ASML Holding N.V.
ASMLASML Holding N.V.'s three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it.
The sharpest disagreement: the price moved +122.6% in a year while annual EPS moved +23.8% — the difference is re-rating, and re-rating has to be repaid with earnings.
The price is in a confirmed uptrend (38 weeks in). Underneath, the last four quarters read improving — profit +30.9% year on year, and 126% of the last 3 years' profit arrived as cash. What settles it: whether earnings grow into a price that has already moved.
Price story Before the numbers, the tape. A stock price moves through four repeating seasons: a flat base (stage 1), an advance (2), a top (3), a decline (4). Where the price sits in that cycle frames everything below.
ASML Holding N.V. trades at $1,583, in a confirmed uptrend and 38 weeks into that stage. That is +14.5% against its own 200-day average. It sits at 71% of a 52-week range of $722 to $1,930. On relative strength it has been ahead of the S&P 500 on a trailing-13-week view for 11 straight weeks.
Today the stock is in a confirmed uptrend — week 38 of stage 2. At $1,583 it trades +14.5% versus its 200-day average and sits at 71% of its 52-week range ($722–$1,930).
Against the market, two honest reads. Cumulative: over the last 10.1 years the stock moved +1,528% while the S&P 500 moved +248% — ahead of the index over the full window. Recent form: on a trailing-13-week view the stock has been ahead for 11 straight weeks — the ribbon below is that same metric, week by week.
What would end the trend, mechanically: two Friday closes in a row below the 200-day line. That is the exit rule — no debates.
→ The trend is one thing; the bill is another. Are you paying up for it? Next: how the P/E reads against its own history.
Valuation P/E is the price of $1 of annual profit: how many dollars the market pays for each dollar the company earns in a year.
ASML Holding N.V. trades at 50.1× P/E, against too little history to rank. This places the multiple against the stock’s own record, and says nothing about what the business is worth.
Today's P/E of 50.1× is against too little history to rank. This is a comparison against the stock's own history — not a claim about what it is worth.
🚨 Why the multiple sits where it does: over the past year annual EPS moved +23.8% against a +122.6% price move — the price outran earnings, pushing the multiple UP its own range.
The price move, decomposed: over 3y, of the +30.1%/yr price move, ~+13.6%/yr came from earnings growth and ~+16.5 pp from the multiple (expanding). The split is the honest approximate (price return minus earnings growth); it makes the rally itself visible instead of hiding it behind the percentile.
Put together: the multiple is unremarkable against its own past, so the story rests on the earnings line underneath it, not the multiple.
→ Cheap or dear rides on the earnings. Are they actually growing? Next: the fundamental stage — where the business sits in its arc, and how growth has compounded.
Stage: Topping out Every business sits somewhere on a fundamental arc, and this page names the spot before anything else. The last twelve quarters of revenue, profit and EPS growth — plus the return the business earns on its capital — are read as curves: Deteriorating (the curves are falling), Turning around (a trough has just formed and the last few quarters lift off it), Improving (the climb off the trough is sustained), Consistent (steadily positive with healthy returns), Topping out (still high but decelerating from the peak). When the curves genuinely disagree the read is Mixed; too little history is No read. CAGR (compound annual growth rate) is the smooth yearly pace that turns the starting value into the latest one — the fairest way to compare growth across different time spans. Read the columns together: if the 1-year number towers over the 10-year, recent growth is running hotter than the long-run trend. A dash means that window is not held, or the base year was a loss (where a growth rate is not meaningful).
ASML Holding N.V. reads as topping out on its fundamental arc. Topping out — revenue, profit and EPS growth have decelerated hard (revenue growth +35.6% at its peak → +9.9% latest) while ROCE still reads 39.8%. The read is built from 12 quarters across 4 curves, on full evidence.
Why it matters: decelerating from a peak is where good stories quietly end — the multiple usually notices late.
| 1yr | 3yr | 5yr | 10yr | |
|---|---|---|---|---|
| Revenue | +15.6% | +15.6% | — | — |
| Profit | +22.9% | +16.9% | — | — |
| EPS | +23.8% | +17.8% | — | — |
| Stock price | +122.6% | +30.1% | +15.6% | +30.6% |
→ The stage names the trajectory. Next: the revenue line that produces it, quarter by quarter.
4-Factor Sector Score
55.4/100 — rank 7 of 29 in Semiconductor Equipment & Materials · 86% evidence confidence
ASML Holding N.V. scores 55.4 out of 100 against the 29 companies it is compared with in Semiconductor Equipment & Materials, ranking 7. Strong business, demanding price: keep it on the quality list, but require either earnings upgrades or valuation compression.
The four contributions add to the total exactly: 21 + 17.4 + 4.6 + 12.4 = 55.4. This is the SAME number shown on the sector comparison — it is computed once, for the whole peer set, and read here.
What would change it: The read weakens if profit growth turns negative or margin improvement reverses while sector-relative strength deteriorates.
Revenue Revenue is the top line: everything the company billed its customers in the period.
ASML Holding N.V. reported $9.3 B of revenue in the Jun 26 quarter, +21.3% year on year. That is the 8th straight quarter of year-on-year growth. Over 4 years it has compounded at 15.1% a year. The last full year, FY25, came in at $32.7 B. The last four reported quarters add to $35.3 B.
ASML Holding N.V. reported $9.3 B of revenue in the Jun 26 quarter, +21.3% year on year. That is the 8th straight quarter of year-on-year growth. Over 4 years it has compounded at 15.1% a year. The last full year, FY25, came in at $32.7 B. The last four reported quarters add to $35.3 B.
FY25 revenue came in at $32.7 B (+15.6% on the year), capping 4 years at 15.1% compound. The latest quarter (Jun 26) printed $9.3 B, +21.3% year on year — the 8th consecutive quarter of year-over-year growth.
Pace check: the last four quarters averaged +10.1% growth against the decade's 15.1% — the current year is running slower than its own long-run rate.
Acceleration check: trailing-twelve-month revenue grew +9.9% over the last 4 quarters against +17.9%/yr over the last 8 — rolling over; TTM profit +13.5% vs +25.7%/yr — rolling over.
→ Revenue grew — did margins hold as it scaled? Next: 37.1% this quarter (+2.5 pp YoY).
Operating margin Operating margin is what is left of every $100 of sales after running the business, before interest and tax. It is the cleanest read on pricing power and cost control.
ASML Holding N.V.'s operating margin is 37.1% in the Jun 26 quarter, +2.5 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 5 fiscal years the operating margin has ranged 34.5% to 36.9%. The current quarter is running above every full year in that window.
ASML Holding N.V.'s operating margin is 37.1% in the Jun 26 quarter, +2.5 percentage points against the same quarter a year ago. That is the widest this company has ever printed on a full-year basis. Across 5 fiscal years the operating margin has ranged 34.5% to 36.9%. The current quarter is running above every full year in that window.
The latest quarter's operating margin is 37.1%, +2.5 pp against the same quarter a year ago. Across 5 fiscal years the operating margin has ranged 34.5%–36.9%, and FY25's 36.9% is the top of that band — a record year.
Why the margin moved: operating margin went +2.5 pp year on year while gross margin went +0.3 pp — the gain came mostly below the gross line: operating leverage, with costs spread over a bigger revenue base.
Worth repeating from the valuation section: cheap against its own history on record margins is not the same thing as cheap — a record margin flatters every ratio built on top of it.
→ Margins held — did that reach the bottom line? Next: profit +30.9% in the latest quarter.
Net profit Net profit is what survives every cost, interest and tax — the number EPS, dividends and book value all grow from.
ASML Holding N.V. earned $2.9 B of net profit in the Jun 26 quarter, +30.9% year on year. It is the 8th consecutive quarter of growth. Full-year FY25 profit was $10.0 B. The 4-year compound rate is 15.2%. That is 30.9% of the quarter's revenue. The same quarter a year earlier earned $2.2 B.
ASML Holding N.V. earned $2.9 B of net profit in the Jun 26 quarter, +30.9% year on year. It is the 8th consecutive quarter of growth. Full-year FY25 profit was $10.0 B. The 4-year compound rate is 15.2%. That is 30.9% of the quarter's revenue. The same quarter a year earlier earned $2.2 B.
Jun 26 profit was $2.9 B, +30.9% year on year — the 8th consecutive quarter of growth. On the full year, FY25 printed $10.0 B (+22.9%), and the 4-year compound rate is 15.2%.
Why profit moved: revenue contributed +21.3% and the margin +2.5 pp — the quarter was margin-led: most of the profit growth came from keeping more of each sale.
Pace comparison, last four quarters: profit +13.6% vs revenue +10.1%. Profit is growing faster than sales — fixed costs are being spread over a bigger base, and each extra dollar of revenue drops more to the bottom line.
→ Profit rose — but did the cash follow? Next: 126% of the last 3 years' profit arrived as cash.
Cash flow — the router The P&L says what was earned; the cash-flow statement says what actually arrived. Operating cash flow (CFO) against profit is the cleanest lie detector in the accounts.
Over the last 3 fiscal years 126% of ASML Holding N.V.'s reported profit arrived as operating cash — the cash follows the profit. In FY25 that was $13.8 B of operating cash against $10.0 B of profit. After $1.6 B of capital spending, $12.3 B was left as free cash.
FY25: operating cash of $13.8 B against reported profit of $10.0 B, leaving free cash of $12.3 B after $1.6 B of capital spending. Across the last 3 fiscal years the conversion rate is 126% of profit.
Cash-flow readings here are annual — that is the resolution our series carries, so this section moves once a year.
Why: conversion is measured cleanly, but the working-capital day-counts behind it sit below what we hold — the move is shown without inventing its driver.
Router verdict: the visible cash user is investment — the next section checks what the spending is buying.
→ So follow the cash to where it goes. Next: $6.0 B of building over 3 years.
Where the cash goes Working capital is the cash tied up between paying suppliers and getting paid: debtor days (customers owe), inventory days (stock waits), and the cash conversion cycle (the whole loop, in days of sales).
ASML Holding N.V. does not report the debtor, inventory and payable day-counts a cash cycle is built from, so this section reads the investment side instead. Capital spending ran $6.0 B over the last 3 years. Averaged over those years that is 6.1% of FY25 revenue a year.
Working-capital day-counts are not in our numbers for this stock, so this section reads the investment side — where the cash is being put to work.
On the investment side: capital spending of $6.0 B over the last 3 fiscal years.
The synthesis: the cash is going into capacity, not disappearing into the cycle — the question becomes whether the new capacity earns.
→ Does all this activity actually earn its cost of capital? Next: ROE is 54% and the ROIC − WACC spread is +54.1 pp.
Return on equity Return on equity (ROE) is the profit the business earns on its shareholders’ money. With the full capital-employed split not in our numbers, ROE is the cleanest long ladder we can draw here.
ASML Holding N.V. earns a ROE of 41% in FY25. That is up from a trough of 37% in FY24. Return on invested capital clears the cost of that capital by +54.1 percentage points, so growth here adds value rather than only size. The wiring behind it is 30.6% net margin on 0.59× asset turns.
FY25 ROE is 41%, recovered from a FY24 trough of 37% — the full ladder below shows the fall and the climb, undoctored.
Why the return is what it is — the wiring (FY25): 30.6% net margin × 0.59× asset turns × 2.30× balance-sheet leverage ≈ 41.5% on equity. Margin is doing the heavy lifting; leverage is a meaningful part of the equation.
The capstone test — ROIC − WACC: 66.0% − 11.9% = a +54.1 pp spread. The 11.9% is an estimate of this company's own cost of capital — read the sign and the size of the spread, not the decimals. A spread this wide means every dollar reinvested creates more than a dollar of value — the engine compounds.
→ Returns like these — is the balance sheet borrowing to make them? Next: debt-to-equity is 0.09.
Dividend A dividend is cash paid out per share. Dividend per share is the declared amount for the period; the trailing twelve-month total is the four most recent quarters added together.
ASML Holding N.V. paid $12.58 per share over the last four reported quarters, up 17.5% on a year ago. The most recent declaration was $1.88 for Mar 26. Against the current price of $1,583 that is a trailing yield of 0.79%, measured on dividends already paid rather than on a forecast.
ASML Holding N.V. paid $12.58 per share over the last four reported quarters, up 17.5% on a year ago. The most recent declaration was $1.88 for Mar 26. Against the current price of $1,583 that is a trailing yield of 0.79%, measured on dividends already paid rather than on a forecast.
ASML Holding N.V. paid $12.58 per share across the last four reported quarters, most recently $1.88 for Mar 26. That is up 17.5% against the same quarter a year earlier. Against the current price of $1,583 the trailing twelve months work out to 0.79% — trailing dividends measured against today's price, not a forward estimate.
→ A payout is cash leaving the business. Next: what the balance sheet looks like behind it.
Debt Debt-to-equity says how much of the business is funded by borrowings. Low is the safe corner; the trend matters as much as the level.
ASML Holding N.V. carries total debt of $3.7 B against shareholder equity of $26.0 B as of Jun 26, a debt-to-equity of 0.14 — effectively unlevered. On the annual view that ratio went from 0.45 in FY21 to 0.18 in FY25. The returns elsewhere on this page are therefore earned rather than borrowed.
Jun 26: total debt of $3.7 B against shareholder equity of $26.0 B — a debt-to-equity of 0.14. On the annual view, debt-to-equity went from 0.45 (FY21) to 0.18 (FY25). The returns on this page are earned, not borrowed.
→ Who owns this, and are they adding or leaving? Next: the register.
Ownership There is no quarter-by-quarter holder register to read here, so we read the crowd through short interest — the slice of tradable shares currently sold short, positioned for a fall.
No ownership or positioning reading is held for ASML Holding N.V., so this section names the gap rather than filling it. At typical trading volumes those positions would take about 0.6 days to buy back. There is no quarter-by-quarter holder register to read for this filer, so the crowd is read through short interest instead.
We hold no ownership or positioning reading for this stock, so this section says that plainly.
→ One last check: does the safety math agree? Next: the balance-sheet safety line.
Safety line The Z-score estimates how far a company sits from balance-sheet distress — above roughly 3 is safe, below roughly 1.8 is the danger zone. It was built for manufacturers, so it is not applied to banks and lenders.
ASML Holding N.V.: the Z-score is not available for this stock, so we say so rather than invent one. It is a distance-to-distress estimate from the balance sheet, not a forecast of failure. The debt, cash-flow and return sections above carry the balance-sheet evidence this page does hold, and each of them states its own reporting date.
The safety line in one sentence: the Z-score is not available for this stock, so we say so rather than invent one.
| Company | P/E | Mkt cap | Revenue | EPS | ROCE | Stage |
|---|---|---|---|---|---|---|
| ASML Holding N.V. this page | 50.1× | $608B | Topping out | |||
| Applied Materials, Inc. | 48.6× | $378B | Improving | |||
| Lam Research Corporation | 55.1× | $337B | Improving | |||
| KLA Corporation | 57.6× | $249B | Mixed | |||
| Teradyne, Inc. | 44.0× | $50B | Mixed | |||
| Qnity Electronics, Inc. | 41.3× | $27B | No read | |||
| Entegris, Inc. | 67.9× | $18B | Deteriorating | |||
| Nova Ltd. | 50.5× | $13B | Mixed | |||
| Onto Innovation Inc. | 112.5× | $12B | Deteriorating | |||
| Amkor Technology, Inc. | 20.5× | $11B | Mixed | |||
| FormFactor, Inc. | 101.4× | $7B | Mixed | |||
| Camtek Ltd. | 141.1× | $6B | Deteriorating | |||
| ACM Research, Inc. | 55.0× | $5B | Deteriorating | |||
| Kulicke and Soffa Industries, Inc. | 87.8× | $5B | Turning around | |||
| Axcelis Technologies, Inc. | 37.2× | $4B | Deteriorating | |||
| IPG Photonics Corporation | 123.6× | $4B | Deteriorating | |||
| Ultra Clean Holdings, Inc. | — | $3B | Turning around | |||
| Ambarella, Inc. | — | $3B | No read | |||
| Veeco Instruments Inc. | 120.6× | $3B | Deteriorating | |||
| AXT, Inc. | — | $3B | No read | |||
| Ichor Holdings, Ltd. | — | $2B | No read | |||
| Aehr Test Systems, Inc. | — | $2B | Deteriorating | |||
| Cohu, Inc. | — | $2B | No read | |||
| Photronics, Inc. | 10.7× | $2B | Turning around | |||
| Daqo New Energy Corp. | — | $1B | Deteriorating | |||
| Amtech Systems, Inc. | 86.1× | $0B | No read | |||
| Atomera Incorporated | — | $0B | No read | |||
| InTest Corporation | 315.0× | $0B | Deteriorating | |||
| Trio-Tech International | — | $0B | — | — | — | — |
Frequently asked questions
What is ASML Holding N.V.'s stock price today?
ASML Holding N.V. trades at $1,583, +122.6% over the past year. The company is valued at $608 B. The stock sits at 71% of its 52-week range of $722–$1,930, +14.5% versus its 200-day average. On the tape, the price is in a confirmed uptrend, 38 weeks in. — as of 29 July 2026.
What were ASML Holding N.V.'s latest quarterly results?
ASML Holding N.V. reported revenue of $9.3 B and net profit of $2.9 B for the Jun 26 quarter. Revenue rose 21.3% and profit rose 30.9% year on year. Earnings per share were $7.58. The operating margin was 37.1%, 2.5 pp higher than a year earlier. — as of 29 July 2026.
What is ASML Holding N.V.'s revenue?
ASML Holding N.V. reported revenue of $9.3 B in the Jun 26 quarter, +21.3% year on year. For the full FY25 fiscal year, revenue was $32.7 B (+15.6%). Over the last 4 years revenue compounded at 15.1% a year. — as of 29 July 2026.
What is ASML Holding N.V.'s profit?
ASML Holding N.V. earned $2.9 B of net profit in the Jun 26 quarter, +30.9% year on year — the 8th straight quarter of growth. Full-year FY25 profit was $10.0 B. The operating margin ran 37.1% in the latest quarter. — as of 29 July 2026.
What is ASML Holding N.V.'s market cap?
ASML Holding N.V.'s market capitalisation is $608 B at a stock price of $1,583. Market cap is the share price multiplied by shares outstanding, so it is restated whenever the price moves. — as of 29 July 2026.
Does ASML Holding N.V. pay a dividend?
Yes — ASML Holding N.V. declared $1.88 per share for Mar 26, and $12.58 per share across the last four reported quarters. The latest quarter is up 17.5% on the same quarter a year earlier. — as of 29 July 2026.
What is ASML Holding N.V.'s dividend per share?
ASML Holding N.V.'s most recently declared dividend is $1.88 per share for Mar 26, giving $12.58 per share over the trailing twelve months. Each figure is the amount declared for that quarter as reported, added across four quarters for the trailing total. — as of 29 July 2026.
What is ASML Holding N.V.'s dividend yield?
ASML Holding N.V.'s trailing dividend yield is 0.79%: $12.58 declared per share across the last four reported quarters, against a share price of $1,583. Each quarter’s figure is the amount declared for that quarter as reported, added across four quarters and divided by the latest close. — as of 29 July 2026.
Is ASML Holding N.V. growing?
Yes — ASML Holding N.V. is growing: latest-quarter revenue +21.3% year on year, profit +30.9%, and the margin +2.5 pp at 37.1%. The 4-year compound rates are 15.1% (revenue) and 15.2% (profit). The earnings engine currently reads: improving — as of 29 July 2026.
How is ASML Holding N.V. performing?
ASML Holding N.V. is in a confirmed uptrend, 38 weeks in. Its latest quarter's revenue rose 21.3% and profit rose 30.9% year on year. Against the S&P 500 it has been ahead on a trailing-13-week view for 11 weeks. This describes what the data did, not a rating. — as of 29 July 2026.
What stage is ASML Holding N.V. in?
Topping out — revenue, profit and EPS growth have decelerated hard (revenue growth +35.6% at its peak → +9.9% latest) while ROCE still reads 39.8%. The read comes from the last 12 quarters of growth (revenue growth +9.9% latest, profit growth +13.5% latest, eps growth +14.8% latest) plus the ROCE curve, classified by deterministic rules — a trajectory read, not a buy or sell call — as of 29 July 2026.
Is ASML Holding N.V. in an uptrend?
Yes — the price is in a confirmed uptrend (week 38 of stage 2), trading +14.5% versus its 200-day average and at 71% of its 52-week range. Price stages cycle base → advance → top → decline, and the stage names where this stock sits in that cycle — as of 29 July 2026.
Is ASML Holding N.V. beating the market?
On recent form, yes — ASML Holding N.V. has been ahead of the S&P 500 on a trailing-13-week view for 11 straight weeks, the same metric the week-by-week ribbon on this page draws. Separately, on the cumulative view: over the last 10.1 years the stock moved +1,528% against the S&P 500's +248% — ahead of the index over the full window. — as of 29 July 2026.
Will ASML Holding N.V.'s stock price go up?
This page publishes no price forecast for ASML Holding N.V. What it measures instead: the stock price is $1,583, the price is in a confirmed uptrend 38 weeks in. Direction is not something this site claims to know. — as of 29 July 2026.
Does ASML Holding N.V. have too much debt?
No — ASML Holding N.V.'s debt-to-equity is 0.09. A year-by-year borrowings ladder is not in our numbers for this stock, so the latest reading is the cleanest hold. The returns on this page are earned, not borrowed — as of 29 July 2026.
What is ASML Holding N.V.'s capex?
ASML Holding N.V. spent $6.0 B on capital expenditure over the last 3 fiscal years, a figure derived from the change in fixed assets plus depreciation. In FY25 alone that was $1.6 B. — as of 29 July 2026.
What is ASML Holding N.V.'s cash flow?
ASML Holding N.V. generated $13.8 B of operating cash flow in FY25 and $12.3 B of free cash flow after $1.6 B of capital spending. Reported profit that year was $10.0 B, so operating cash ran ahead of profit. — as of 29 July 2026.
Is ASML Holding N.V.'s profit real cash?
Yes — over the last 3 fiscal years, 126% of ASML Holding N.V.'s reported profit arrived as operating cash. In FY25, operating cash was $13.8 B against reported profit of $10.0 B. The cash then goes mostly into building capacity. Cash-flow resolution is annual — as of 29 July 2026.
Where is ASML Holding N.V. in its business cycle?
ASML Holding N.V.'s FY25 operating margin was 36.9%, against a 5-year band of 34.5%–36.9%: the top of the band — a record year. Record profitability is late-cycle territory: every ratio flatters at the top, and the story leans on margins holding. The latest quarter ran 37.1%. Profitability versus a company's own long band is the cleanest cycle clock this page holds — as of 29 July 2026.
What could break the ASML Holding N.V. story?
The sharpest disagreement: the price moved +122.6% in a year while annual EPS moved +23.8% — the difference is re-rating, and re-rating has to be repaid with earnings. Mechanically, two Friday closes in a row below the 200-day average would end the price trend — that is the exit rule this page tracks — as of 29 July 2026.
Is ASML Holding N.V. a stock worth studying right now?
This is not investment advice. The machine read: ASML Holding N.V.'s three tracks disagree. Price, valuation and the earnings engine each tell a different story — the next quarter or two settles it. The sharpest open question: whether earnings grow into a price that has already moved. Every number on this page is drawn deterministically from the raw series, with no forecasts and no price opinions — as of 29 July 2026.