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 2,87,256 2,00,985 2,68,992 2,66,748 3,55,841 5,73,927 - -
Change - -30.03% 33.84% -0.83% 33.4% 61.29% - -
Enterprise Value (EV) 1 2,83,740 1,97,123 2,66,613 2,57,684 3,45,228 5,60,227 5,51,905 5,40,130
Change - -30.53% 35.25% -3.35% 33.97% 62.28% -1.49% -2.13%
P/E 49.3x 35.7x 34.3x 35.3x 37.3x 39.5x 29x 22.5x
PBR 28.6x 22.7x 20x 14.5x 18.2x 22.4x 16.3x 11.9x
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 10.5x 8.88x
EV / Revenue 15.2x 9.31x 9.67x 9.12x 10.6x 13.1x 10.1x 8.36x
EV / EBITDA 40.5x 27.8x 27.3x 25.9x 28x 29.8x 22.2x 17.4x
EV / EBIT 43.4x 30.3x 29.5x 28.6x 30.5x 33x 23.9x 18.8x
EV / FCF 28.5x 27.4x 81.1x 28.3x 31.1x 60.6x 33x 26.5x
FCF Yield 3.51% 3.66% 1.23% 3.53% 3.21% 1.65% 3.03% 3.78%
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% 0.6% 0.77% 0.95%
EPS 2 14.34 14.13 19.89 19.24 24.71 37.88 51.52 66.46
Distribution rate 38.4% 41% 30.7% 33.3% 30.4% 23.9% 22.4% 21.4%
Net sales 1 18,611 21,173 27,558 28,263 32,667 42,820 54,441 64,600
EBITDA 1 7,007 7,084 9,782 9,941 12,327 18,823 24,876 31,049
EBIT 1 6,536 6,501 9,042 9,023 11,301 16,963 23,099 28,696
Net income 1 5,883 5,624 7,839 7,572 9,393 14,722 19,420 24,097
Net Debt 1 -3,515 -3,862 -2,379 -9,064 -10,613 -13,700 -22,022 -33,797
Reference price 2 706.70 503.80 681.70 678.70 921.40 1,494.40 1,494.40 1,494.40
Nbr of stocks (in thousands) 4,06,474 3,98,937 3,94,590 3,93,028 3,86,196 3,84,052 - -
Announcement Date 19/01/22 25/01/23 24/01/24 29/01/25 28/01/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
39.46x13.08x29.76x0.6% 67TCr
32.11x10.68x26.48x0.38% 38TCr
33.13x7.41x22.94x1.48% 16TCr
33.37x3.6x16.63x1.56% 8.62TCr
49.4x6.6x23.01x0.3% 2.06TCr
40.3x12.95x26.88x0.93% 1.94TCr
21.99x3.21x13.77x1.38% 1.62TCr
45.41x8.3x24.7x - 1.33TCr
18.77x1.7x8.32x0.7% 1.19TCr
Average 34.88x 7.50x 21.39x 0.92% 15.24TCr
Weighted average by Cap. 36.14x 10.80x 26.67x 0.72%

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