ASML HOLDING NV
ASML, ASMLF · Special Industry Machinery, NEC · EDGAR filings ↗
Grade
A92EUV-lithography monopoly with elite margins, returns, and enormous free cash flow.
Strengths
- Elite margins and returns — operating margin 34.6% (100th), net margin 29.4% (100th), ROE 49.0% (92nd)
- Enormous FCF — FCF $11.08B (100th), FCF margin 33.9%
- Strong growth — revenue +15.6%
Risks
- Customer concentration among leading-edge fabs — per 10-K
- Semiconductor cyclicality and China export-control exposure — per 10-K
- Tight quick liquidity 0.79 (structural) — per 10-K
Notable findings
- Strong balance sheetStrong balance sheet — $15.7B cash & investments
- China exposureCyclicality and China export controls are the risks
Key metrics
Gross margin
52.8%
Operating margin
34.6%
Net margin
29.4%
Return on equity
49.0%
Return on assets
19.0%
ROIC
40.0%
Revenue growth (QoQ)
30.5%
Net-income growth
43.3%
Debt / equity
0.1×
Net debt / EBITDA
-0.9×
Current ratio
1.3×
Free cash flow
$13.0B
EBITDA
$14.5B
Tangible book value
$17.1B
Cash & investments
$15.7B
Stock comp / revenue
0.6%
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-02-25 | 2025-12-31 | 0001628280-26-011378 ↗ |
| 20-F | 2025-03-05 | 2024-12-31 | 0000937966-25-000009 ↗ |
| 20-F | 2024-02-14 | 2023-12-31 | 0000937966-24-000008 ↗ |
| 20-F | 2023-02-15 | 2022-12-31 | 0000937966-23-000014 ↗ |
| 20-F | 2022-02-09 | 2021-12-31 | 0000937966-22-000013 ↗ |
| 20-F | 2021-02-10 | 2020-12-31 | 0000937966-21-000007 ↗ |
| 20-F | 2020-02-12 | 2019-12-31 | 0000937966-20-000011 ↗ |
| 20-F | 2019-02-06 | 2018-12-31 | 0000937966-19-000007 ↗ |
| 20-F | 2018-02-07 | 2017-12-31 | 0000937966-18-000007 ↗ |
| 20-F | 2017-02-08 | 2016-12-31 | 0000937966-17-000007 ↗ |
| 20-F | 2016-02-05 | 2015-12-31 | 0000937966-16-000017 ↗ |
| 20-F | 2015-02-11 | 2014-12-31 | 0001193125-15-042676 ↗ |