ASML (ASML.AS): analysis in plain words
Is ASML cheap or expensive? How it makes money, whether it grows and its risks, explained in plain words and with its official accounts.
ASML (ASML.AS) is listed on Euronext Amsterdam and we classify it in semiconductors. Below are its key dated figures, how it makes money, how it compares with its sector, what works for and against ASML according to those figures, and the questions people ask most about the stock. No buy or sell tips.
ASML (ASML.AS) key figures as of November 4, 2026
| Figure | Value | What it measures |
|---|---|---|
| Share price | €1,337.60 | Last price on November 4, 2026 |
| P/E ratio (TTM) | 38.2x | Price over earnings per share |
| Revenue growth | +55.2% | Latest quarter vs the same quarter a year earlier |
| Net margin (TTM) | 34.1% | Profit for every 100 of sales |
| Net debt / EBITDA | Net cash (more cash than debt) | Years of operating profit to repay debt |
| Dividend yield | 0.54% | Annual dividend over price |
| Market cap | €515.5 billion | What the stock market values it at |
The ASML figures come from Yahoo Finance, the same source the Fintols analysis uses, retrieved on November 4, 2026. Any ASML.AS figure that is not available shows as N/A: we do not estimate it.
How ASML makes money
ASML builds the lithography machines used to print computer chips. It reports two revenue streams: system sales (EUV, DUV, plus metrology and inspection tools), the larger one, and Installed Base Management, which covers servicing and upgrades of machines already in the field. Customers are chipmakers such as TSMC, Samsung and Intel, mostly in Asia.
Over the last 12 months, ASML brought in revenue of €39.5 billion. For every 100 it sells, ASML keeps 54.3 after the direct cost of what it sells (gross margin) and 44.4 after all operating costs (operating margin). With 44,681 full-time employees, that is about €883,000 of revenue per employee.
ASML against its sector
To know whether a ASML figure is high or low you have to put it next to similar companies. This table compares ASML with the median of the 14 semiconductors companies Fintols covers, with data as of November 4, 2026.
| Figure | ASML | semiconductors median |
|---|---|---|
| P/E | 38.2x | 37.9x (14) |
| Revenue growth | +55.2% | +39.6% (15) |
| Net margin | 34.1% | 32.3% (15) |
| Dividend yield | 0.54% | 0.57% (15) |
| Net debt / EBITDA | -0.7x | -0.2x (15) |
In short, against the typical semiconductors company, ASML grows faster and carries less debt.
The bull case for ASML
These are the strengths in the ASML figures as of November 4, 2026:
- ASML is selling more than a year ago: +55.2% in its latest quarter (the typical semiconductors company grew +39.6%).
- Its net margin over the last 12 months is 34.1% (sector median: 32.3%): ASML turns a large share of its sales into profit.
- Analysts expect ASML earnings to rise: its P/E on the next 12 months of estimated earnings is 23.7x, below the current 38.2x.
The main risk for ASML
The ASML figures as of November 4, 2026 show no clear red flag (no heavy debt, no losses, no falling sales). Its main risk is the one built into its business: the chip cycle: years of heavy customer spending are usually followed by years of cuts.
Frequently asked questions about ASML
Is it a good time to buy ASML stock?
Fintols does not tell you whether to buy or sell ASML, and nobody knows what the price will do tomorrow. What we can show you is where it stands today. As of November 4, 2026, ASML stock trades at €1,337.60, 23% below its 52-week high (€1,741.00) and 63% above its low (€822.20). Its P/E is 38.2x against a semiconductors median of 37.9x, and 23.7x on the earnings analysts expect over the next 12 months. With ASML, as with any stock, timing matters less than understanding the business, investing for the long run and not betting everything on a single company.
Does ASML pay a dividend?
Yes. As of November 4, 2026, ASML pays €7.52 per share a year, which at today's price is a yield of 0.54%. It uses 22% of its profit to pay it, which leaves room to keep paying it if profit dips. Its average dividend yield over the last five years is 0.77%. The semiconductors median on Fintols is 0.57%.
Is ASML stock expensive?
It depends on what you compare it with. On P/E, ASML trades at 38.2x its last 12 months of earnings: in line with the semiconductors median (37.9x). Including its debt, ASML is valued at 31.0x its EBITDA (EV/EBITDA). A high P/E alone does not make ASML expensive: it can be justified if earnings grow fast, and a low one can reflect a business in trouble.
Who are ASML's competitors?
On Fintols we compare ASML with Intel, Qualcomm and Texas Instruments, which are also in semiconductors. As of November 4, 2026, Intel is worth $309.7 billion; Qualcomm is worth $184.9 billion and trades on a P/E of 20.0; Texas Instruments is worth $284.8 billion and trades on a P/E of 40.4. Each has a side-by-side comparison with ASML below.
ASML competitors
- Intel (INTC) analysis · ASML vs Intel comparison
- Qualcomm (QCOM) analysis · ASML vs Qualcomm comparison
- Texas Instruments (TXN) analysis · ASML vs Texas Instruments comparison
To understand ASML better
- Using AI to Analyze Stocks: A Practical, Careful Guide
- P/E Ratio and EPS Explained: How to Read Them Without Traps
More companies like ASML: semiconductors stocks and Euro Stoxx 50 companies. Open the full ASML.AS analysis with its valuation and scenarios. Educational content about ASML, not investment advice.