Asml Holding Nv
ASML Nasdaq Special Industry Machinery, Nec Financials FY2016–FY2025
Last close · Oct 23, 2026
$1,571.80
0.7%
Revenue
Total sales reported in the income statement.
$36.8B
20.5%
vs prior year
Operating margin
Operating income as a share of revenue.
34.6%
2.7 pts
Net income
Profit after all expenses, interest and tax.
$10.8B
32.3%
Free cash flow
Cash from operations minus capital spending.
$12.5B
27.0%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
83.6%
10.2 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
$611.3B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
56.4x
On $27.86 EPS (TTM)
What Asml Holding Nv does
No business description yet.
- Legal name
- ASML HOLDING NV
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 20-F · Feb 25, 2026
- Accession · CIK
- 0001628280-26-011378
0000937966
Revenue and margins
Asml Holding Nv had $36.8B of revenue in fiscal 2025, up 20.5% on the year before.
FY16
Revenue $7.6B
FY17
Revenue $10.1B
FY18
Revenue $12.9B
FY19
Revenue $13.2B
FY20
Revenue $15.9B
FY21
Revenue $22.0B
FY22
Revenue $22.3B
FY23
Revenue $29.8B
FY24
Revenue $30.6B
FY25
Revenue $36.8B
FY16
Gross 45.7%
Operating 25.6%
Net 22.7%
FCF 19.6%
FY17
Gross 44.9%
Operating 27.2%
Net 23.1%
FCF 16.5%
FY18
Gross 46.0%
Operating 27.1%
Net 23.7%
FCF 22.8%
FY19
Gross 44.7%
Operating 23.6%
Net 21.9%
FCF 21.2%
FY20
Gross 48.6%
Operating 29.0%
Net 25.4%
FCF 26.2%
FY21
Gross 52.7%
Operating 36.3%
Net 31.6%
FCF 53.4%
FY22
Gross 50.5%
Operating 30.7%
Net 26.6%
FCF 34.0%
FY23
Gross 51.3%
Operating 32.8%
Net 28.4%
FCF 11.9%
FY24
Gross 51.3%
Operating 31.9%
Net 26.8%
FCF 32.2%
FY25
Gross 52.8%
Operating 34.6%
Net 29.4%
FCF 33.9%
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 24.0% a year. Loss periods are shown in red.
FY16
Net income $1.7B
FY17
Net income $2.3B
FY18
Net income $3.1B
FY19
Net income $2.9B
FY20
Net income $4.1B
FY21
Net income $7.0B
FY22
Net income $5.9B
FY23
Net income $8.5B
FY24
Net income $8.2B
FY25
Net income $10.8B
FY16
Diluted EPS $4.03
FY17
Diluted EPS $5.40
FY18
Diluted EPS $7.17
FY19
Diluted EPS $6.88
FY20
Diluted EPS $9.67
FY21
Diluted EPS $16.96
FY22
Diluted EPS $14.85
FY23
Diluted EPS $21.51
FY24
Diluted EPS $20.81
FY25
Diluted EPS $27.86
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital 15.5%
Return on equity 16.4%
Return on assets 9.5%
FY17
Return on capital 17.4%
Return on equity 20.0%
Return on assets 11.7%
FY18
Return on capital 25.3%
Return on equity 23.4%
Return on assets 13.6%
FY19
Return on capital 23.6%
Return on equity 21.1%
Return on assets 12.0%
FY20
Return on capital 29.0%
Return on equity 26.0%
Return on assets 13.8%
FY21
Return on capital 83.7%
Return on equity 48.8%
Return on assets 20.6%
FY22
Return on capital 95.6%
Return on equity 56.6%
Return on assets 16.2%
FY23
Return on capital 67.3%
Return on equity 69.9%
Return on assets 20.5%
FY24
Return on capital 73.4%
Return on equity 48.1%
Return on assets 17.3%
FY25
Return on capital 83.6%
Return on equity 51.3%
Return on assets 19.7%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $12.5B in fiscal 2025, 33.9% of revenue. Cash from operations minus capital spending.
FY16
Free cash flow $1.5B
FY17
Free cash flow $1.7B
FY18
Free cash flow $2.9B
FY19
Free cash flow $2.8B
FY20
Free cash flow $4.2B
FY21
Free cash flow $11.8B
FY22
Free cash flow $7.6B
FY23
Free cash flow $3.6B
FY24
Free cash flow $9.8B
FY25
Free cash flow $12.5B
FY16
Cash from operations $1.8B
Capital spending $350M
FY17
Cash from operations $2.0B
Capital spending $382M
FY18
Cash from operations $3.6B
Capital spending $677M
FY19
Cash from operations $3.7B
Capital spending $858M
FY20
Cash from operations $5.3B
Capital spending $1.1B
FY21
Cash from operations $12.8B
Capital spending $1.1B
FY22
Cash from operations $8.9B
Capital spending $1.3B
FY23
Cash from operations $5.9B
Capital spending $2.3B
FY24
Cash from operations $12.1B
Capital spending $2.2B
FY25
Cash from operations $14.3B
Capital spending $1.8B
Cash from operations
Capital spending
Dividends, buybacks and share count
Asml Holding Nv returned $6.7B to shareholders in fiscal 2025, 54% of free cash flow. The diluted share count fell 1.2%.
FY16
Dividends $493M
Buybacks $442M
FY17
Dividends $583M
Buybacks $564M
FY18
Dividends $705M
Buybacks $1.4B
FY19
Dividends —
Buybacks $459M
FY20
Dividends —
Buybacks $1.4B
FY21
Dividends —
Buybacks $10.1B
FY22
Dividends —
Buybacks $4.9B
FY23
Dividends —
Buybacks $1.1B
FY24
Dividends —
Buybacks $541M
FY25
Dividends —
Buybacks $6.7B
Dividends
Buybacks
FY16
Diluted shares 0.43B
FY17
Diluted shares 0.43B
FY18
Diluted shares 0.43B
FY19
Diluted shares 0.42B
FY20
Diluted shares 0.42B
FY21
Diluted shares 0.41B
FY22
Diluted shares 0.40B
FY23
Diluted shares 0.39B
FY24
Diluted shares 0.39B
FY25
Diluted shares 0.39B
Balance sheet
Cash, debt and the ratios that show how comfortably Asml Holding Nv can carry it.
FY16
Cash $3.1B
Debt $3.5B
FY17
Cash $2.7B
Debt $3.6B
FY18
Cash $4.6B
Debt $3.4B
FY19
Cash $5.3B
Debt $3.5B
FY20
Cash $9.0B
Debt $5.8B
FY21
Cash $8.6B
Debt $5.2B
FY22
Cash $7.9B
Debt $4.5B
FY23
Cash $7.7B
Debt $5.1B
FY24
Cash $13.2B
Debt $4.9B
FY25
Cash $15.7B
Debt $5.2B
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $8.6B | $7.9B | $7.7B | $13.2B | $15.7B |
| Debt incl. finance leases | $5.2B | $4.5B | $5.1B | $4.9B | $5.2B |
| Net debt / EBITDA | −0.4x | −0.4x | −0.2x | −0.8x | −0.8x |
| Debt / equity | 0.5x | 0.5x | 0.3x | 0.3x | 0.2x |
| Interest coverage | 123.6x | 106.9x | 59.2x | 55.5x | 95.5x |
| Current ratio | 1.5x | 1.3x | 1.5x | 1.5x | 1.3x |
| Quick ratio | 1.1x | 0.9x | 1.0x | 1.0x | 0.8x |
| Total assets | $34.2B | $38.7B | $44.2B | $50.5B | $59.4B |
| Total liabilities | $22.8B | $29.3B | $29.3B | $31.3B | $36.4B |
| Shareholders' equity | $11.5B | $9.4B | $14.9B | $19.2B | $23.0B |
| Net debt (− = net cash) | −$3.4B | −$3.3B | −$2.6B | −$8.3B | −$10.5B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✓ | ✓ | ✕ | ✓ | ✓ | ✕ | ✓ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ |
| Debt fell relative to assets | — | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Current ratio rose | — | ✓ | ✕ | ✕ | ✕ | ✕ | ✕ | ✓ | ✓ | ✕ |
| Share count didn't rise | — | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Gross margin rose | — | ✕ | ✓ | ✕ | ✓ | ✓ | ✕ | ✓ | ✕ | ✓ |
| Revenue rose relative to assets | — | ✓ | ✓ | ✕ | ✕ | ✓ | ✕ | ✓ | ✕ | ✓ |
| F-score | — / 3 | 6 / 9 | 8 / 9 | 5 / 9 | 6 / 9 | 8 / 9 | 5 / 9 | 8 / 9 | 6 / 9 | 8 / 9 |
| Accruals ratio | −0.7% | 1.4% | −2.5% | −3.2% | −4.2% | −17.3% | −8.2% | 6.3% | −8.2% | −6.3% |
| Altman Z'' | 5.34 | 5.73 | 6.14 | 5.67 | 5.54 | 4.27 | 3.25 | 4.36 | 4.35 | 4.06 |
10 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $7.6B | $10.1B | $12.9B | $13.2B | $15.9B | $22.0B | $22.3B | $29.8B | $30.6B | $36.8B |
| Gross profit | $3.5B | $4.5B | $5.9B | $5.9B | $7.7B | $11.6B | $11.2B | $15.3B | $15.7B | $19.5B |
| Research and development | — | $1.4B | $1.9B | $2.2B | $2.5B | $3.0B | $3.4B | $4.3B | $4.7B | $5.3B |
| Operating income | $1.9B | $2.8B | $3.5B | $3.1B | $4.6B | $8.0B | $6.8B | $9.8B | $9.8B | $12.7B |
| Interest expense | $42.0M | $64.8M | $49.3M | $41.0M | $49.4M | $64.6M | $63.9M | $165M | $176M | $133M |
| Pretax income | $2.0B | $2.7B | $3.5B | $3.1B | $4.6B | $7.9B | $6.8B | $9.8B | $9.8B | $12.9B |
| Income tax | $259M | $345M | $415M | $215M | $629M | $1.2B | $1.0B | $1.6B | $1.8B | $2.3B |
| Net income | $1.7B | $2.3B | $3.1B | $2.9B | $4.1B | $7.0B | $5.9B | $8.5B | $8.2B | $10.8B |
| Diluted EPS | $4.03 | $5.40 | $7.17 | $6.88 | $9.67 | $16.96 | $14.85 | $21.51 | $20.81 | $27.86 |
| Diluted shares | 0.43B | 0.43B | 0.43B | 0.42B | 0.42B | 0.41B | 0.40B | 0.39B | 0.39B | 0.39B |
| Cash flow | ||||||||||
| Cash from operations | $1.8B | $2.0B | $3.6B | $3.7B | $5.3B | $12.8B | $8.9B | $5.9B | $12.1B | $14.3B |
| Capital expenditure | $350M | $382M | $677M | $858M | $1.1B | $1.1B | $1.3B | $2.3B | $2.2B | $1.8B |
| Free cash flow | $1.5B | $1.7B | $2.9B | $2.8B | $4.2B | $11.8B | $7.6B | $3.6B | $9.8B | $12.5B |
| Depreciation and amortization | $395M | $471M | $499M | $502M | $559M | $557M | $613M | $800M | $994M | $1.2B |
| Stock-based compensation | $52.8M | $59.9M | $54.6M | $83.5M | $61.4M | $139M | $72.4M | $146M | $187M | $228M |
| Acquisitions | $2.9B | $0.0M | $0.0M | $0.0M | $254M | $0.0M | $0.0M | $36.3M | $0.0M | $0.0M |
| Share buybacks | $442M | $564M | $1.4B | $459M | $1.4B | $10.1B | $4.9B | $1.1B | $541M | $6.7B |
| Dividends paid | $493M | $583M | $705M | — | — | — | — | — | — | — |
| Dividends and buybacks | $935M | $1.1B | $2.1B | $459M | $1.4B | $10.1B | $4.9B | $1.1B | $541M | $6.7B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $3.1B | $2.7B | $4.6B | $5.3B | $9.0B | $8.6B | $7.9B | $7.7B | $13.2B | $15.7B |
| Total debt | $3.5B | $3.6B | $3.4B | $3.5B | $5.7B | $5.2B | $4.5B | $5.1B | $4.9B | $5.2B |
| Finance lease liabilities | — | — | $0.0M | $10.7M | $15.7M | $5.9M | — | — | $17.6M | $19.4M |
| Current assets | $9.0B | $10.7B | $12.1B | $13.6B | $19.5B | $20.6B | $24.6B | $27.0B | $31.9B | $36.0B |
| Current liabilities | $3.5B | $3.8B | $4.3B | $5.3B | $8.1B | $13.9B | $19.2B | $18.0B | $20.8B | $28.5B |
| Inventory | $2.9B | $3.5B | $3.9B | $4.3B | $5.6B | $5.9B | $7.7B | $9.8B | $11.3B | $13.4B |
| Property and equipment, net | $1.8B | $1.9B | $1.8B | $2.2B | $3.0B | $3.4B | $4.2B | $6.1B | $7.1B | $9.3B |
| Goodwill | $5.1B | $5.4B | $5.2B | $5.1B | $5.7B | $5.2B | $4.9B | $5.1B | $4.8B | $5.4B |
| Intangible assets | $1.4B | $1.4B | $1.3B | $1.2B | $1.3B | $1.1B | $899M | $820M | $645M | $571M |
| Total assets | $18.1B | $21.8B | $23.1B | $25.4B | $33.5B | $34.2B | $38.7B | $44.2B | $50.5B | $59.4B |
| Total liabilities | $7.8B | $8.9B | $9.7B | $11.3B | $16.4B | $22.8B | $29.3B | $29.3B | $31.3B | $36.4B |
| Shareholders' equity | $10.5B | $12.8B | $13.3B | $14.1B | $17.0B | $11.5B | $9.4B | $14.9B | $19.2B | $23.0B |
| Margins | ||||||||||
| Gross margin | 45.7% | 44.9% | 46.0% | 44.7% | 48.6% | 52.7% | 50.5% | 51.3% | 51.3% | 52.8% |
| Operating margin | 25.6% | 27.2% | 27.1% | 23.6% | 29.0% | 36.3% | 30.7% | 32.8% | 31.9% | 34.6% |
| EBITDA margin | 30.8% | 31.9% | 31.0% | 27.4% | 32.5% | 38.8% | 33.5% | 35.5% | 35.2% | 37.7% |
| Net margin | 22.7% | 23.1% | 23.7% | 21.9% | 25.4% | 31.6% | 26.6% | 28.4% | 26.8% | 29.4% |
| FCF margin | 19.6% | 16.5% | 22.8% | 21.2% | 26.2% | 53.4% | 34.0% | 11.9% | 32.2% | 33.9% |
| Returns | ||||||||||
| Return on capital | 15.5% | 17.4% | 25.3% | 23.6% | 29.0% | 83.7% | 95.6% | 67.3% | 73.4% | 83.6% |
| Return on capital employed | 13.2% | 15.3% | 18.7% | 15.5% | 18.2% | 39.3% | 35.0% | 37.4% | 32.9% | 41.2% |
| Return on equity | 16.4% | 20.0% | 23.4% | 21.1% | 26.0% | 48.8% | 56.6% | 69.9% | 48.1% | 51.3% |
| Return on assets | 9.5% | 11.7% | 13.6% | 12.0% | 13.8% | 20.6% | 16.2% | 20.5% | 17.3% | 19.7% |
| Return on tangible equity | 43.3% | 39.0% | 44.5% | 37.2% | 40.3% | 132.6% | 162.4% | 94.5% | 59.4% | 63.4% |
| Growth | ||||||||||
| Revenue growth | — | 32.9% | 27.8% | 2.5% | 20.4% | 38.1% | 1.1% | 33.9% | 2.6% | 20.5% |
| Net income growth | — | 35.2% | 31.3% | −5.1% | 39.6% | 71.8% | −15.0% | 43.4% | −3.4% | 32.3% |
| EPS growth | — | 34.1% | 32.9% | −4.0% | 40.4% | 75.5% | −12.4% | 44.8% | −3.2% | 33.9% |
| FCF growth | — | 11.7% | 76.8% | −4.7% | 48.7% | 181.5% | −35.6% | −53.0% | 176.9% | 27.0% |
| Share count change | — | 0.9% | −1.2% | −1.1% | −0.6% | −2.1% | −3.0% | −1.0% | −0.1% | −1.2% |
| Financial health | ||||||||||
| Net debt / EBITDA | 0.2x | 0.3x | −0.3x | −0.5x | −0.6x | −0.4x | −0.4x | −0.2x | −0.8x | −0.8x |
| Debt / equity | 0.3x | 0.3x | 0.3x | 0.2x | 0.3x | 0.5x | 0.5x | 0.3x | 0.3x | 0.2x |
| Interest coverage | 46.3x | 42.4x | 70.9x | 76.3x | 93.6x | 123.6x | 106.9x | 59.2x | 55.5x | 95.5x |
| Current ratio | 2.6x | 2.8x | 2.8x | 2.6x | 2.4x | 1.5x | 1.3x | 1.5x | 1.5x | 1.3x |
| Quick ratio | 1.8x | 1.9x | 1.9x | 1.8x | 1.7x | 1.1x | 0.9x | 1.0x | 1.0x | 0.8x |
| Capital allocation | ||||||||||
| Capex / revenue | 4.6% | 3.8% | 5.2% | 6.5% | 6.9% | 4.8% | 6.1% | 7.8% | 7.3% | 4.8% |
| Stock comp / revenue | 0.7% | 0.6% | 0.4% | 0.6% | 0.4% | 0.6% | 0.3% | 0.5% | 0.6% | 0.6% |
| Payouts / FCF | 62.7% | 68.7% | 69.8% | 16.3% | 32.9% | 86.1% | 64.4% | 30.4% | 5.5% | 53.7% |
| Quality scores | ||||||||||
| Piotroski F-score | — | 6.0 | 8.0 | 5.0 | 6.0 | 8.0 | 5.0 | 8.0 | 6.0 | 8.0 |
| Altman Z'' | 5.3 | 5.7 | 6.1 | 5.7 | 5.5 | 4.3 | 3.3 | 4.4 | 4.4 | 4.1 |
| Accruals ratio | −0.7% | 1.4% | −2.5% | −3.2% | −4.2% | −17.3% | −8.2% | 6.3% | −8.2% | −6.3% |
Source: SEC EDGAR XBRL filings (CIK 0000937966). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. Filed in EUR under US GAAP and converted to US$: income and cash-flow lines at each period's average exchange rate, balance-sheet lines at the period-end rate. For information only — not investment advice. Check the original filings before relying on any figure.