ASML Holding N.V. (ASML) 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

-79.3%

$322.51

vs $1,558.27 price

Levered DCF

$500.95

After debt service

Piotroski score

9 / 9

Strong

Altman Z-score

10.3

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	36.82×	34.77×	32.58×	36.09×	48.76×	47×	43.05×	22.85×
P/B	18.04×	14.25×	18.99×	23.03×	28.29×	12.04×	8.82×	4.95×
P/S	10.83×	9.31×	9.27×	9.58×	15.42×	11.94×	9.39×	5.27×
EV / EBITDA	27.77×	25.23×	25.25×	28.16×	39.35×	36.38×	34.03×	17.61×
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	0.22×	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	33.4%	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%	3.5%	1.3%	3.6%	3.5%	2.2%	2.2%	4.3%
Earnings yield	2.7%	2.9%	3.1%	2.8%	2.1%	2.1%	2.3%	4.5%
Enterprise value	$345.2B	$255.2B	$253B	$199.9B	$284.5B	$165.6B	$110.6B	$59.9B
Net debt / EBITDA	-0.69×	-0.8×	-0.24×	-0.42×	-0.33×	-0.3×	-0.13×	0.66×
Cash conversion cycle (days)	239	282	287	296	226	259	250	243