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ASML USD

Sole supplier of extreme-ultraviolet lithography, the tool every leading-edge chip needs.

At a glance: strengths & risks
✓Revenue growing (+21% y/y, Q2 2026)✓Profit growing (+27% y/y, Q2 2026)✓Net cash balance sheet

Sector: Lithography equipment

US_ASML

Price chart

1 407.2 EURDay -0.87%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
1 407.2 EUR · -0.87%
Market cap
605.0 bn USD

Growth

Δ revenue y/y
24.4%
Δ EBITDA y/y
21.5%

Multiples

P/E (LTM)
48.8x
3y avg: 42.2x
P/B (FY)
26.3x
P/E (ann.)
44.7x
EV/EBITDA (LTM)
38.6x
3y avg: 31.8x
EV/EBITDA (ann.)
37.4x

Cash return

Dividend yield
0.6%
FCF yield (LTM)
1.3%

Value creation

fundamental value/yr, % of market cap
Value created / year
+9.7%
↓ details

Liquidity

Daily turnover (US listing)
856.8 mln EUR

Shares: connector/market_inputs

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

Monetary columns are in B USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueB USDOperating profitB USDD&AB USDEBITDAB USDNet profitB USDOperating CFB USDCapex + M&AB USDAssetsB USDEquityB USDROE (annualized)Net debtB USDSource
2026-06-30Q2 2026 (3M)OK10.8
y/y 24.4%
4.0
y/y 33.1%
—
y/y —
4.0
y/y 21.5%
3.4
y/y 30.7%
——57.2
y/y 8.8%
24.9
y/y 20.4%
55.5%-5.3Yahoo Finance
2026-03-31Q1 2026 (3M)OK10.2
y/y —
3.7
y/y —
0.3
y/y —
4.0
y/y —
3.2
y/y —
-2.5-0.555.3
y/y —
23.9
y/y —
54.6%-6.1Yahoo Finance
2025-12-31Q4 2025 (3M)OK11.4
y/y —
4.0
y/y —
0.3
y/y —
4.3
y/y —
3.3
y/y —
13.3-0.659.4
y/y 17.7%
23.0
y/y 20.1%
47.8%-10.0Yahoo Finance
2025-09-30Q3 2025 (3M)OK8.8
y/y —
2.9
y/y —
0.3
y/y —
3.2
y/y —
2.5
y/y —
0.7-0.452.9
y/y —
22.3
y/y —
15.5%-2.8Yahoo Finance
2025-06-30Q2 2025 (3M)OK8.7
y/y —
3.0
y/y —
0.3
y/y —
3.3
y/y —
2.6
y/y —
0.8-0.552.6
y/y —
20.6
y/y —
52.0%-4.2Yahoo Finance
2024-12-31FY 2024 (12M)OK30.5
y/y 2.2%
9.7
y/y -0.5%
1.2
y/y 17.5%
10.9
y/y 1.2%
8.2
y/y -3.7%
12.1-2.250.5
y/y 14.3%
19.2
y/y 29.1%
48.0%-8.4Yahoo Finance
2023-12-31FY 2023 (12M)OK29.9
y/y —
9.8
y/y —
1.0
y/y —
10.8
y/y —
8.5
y/y —
5.9-2.444.2
y/y —
14.9
y/y —
—-2.6Yahoo Finance

Conversion to USD. Balance sheet: rate effective on 2026-06-30, fixing date unspecified. Flows: sampled average at each calculation period's bounds and monthly 15ths. Latest source row: 2026-04-01 — 2026-06-30. Source: Frankfurter historical request.

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

010 00020 00030 00040 0002023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Year-over-year change

0%10%20%30%2023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-5 00005 00010 00015 0002023 FY2024 FY2025 H12025 q32025 q42026 q12026 q2

Net debt / cash ($ mln)

-12 500-10 000-7 500-5 000-2 50002023 FY2024 FY2025 q22025 q32025 q42026 q12026 q2

Profit and cash

Profit is cash-backed
In a typical year of 2022–2025 operating cash flow came to 1.40x of reported net profit; after capex, 1.17x.
year2022202320242025
cash flow / profit1.51x0.69x1.48x1.32x
accruals, % of assets-7.9%6.0%-7.4%-6.0%
Last twelve months (to 2026-06-30): 0.92x of profit came back as operating cash flow.
net debt / EBITDA -0.7x · capex 1.9x of depreciation
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: +9.7%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2026-06-30 vs 2025-06-30)
= (4 010 − 3 300) × 3.87
2 747
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (604 985 + -5 341) ÷ 15 520
30.0x — capped at 30x
3. Target multiple
(Current EV/EBITDA + 12) ÷ 2
= (30.0 + 12) ÷ 2
21.0x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= 1 187 + 0 + 0 − 0
1 187
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (2 747 × 21.0 + 1 187) ÷ 604 985
+9.7%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • FCF (LTM) approximated by latest FY (ended 2025-12-31, before the latest reported period 2026-06-30)
  • dividends/buybacks not in data - balance cash flow uses net-debt change only

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +16% vs +3% the year before — a +13.0 pp move. 3-year CAGR +16%.
revenue growth by year: 2023 +30% · 2024 +3% · 2025 +16%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Peer comparison

Group: materials (US). Every peer trades on the same market, so no adjustment is needed.

CompanyMarketCap, $bnEV/EBITDA
Ultra Clean Holdings, Inc.US2.121.8x
AXCELIS TECHNOLOGIES INCUS3.424.4x
LAM RESEARCH CORPUS287.928.1x
APPLIED MATERIALS INC /DEUS299.230.7x
KLA CORPUS190.332.2x
NOVA LTD.US9.935.6x
ONTO INNOVATION INC.US9.944.6x
FORMFACTOR INCUS7.745.8x
Group median31.4x
Group average32.9x
This companyUS605.038.6x

Group median 31.4x; this company 38.6x — a 23% premium.

Group average 32.9x; against the average this company is at a 18% premium.

At the adjusted group median the market cap would be -18% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 20.4x, Russia 3.7x, South Africa 5.0x, Kazakhstan 4.6x, India 17.0x, Indonesia 5.4x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-25; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-07-271.88 EUREx-dividend: 1.88 EUR per sharePaidYahoo Finance (ex-div)
2026-04-242.7 EUREx-dividend: 2.7 EUR per sharePaidYahoo Finance (ex-div)
2026-02-091.6 EUREx-dividend: 1.6 EUR per sharePaidYahoo Finance (ex-div)
2025-10-281.6 EUREx-dividend: 1.6 EUR per sharePaidYahoo Finance (ex-div)
2025-07-281.6 EUREx-dividend: 1.6 EUR per sharePaidYahoo Finance (ex-div)
2025-04-251.84 EUREx-dividend: 1.84 EUR per sharePaidYahoo Finance (ex-div)
2025-02-101.52 EUREx-dividend: 1.52 EUR per sharePaidYahoo Finance (ex-div)
2024-10-291.52 EUREx-dividend: 1.52 EUR per sharePaidYahoo Finance (ex-div)
2024-07-291.52 EUREx-dividend: 1.52 EUR per sharePaidYahoo Finance (ex-div)
2024-04-261.75 EUREx-dividend: 1.75 EUR per sharePaidYahoo Finance (ex-div)
2024-02-051.45 EUREx-dividend: 1.45 EUR per sharePaidYahoo Finance (ex-div)
2023-11-011.45 EUREx-dividend: 1.45 EUR per sharePaidYahoo Finance (ex-div)
2023-08-011.45 EUREx-dividend: 1.45 EUR per sharePaidYahoo Finance (ex-div)
2023-04-281.69 EUREx-dividend: 1.69 EUR per sharePaidYahoo Finance (ex-div)
2023-02-061.37 EUREx-dividend: 1.37 EUR per sharePaidYahoo Finance (ex-div)
2022-11-031.37 EUREx-dividend: 1.37 EUR per sharePaidYahoo Finance (ex-div)
2022-08-041.37 EUREx-dividend: 1.37 EUR per sharePaidYahoo Finance (ex-div)
2022-05-033.7 EUREx-dividend: 3.7 EUR per sharePaidYahoo Finance (ex-div)
2021-11-021.8 EUREx-dividend: 1.8 EUR per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of ASML — from primary filings.

Frequently asked questions

What is ASML's P/E ratio?
ASML trades at a P/E of 48.8x (price to trailing 12-month earnings).
What is ASML's EV/EBITDA?
ASML trades at 38.6x EV/EBITDA.
What is ASML's P/B ratio?
ASML trades at a P/B of 26.3x.
What is ASML's dividend yield?
ASML's trailing 12-month dividend yield is 0.6%.
What is ASML's return on equity (ROE)?
ASML's ROE is 55.5%.
What is ASML's market capitalization?
ASML's market cap is 605.0 bn USD.

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