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 1 287,256 200,985 268,992 266,748 355,841 578,151 - -
Change - -30.03% 33.84% -0.83% 33.4% 62.47% - -
Enterprise Value (EV) 1 283,740 197,123 266,613 257,684 345,228 564,627 556,377 544,724
Change - -30.53% 35.25% -3.35% 33.97% 63.55% -1.46% -2.09%
P/E 49.3x 35.7x 34.3x 35.3x 37.3x 39.4x 29.1x 22.6x
PBR 28.6x 22.7x 20x 14.5x 18.2x 22.5x 16.4x 12x
PEG - -24.38x 0.8x -10.8x 1.3x 0.7x 0.8x 0.8x
Capitalization / Revenue 15.4x 9.49x 9.76x 9.44x 10.9x 13.4x 10.6x 8.88x
EV / Revenue 15.2x 9.31x 9.67x 9.12x 10.6x 13.1x 10.2x 8.37x
EV / EBITDA 40.5x 27.8x 27.3x 25.9x 28x 30.2x 22.5x 17.6x
EV / EBIT 43.4x 30.3x 29.5x 28.6x 30.5x 32.8x 23.9x 18.7x
EV / FCF 28.5x 27.4x 81.1x 28.3x 31.1x 60.7x 32.2x 25.6x
FCF Yield 3.51% 3.66% 1.23% 3.53% 3.21% 1.65% 3.1% 3.91%
Dividend per Share 2 5.5 5.8 6.1 6.4 7.5 9.081 11.6 14.33
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 38.26 51.7 66.69
Distribution rate 38.4% 41% 30.7% 33.3% 30.4% 23.7% 22.4% 21.5%
Net sales 1 18,611 21,173 27,558 28,263 32,667 43,213 54,330 65,083
EBITDA 1 7,007 7,084 9,782 9,941 12,327 18,695 24,741 30,913
EBIT 1 6,536 6,501 9,042 9,023 11,301 17,219 23,288 29,076
Net income 1 5,883 5,624 7,839 7,572 9,393 14,639 19,328 23,992
Net Debt 1 -3,515 -3,862 -2,379 -9,064 -10,613 -13,524 -21,774 -33,427
Reference price 2 706.70 503.80 681.70 678.70 921.40 1,505.40 1,505.40 1,505.40
Nbr of stocks (in thousands) 406,474 398,937 394,590 393,028 386,196 384,052 - -
Announcement Date 1/19/22 A 1/25/23 A 1/24/24 A 1/29/25 A 1/28/26 A - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
39.35x13.07x30.2x0.6% 675B
33.03x11x27.25x0.37% 389B
32.29x7.14x22.2x1.52% 155B
31.66x3.44x15.81x1.67% 81.23B
52.95x7.01x24.46x0.28% 22.1B
40.64x13.06x27.12x0.93% 19.72B
21.01x3.05x13.04x1.45% 15.58B
50.11x9.26x27.55x - 14.67B
19.95x1.79x8.82x0.66% 12.64B
Average 35.66x 7.65x 21.83x 0.93% 153.83B
Weighted average by Cap. 36.30x 10.91x 27.08x 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