| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 14 | 54.2x | 17.6x | Bottom tier | |
Growth | 76 | 9.8% | 7.1% | Top tier | |
Quality | 86 | 45.6% | 4.5% | Top tier | |
Safety | 77 | — | 2.6x | Top tier | |
Capital Return | 51 | 0.44% | 2.15% | Around median | |
Momentum | 83 | 100.8% | 2.3% | Top tier | |
Sentiment | 85 | 23 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
ASML Holding N.V. develops and sells lithography systems used in semiconductor manufacturing, and its portfolio includes Low-NA and High-NA EUV systems, immersion and dry DUV systems, as well as metrology and inspection products. The company generates additional revenue from Installed Base Management, including system services and performance and productivity upgrades; in Q2 FY2026, system sales amounted to €6.6 billion, while Installed Base Management sales amounted to €2.8 billion.
In Q2 FY2026, ASML recorded net sales of €9.3 billion and net income of €2.9 billion, equivalent to a net income margin of 31.3% and earnings per share of €7.59. Gross margin reached 54%, exceeding the company’s guidance due to high-margin components within Installed Base Management, while research and development expenses amounted to €1.3 billion and selling, general, and administrative expenses were approximately €0.3 billion.
Within system sales in Q2 FY2026, EUV systems contributed approximately €3.8 billion, including one High-NA system, compared with €2.8 billion for non-EUV systems. System sales were distributed almost evenly between logic applications at 51% and memory at 49%. On an annual basis, revenue increased from $28.3 billion in FY2024 to $32.7 billion in FY2025, and net income rose from $7.6 billion to $9.6 billion.
The analyst consensus is “Buy,” with an average price target of $2305.75 and a range between $2000 and $2623. Even the lowest target is approximately at the 52-week range high of $1999.96, while the average target exceeds that high by approximately 15.3%, reflecting strong expectations but increasing the valuation’s sensitivity to any slowdown in demand, pressure from China, or setbacks in expanding production capacity.
Figures in the text are as of 2026-08-26; the live price is shown at the top of the page.
ASML raised its revenue guidance to a range between €43 billion and €45 billion, with a gross margin between 54% and 56%. On July 15, 2026, management attributed this to strong customer demand and its ability to increase output across the supply chain, manufacturing, and field service teams. The company also expects Q3 FY2026 sales of between €11 billion and €12 billion and a gross margin between 55% and 57%.
AI is driving investment in the 3-nanometer node for AI accelerators and in the 5- and 4-nanometer nodes for supporting chips, alongside acceleration of the 2-nanometer node for high-performance computing applications. In memory, DDR and HBM requirements are leading to additional DRAM capacity and an increase in the number of EUV and immersion DUV layers. ASML therefore expects growth of more than 25% in advanced logic system sales and more than 75% in memory system sales in FY2026.
Installed Base Management generated sales of €2.8 billion in Q2 FY2026, exceeding guidance by approximately €300 million. The outperformance came primarily from system upgrades, and high-margin components helped raise the quarterly gross margin to 54%. The company expects this business to grow by more than 30% in FY2026 as the EUV installed base expands and customer demand for performance and productivity upgrades increases.
Automated analysis for informational purposes only — not investment advice.
ASML recorded the sale of one High-NA system in Q2 FY2026 and maintained its expectation of recognizing revenue from four to five systems during FY2026. On July 15, 2026, it announced that Intel Foundry is using High-NA EUV on the Intel 18A node to produce a subset of Intel Core Ultra Series 3 processors. However, management confirmed that the platform is still progressing toward the level of maturity required for introduction into high-volume manufacturing and toward demonstrating its cost advantage over multiple patterning using Low-NA and immersion DUV.
ASML expects China-related sales to represent approximately 20% of total FY2026 sales and to grow roughly in line with the overall business, driven by demand for mainstream logic. However, reports on July 28, 2026, said that China had manufactured DUV machines domestically, potentially creating a competitor in an important category of lithography equipment. This coincides with U.S.-led export restrictions, combining the risk of limiting ASML’s market access with the risk of accelerating Chinese domestic alternatives.
As of July 15, 2026, the company was close to covering its FY2027 Low-NA EUV capacity with orders and plans to increase that capacity by approximately 30%. It is also considering another increase of approximately 30% for FY2028 after receiving a significant number of orders and is planning a similar path for immersion DUV systems. Management says these increases can be implemented by optimizing existing space, but it also clarified that demand remains variable and that the FY2028 scenario has not been fully covered by final purchase orders.
