Company Valuation: ASML Holding N.V.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 287,256 200,985 268,992 266,748 355,841 544,585 - -
Change - -30.03% 33.84% -0.83% 33.4% 53.04% - -
Enterprise Value (EV) 1 283,740 197,123 266,613 257,684 345,228 530,634 523,060 511,881
Change - -30.53% 35.25% -3.35% 33.97% 53.71% -1.43% -2.14%
P/E 49.3x 35.7x 34.3x 35.3x 37.3x 36.9x 27.2x 20.8x
PBR 28.6x 22.7x 20x 14.5x 18.2x 21.2x 15.5x 11.3x
PEG - -24.38x 0.8x -10.8x 1.3x 0.7x 0.8x 0.7x
Capitalization / Revenue 15.4x 9.49x 9.76x 9.44x 10.9x 12.7x 10x 8.39x
EV / Revenue 15.2x 9.31x 9.67x 9.12x 10.6x 12.4x 9.6x 7.89x
EV / EBITDA 40.5x 27.8x 27.3x 25.9x 28x 28.2x 21x 16.4x
EV / EBIT 43.4x 30.3x 29.5x 28.6x 30.5x 31.3x 22.6x 17.7x
EV / FCF 28.5x 27.4x 81.1x 28.3x 31.1x 57.4x 31.3x 24.9x
FCF Yield 3.51% 3.66% 1.23% 3.53% 3.21% 1.74% 3.2% 4.01%
Dividend per Share 2 5.5 5.8 6.1 6.4 7.5 9.039 11.52 14.23
Rate of return 0.78% 1.15% 0.89% 0.94% 0.81% 0.64% 0.81% 1%
EPS 2 14.34 14.13 19.89 19.24 24.71 38.45 52.05 68.07
Distribution rate 38.4% 41% 30.7% 33.3% 30.4% 23.5% 22.1% 20.9%
Net sales 1 18,611 21,173 27,558 28,263 32,667 42,820 54,467 64,874
EBITDA 1 7,007 7,084 9,782 9,941 12,327 18,823 24,880 31,301
EBIT 1 6,536 6,501 9,042 9,023 11,301 16,963 23,112 28,889
Net income 1 5,883 5,624 7,839 7,572 9,393 14,722 19,428 24,285
Net Debt 1 -3,515 -3,862 -2,379 -9,064 -10,613 -13,952 -21,525 -32,704
Reference price 2 706.70 503.80 681.70 678.70 921.40 1,418.00 1,418.00 1,418.00
Nbr of stocks (in thousands) 406,474 398,937 394,590 393,028 386,196 384,052 - -
Announcement Date 1/19/22 1/25/23 1/24/24 1/29/25 1/28/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
36.31x12.2x27.75x0.65% 619B
28.62x9.47x23.37x0.42% 337B
30.23x6.78x20.88x1.62% 152B
32.51x3.52x16.25x1.6% 83.74B
41.59x13.38x27.79x0.91% 20.66B
47.67x6.39x22.31x0.31% 19.89B
20.35x2.95x12.6x1.49% 15.45B
40.14x7.37x21.95x - 11.96B
18.14x1.64x8.07x0.72% 11.5B
Average 32.84x 7.08x 20.11x 0.97% 141.15B
Weighted average by Cap. 33.23x 9.93x 24.51x 0.78%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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  4. Valuation ASML Holding N.V.
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