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 1 287,256 200,985 268,992 266,748 355,841 575,156 - -
Change - -30.03% 33.84% -0.83% 33.4% 61.63% - -
Enterprise Value (EV) 1 283,740 197,123 266,613 257,684 345,228 561,204 553,631 542,452
Change - -30.53% 35.25% -3.35% 33.97% 62.56% -1.35% -2.02%
P/E 49.3x 35.7x 34.3x 35.3x 37.3x 38.9x 28.8x 22x
PBR 28.6x 22.7x 20x 14.5x 18.2x 22.4x 16.4x 11.9x
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 13.4x 10.6x 8.87x
EV / Revenue 15.2x 9.31x 9.67x 9.12x 10.6x 13.1x 10.2x 8.36x
EV / EBITDA 40.5x 27.8x 27.3x 25.9x 28x 29.8x 22.3x 17.3x
EV / EBIT 43.4x 30.3x 29.5x 28.6x 30.5x 33.1x 24x 18.8x
EV / FCF 28.5x 27.4x 81.1x 28.3x 31.1x 60.7x 33.1x 26.4x
FCF Yield 3.51% 3.66% 1.23% 3.53% 3.21% 1.65% 3.02% 3.79%
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% 0.6% 0.77% 0.95%
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 24,881 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 1,497.60 1,497.60 1,497.60
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.($)
38.94x13.11x29.82x0.6% 668B
33.55x11.18x27.48x0.36% 395B
31.44x7.06x21.83x1.55% 159B
34.39x3.7x17.1x1.51% 89.33B
52.36x6.94x24.22x0.28% 21.85B
41.04x13.2x27.4x0.92% 20.59B
20.88x3.03x13.02x1.46% 16.03B
46.68x8.56x25.48x - 13.66B
Average 37.41x 8.35x 23.29x 0.95% 173.01B
Weighted average by Cap. 36.36x 11.00x 27.05x 0.71%

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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