ASM International NV (ASM) AI Stock Analysis

• Market Cap: €34.83B
• Dividend Yield: 0.58%
• Average Volume (3M): 180.94K
• Price to Earnings (P/E): 44.8
• Beta (1Y): 2.29
• Revenue Growth: 19.12%
• EPS Growth: 42.78%
• Country: NL
• Employees: 4,558
• Sector: General
• Sector Strength: N/A
• Industry: Semiconductors
• EPS (TTM): 4.20
• Shares Outstanding: 49,328,550
• 10 Day Avg. Volume: 169,277
• 30 Day Avg. Volume: 180,945
• PEG Ratio: -4.76
• Price to Book (P/B): 7.36
• Price to Sales (P/S): 9.41
• P/FCF Ratio: 51.77
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: €763.00
• Price Target Upside: 7.56% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 10
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 73 Outperform
• Price Target: €775.00 ▲(9.25% Upside)
• Action: Reiterated Date: 01/07/26
• Date: Action: Reiterated 01/07/26

The score is driven primarily by strong financial performance (high growth, solid margins, and very low leverage). It is moderated by technically overbought signals (high RSI/Stoch) and a relatively expensive valuation (P/E 36.05) with a low dividend yield.

Positive Factors

High revenue growth

Sustained TTM revenue growth of 65.6% reflects robust, structural demand for advanced semiconductor equipment. Durable top-line expansion supports larger R&D budgets, capacity investments and deeper customer relationships, strengthening ASM's long-term market position.

Strong margins and profitability

High gross and operating margins indicate differentiated, high-value products and pricing power. These margin levels provide durable earnings insulation, enabling continued investment in ALD and process technologies and supporting long-term service profitability and cash generation.

Very conservative balance sheet

Extremely low leverage and a high equity ratio give ASM flexibility to fund R&D, capex and strategic partnerships without refinancing risk. This financial strength helps absorb semiconductor cycle downturns and preserves the ability to invest in long-term technology leadership.

Negative Factors

Net margin has declined year-over-year

A year-over-year decline in net margin suggests rising costs, pricing pressure or adverse product mix. If sustained, margin erosion can reduce free cash flow and constrain funding for R&D and capacity expansion, weakening the durability of earnings despite revenue growth.

Free cash flow growth slowing

Slowing free cash flow growth, even with solid conversion ratios, limits available cash for reinvestment, strategic M&A or shareholder returns. Over multiple quarters this reduces financial optionality and could impede timely funding of new product development or capacity buildouts.

Cyclicality of capital-equipment model

Dependence on capital-equipment sales exposes ASM to semiconductor capex cycles and order volatility. Durable cyclicality can produce material swings in backlog, utilization and margins, requiring disciplined cost management and order-book visibility to sustain long-term performance.

ASM International NV 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 products include wafer processing deposition systems for single-wafer atomic layer deposition, plasma enhanced chemical vapor deposition, epitaxy, and batch diffusion/furnace systems, as well as provides spare parts and support services. The company also manufactures and sells equipment, which is used in wafer processing, encompassing the fabrication steps in which silicon wafers are layered with semiconductor devices. It serves manufacturers of semiconductor devices and integrated circuits. The company was formerly known as Advanced Semiconductor Materials International NV. ASM International NV was incorporated in 1968 and is headquartered in Almere, the Netherlands.

How the Company Makes Money

ASM generates revenue primarily through the sale of its semiconductor manufacturing equipment and related services. The company’s revenue model is built on selling capital equipment to semiconductor manufacturers, which includes both the initial sale of machinery and ongoing service contracts for maintenance and support. Key revenue streams come from new equipment sales, spare parts, and service agreements. Additionally, ASM benefits from technology partnerships and collaborations with major semiconductor companies, which can lead to joint development projects and increased orders. The growing demand for advanced semiconductor technologies, driven by trends like the Internet of Things (IoT), artificial intelligence (AI), and 5G, also significantly contributes to ASM's earnings.

ASM International NV Financial Statement Overview

Summary

Strong overall fundamentals: very high TTM revenue growth (65.6%), solid profitability (51.3% gross margin; 16.2% net margin), and an exceptionally strong balance sheet with minimal leverage (debt-to-equity 0.0105; equity ratio 73.1%). Cash flow conversion is healthy, though free cash flow growth has slowed and net margin is down versus last year.

Income Statement

ASM International NV demonstrates strong revenue growth with a TTM growth rate of 65.6%, indicating robust demand in the semiconductor industry. The company maintains healthy profitability with a gross profit margin of 51.3% and a net profit margin of 16.2% in the TTM. EBIT and EBITDA margins are also solid at 29.3% and 36.2%, respectively. However, the net profit margin has decreased compared to the previous year, suggesting some pressure on net earnings.

Balance Sheet

The balance sheet is strong, with a low debt-to-equity ratio of 0.0105, indicating minimal leverage and financial risk. The return on equity is healthy at 14.6%, reflecting efficient use of equity capital. The equity ratio stands at 73.1%, showcasing a solid capital structure with significant equity backing.

Cash Flow

ASM International NV shows a positive trend in cash flow with a 7.4% growth in free cash flow in the TTM. The operating cash flow to net income ratio is 0.93, indicating strong cash generation relative to net income. The free cash flow to net income ratio is 0.66, suggesting effective conversion of earnings into cash. However, the growth rate of free cash flow has slowed compared to previous periods.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	3.28B	2.93B	2.63B	2.41B	1.73B	1.33B
Gross Profit	1.70B	1.48B	1.27B	1.14B	828.13M	623.57M
EBITDA	1.44B	990.54M	1.03B	529.29M	593.38M	361.84M
Net Income	783.46M	685.73M	752.07M	389.11M	494.71M	285.40M
Balance Sheet
Total Assets	5.25B	5.16B	4.23B	3.75B	2.71B	2.23B
Cash, Cash Equivalents and Short-Term Investments	1.08B	926.50M	637.26M	419.31M	491.51M	435.23M
Total Debt	57.30M	35.26M	33.56M	28.12M	23.46M	6.22M
Total Liabilities	1.41B	1.41B	999.92M	1.00B	469.33M	375.21M
Stockholders Equity	3.84B	3.75B	3.23B	2.75B	2.24B	1.85B
Cash Flow
Free Cash Flow	809.87M	532.92M	418.18M	333.01M	223.79M	101.56M
Operating Cash Flow	1.17B	897.65M	735.89M	541.49M	380.64M	264.35M
Investing Cash Flow	-496.32M	-349.97M	-289.04M	-474.88M	-114.40M	-144.31M
Financing Cash Flow	-313.73M	-301.03M	-236.05M	-132.60M	-240.26M	-170.45M

ASM International NV Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 709.40
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NL:ASM, the sentiment is Positive. The current price of 709.4 is above the 20-day moving average (MA) of 697.44, above the 50-day MA of 631.68, and above the 200-day MA of 526.23, indicating a bullish trend. The MACD of 16.70 indicates Positive momentum. The RSI at 58.82 is Neutral, neither overbought nor oversold. The STOCH value of 84.26 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NL:ASM.

ASM International NV Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ASML	81 Outperform	€475.49B	50.33	53.85%	0.73%	22.77%	37.62%
ASM	73 Outperform	€34.83B	44.76	21.56%	0.58%	19.12%	42.78%
TWEKA	71 Outperform	€1.59B	25.00	7.75%	4.11%	-3.59%	-46.68%
BESI	63 Neutral	€15.10B	112.40	35.84%	1.65%	-5.75%	-17.63%
Sector *	55 Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%