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 1 287,256 200,985 268,992 266,748 355,841 563,557 - -
Change - -30.03% 33.84% -0.83% 33.4% 58.37% - -
Enterprise Value (EV) 1 283,740 197,123 266,613 257,684 345,228 549,606 542,032 530,853
Change - -30.53% 35.25% -3.35% 33.97% 59.2% -1.38% -2.06%
P/E 49.3x 35.7x 34.3x 35.3x 37.3x 38.7x 28.5x 21.9x
PBR 28.6x 22.7x 20x 14.5x 18.2x 22x 16x 11.7x
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 13.2x 10.3x 8.69x
EV / Revenue 15.2x 9.31x 9.67x 9.12x 10.6x 12.8x 9.95x 8.19x
EV / EBITDA 40.5x 27.8x 27.3x 25.9x 28x 29.2x 21.8x 17x
EV / EBIT 43.4x 30.3x 29.5x 28.6x 30.5x 32.4x 23.5x 18.4x
EV / FCF 28.5x 27.4x 81.1x 28.3x 31.1x 59.5x 32.4x 25.8x
FCF Yield 3.51% 3.66% 1.23% 3.53% 3.21% 1.68% 3.09% 3.87%
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% 0.62% 0.79% 0.97%
EPS 2 14.34 14.13 19.89 19.24 24.71 37.88 51.54 66.98
Distribution rate 38.4% 41% 30.7% 33.3% 30.4% 23.9% 22.3% 21.2%
Net sales 1 18,611 21,173 27,558 28,263 32,667 42,820 54,457 64,842
EBITDA 1 7,007 7,084 9,782 9,941 12,327 18,823 24,902 31,258
EBIT 1 6,536 6,501 9,042 9,023 11,301 16,963 23,107 28,869
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 1,467.40 1,467.40 1,467.40
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
38.74x12.84x29.2x0.62% 655B
32.71x10.89x26.99x0.37% 385B
31.38x7.02x21.74x1.57% 155B
31.59x3.43x15.83x1.65% 81.73B
50.79x6.76x23.58x0.29% 21.2B
38.6x12.38x25.7x0.98% 19.06B
20.89x3.04x13.03x1.46% 15.79B
44.94x8.21x24.42x - 13.15B
Average 36.21x 8.07x 22.56x 0.99% 168.27B
Weighted average by Cap. 35.77x 10.77x 26.52x 0.73%

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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