NASDAQ · Technology

ASML Holding N.V.

ASML · Semiconductor Equipment & Materials

$1,387.63

▼ -39.39 (-2.76%)

Data cached · refreshes every 10 min

Mr. Market is currently offering ASML Holding N.V. at $1,387.63.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 52.8%

Operating Margin 34.6%

Net Income Margin 29.4%

Fin. Health A

Years to Pay Off Debt 0.5 yrs

Working Capital vs Long-Term Debt $3.6B

Working Capital $6.4B

Valuation F

Margin of Safety 0.0%

Price-to-Book 27.27x

Cash Flow A

Free Cash Flow $11.0B

CapEx % of Net Income 17.0%

Owner Earnings $12.3B

4/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $534.8B

Enterprise Value $544.3B

P/E (TTM) 45.87

Dividend Yield 0.41%

Exchange NASDAQ

Key Margins

Gross Profit 52.8%

Operating Margin 34.6%

Net Margin 29.4%

Company Info

Sector Technology

Industry Semiconductor Equipment & Materials

Employees 43882

Country Netherlands

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering ASML Holding N.V. at $1,387.63.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $1,387.63, the stock trades at a 700% premium to its Graham Number of $173.39. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About ASML Holding N.V.

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 provides extreme ultraviolet lithography systems; and deep ultraviolet lithography systems comprising immersion and dry lithography systems solutions to manufacture various range of semiconductor nodes and technologies. In addition, the company offers metrology and inspection systems, including YieldStar optical metrology systems, a diffraction-based wafer metrology platform to assess the quality of patterns on the wafers; and HMI electron beam solutions to locate and analyze individual chip defects. Further, it provides computational lithography solutions, and lithography systems and control software solutions; and refurbishes and upgrades lithography systems, as well as offers customer support and related services. Additionally, the company offers hardware, software, and services to chipmakers to produce the patterns of integrated circuits. It operates in Japan, South Korea, Singapore, Taiwan, China, rest of Asia, the Netherlands, rest of Europe, the Middle East, Africa, and the United States. The company was formerly known as ASM Lithography Holding N.V. and changed its name to ASML Holding N.V. in 2001. ASML Holding N.V. was founded in 1984 and is headquartered in Veldhoven, the Netherlands.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	52.8% ▲	51.3%	51.3%	50.5%	N/A
Operating Margin %	34.6% ▲	31.9%	32.8%	30.7%	N/A
Net Income %	29.4% ▲	26.8%	28.4%	26.6%	N/A
Diluted EPS	26.26 ▲	19.24	20.59	16.07	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$50.6B	$48.6B	$40.0B	$36.3B	N/A
Total Debt	$4.4B ↓	$4.7B	$4.6B	$4.3B	N/A
Working Capital	$6.4B ▼	$10.7B	$8.1B	$5.1B	N/A
Years to Pay Debt	0.46	0.62	0.59	0.76	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$11.0B ▲	$9.1B	$3.2B	$7.2B	N/A
Owner Earnings	$12.3B	$10.6B	$10.8B	$7.5B	N/A
CapEx % of Net Income	17.0%	27.5%	28.0%	23.5%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	12,550,300	10,123,600	9,976,000	7,100,500
Total Unusual Items					213,700
Total Unusual Items Excluding Goodwill					213,700
Net Income From Continuing Operation Net Minority Interest	9,609,400	7,571,600	7,839,000	5,624,200
Reconciled Depreciation	1,025,900	918,600	739,800	583,600
Reconciled Cost Of Revenue	15,409,300	13,770,900	13,422,400	10,473,300
EBITDA	12,550,300	10,123,600	9,976,000	7,100,500
EBIT	11,524,400	9,205,000	9,236,200	6,516,900
Net Interest Income	104,700	19,800	41,200	-44,600
Interest Expense	118,300	162,600	152,700	60,800
Interest Income	223,000	182,400	193,900	16,200
Normalized Income	9,609,400	7,571,600	7,839,000	5,624,200
Net Income From Continuing And Discontinued Operation	9,609,400	7,571,600	7,839,000	5,624,200
Total Expenses	21,365,900	19,240,300	18,516,200	14,672,700
Total Operating Income As Reported	11,301,400	9,022,600	9,042,300	6,500,700
Diluted Average Shares	388,900	393,600	394,100	398,000
Basic Average Shares	388,500	393,300	393,800	397,700
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	9,609,400	7,571,600	7,839,000	5,624,200
Net Income Common Stockholders	9,609,400	7,571,600	7,839,000	5,624,200
Net Income	9,609,400	7,571,600	7,839,000	5,624,200
Net Income Including Noncontrolling Interests	9,609,400	7,571,600	7,839,000	5,624,200
Net Income Continuous Operations	9,609,400	7,571,600	7,839,000	5,624,200
Earnings From Equity Interest Net Of Tax	216,700	209,800	191,300	138,000
Tax Provision	2,013,400	1,680,600	1,435,800	969,900
Pretax Income	11,406,100	9,042,400	9,083,500	6,456,100
Other Income Expense					213,700
Other Non Operating Income Expenses					213,700
Special Income Charges					213,700
Gain On Sale Of Business					213,700
Net Non Operating Interest Income Expense	104,700	19,800	41,200	-44,600
Total Other Finance Cost	-104,700	-19,800
Interest Expense Non Operating	118,300	162,600	152,700	60,800
Interest Income Non Operating	223,000	182,400	193,900	16,200
Operating Income	11,301,400	9,022,600	9,042,300	6,500,700
Operating Expense	5,956,600	5,469,400	5,093,800	4,199,400
Research And Development	4,698,800	4,303,700	3,980,600	3,253,500
Selling General And Administration	1,257,800	1,165,700	1,113,200	945,900
Gross Profit	17,258,000	14,492,000	14,136,100	10,700,100
Cost Of Revenue	15,409,300	13,770,900	13,422,400	10,473,300
Total Revenue	32,667,300	28,262,900	27,558,500	21,173,400
Operating Revenue	32,667,300	28,262,900	27,558,500	21,173,400

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	2,730	547	6,163	8,549
Ordinary Shares Number	385,418	393,284	393,422	394,589
Share Issued	388,148	393,831	399,585	403,138
Total Debt	4,390,900	4,687,600	4,631,600	4,260,400
Tangible Book Value	14,483,500	13,266,900	8,122,100	3,412,800
Invested Capital	24,003,100	23,164,400	18,084,000	13,071,200
Working Capital	6,352,200	10,686,000	8,119,200	5,081,300
Net Tangible Assets	14,483,500	13,266,900	8,122,100	3,412,800
Common Stock Equity	19,612,200	18,476,800	13,452,400	8,810,800
Total Capitalization	22,321,200	22,154,100	18,083,900	12,325,000
Total Equity Gross Minority Interest	19,612,200	18,476,800	13,452,400	8,810,800
Stockholders Equity	19,612,200	18,476,800	13,452,400	8,810,800
Gains Losses Not Affecting Retained Earnings	135,800	454,100	345,000	428,300
Other Equity Adjustments	135,800	454,100	345,000	428,300
Treasury Stock	2,252,900	476,000	3,306,200	4,641,300
Retained Earnings	17,587,300	14,414,300	12,379,500	9,046,700
Additional Paid In Capital	4,107,100	4,049,000	3,998,100	3,940,800
Capital Stock	34,900	35,400	36,000	36,300
Common Stock	34,900	35,400	36,000	36,300
Total Liabilities Net Minority Interest	30,954,400	30,112,800	26,505,100	27,489,600
Total Non Current Liabilities Net Minority Interest	6,690,500	10,061,400	10,230,400	9,506,000
Non Current Accrued Expenses	432,200	459,500	401,200	454,900
Non Current Deferred Liabilities	3,549,300	5,924,600	5,197,700	5,536,900
Non Current Deferred Revenue	3,366,300	5,625,400	4,825,500	5,269,900
Non Current Deferred Taxes Liabilities	183,000	299,200	372,200	267,000
Long Term Debt And Capital Lease Obligation	2,709,000	3,677,300	4,631,500	3,514,200
Long Term Debt	2,709,000	3,677,300	4,631,500	3,514,200
Current Liabilities	24,263,900	20,051,400	16,274,700	17,983,600
Other Current Liabilities	24,263,900
Current Deferred Liabilities	16,006,300	12,570,800	11,441,000	12,481,000
Current Deferred Revenue	16,006,300	12,570,800	11,441,000	12,481,000
Current Debt And Capital Lease Obligation	1,681,900	1,010,300	100	746,200
Current Debt	1,681,900	1,010,300	100	746,200
Payables And Accrued Expenses	6,575,700	6,470,300	4,833,600	4,756,400
Current Accrued Expenses	2,567,300	2,686,600	2,177,400	1,875,900
Payables	4,008,400	3,783,700	2,656,200	2,880,500
Total Tax Payable	486,600	283,300	308,900	315,300
Accounts Payable	3,521,800	3,500,400	2,347,300	2,565,200
Total Assets	50,566,600	48,589,600	39,957,500	36,300,400
Total Non Current Assets	19,950,500	17,852,200	15,563,600	13,235,500
Other Non Current Assets	12,700	28,300	13,600	15,900
Defined Pension Benefit	129,900	113,100	95,200	71,100
Non Current Prepaid Assets	914,500	649,400	531,700	652,800
Non Current Deferred Assets	1,719,400	1,940,700	1,872,300	1,672,800
Non Current Deferred Taxes Assets	1,719,400	1,940,700	1,872,300	1,672,800
Non Current Note Receivables	1,653,900	1,456,600	929,200	364,400
Non Current Accounts Receivable	13,300	317,200	60,600		391,000
Financial Assets		0	11,300	0	47,300
Investments And Advances	2,143,300	903,000	919,600	923,600
Long Term Equity Investment	2,143,300	903,000	919,600	923,600
Goodwill And Other Intangible Assets	5,128,700	5,209,900	5,330,300	5,398,000
Other Intangible Assets	540,100	621,300	741,700	842,400
Goodwill	4,588,600	4,588,600	4,588,600	4,555,600
Net PPE	8,234,800	7,234,000	5,799,800	4,136,900
Accumulated Depreciation	-4,926,500	-4,213,900	-3,586,600	-3,045,200
Gross PPE	13,161,300	11,447,900	9,386,400	7,182,100
Leases	955,200	970,800	779,100	587,700
Other Properties	5,400	3,300	600	700
Machinery Furniture Equipment	5,779,600	5,025,400	4,283,300	3,279,700
Land And Improvements	6,421,100	5,448,400	4,323,400	3,314,000
Current Assets	30,616,100	30,737,400	24,393,900	23,064,900
Other Current Assets	350,500	193,400	92,500	266,400
Hedging Assets Current	33,600	96,500	19,800	17,300
Prepaid Assets	861,500	1,371,300	1,164,000	1,158,500
Inventory	11,429,300	10,891,500	8,850,700	7,199,700
Inventories Adjustments Allowances	-772,800	-911,500	-693,200	-466,900
Finished Goods	2,135,100	2,019,500	2,098,500	2,303,800
Work In Process	4,768,500	4,872,300	3,388,100	2,163,900
Raw Materials	5,298,500	4,911,200	4,057,300	3,198,900
Receivables	4,619,300	5,443,400	7,256,800	7,047,000
Other Receivables	1,054,100	403,200	1,619,300	1,488,600
Taxes Receivable	276,100	562,700	1,303,400	234,600
Loans Receivable	266,100
Accounts Receivable	3,023,000	4,477,500	4,334,100	5,323,800
Allowance For Doubtful Accounts Receivable	0	0	0	-4,100
Gross Accounts Receivable	3,023,000	4,477,500	4,334,100	5,327,900
Cash Cash Equivalents And Short Term Investments	13,321,900	12,741,300	7,010,100	7,376,000
Other Short Term Investments	405,900	5,400	5,400	107,700
Cash And Cash Equivalents	12,916,000	12,735,900	7,004,700	7,268,300
Cash Equivalents	11,780,700	11,229,600	4,516,100	5,744,800
Cash Financial	1,135,300	1,506,300	2,488,600	1,523,500

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	11,027,300	9,083,100	3,247,200	7,167,500
Repurchase Of Capital Stock	-5,950,000	-500,000	-1,000,000	-4,639,700
Repayment Of Debt	-1,066,700	-25,700	-752,800	-516,200
Issuance Of Debt	754,200	22,500	997,800	495,600
Issuance Of Capital Stock	142,300	124,000	99,400	81,800
Capital Expenditure	-1,631,200	-2,083,100	-2,196,200	-1,319,300
Interest Paid Supplemental Data	114,500	160,000	137,800	82,200
Income Tax Paid Supplemental Data	1,621,400	1,098,000	2,568,300	1,734,600
End Cash Position	12,916,000	12,735,900	7,004,700	7,268,300
Beginning Cash Position	12,735,900	7,004,700	7,268,300	6,951,800
Effect Of Exchange Rate Changes	-30,100	6,400	-13,800	-3,100
Changes In Cash	210,200	5,724,800	-249,800	319,600
Financing Cash Flow	-8,670,500	-2,832,100	-3,003,900	-7,138,300
Cash Flow From Continuing Financing Activities	-8,670,500	-2,832,100	-3,003,900	-7,138,300
Cash Dividends Paid	-2,550,300	-2,452,900	-2,348,300	-2,559,800
Common Stock Dividend Paid	-2,550,300	-2,452,900	-2,348,300	-2,559,800
Net Common Stock Issuance	-5,807,700	-376,000	-900,600	-4,557,900
Common Stock Payments	-5,950,000	-500,000	-1,000,000	-4,639,700
Common Stock Issuance	142,300	124,000	99,400	81,800
Net Issuance Payments Of Debt	-312,500	-3,200	245,000	-20,600
Net Long Term Debt Issuance	-312,500	-3,200	245,000	-20,600
Long Term Debt Payments	-1,066,700	-25,700	-752,800	-516,200
Long Term Debt Issuance	754,200	22,500	997,800	495,600
Cash Flow From Continuing Investing Activities	-3,777,800	-2,609,300	-2,689,300	-1,028,900
Net Other Investing Changes	-443,500	-526,200	-561,500	-240,000
Net Investment Purchase And Sale	-1,703,100	0	102,000	530,400
Sale Of Investment	5,300	305,200	125,600	864,700
Purchase Of Investment	-1,708,400	-305,200	-23,600	-334,300
Net Business Purchase And Sale	0	0	-33,600	0
Sale Of Business			0	0	329,000
Purchase Of Business	0	0	-33,600	0
Net Intangibles Purchase And Sale	-57,600	-15,900	-40,600	-37,500
Purchase Of Intangibles	-57,600	-15,900	-40,600	-37,500
Net PPE Purchase And Sale	-1,573,600	-2,067,200	-2,155,600	-1,281,800
Purchase Of PPE	-1,573,600	-2,067,200	-2,155,600	-1,281,800
Cash Flow From Continuing Operating Activities	12,658,500	11,166,200	5,443,400	8,486,800
Change In Working Capital	1,026,500	2,053,300	-3,663,600	2,441,200
Change In Other Working Capital	1,456,500	2,561,300	-2,504,000	6,666,300
Change In Other Current Assets	-561,900	-1,299,000	-344,300	-864,300
Change In Payables And Accrued Expense	-223,900	1,753,100	-39,700	845,900
Change In Accrued Expense	-237,300	625,500	222,000	439,700
Change In Payable	13,400	1,127,600	-261,700	406,200
Change In Account Payable	13,400	1,127,600	-261,700	406,200
Change In Inventory	-832,500	-1,860,900	-1,646,900	-2,080,900
Change In Receivables	1,188,300	898,800	871,300	-2,125,800
Changes In Account Receivables	1,415,500	-139,900	959,900	-2,338,000
Stock Based Compensation	202,300	172,600	134,800	68,900
Provisionand Write Offof Assets	469,400	554,700	485,300	278,500
Asset Impairment Charge	49,700	35,800	37,500	39,300
Deferred Tax	180,700	-144,800	-133,600	-564,200
Deferred Income Tax	180,700	-144,800	-133,600	-564,200
Depreciation Amortization Depletion	1,025,900	918,600	739,800	583,600
Depreciation And Amortization	1,025,900	918,600	739,800	583,600
Operating Gains Losses	94,600	4,400	4,200	15,300
Earnings Losses From Equity Investments	94,600	4,400	4,200	15,300
Gain Loss On Sale Of Business			0	0	-213,700
Net Income From Continuing Operations	9,609,400	7,571,600	7,839,000	5,624,200

These metrics estimate what ASML Holding N.V. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$173.39

Margin of Safety

Market Cap ÷ Company Value

1.14

P/B Ratio

27.27

Warren's Owner Earnings

$12.3B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/7 — Enterprising Investor

✅ Adequate Size

$32.7B

vs > $1.5B revenue

❌ Strong Financial Condition

1.26x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

0.41%

vs Uninterrupted dividends

✅ Earnings Growth

+63.4% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

45.9x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

27.27x P/B (P/E×P/B: 1250.9)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-0.88

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$325.81

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	17.0%	27.5%	28.0%	23.5%	N/A
Repurchase of Capital Stock	-$6.0B	-$500M	-$1.0B	-$4.6B	N/A
Free Cash Flow	$11.0B ▲	$9.1B ▲	$3.2B ▼	$7.2B •	N/A •
Warren's Owner Earnings	$12.3B	$10.6B	$10.8B	$7.5B	N/A

Peers & Industry

No auto-detected peers for Semiconductor Equipment & Materials. You can manually compare ASML against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.01%

Low — management has little skin in the game

Return on Equity (ROE)

49.0%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

19.0%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$6.0B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

-6.3% YoY

Debt is declining — management is deleveraging

Leadership Team

Christophe Fouquet

President, CEO and Chair of the Board of Management

Age 52

Pay: $4,436,324

0.046% of net income

Roger Dassen Ph.

Executive VP, CFO & Member of the Management Board

Age 60

Pay: $2,611,603

0.027% of net income

Frederic Schneider-Maunoury

Executive VP, COO & Member of the Management Board

Age 64

Pay: $2,630,366

0.027% of net income

Jim Kavanagh

Vice President of Investor Relations

Cristina Monteiro

Executive Vice President Human Resources & Organization

Top Institutional Holders

Institution	% Owned	Shares
Fisher Asset Management, LLC	1.16%	4,484,949
Capital World Investors	1.00%	3,881,791
Capital International Investors	0.88%	3,409,421
State Farm Mutual Automobile Insurance Co	0.71%	2,758,173
Van Eck Associates Corporation	0.52%	2,017,883
WCM Investment Management, LLC	0.49%	1,890,995
Morgan Stanley	0.44%	1,703,116
JPMORGAN CHASE & CO	0.42%	1,643,350

Risk Analysis

Beta (Market Risk)

1.37

Moderate volatility — moves slightly more than market

Short Interest

0.2% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.13x

Conservative balance sheet — low financial risk

Current Ratio

1.36x

Adequate liquidity

52-Week Price Range

Low: $675.50 Current: $1,387.63 High: $1,547.22

Currently at 82% of 52-week range

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