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 1 287,256 200,985 268,992 266,748 355,841 613,330 - -
Change - -30.03% 33.84% -0.83% 33.4% 72.36% - -
Enterprise Value (EV) 1 283,740 197,123 266,613 257,684 345,228 599,395 591,292 581,492
Change - -30.53% 35.25% -3.35% 33.97% 73.62% -1.35% -1.66%
P/E 49.3x 35.7x 34.3x 35.3x 37.3x 41.4x 30.5x 23.4x
PBR 28.6x 22.7x 20x 14.5x 18.2x 23.8x 17.3x 12.6x
PEG - -24.38x 0.8x -10.8x 1.3x 0.7x 0.9x 0.8x
Capitalization / Revenue 15.4x 9.49x 9.76x 9.44x 10.9x 14.3x 11.2x 9.44x
EV / Revenue 15.2x 9.31x 9.67x 9.12x 10.6x 14x 10.8x 8.95x
EV / EBITDA 40.5x 27.8x 27.3x 25.9x 28x 31.7x 23.6x 18.5x
EV / EBIT 43.4x 30.3x 29.5x 28.6x 30.5x 35.3x 25.5x 20.1x
EV / FCF 28.5x 27.4x 81.1x 28.3x 31.1x 64.9x 35.4x 28.4x
FCF Yield 3.51% 3.66% 1.23% 3.53% 3.21% 1.54% 2.82% 3.52%
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% 0.57% 0.72% 0.89%
EPS 2 14.34 14.13 19.89 19.24 24.71 38.58 52.29 68.32
Distribution rate 38.4% 41% 30.7% 33.3% 30.4% 23.4% 22% 20.8%
Net sales 1 18,611 21,173 27,558 28,263 32,667 42,877 54,595 64,989
EBITDA 1 7,007 7,084 9,782 9,941 12,327 18,888 25,002 31,409
EBIT 1 6,536 6,501 9,042 9,023 11,301 17,000 23,189 28,963
Net income 1 5,883 5,624 7,839 7,572 9,393 14,757 19,500 24,356
Net Debt 1 -3,515 -3,862 -2,379 -9,064 -10,613 -13,936 -22,038 -31,838
Reference price 2 706.70 503.80 681.70 678.70 921.40 1,597.00 1,597.00 1,597.00
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.($)
41.4x13.98x31.73x0.57% 691B
36.17x12.05x29.63x0.34% 426B
40.16x12.19x35.24x0.37% 420B
37.23x14.58x30.24x0.48% 261B
36.5x8.26x25.17x1.33% 182B
40.3x15.12x29.4x0.24% 173B
37.8x4.07x18.75x1.36% 97.7B
59.72x8.86x47.16x0.15% 66.59B
46.83x12.48x35.19x0.12% 65B
Average 41.79x 11.29x 31.39x 0.55% 264.6B
Weighted average by Cap. 39.85x 12.44x 31.13x 0.52%

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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  5. Valuation ASML Holding N.V.