and long-term R&D.
Negative Factors
Free cash flow volatility
Material swings in FCF relative to earnings reduce predictability of internally available funds for capex and shareholder returns. In a capex-heavy cycle, lower FCF conversion increases reliance on cash reserves or debt, raising execution risk during downturns.
Read all positive and negative factors
Positive Factors
Negative Factors
High profitability and margins
Sustained, industry-leading margins reflect strong pricing power, high R&D and scale economics in advanced lithography. Durable margins support reinvestment in EUV roadmaps, cushion cyclical revenue swings, and enable consistent funding of upgrades, services and long-term R&D.
Read all positive factors
ASML Holding Key Performance Indicators (KPIs)
Any
Lithography Systems Sold
Indicates the number of lithography machines sold, reflecting demand for ASML's cutting-edge technology and its market leadership in semiconductor manufacturing equipment.
Indicates the number of lithography machines sold, reflecting demand for ASML's cutting-edge technology and its market leadership in semiconductor manufacturing equipment.
Data provided by:
The Fly
The FlyASML Holding (ASML) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$686.42B
Dividend Yield0.63%
Average Volume (3M)1.91M
Price to Earnings (P/E)61.0
Beta (1Y)1.46
Revenue Growth18.56%
EPS Growth26.42%
CountryUS
Employees43,882
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)25.89
Shares Outstanding388,147,670
10 Day Avg. Volume2,484,460
30 Day Avg. Volume1,910,415
Financial Highlights & Ratios
PEG Ratio1.29
Price to Book (P/B)18.05
Price to Sales (P/S)10.83
P/FCF Ratio33.22
Enterprise Value/Market Cap0.92
Enterprise Value/Revenue18.79
Enterprise Value/Gross Profit35.72
Enterprise Value/Ebitda47.44
Forecast
1Y Price Target
$2,019.00Price Target Upside38.31% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)37.24
Revenue Forecast (FY)$45.86B
ASML Holding Business Overview & Revenue Model
Company Description
ASML Holding N.V. provides lithography solutions for the development, production, marketing, sales, upgrading, and servicing of advanced semiconductor equipment systems. The company offers lithography, metrology, and inspection systems. It also pr...
How the Company Makes Money
ASML primarily makes money by selling semiconductor lithography systems to chip manufacturers and by providing ongoing, high-value support over the installed base of those tools.
1) System sales (capital equipment):
- The largest revenue driver i...
ASML Holding Earnings Call Summary
Earnings Call Date:Apr 15, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 15, 2026
Earnings Call Sentiment Positive
The call presents a strongly positive operational and financial picture: Q1 results beat or were at the high end of guidance (sales, Installed Base, gross margin, net income), management raised and narrowed full-year revenue expectations to EUR 36–40 billion, and technology milestones (1,000W source, throughput improvements) support medium- and long-term capacity. Demand is robust, driven by AI, memory and logic, and non-EUV momentum has improved. Remaining concerns include a slow start to immersion sales, conditionality around ambitious 2027 unit targets, modest near-term margin compression for Q2, and uncertainty from export control discussions. Overall, the positive items outweigh the negatives.Positive Updates
Strong Q1 Financials
Total net sales of EUR 8.8 billion (within guidance); Installed Base revenue of EUR 2.5 billion (a bit above guidance); gross margin of 53% (at the high end of guidance); net income of EUR 2.8 billion.
Negative Updates
Immersion DUV Slow Start
Immersion deep-UV experienced a slower start in the year due to earlier expectations of lower demand; management now expects unit sales for 2026 to come close to last year's levels, but a delayed ramp was noted.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Q1 Financials
Total net sales of EUR 8.8 billion (within guidance); Installed Base revenue of EUR 2.5 billion (a bit above guidance); gross margin of 53% (at the high end of guidance); net income of EUR 2.8 billion.
Read all positive updates
Company Guidance
The company reiterated detailed near‑term guidance and targets: Q1 net sales were EUR 8.8 billion (including EUR 2.5 billion Installed Base revenue), gross margin 53% (high end of guidance) and net income EUR 2.8 billion; Q2 sales are guided at EUR 8.4–9.0 billion (with ~EUR 2.5 billion Installed Base) and gross margin 51–52%; full‑year 2026 revenue was narrowed and raised to EUR 36–40 billion with a maintained gross‑margin expectation of 51–53%. Operational targets include at least 60 EUV Low NA systems output in 2026 and a path to at least 80 Low NA units in 2027 (if demand holds), immersion unit shipments “pretty close” to last year’s unit count despite a slow start, and increased non‑EUV demand versus prior expectations; technology throughput upgrades cited: NXE:3800E up 220→230 wafers/hour, NXE:3800F to 260 wph (from 250), and a 1,000‑watt source enabling 330 wph by 2031 — and management says the guidance range can accommodate potential export‑control outcomes.ASML Holding Financial Statement Overview
Summary
Income Statement
92
Very Positive
Balance Sheet
88
Very Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 33.69B | 32.67B | 28.26B | 27.56B | 21.17B | 18.61B |
| Gross Profit | 17.72B | 17.26B | 14.49B | 14.14B | 10.70B | 9.81B |
| EBITDA | 13.35B | 12.55B | 10.12B | 9.98B | 7.10B | 7.23B |
| Net Income | 10.01B | 9.61B | 7.57B | 7.84B | 5.62B | 5.88B |
Balance Sheet | ||||||
| Total Assets | 48.06B | 50.55B | 48.59B | 40.11B | 36.00B | 30.32B |
| Cash, Cash Equivalents and Short-Term Investments | 8.38B | 13.32B | 12.74B | 7.04B | 7.32B | 7.61B |
| Total Debt | 2.71B | 2.71B | 4.99B | 4.88B | 4.42B | 4.76B |
| Total Liabilities | 27.23B | 30.94B | 30.11B | 26.61B | 27.26B | 20.15B |
| Stockholders Equity | 20.83B | 19.60B | 18.48B | 13.50B | 8.74B | 10.17B |
Cash Flow | ||||||
| Free Cash Flow | 8.56B | 10.65B | 9.50B | 3.23B | 7.04B | 10.37B |
| Operating Cash Flow | 10.73B | 12.16B | 11.66B | 5.35B | 8.29B | 11.31B |
| Investing Cash Flow | -4.39B | -3.63B | -2.73B | -2.64B | -1.00B | -75.06M |
| Financing Cash Flow | -7.77B | -8.33B | -2.96B | -2.95B | -6.97B | -10.31B |
ASML Holding Technical Analysis
Positive
1459.80
Price Trends
1613.20
Positive
1503.33
Positive
1291.14
Positive
Market Momentum
65.09
Positive
53.63
Neutral
30.27
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ASML, the sentiment is Positive. The current price of 1459.8 is below the 20-day moving average (MA) of 1784.83, below the 50-day MA of 1613.20, and above the 200-day MA of 1291.14, indicating a bullish trend. The MACD of 65.09 indicates Positive momentum. The RSI at 53.63 is Neutral, neither overbought nor oversold. The STOCH value of 30.27 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ASML.
ASML Holding Risk Analysis
ASML Holding disclosed 28 risk factors in its most recent earnings report. ASML Holding reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
ASML Holding Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
85 Outperform | $324.79B | 69.94 | 89.07% | 0.58% | 13.43% | 28.40% | |
82 Outperform | $686.42B | 60.96 | 51.97% | 0.63% | 18.56% | 26.42% | |
82 Outperform | $1.90T | 31.46 | 36.93% | 0.82% | 37.40% | 54.80% | |
80 Outperform | $497.69B | 58.64 | 39.78% | 0.69% | 3.35% | 29.52% | |
78 Outperform | $474.08B | 71.26 | 65.79% | 0.56% | 26.53% | 47.73% | |
63 Neutral | $644.94B | -206.97 | -2.95% | ― | 1.36% | 86.07% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
* Technology Sector Average
ASML
ASML Holding
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125.43%
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ASML Holding Corporate Events
ASML Shareholders Approve 2025 Dividend, Capital Measures and Board Changes at 2026 AGM
Apr 23, 2026
ASML Holding N.V., the Dutch semiconductor equipment maker, reported the results of its April 22, 2026 Annual General Meeting, where shareholders adopted the 2025 statutory financial statements and approved a total 2025 dividend of €7.50 per...
ASML Lifts 2026 Sales Outlook After Strong Q1 and Boosts Dividend
Apr 15, 2026
ASML, a key lithography equipment provider to global chipmakers, reported its first-quarter 2026 results on April 15, 2026, posting total net sales of €8.8 billion and net income of €2.8 billion, with a gross margin of 53.0%. The compa...
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.