PerpEquities

ASML Holding N.V. (ASML) financials

NASDAQ · Technology · Semiconductors · 44,681 employees · CEO Christophe D. Fouquet

Price
$1,565.90 -6.55%
Market cap
$604B
Enterprise value
€538B
Last report
Q3 '26 filed 2026-10-14
Next report
2027-01-27
Revenue (TTM)€39.5B+22.5% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)38.6%+3.7 pp vs a year agoOperating income €15.2B
Net income (TTM)€13.5B+42.4% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)€21.1B+135.8% vs a year agoCapex €1.58B
Diluted EPS (TTM)€35.00+44.5% vs a year agoSum of the last 4 quarters
Net cash€10.8B+344.5% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap
$604B
EV €538B
Revenue
€39.5B
Trailing 12 months
Revenue growth
+36%
FY2026 consensus
Profit margin
34.1%
Net income / revenue, TTM
P/E
40.3×
P/S
13.8×
Price / sales, TTM
EV / EBITDA
32.8×
TTM
Free cash flow
€21.1B
Trailing 12 months
Net income
€13.5B
Trailing 12 months
Revenue estimate
€44.3B
FY2026 consensus
Earnings
2027-01-27
Dividend
$9.31
Per share, last 12 months

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

  • Revenue growth accelerating: 55.2% year on yearQ3 '26 revenue €11.7B, against an average of 10.0% over the four quarters before.
  • Operating margin 38.6% (TTM), +3.7 pp on a year agoOperating income grew 35.6% while revenue grew 22.5%.
  • Capex 4.0% of revenue (a year ago 7.5%)€1.58B invested in the last 4 quarters (-34.7% on a year earlier). Free cash flow €21.1B = 156.9% of net income.
  • Returned €10.8B to shareholders = 51.3% of free cash flowBuybacks €7.85B (a year earlier €4.25B), dividends €3B, stock-based pay €86.7M (TTM).
  • Diluted share count down 1.1% in a year384M diluted shares in Q3 '26, 388M a year earlier.
  • Net cash €10.8BCash + short-term investments €12.7B, debt incl. leases €1.96B; a year ago net cash €2.42B.

Last quarter: Q3 '26

Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

Q3 '26Year agoChange
Revenue€11.7B€7.52B+55.2%
Gross margin57.4%51.6%+5.8 pp
Operating income€5.17B€2.47B+109.6%
Operating margin44.4%32.8%+11.5 pp
Net income€4.96B€2.12B+133.5%
Diluted EPS€12.93€5.48+135.9%
Operating cash flow€11.8B€559M+2,010.1%
Capex€413M€315M+31.0%
Free cash flow€11.4B€244M+4,571.4%
R&D€1.17B€1.11B+5.9%
Stock-based compensation€0€57.7M-100.0%

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement
Operating cash flow
€22.7B
Capex
-€1.58B
Buybacks
-€7.85B
Dividends
-€3B
Acquisitions
€0
Net debt issued
-€2.02B
Stock-based compensation
€86.7M
Free cash flow
€21.1B
Returned to shareholders / FCF
51.3%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years
Now5y averageWhere today sits in the 5-year range
P/E (TTM)40.3×37.8×32.6× – 48.8×
EV / EBITDA32.8×29.2×25.2× – 39.3×
EV / Sales13.6×10.7×9.0× – 15.3×
Price / FCF25.8×39.3×28.1× – 78.7×
Price / Book24.5×20.5×14.2× – 28.3×
FCF yield3.9%3.0%1.3% – 3.6%
Return on invested capital37.2%30.0%25.0% – 33.4%
Return on equity63.9%54.0%41.0% – 63.8%

Analysts

Consensus target $2,330.75 (+48.8%)
range $2,100.00 – $2,623.00 · rating Buy

Strong buy1
Buy25
Hold16
Sell3
Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal yearRevenueGrowthEPSGrowthP/E at today's priceAnalysts (EPS)
FY2026€44.3B+35.5%€41.09+66.3%–20
FY2027€57.3B+29.5%€56.57+37.7%–21
FY2028€71.9B+25.4%€74.54+31.8%–24
FY2029€81.4B+13.1%€90.49+21.4%–21
FY2030€87B+7.0%€99.89+10.4%–13

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpenBalance sheetCash, investments, assets, debt, liabilities and equityOpenCash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Sources

Statements, segment revenue, metrics and estimates: Financial Modeling Prep.

Data as of 2026-11-01 · Amounts in EUR as reported; price and market cap in USD.