ASML Holding N.V. (ASML.AS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-58.2%

€568.61

vs €1,361.40 price

Levered DCF

€867.31

After debt service

Piotroski score

9 / 9

Strong

Altman Z-score

10.56

Safe zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	37.26×	35.26×	33.37×	35.63×	49.21×	46.83×	43.02×	23.09×
P/B	18.25×	14.45×	19.45×	22.74×	28.56×	11.99×	8.81×	5.01×
P/S	10.96×	9.44×	9.49×	9.46×	15.56×	11.9×	9.39×	5.33×
EV / EBITDA	27.97×	25.59×	25.87×	27.79×	39.72×	36.24×	34×	17.79×
Gross margin	52.8%	49.8%	50.2%	49.5%	51.9%	47.4%	43.4%	44.8%
Operating margin	34.6%	31.9%	32.8%	30.7%	35.1%	29.0%	23.6%	27.1%
Net margin	29.4%	26.8%	28.4%	26.6%	31.6%	25.4%	21.9%	23.7%
Current ratio	1.26×	1.53×	1.5×	1.28×	1.48×	2.41×	2.58×	2.78×
Debt / equity	0.14×	0.25×	0.34×	0.48×	0.45×	0.34×	0.25×	0.26×
Interest coverage	0×	58.7×	59.45×	106.92×	119.71×	93.57×	76.25×	70.94×
Dividend yield	0.7%	0.9%	0.9%	1.3%	0.5%	0.6%	1.2%	1.0%
Payout ratio	26.5%	32.4%	30.0%	45.5%	23.3%	30.0%	51.1%	23.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	49.0%	41.0%	58.3%	63.8%	58.0%	25.6%	20.6%	22.3%
Return on invested capital	35.5%	25.0%	32.3%	29.1%	30.2%	17.0%	14.5%	16.0%
Return on assets	19.0%	15.6%	19.6%	15.5%	19.5%	13.0%	11.5%	12.9%
Free cash flow yield	3.1%	3.4%	1.2%	3.6%	3.4%	2.2%	2.2%	4.2%
Earnings yield	2.7%	2.8%	3.0%	2.8%	2.0%	2.1%	2.3%	4.4%
Enterprise value	€347.8B	€258.9B	€259.2B	€197.4B	€287.2B	€164.9B	€110.5B	€60.5B
Net debt / EBITDA	-0.82×	-0.8×	-0.24×	-0.42×	-0.33×	-0.3×	-0.13×	0.66×
Cash conversion cycle (days)	317	282	287	296	226	259	250	243