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ASML Holding N.V. (ASML) perpetual futures
ASML perpetual futures on 21 crypto exchanges – live perp price vs the stock, funding rate, open interest and where to trade ASMLUSDT.
ASML Holding N.V. supplies advanced lithography, metrology, and inspection systems for semiconductor manufacturing, including extreme ultraviolet and deep ultraviolet systems, plus software and support services.
$1,495+0.1%NASDAQ closed
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venue perp mark · Deepcoin (ASML/USDT)
Auto: highest-volume live perp venueOpen in TradingView
Trading data
Perpetual market activity
21/21 live markets
Trading data
Perpetual market activity
Venues
21
Live markets
21/21
24h volume
$55.8MCoverage: 19/21 marketsExchange-reported volume: $58.2M
Open interest
$11.4MCoverage: 19/21 markets
Best liquidity
$943K
Bitget
Tightest spread
+1.3 bps
Ondo Perps
Highest volume
$44.4M
Deepcoin
Settlement mix
USDT · 17/21
Perp/spot vol.
0.02x
Spot volume $2.7B
OI / float
0.00%
Float $576B
Spot performance
1D-2.43%
5D+3.53%
1M-14.46%
6M-1.57%
YTD+39.94%
1Y+44.32%
Venue matrix
21 markets
Some venue links are sponsored. We may receive a commission, and eligible users may occasionally receive trading-fee discounts, at no additional cost to you.
| Trade | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
 Binance | Trade | ASML/USDT | Trading | $1,495 | 0.0% APR 0.000% every 8h | +5.7 bps | - | $3.7M | $2.4M | USDT | - | |
 BingX | Trade | ASML-USDT | Trading | $1,496 | +0.7% APR +0.00060% every 8h | +4.2 bps | $939.7K | $1.3M | $1.5M | USDT | - | |
 OKX | Trade | ASML/USDT | Trading | $1,495 | 0.0% APR 0.000% every 8h | +3.3 bps | $126K | $1.1M | $1M | USDT | 20x | |
 Bitget | Trade | ASML/USDT | Trading | $1,495 | 0.0% APR 0.000% every 8h | +4.0 bps | $943K | $1.1M | $1M | USDT | 20x | |
 Hyperliquid HIP-3 | Trade | xyz:ASML | Trading | $1,494 | +8.1% APR +0.00092% every 1h | +8.7 bps | - | $804.8K | $1.5M | USDC | 10x | |
 KuCoin | Trade | ASML/USDT | Trading | $1,496 | 0.0% APR 0.000% every 8h | +44.5 bps | $7K | $802.1K | $347.2K | USDT | 20x | |
 Ondo Perps | Trade | ASML/USD | Trading | $1,493 | - | +1.3 bps | $189.6K | $748.7K | $147.6K | USDC | 5x | |
 Gate.io | Trade | ASML/USDT | Trading | $1,495 | 0.0% APR 0.000% every 8h | +10.1 bps | $268.3K | $551.5K | $294.8K | USDT | 50x | |
 Extended | Trade | ASML/USD | Trading | $1,494 | 0.0% APR 0.000% every 1h | +12.0 bps | - | $265.2K | $22K | USD | 10x | |
 Bybit | Trade | ASML/USDT | Trading | $1,495 | 0.0% APR 0.000% every 8h | +19.9 bps | $113.3K | $232.2K | $880.9K | USDT | 25x | |
 Bitunix | Trade | ASML/USDT | Trading | $1,497 | +0.7% APR +0.00065% every 8h | +20.1 bps | $168.5K | $187.3K | $25.3K | USDT | 20x | |
 XT.com | Trade | ASML/USDT | Trading | $1,496 | 0.0% APR 0.000% every 8h | +5.5 bps | - | $145.9K | - | USDT | 20x | |
 BloFin | Trade | ASML/USDT | Trading | $1,496 | -1.8% APR -0.00167% every 8h | +4.3 bps | - | $127.7K | $56.9K | USDT | 20x | |
 MEXC | Trade | ASML/USDT | Trading | $1,495 | 0.0% APR 0.000% every 8h | +11.5 bps | $40.4K | $122.5K | $2M | USDT | 50x | |
 GRVT | Trade | ASML/USDT | Trading | $1,496 | 0.0% APR 0.000% every 8h | +8.6 bps | $7.7K | $68.8K | $1.1K | USDT | - | |
 HTX | Trade | ASML/USDT | Trading | $1,498 | 0.0% APR 0.000% every 8h | +29.5 bps | $43K | $60.5K | $9.9K | USDT | - | |
 Aster | Trade | ASMLUSDT | Trading | $1,497 | 0.0% APR 0.000% every 8h | +31.2 bps | $37.4K | $54.7K | $40K | USDT | - | |
 Crypto.com Exchange | Trade | ASML/USD | Trading | $1,494 | +41.0% APR +0.00468% every 1h | +14.1 bps | $10.5K | $566.2 | $17.2K | USD | 50x | |
 Deepcoin | Trade | ASML/USDT | Trading | $1,496 | -11.0% APR -0.010% every 8h | +5.7 bps | - | $44.4M | - | USDT | 25x | |
 Ourbit | Trade | ASML/USDT | Trading | $1,495 | 0.0% APR 0.000% every 8h | +5.6 bps | $167.6K | $1.8M⚠ | $117K | USDT | 50x | |
 LBank | Trade | ASML/USDT | Trading | $1,496 | 0.0% APR 0.000% every 8h | +6.1 bps | $788.5K | $568.6K⚠ | $86.2K | USDT | 50x |
Unverified volume: implausibly high against open interest, a typical sign of wash trading. These venues are listed last.
Tokenized wrappers of the real stock, tradable on-chain and on crypto exchanges around the clock. Premium/discount compares the token price to our stock reference price. Data: CoinMarketCap · Robinhood · DexScreener · GeckoTerminal.
| Product | Price | Premium vs stock | 24h Vol. | Market Cap | Chains |
|---|---|---|---|---|---|
| ASMLonOndo GM | $1,508 | +0.88% | $1.8M | $3.2M | Ethereum · BNB Smart Chain (BEP20) · Solana |
| ASMLBbStocks | $1,496 | +0.03% | $1.1M | $1.0M | BNB Smart Chain (BEP20) |
| rASMLTokenized | $1,503 | +0.54% | $214k | $663k | Arbitrum |
| ASMLxxStocks | $1,510 | +0.97% | $117k | $1.2M | Solana · Ethereum · Arbitrum · Mantle |
| ASMLRobinhood | $1,507 | +0.68% | $2k | $144k | Robinhood Chain |
| Exchange | Pair | Price | 24h Vol. | Liquidity |
|---|---|---|---|---|
 ramsesDEX · robinhood | ASML/USDG ↗ | – | – | – |
 uniswapDEX · robinhood | ASML/USDG ↗ | $1,507 | $2k | $26k |
Tradability
Execution quality
Entry cost and depth per venue at $1k–$100k
Tradability
Execution quality
Entry cost and depth per venue at $1k–$100kBroad liquidity · 13 of 21 venues absorb $10k · Typical cost: +10.0 bps – +28.5 bps
Cheapest execution: Ondo Perps · +6.4 bps
Too thin: Crypto.com Exchange, GRVT, KuCoin
No fresh book data: Deepcoin, Binance, Hyperliquid HIP-3, Extended, BloFin
Taker execution estimate incl. approx. fees - maker fills are not guaranteed.
Best venues for this underlying
Best liquidity
ASMLTightest spread
ASMLHighest volume
ASMLFunding history
Stored venue snapshots by market
Funding history
Stored venue snapshots by marketNext catalyst
Catalysts
Next catalyst
Catalysts
Earnings
2027-01-27
Revenue est. $16.3B · Updated 5h ago
Dividend
$2.10
2026-10-27
No unusual perp activity right now.
Reference data
Market context
Reference data
Market context
NASDAQ
Extended-hours reference
Bid1,500
Ask1,509
Volume1,831,324
Research data
Analysts, filings and peer context
Research data
Analysts, filings and peer context
Estimates
6DateEPS estimateRevenue estimateGrowthAnalysts
FY 202645.77$49.2B+36%19
FY 202763.17$63.8B+30%21
FY 202883.37$80.1B+26%24
FY 2029101.07$90.8B+13%21
FY 2030112.35$97.7B+8%13
Q1 202712.14$14.4B+46%3
Source: FMP · Consensus
Company events
62027-01-27EarningsActual - / Estimate 16.61-
2026-10-27Dividend$2.096-
2026-10-14Earnings · Before market openActual 14.89 / Estimate 12.47Beat
2026-07-28Dividend$2.138-
2026-07-15EarningsActual 8.68 / Estimate 7.98Beat
2026-04-27Dividend$3.168-
Peer comparison
Similar listed perpsRevenue mix
Latest annualCHINAGeographic€9.5B
TAIWANGeographic€8.3B
KOREA, REPUBLIC OFGeographic€8.2B
Analysts
Price targets in USD| Consensus rating | Buy |
|---|---|
| Average 12-month price target | $2,331 |
| 12-month target range (low – high) | $2,100 – $2,623 |
| Ratings in the provider's consensus | 45 |
Price targets as of 2026-11-12
Analyst rating history
Ratings| Month | Strong buy | Buy | Hold | Sell | Strong sell |
|---|---|---|---|---|---|
| Nov 2026 | 7 | 31 | 2 | 1 | 0 |
| Oct 2026 | 7 | 31 | 4 | 1 | 0 |
| Sep 2026 | 7 | 32 | 4 | 1 | 0 |
| Aug 2026 | 7 | 33 | 4 | 1 | 0 |
| Jul 2026 | 7 | 33 | 4 | 1 | 1 |
| Jun 2026 | 6 | 33 | 5 | 1 | 1 |
| May 2026 | 6 | 32 | 5 | 1 | 0 |
| Apr 2026 | 6 | 32 | 6 | 1 | 0 |
| Mar 2026 | 6 | 31 | 6 | 1 | 1 |
| Feb 2026 | 6 | 31 | 6 | 1 | 1 |
| Jan 2026 | 6 | 29 | 9 | 1 | 1 |
| Dec 2025 | 4 | 23 | 10 | 1 | 0 |
Ownership
Institutional · 2026-Q3Free float100%385.3M shares
Shares outstanding385.4M shares
Institutional7.1%1,722 investors
Investor count change-914
Reference market activity
ASML-PERPDay range (Nov 12)$1.49K$1.53K
52 week$946.11$2K
Spot volume1.8M
Average volume-
Price performance
111D-2.4%
5D+3.5%
1M-14.5%
3M-17.3%
6M-1.6%
YTD+39.9%
1Y+44.3%
3Y+128.7%
5Y+75.8%
10Y+1,409.2%
MAX+54,539.4%
Insider activity
No insider data available.No insider data available.
Filings
17 · Latest SEC filingsTranscripts
Earnings callsFY2026 Q32026-10-14
Earnings calls
AI summary
positiveASML reported record Q3 2026 total net sales of €11.7 billion, toward the high end of guidance, with net system sales of €8.4 billion (€4.1 billion EUV including one High-NA system, €4.3 billion non-EUV) split 54% logic and 46% memory. Installed base management sales were €3.3 billion, exceeding guidance by almost €400 million on strong productivity upgrade demand. Gross margin was above guidance at 57.5%. Net income was €5.0 billion, including around €500 million from an increase in the valuation of the initial investment in Mistral AI, with EPS of €12.95. Q3 free cash flow was €11.4 billion. Management described very strong customer demand, extended visibility, and order momentum building into 2028 and beyond, with customers expressing interest in orders for 2029 and 2030. ASML now expects its planned 2027 and 2028 output levels will not fully meet customer demand and is looking to expand 2028 capacity above the previously investigated 30% year-over-year target.
Key takeaways
- Q3 2026 total net sales reached a record €11.7 billion, with net system sales of €8.4 billion and installed base management sales of €3.3 billion.
- Customers' extended visibility has led them to conclude demand will outpace supply through at least 2028, driving accelerated capacity build-out plans.
- ASML now anticipates planned 2027 and 2028 output will not fully meet customer demand and is looking into expanding 2028 capacity above the previously investigated 30% year-over-year growth target for low-NA EUV and immersion.
- Price increases on the most critical products have been agreed with customers, with some impact in 2027 and the full impact from 2028 onwards.
- High-NA EUV momentum continued: Intel exposed over 1 million wafers using High-NA EUV, Samsung plans High-NA introduction into high volume manufacturing in 2028 and TSMC in 2030.
Financial highlights
- Q3 2026 total net sales were €11.7 billion; net system sales were €8.4 billion, including €4.1 billion EUV (one High-NA system) and €4.3 billion non-EUV.
- Q3 system sales split was 54% logic and 46% memory; installed base management sales were €3.3 billion, exceeding guidance by almost €400 million.
- Q3 gross margin was 57.5%, above guidance, primarily due to high margin components within installed base management; net income was €5.0 billion, including around €500 million from increased valuation of the initial Mistral AI investment, with EPS of €12.95.
- Q3 free cash flow was €11.4 billion and cash, cash equivalents and short term investments were €12.7 billion.
Guidance
- Q4 2026 total net sales expected between €14.2 billion and €15.2 billion, with gross margin of around 57% and installed base management sales of around €3.7 billion.
- Full year 2026 total net sales expected between €44 billion and €45 billion with gross margin of around 56%, an anticipated year-over-year increase of around 36%.
- For 2026: EUV growth over 45%, non-EUV system sales growth around 20%, installed base management sales growth around 50%, logic net system sales growth around 10%, memory net system sales growth around 75%.
- China is expected to account for around 20% of total net sales this year; Q4 R&D expenses around €1.2 billion and SG&A around €400 million.
Q&A themes
- Capacity expansion beyond 30% for 2027 and 2028: levers include footprint optimization, cycle time reduction, and supply chain readiness, with Zeiss not seen as a bottleneck.
- Value-based pricing: increases apply to the most critical high-volume manufacturing products, with upgrade prices following the same pattern; some 2027 impact and full effect from 2028.
- Gross margin drivers: volume, mix, EUV mix and pricing are positives; ramp costs and the sustainability of the upgrade business are swing factors.
- Demand visibility into 2029 and 2030: customer interest is broad, not linked to one customer, with new low-NA EUV customers particularly in DRAM; cleanroom availability is not seen as a major demand constraint.
Risks
- Capacity ramp costs could pressure gross margin, as reflected in Q4 gross margin guidance of around 57%, slightly below Q3.
- The sustainability of the very strong upgrade business is an important swing factor for gross margin development into 2027 and beyond.
- Customers must execute very diligently on construction for their large footprint expansions in 2027-2028, which ASML needs to monitor carefully.
FY2026 Q22026-07-15
Earnings calls
AI summary
positiveASML reported Q2 2026 net sales of €9.3 billion, exceeding guidance due to higher-than-expected Installed Base Management sales of €2.8 billion. The company raised full-year 2026 guidance to €43-45 billion in total net sales with gross margins of 54-56%, driven by exceptionally strong customer demand for advanced lithography solutions in logic and DRAM. Management expects to ship approximately 65 Low-NA EUV systems in 2026 with year-over-year EUV net system sales growth exceeding 45%, while non-EUV net system sales are projected to grow around 25%. Looking ahead, ASML plans 30% capacity increases for both Low-NA EUV and immersion systems in 2027, with 2027 Low-NA EUV nearly fully covered by orders. The company is investigating a further 30% capacity expansion for 2028. High-NA EUV continues progressing toward production readiness, with Intel Foundry now using the technology on its Intel 18A process node. Strong demand is being fueled by AI-related investments across 3nm and below nodes in logic, as well as significant DRAM fab expansion driven by supply-constrained HBM and DDR pricing.
Key takeaways
- Q2 2026 net sales reached €9.3 billion with net income of €2.9 billion (31.3% net margin) and EPS of €7.59, exceeding guidance on strong Installed Base Management performance
- FY2026 guidance raised to €43-45 billion total net sales with 54-56% gross margins, driven by aggressive customer capacity expansion in advanced logic and DRAM nodes
- Planning 30% capacity increases in both Low-NA EUV and immersion systems for 2027, with 2027 EUV orders nearly fully covered; investigating further 30% expansion for 2028
- Advanced logic foundry net system sales expected to grow over 25% in 2026, while memory-related net system sales projected to grow over 75% driven by HBM and DDR investments and increased EUV layer adoption at advanced nodes
- Intel Foundry High-NA EUV milestone on Intel 18A process node demonstrates progress toward production-ready status for next-generation lithography
Financial highlights
- Q2 2026 net sales €9.3 billion with gross margin of 54%, net income €2.9 billion (31.3% net margin)
- EUV net system sales of €3.8 billion in Q2 including one High-NA system; non-EUV net system sales of €2.8 billion with logic and memory nearly equally split at 51% and 49%
- Q2 Installed Base Management sales €2.8 billion, approximately €300 million above guidance, driven by upgrade business
- Full-year 2026 EUV net system sales expected to grow over 45% with approximately 65 Low-NA EUV system shipments
Guidance
- FY2026 total net sales guidance of €43-45 billion with gross margins of 54-56%, up from prior guidance
- Q3 2026 total net sales expected between €11-12 billion with gross margin of 55-57% and Installed Base Management sales around €2.9 billion
- Approximately 65 Low-NA EUV systems to be shipped in 2026 with year-over-year EUV net system sales growth exceeding 45%
- Plan 30% capacity increases in Low-NA EUV and immersion systems for 2027, with 2027 Low-NA EUV orders nearly fully covered; investigating further 30% capacity expansion for 2028
Q&A themes
- Pricing dynamics and value-based pricing approach: Roger Dassen noted current environment provides more flexibility for pricing improvements given strong customer value, with implementation tied to order lead times; Low-NA pricing has runway for improvement through continued productivity gains
- EUV tool mix and ASP improvement: Discussion of transition from D to E and F models, with E and F models providing better ASP and gross margin profiles; 30% unit growth translating to approximately 45% productivity improvement due to higher-throughput tool configurations
- Installed Base Management upgrades and capacity constraints: Strong demand for upgrade packages as customers optimize existing fab capacity, with new upgrade products planned for 2027-2028 to address customer demand for increased productivity without new clean room space
- High-NA maturity and insertion timeline: High-NA continuing to progress toward production readiness with Intel 18A milestone; maturity improvements needed before widespread insertion; potential for DRAM and Logic customers to adopt High-NA as platform matures
Risks
- Execution risk on aggressive capacity expansion plans: While ASML plans 30% capacity increases for 2027-2028 within existing footprint through optimization, actual delivery depends on successful supply chain coordination and manufacturing execution at significantly higher volumes
- Demand fluctuation and forecast uncertainty: Management acknowledged that 2027 and 2028 demand continues to be revised with customers, and full visibility into customer demand beyond 2026 is still being established despite strong order signals
- High-NA technology adoption timing uncertainty: While Intel Foundry has begun High-NA production use, widespread adoption in logic and DRAM depends on continued platform maturity improvements and cost-effectiveness demonstration versus Low-NA multi-patterning alternatives
FY2026 Q12026-04-14
Earnings calls
AI summary
positiveASML delivered Q1 2026 net sales of EUR 8.8 billion with 53% gross margin and EUR 2.8 billion net income, within guidance. The company raised its full-year 2026 revenue guidance to EUR 36-40 billion, narrowing and increasing the prior range, driven by accelerating customer capacity investments in both EUV and non-EUV lithography supported by sustained AI infrastructure demand and long-term customer commitments.
Key takeaways
- Q1 2026 net sales EUR 8.8 billion (within guidance); Installed Base revenue EUR 2.5 billion exceeded expectations at strong gross margins
- Full-year 2026 guidance raised to EUR 36-40 billion with 51-53% gross margin; EUV (Low NA and High NA) expected strong; non-EUV business now expected to grow versus prior flat expectation
- Capacity plans: at least 60 EUV Low NA systems for 2026; expect 80+ Low NA EUV units for 2027; immersion deep UV demand reversed, expecting unit volumes near prior-year levels despite slow start
- Customer demand driven by AI infrastructure buildout, with memory customers sold out through 2026+ and logic customers ramping multiple nodes including 2-nanometer; increased adoption of EUV and immersion raising litho intensity
- Technology milestones: demonstrated 1,000-watt EUV source enabling 330 wafers/hour by 2031; increased NXE:3800E throughput to 230 wafers/hour; High NA enabling 3-to-1 mask reduction and 100-to-10 process step reduction for customers
Financial highlights
- Q1 2026 total net sales: EUR 8.8 billion; Installed Base revenue: EUR 2.5 billion
- Q1 2026 gross margin: 53% (at high end of guidance)
- Q1 2026 net income: EUR 2.8 billion
- FY2026 guidance: EUR 36-40 billion total net sales; 51-53% gross margin
Guidance
- Q2 2026 net sales guidance: EUR 8.4-9.0 billion; Installed Base revenue: EUR 2.5 billion; gross margin: 51-52%
- FY2026 full-year revenue raised to EUR 36-40 billion; guidance incorporates potential outcomes of ongoing export control discussions
- 2026 EUV Low NA capacity: at least 60 systems; immersion deep UV expected near prior-year unit volumes
- 2027 EUV Low NA capacity: at least 80 systems, contingent on customer demand; continued quarterly increases in manufacturing move rate
Q&A themes
- Semiconductor industry growth driven by AI infrastructure investment creating strong demand for advanced memory and logic capacity, with supply constraints expected to persist beyond 2026
- Customer demand accelerating capacity additions across both memory (DRAM) and advanced logic with 2-nanometer ramp; increased litho intensity from higher EUV and immersion adoption
- Installed Base products becoming key capacity enabler alongside new system shipments and system performance upgrades to meet accelerating customer demand
Risks
- Export control discussions ongoing; guidance assumes potential outcomes can be accommodated within EUR 36-40 billion range
- Immersion deep UV experienced slow start in 2025 due to demand reassessment; recovery to prior-year unit volumes dependent on sustained customer demand
FY2025 Q42026-01-28
Earnings calls
AI summary
positiveASML delivered record Q4 2025 and full-year results driven by EUV systems and AI-related capacity investments from memory and logic customers. The company expects significant 2026 growth primarily from EUV expansion, with guidance of EUR 34-39B revenue (12% growth at midpoint) and 51-53% gross margin. ASML announced a restructuring affecting 1,700 technology and IT employees to streamline organizational complexity and enhance engineering agility, while maintaining long-term growth trajectory toward EUR 44-60B revenue by 2030.
Key takeaways
- Record 2025 revenue of EUR 32.7B with 52.8% gross margin and EUR 9.6B net income; EUV revenue grew 39% year-over-year
- 2026 guidance of EUR 34-39B revenue (51-53% gross margin) driven by continued EUV expansion and installed base growth, with non-EUV business expected to remain flattish
- AI infrastructure demand driving memory and logic customers to aggressively expand capacity, with multiple customers announcing fab groundbreakings and mega-fab construction
- Restructuring of 1,700 employees primarily from technology leadership to reduce organizational complexity; 1,400 new engineering positions being created from streamlined management roles
- China business expected to normalize to approximately 20% of total sales in 2026, down from 29% in 2025, as post-COVID backlog completes
Financial highlights
- FY2025 net revenue EUR 32.7B, gross margin 52.8%, net income EUR 9.6B, EPS EUR 25 per share
- Q4 2025 record quarter in sales, order intake, and cash flow generation
- Installed base business grew 26% to EUR 8.2B, approaching ASML's total 2017 revenue
- FY2026 guidance: EUR 34-39B revenue, 51-53% gross margin, annualized effective tax rate 17%
Guidance
- Q1 2026 expected net revenue EUR 8.2-8.9B with 51-53% gross margin
- FY2026 full-year revenue EUR 34-39B (midpoint 12% growth) driven by EUV growth and installed base expansion
- EUV expected to grow significantly in 2026; Low NA EUV will comprise lion's share of growth with High NA in qualification/preparation phase
- Long-term 2030 target: EUR 44-60B revenue with 56-60% gross margin
Q&A themes
- Customer capacity expansion is translating to real tool orders, not just capital inflation; TSMC, Samsung, Micron announced major fab construction with near-term impact on ASML shipments
- Memory customers showing more aggressive capacity expansion than logic due to high bandwidth memory shortage for AI and strong DDR demand; memory expected to exceed logic in 2026 revenue contribution
- Supply chain prepared for volume increase through long lead time stockpiling; ASML and suppliers gradually increasing move rates from 44 units (2025) toward 80+ units (2026) rather than sudden jumps
- Restructuring focused on design & engineering organization to reduce complexity and improve agility; affects mostly D&E but benefits entire organization through improved interfaces with operations, customers, and suppliers
Risks
- China business normalization creates absolute revenue decline despite 20% target still representing ~EUR 7.5B; sensitivity to geopolitical factors and export controls
- High organizational complexity created during rapid growth period required significant restructuring; execution risk on 1,700 employee separation and reorganization timing dependent on union negotiations
- AI demand sustainability risk acknowledged; while customers now expressing confidence in durability, broader economic or technology adoption changes could impact capital intensity
FY2025 Q32025-10-15
Earnings calls
AI summary
positiveASML delivered strong Q3 results with €7.5 billion in net sales including one High NA system and €2 billion in installed base revenue, achieving 51.6% gross margin and €2.1 billion net income. The company guides full-year 2025 revenue to approximately €32.5 billion with 52% gross margin, reflecting a planned large Q4. Management expects 2026 net sales to not fall below 2025 levels despite significantly lower Chinese customer demand, with growth driven by UV adoption and EUV intensity gains.
Key takeaways
- Q3 net sales €7.5 billion with net bookings of €5.4 billion, including €3.6 billion for EV systems
- FY2025 guidance: €32.5 billion revenue with 52% gross margin; Q4 expected at €9.2-9.8 billion
- Strategic partnership with Mistral AI with ASML taking 11% stake; partnership focuses on software, product development, and AI applications
- EUV adoption progressing with over 300,000 High NA wafers run at customers; SK Hynix announced first 5,200 installation for DRAM production
- Shipped first advanced packaging product (XT260) offering 4x productivity versus existing solutions, supporting 3D integration opportunities
Financial highlights
- Q3 2025 net sales: €7.5 billion; installed base revenue: €2.0 billion; gross margin: 51.6%; net income: €2.1 billion
- Q3 2025 net bookings: €5.4 billion, of which €3.6 billion for EV systems
- Q4 2025 guidance: Revenue €9.2-9.8 billion with approximately €2.1 billion installed base revenue and 51-53% gross margin
- FY2025 guidance: Net sales approximately €32.5 billion with 52% gross margin
Guidance
- Q4 2025 revenue guidance: €9.2-9.8 billion (midpoint implies full-year gross margin slightly above 52%)
- FY2025 net sales guidance: Approximately €32.5 billion with gross margin around 52%
- 2026 net sales expected to not be below 2025 levels; dynamics expected to favor UV while China business decline partially offsets gains
- 2030 long-term opportunity: Revenue between €44-60 billion with gross margin between 56-60%
Q&A themes
- Market dynamics: Positive AI commitments, broader customer base benefits, EUV adoption momentum partially offset by significantly lower Chinese customer demand in 2026
- Technology roadmap execution: Strong EUV progress; High NA maturity ahead of Lithium curve; XT260 advanced packaging tool achieving 4x productivity gains
- AI strategy: Mistral AI partnership as strategic investment to enhance software capabilities, product performance, and accelerate development timelines
- 3D integration as new opportunity: Transferring Holistic Lithography technology to advanced packaging; multiple customer interest demonstrated for next year
Risks
- Chinese customer demand expected significantly lower in 2026 versus 2024-2025, representing geographic revenue concentration risk
- 2026 guidance contingent on UV adoption and product mix shifts; additional details to be provided in January call
- Execution risks on advanced packaging and 3D integration roadmap as new market segments with unproven adoption rates
FY2025 Q22025-07-16
Earnings calls
AI summary
mixedASML delivered strong Q2 results with total net sales at the upper end of guidance, driven by EUV systems and upgraded installed base management. The company raised full-year 2025 revenue growth guidance to approximately 15% with gross margin around 52%, but cautioned that 2026 growth cannot be confirmed due to escalating macroeconomic and geopolitical uncertainties affecting customer capital expenditure decisions.
Key takeaways
- Q2 total net sales EUR 7.7B at upper end of guidance; net system sales EUR 5.6B (EUV EUR 2.7B, non-EUV EUR 2.9B)
- Full-year 2025 revenue expected to grow ~15% with gross margin ~52%; EUV revenue growth ~30% despite lower unit volumes due to higher productivity and ASP of NXE:3800E systems
- Installed base management revenue growing >20% driven by productivity upgrades to 220 wafers/hour and expanding EUV service revenue
- 2026 growth not confirmable; customers delaying investment decisions due to tariff uncertainty, geopolitical risks, and unclear implications for GDP and demand
- China revenue expected >25% of total 2025 revenue; EUR 1.4B backlog adjustment related to Chinese customer de-bookings following 2024 export restrictions
Financial highlights
- Q2 net sales EUR 7.7B; net system sales EUR 5.6B (Logic 69%, Memory 31%); installed base management EUR 2.1B
- Q2 gross margin 53.7%, above guidance; Q2 net income EUR 2.3B (29.8% of sales); EPS EUR 5.90
- Q2 net system bookings EUR 5.5B (EUV EUR 2.3B, non-EUV EUR 3.2B); backlog EUR 33B after EUR 1.4B China adjustment
- Cash and short-term investments EUR 7.2B; Q2 dividend EUR 1.84/share; share buyback EUR 1.4B in Q2 (EUR 5.8B cumulative)
Guidance
- FY2025 revenue growth ~15% with gross margin ~52%; Q3 net sales EUR 7.4B-7.9B, installed base EUR 2B, gross margin 50-52%
- 2025 EUV revenue growth ~30% vs 2024 on same unit volume as 2024 (higher ASP/productivity); Deep UV combined with metrology/inspection similar to 2024
- Installed base management revenue to grow >20% in 2025; demand skewed towards second half of 2025
- 2026 growth cannot be confirmed at this stage due to tariff and geopolitical uncertainty; continued monitoring of customer developments
Q&A themes
- High NA adoption progressing with EXE:5200B shipment and field installation; customers qualifying for high-volume manufacturing insertion in 2026-2027; performance data validated but tool maturity qualification ongoing
- Tariffs creating indirect impact through GDP/demand uncertainty and direct impact on U.S. expansion plans (232 review outcome unclear); customers maximizing waiting time on investment decisions
- Booking composition lumpy; Q2 Memory bookings 16% vs 40% in Q1; EUV bookings split Logic/Memory skewed towards Logic; Deep UV virtually fully booked for 2025
- China business healthy and not falling off cliff; >25% revenue guidance reflects natural proportion of backlog; no evidence of extreme pull-forward, but EUR 1.4B backlog adjustment from 2024 export restriction response
Risks
- Tariff uncertainty (generic tariffs, 232 review outcome unclear) causing customers to delay 2026 capital expenditure decisions and reduce visibility; potential GDP impact from tariff policies
- Geopolitical developments creating macroeconomic uncertainty; customers facing specific challenges affecting capital expenditure timing; policy changes on AI chip exports and design software restrictions adding to environment volatility
- High NA still in qualification phase with tool maturity work required; delayed validation could push volume manufacturing insertion beyond 2027 timeline; program margin impact ongoing with dilutive effect on gross margin
Company news
Reuters, WSJ, Bloomberg and FT first, as far as our news provider delivers them; other publishers behind the second filter. Headlines link to the publisher.- Besi shares fall on report ASML is working on rival hybrid bonding product
- ASML's 'sold out' outlook forces investors to look beyond demand
- ASML CFO says US Match Act limiting DUV sales to China would be counterproductive
- Chip-Machine Supplier ASML Boosts Guidance for Third Time On Surging AI Demand
- ASML forecasts Q4 sales above expectations on AI chip demand
- ASML examining ways it can make more than 110 EUV tools in 2028, JPMorgan says
- ASML extends chipmaking dominance as customers embrace High NA
- ASML breaks ground on new manufacturing facilities in major expansion
- ASML to work with major chipmakers to use latest tools for larger chips
Company data
Company intelligence
Updated: Nov 13, 2026, 02:42 AM UTC
Company data
Company intelligence
Company profile
- Sector
- Technology
- Industry
- Semiconductors
- Chief executive
- Christophe D. Fouquet
- Employees
- 44,681
- IPO date
- Mar 15, 1995
- Country
- NL
- Exchange
- NASDAQ
Altman Z-scorei10.3
Piotroski scorei9/9
Overall ratingiA-
Owner earningsi€12.29B€32.05 per share
ESG risk ratingiB+Industry rank: 10/122
Rating factors
- Return on equityi
- 5/5
- Return on assetsi
- 5/5
- Debt to equityi
- 4/5
- Price to earningsi
- 2/5
- Price to booki
- 1/5
Company press releases
ASML reports transactions under its current share buyback programGlobeNewsWireASML reports transactions under its current share buyback programGlobeNewsWireASML reports transactions under its current share buyback programGlobeNewsWireASML reports €11.7 billion total net sales and €5.0 billion net income in Q3 2026GlobeNewsWireASML reports transactions under its current share buyback programGlobeNewsWireASML reports transactions under its current share buyback programGlobeNewsWire
Congressional disclosures
Senate
Alan ArmstrongPurchase · $1,001 - $15,000Disclosed: Jul 21, 2026Alan ArmstrongPurchase · $50,001 - $100,000Disclosed: Jul 21, 2026Thomas Hawley TubervilleSale (Full) · $15,001 - $50,000Disclosed: Jun 14, 2024Tommy TubervilleSale (Full) · $15,001 - $50,000Disclosed: Jun 14, 2024Shelley Moore CapitoSale (Full) · $1,001 - $15,000Disclosed: Apr 17, 2019
House
Kevin HernSale · $15,001 - $50,000Disclosed: Oct 29, 2026Michael McCaulPurchase · $15,001 - $50,000Disclosed: Oct 16, 2026Michael T. McCaulSale · $1,001 - $15,000Disclosed: May 11, 2026Michael McCaulSale · $1,001 - $15,000Disclosed: May 11, 2026Michael T. McCaulSale · $1,001 - $15,000Disclosed: May 11, 2026
Market cap history
$573.55B-17.6%Aug 2026 – Nov 2026
Latest: $573.55B · 2026-11-12High: $724.06B · 2026-08-17Low: $573.55B · 2026-11-12
Largest fund holders
| Fund | Weight | Shares held |
|---|---|---|
| VECA.S | 0.14% | 7.6M |
| QQQ | 0.65% | 2M |
| SMH | 4.54% | 1.9M |
| FCNKX | 1.17% | 1.4M |
| FSELX | 3.53% | 1.1M |
| QQQM | 0.65% | 459.8K |
| SOXX | 1.64% | 449.8K |
| VVDE | 8.52% | 448.7K |
| FSPTX | 1.58% | 404.7K |
| VWELX | 0.45% | 297.7K |
| VDIGX | 1.48% | 273K |
| FDIVX | 4.24% | 256.5K |
Analyst track record
How the analysts covering ASML have done: ratings, price-target accuracy and the measured reaction after their calls.
| 12 months | 3 years | |
|---|---|---|
| Ratings | 51 | 125 |
| Analysts | 19 | 28 |
| Buy / hold / sell | 49 / 1 / 1 | 113 / 11 / 1 |
| Upgrades / downgrades / initiations | 5 / 1 / 1 | 8 / 5 / 3 |
| Price targets hit / missed | 3 / 42 (7%) | 63 / 42 (60%) |
| Avg. return after a rating (TipRanks) | -26.0% | +12.8% |
| Best / worst call | +81.1% / -52.6% | +82.6% / -52.6% |
After buy calls on this stock: median 21-day move +1.9% vs S&P 500 +0.2% (n = 111)
Most accurate on this stock
Share of an analyst's price targets on this stock that the price reached within 12 months (our measurement over the last 3 years, at least 8 targets). It describes past calls, not the odds of the current one.
- Joseph QuatrochiWells Fargo73% hit rate on this stock · 22 targets measuredBuytarget $2,500Jul 16, 2026
- Sandeep DeshpandeJ.P. Morgan50% hit rate on this stock · 10 targets measuredBuytarget $2,350Oct 15, 2026
Latest ratings
| Date | Analyst | Call | Target | |
|---|---|---|---|---|
| Oct 17, 2026 | Jose Luis PascualJLPascualOct 17, 2026 | SellDowngraded | $749↗ | article ↗ |
| Oct 16, 2026 | Ling Lee KengDBSOct 16, 2026 | BuyMaintained | $2,394 | |
| Oct 16, 2026 | Stacy RasgonBernsteinOct 16, 2026 | BuyMaintained | $2,807↗ | article ↗ |
| Oct 15, 2026 | Sandeep DeshpandeJ.P. MorganOct 15, 2026 | BuyReiterated | $2,350↗ | article ↗ |
| Oct 14, 2026 | Srini PajjuriRBC CapitalOct 14, 2026 | BuyReiterated | $2,100↗ | article ↗ |
Share of analysts per call each month (latest call per analyst within 180 days). Targets and closes in USD.
TipRanks data · computed Nov 6, 2026 · 51 ratings
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