Company Valuation: ASML Holding N.V.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 1,63,263 2,87,256 2,00,985 2,68,992 2,66,748 4,62,949 4,62,949 -
Change - 75.95% -30.03% 33.84% -0.83% 73.55% 0% -
Enterprise Value (EV) 1 1,60,574 2,83,740 1,97,123 2,66,613 2,57,684 3,45,228 4,52,339 4,48,089
Change - 76.7% -30.53% 35.25% -3.35% 33.97% -0.83% -0.94%
P/E ratio 46.9x 49.3x 35.7x 34.3x 35.3x 37.3x 40.5x 31.6x
PBR 12x 28.6x 22.7x 20x 14.5x 18.2x 19.3x 15.2x
PEG - 0.7x -24.38x 0.8x -10.8x 1.3x 2.1x 1.1x
Capitalization / Revenue 11.7x 15.4x 9.49x 9.76x 9.44x 10.9x 12.4x 10.6x
EV / Revenue 11.5x 15.2x 9.31x 9.67x 9.12x 10.6x 12.2x 10.2x
EV / EBITDA 35.4x 40.5x 27.8x 27.3x 25.9x 28x 31.2x 24.3x
EV / EBIT 39.6x 43.4x 30.3x 29.5x 28.6x 30.5x 33.9x 26.4x
EV / FCF 43.8x 28.5x 27.4x 81.1x 28.3x 31.1x 53.3x 37x
FCF Yield 2.28% 3.51% 3.66% 1.23% 3.53% 3.21% 1.88% 2.7%
Dividend per Share 2 2.75 5.5 5.8 6.1 6.4 7.5 8.349 9.935
Rate of return 0.69% 0.78% 1.15% 0.89% 0.94% 0.81% 0.7% 0.83%
EPS 2 8.48 14.34 14.13 19.89 19.24 24.71 29.6 37.9
Distribution rate 32.4% 38.4% 41% 30.7% 33.3% 30.4% 28.2% 26.2%
Net sales 1 13,978 18,611 21,173 27,558 28,263 32,667 37,215 43,750
EBITDA 1 4,542 7,007 7,084 9,782 9,941 12,327 14,501 18,468
EBIT 1 4,052 6,536 6,501 9,042 9,023 11,301 13,348 17,004
Net income 1 3,554 5,883 5,624 7,839 7,572 9,393 11,299 14,204
Net Debt 1 -2,689 -3,515 -3,862 -2,379 -9,064 -10,613 -10,611 -14,860
Reference price 2 397.55 706.70 503.80 681.70 678.70 1,199.20 1,199.20 1,199.20
Nbr of stocks (in thousands) 4,10,673 4,06,474 3,98,937 3,94,590 3,93,028 3,86,049 3,86,049 -
Announcement Date 20/01/21 19/01/22 25/01/23 24/01/24 29/01/25 28/01/26 - -
1EUR in Million2EUR
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
47.99x13.99x36.84x0.61% 55TCr
44.97x13.05x36.09x0.44% 29TCr
35.76x7.65x27x1.39% 12TCr
40.64x2.72x14.98x1.57% 4.93TCr
57.59x6.73x24.19x0.31% 2TCr
36.53x11.61x24.18x1.05% 1.79TCr
22.89x2.85x13.52x1.39% 1.28TCr
37.73x1.75x10.76x0.68% 1.17TCr
59.14x10.13x35.08x - 1.08TCr
182.86x32.3x121.1x - 1.07TCr
Average 56.61x 10.28x 34.37x 0.93% 10.98TCr
Weighted average by Cap. 46.48x 12.23x 34.36x 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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