# ASM International NV (ASM.AS)

Canonical: https://gigainvestors.com/s/ASM.AS

Analysis as of: 2026-10-16T07:34:03.023Z. Financial observations: FY1996–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 765.60 per share; close as of 2026-10-15.

Estimated value: low EUR 245.22 per share, central EUR 340.54 per share, high EUR 396.04 per share. Buy at or below the central value EUR 340.54 per share. Valuation as of 2026-10-16T07:34:03.023Z; scenarios are not confidence intervals.

Expected annual return: 6.1% at the stated quote. About 6.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; NL 10-year bond 3.5% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.25×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.14×

- FY2017: 0.15×

- FY2018: 0.15×

- FY2019: 0.29×

- FY2020: 0.25×

- FY2021: 0.28×

- FY2022: 0.26×

- FY2023: 0.25×

- FY2024: 0.27×

- FY2025: 0.30×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 23.5%

- ROIC, second-lowest year: 8.4%

- Typical minus recent gross margin: -2.9 pp

- Typical gross margin (annual median): 47.6%

- Recent gross margin (lower of latest and 3-year median): 50.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 10.9%

- ROIC including acquisitions, ten-year median: 21.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 5.0%

- FY2017: 9.6%

- FY2018: 8.4%

- FY2019: 24.7%

- FY2020: 19.8%

- FY2021: 23.1%

- FY2022: 23.9%

- FY2023: 24.6%

- FY2024: 25.0%

- FY2025: 27.4%

### economics: pass

- Owner earnings / net income, 5-yr: 0.93×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 2.8B

- Net income, five-year total: EUR 3.0B

- Return on incremental invested capital: 39.6%

- Working capital / revenue, annual change: 0.5 pp

- Working capital / revenue, change between three-year averages: 1.1 pp

- Working capital / revenue, final three-year average: 34.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.95×

- FY2022: 0.99×

- FY2023: 0.86×

- FY2024: 0.82×

- FY2025: 1.04×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 8.4% vs 25.0%

- Per-share earnings: 2.53 to 14.74 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -2.3%

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: EUR 23B

- Cumulative retained earnings: EUR 2.5B

- Diluted shares, 10-year annual growth: -2.3%

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 24.6%

- Per-share value change: EUR 12.21

- Per-share value, starting three-year median: EUR 2.53

- Per-share value, ending three-year median: EUR 14.74

- Buybacks concentrated in cheaper years (correlation): 0.67

- Average buyback yield: 4.7%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 1.2B

- Cumulative net income, 10 years: EUR 4.4B

- ROIC, first three-year median: 8.4%

- ROIC, last three-year median: 25.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 2.24

- FY2017: EUR 7.38

- FY2018: EUR 3.14

- FY2019: EUR 6.65

- FY2020: EUR 5.82

- FY2021: EUR 10.13

- FY2022: EUR 7.84

- FY2023: EUR 15.20

- FY2024: EUR 13.90

- FY2025: EUR 14.74

### accounting: pass

- Sloan accruals: -6.4%

- Receivables to sales index (DSRI): 0.74×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 4.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.48×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.33×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 2.1%

- FY2017: 15.4%

- FY2018: 1.1%

- FY2019: -7.3%

- FY2020: 0.9%

- FY2021: 4.2%

- FY2022: -4.1%

- FY2023: 0.4%

- FY2024: -4.1%

- FY2025: -6.4%

## Holders

## Price story

Down 23% since Jun 2026 · "ASM International Logs Strong Orders as China Business, Advanced Tech Pick Up" (finance.yahoo.com, Jan 2026) · sales +8.2%

Story as of 2026-10-16T09:59:58.891Z; price observation 2026-10-15.

Price needs cash profits to grow 17.3% a year for ten years

- 2025-05-15: ASM to pass on tariff costs to buyers, says no disadvantage against peers ([finance.yahoo.com](https://finance.yahoo.com/news/asm-pass-tariff-costs-buyers-111555327.html))

- 2025-07-22: ASM second-quarter bookings disappoint, cites order timing ([finance.yahoo.com](https://finance.yahoo.com/news/asm-second-quarter-bookings-disappoint-192230231.html))

- 2025-09-23: ASM International Warns of Slower End to Year as Demand Falters ([finance.yahoo.com](https://finance.yahoo.com/m/9dcbe882-b652-3099-8278-935405729b8d/asm-international-warns-of.html))

- 2025-10-28: ASM International's Q3 bookings weighed down by China ([finance.yahoo.com](https://finance.yahoo.com/news/asm-international-reports-q3-bookings-170902313.html))

- 2026-01-19: ASM International Logs Strong Orders as China Business, Advanced Tech Pick Up ([finance.yahoo.com](https://finance.yahoo.com/m/d8e41816-40af-3f2e-ba95-a3b5de8d0d81/asm-international-logs-strong.html))

- 2026-04-21: ASM International forecasts second-quarter revenue above estimates ([finance.yahoo.com](https://finance.yahoo.com/sectors/technology/articles/asm-international-forecasts-second-quarter-160842163.html))

### Sales · FY2024–2025

sales +8.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 598M 

- FY2017: EUR 737M 

- FY2018: EUR 818M 

- FY2019: EUR 1.3B 

- FY2020: EUR 1.3B 

- FY2021: EUR 1.7B 

- FY2022: EUR 2.4B 

- FY2023: EUR 2.6B 

- FY2024: EUR 2.9B 

- FY2025: EUR 3.2B 

### Gross margin · FY2025

gross margin 51.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 44.2% 

- FY2017: 41.5% 

- FY2018: 40.9% 

- FY2019: 49.7% 

- FY2020: 47.0% 

- FY2021: 47.9% 

- FY2022: 47.4% 

- FY2023: 48.3% 

- FY2024: 50.5% 

- FY2025: 51.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in semiconductor equipment & materials; annual sales are EUR 3.2 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:03.023Z); FY2025: revenue 3173200000; grossProfit 1643600000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ASM.AS: ASM International NV, together with its subsidiaries, engages in the research, development, manufacturing, marketing, and servicing of equipment and materials used to produce semiconductor devices in the United States, Europe, and Asia. The company offers equipment used in wafer processing, which encompasses the fabrication steps in which silicon wafers are layered with semiconductor devices. It also provides wafer-processing deposition systems for surface modification, atomic layer deposition (ALD), such as plasma enhanced ALD (PEALD); epitaxy (Epi); plasma enhanced chemical vapor deposition (PECVD); and vertical furnace systems, including low pressure chemical vapor deposition (LPCVD), diffusion, oxidation, and cure. In addition, the company provides silicon carbide epitaxy (SiC Epi) tools for power and wafer applications; chemical mechanical polishing equipment for compound semiconductors and More-than-Moore manufacturing; and spare parts and support services. It sells its products to semiconductor manufacturers. The company was formerly known as Advanced Semiconductor Materials International NV. ASM International NV was incorporated in 1968 and is headquartered in Almere, the Netherlands.

### Why customers stay

Margins ranged from 48.3% to 51.8% during 2023–25; it earns 23.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:03.023Z); FY2023: grossProfit / revenue = 48.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:03.023Z); FY2024: grossProfit / revenue = 50.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:03.023Z); FY2025: grossProfit / revenue = 51.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:03.023Z); 10-year return on capital observations [[2016,0.04964988285272252],[2017,0.09573080680391764],[2018,0.08375161505999734],[2019,0.2473178394703908],[2020,0.19758895208457883],[2021,0.23094717483977276],[2022,0.23892548781653877],[2023,0.24637939374960957],[2024,0.2500481901130192],[2025,0.2744295448451022]]; median 0.23493633132815578. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 47% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:03.023Z); Gross margin observations: [[2021,0.4787130667415838],[2022,0.4740421422963035],[2023,0.48273964053871743]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 152.1 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:03.023Z); FY2016: growth capex 0; upkeep 61241000; owner earnings 120600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:03.023Z); FY2017: growth capex 18915954.82976243; upkeep 66263045.17023757; owner earnings 433898954.82976246. Growth capex / owner earnings = 0.0435952993645352.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:03.023Z); FY2018: growth capex 12386474.438885555; upkeep 105421525.56111445; owner earnings 105785474.43888555. Growth capex / owner earnings = 0.11709050325280222.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:03.023Z); FY2019: growth capex 53260000; upkeep 57969000; owner earnings 327612600. Growth capex / owner earnings = 0.16257005988170173.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:03.023Z); FY2020: growth capex 7530764.898084551; upkeep 155266235.10191545; owner earnings 186601564.89808455. Growth capex / owner earnings = 0.04035745842859142.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:03.023Z); FY2021: growth capex 68783006.72133042; upkeep 88068993.27866958; owner earnings 470377006.7213304. Growth capex / owner earnings = 0.14622952597272712.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:03.023Z); FY2022: growth capex 86039000; upkeep 122434000; owner earnings 383488200. Growth capex / owner earnings = 0.22435892421200965.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:03.023Z); FY2023: growth capex 38509149.02555317; upkeep 279202850.97444683; owner earnings 647054549.0255532. Growth capex / owner earnings = 0.05951453255918981.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:03.023Z); FY2024: growth capex 53094125.476107; upkeep 311635874.523893; owner earnings 565180525.476107. Growth capex / owner earnings = 0.09394188773822419.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:03.023Z); FY2025: growth capex 0; upkeep 218499999; owner earnings 753420001. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:03.023Z); Dividend observations: [[2016,42673000],[2017,41470000],[2018,43644000],[2019,99298000],[2020,98688000],[2021,96893000],[2022,121650000],[2023,123383000],[2024,135487000],[2025,147300000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:03.023Z); FY2025: cash repurchases 152100000 EUR.

### Are managers owners

Insiders own 4.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ASM.AS SharesStats.PercentInsiders = 4.734 percentage points; cache date 2026-10-16.

### What could break it

Further details on ASM’s risk‑assessment processes and related responses are provided in chapter 25, Risk management.

- Source: https://filings.xbrl.org/7245001I22ND6ZFHX623/2025-12-31/ESEF/NL/0/asm-2025-12-31-1-en/reports/asm-2025-12-31-1-en.xhtml (filed 2026-03-18); Amid persistent macroeconomic and geopolitical uncertainties, ASM continuously assesses its risks and implements controls to mitigate exposures to acceptable levels. Further details on ASM’s risk‑assessment processes and related responses are provided in chapter 25, Risk management. Management has also evaluated the potential financial‑reporting implications of climate‑related risks in line with evolving regulatory expectations under IFRS and broader EU sustainability guidance.

### What the price says

The price assumes cash profits grow 17.3% yearly over ten years; actual growth was 19.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:03.023Z); Ten-year compound average after fade. Initial solved rate 0.23850809042715182. Price 765.6; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.5312957687541244 → FY2025 15.34272799657883. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 38.86 per share

- 2016-11: EUR 40.08 per share

- 2016-12: EUR 42.64 per share

- 2017-01: EUR 45.60 per share

- 2017-02: EUR 47.98 per share

- 2017-03: EUR 52.62 per share

- 2017-04: EUR 55.25 per share

- 2017-05: EUR 55.21 per share

- 2017-06: EUR 50.99 per share

- 2017-07: EUR 50.86 per share

- 2017-08: EUR 49.38 per share

- 2017-09: EUR 53.49 per share

- 2017-10: EUR 57.52 per share

- 2017-11: EUR 58.07 per share

- 2017-12: EUR 56.37 per share

- 2018-01: EUR 57.96 per share

- 2018-02: EUR 58.92 per share

- 2018-03: EUR 59.26 per share

- 2018-04: EUR 49.70 per share

- 2018-05: EUR 49.83 per share

- 2018-06: EUR 47.36 per share

- 2018-07: EUR 49.44 per share

- 2018-08: EUR 46.42 per share

- 2018-09: EUR 44.59 per share

- 2018-10: EUR 37.99 per share

- 2018-11: EUR 37.59 per share

- 2018-12: EUR 36.20 per share

- 2019-01: EUR 42.45 per share

- 2019-02: EUR 47.94 per share

- 2019-03: EUR 48.30 per share

- 2019-04: EUR 60.56 per share

- 2019-05: EUR 52.38 per share

- 2019-06: EUR 57.26 per share

- 2019-07: EUR 74.02 per share

- 2019-08: EUR 76.44 per share

- 2019-09: EUR 84.48 per share

- 2019-10: EUR 90.06 per share

- 2019-11: EUR 100.95 per share

- 2019-12: EUR 100.15 per share

- 2020-01: EUR 110.05 per share

- 2020-02: EUR 104.95 per share

- 2020-03: EUR 91.34 per share

- 2020-04: EUR 100.45 per share

- 2020-05: EUR 104.55 per share

- 2020-06: EUR 137.55 per share

- 2020-07: EUR 127.95 per share

- 2020-08: EUR 126.10 per share

- 2020-09: EUR 122.35 per share

- 2020-10: EUR 122.80 per share

- 2020-11: EUR 148.15 per share

- 2020-12: EUR 179.95 per share

- 2021-01: EUR 211.20 per share

- 2021-02: EUR 223.60 per share

- 2021-03: EUR 248.00 per share

- 2021-04: EUR 252.90 per share

- 2021-05: EUR 257.20 per share

- 2021-06: EUR 277.00 per share

- 2021-07: EUR 298.90 per share

- 2021-08: EUR 328.60 per share

- 2021-09: EUR 338.20 per share

- 2021-10: EUR 391.40 per share

- 2021-11: EUR 396.80 per share

- 2021-12: EUR 388.70 per share

- 2022-01: EUR 302.00 per share

- 2022-02: EUR 288.20 per share

- 2022-03: EUR 332.10 per share

- 2022-04: EUR 289.90 per share

- 2022-05: EUR 289.35 per share

- 2022-06: EUR 238.60 per share

- 2022-07: EUR 298.10 per share

- 2022-08: EUR 271.10 per share

- 2022-09: EUR 233.75 per share

- 2022-10: EUR 224.80 per share

- 2022-11: EUR 259.00 per share

- 2022-12: EUR 235.65 per share

- 2023-01: EUR 308.20 per share

- 2023-02: EUR 323.00 per share

- 2023-03: EUR 371.90 per share

- 2023-04: EUR 328.05 per share

- 2023-05: EUR 405.40 per share

- 2023-06: EUR 388.35 per share

- 2023-07: EUR 432.75 per share

- 2023-08: EUR 445.20 per share

- 2023-09: EUR 397.50 per share

- 2023-10: EUR 388.50 per share

- 2023-11: EUR 470.70 per share

- 2023-12: EUR 469.95 per share

- 2024-01: EUR 516.20 per share

- 2024-02: EUR 563.70 per share

- 2024-03: EUR 565.90 per share

- 2024-04: EUR 595.20 per share

- 2024-05: EUR 640.20 per share

- 2024-06: EUR 711.80 per share

- 2024-07: EUR 633.60 per share

- 2024-08: EUR 611.00 per share

- 2024-09: EUR 589.40 per share

- 2024-10: EUR 512.20 per share

- 2024-11: EUR 511.40 per share

- 2024-12: EUR 558.80 per share

- 2025-01: EUR 567.00 per share

- 2025-02: EUR 513.20 per share

- 2025-03: EUR 415.40 per share

- 2025-04: EUR 425.30 per share

- 2025-05: EUR 479.60 per share

- 2025-06: EUR 543.40 per share

- 2025-07: EUR 427.50 per share

- 2025-08: EUR 410.70 per share

- 2025-09: EUR 510.80 per share

- 2025-10: EUR 562.00 per share

- 2025-11: EUR 474.40 per share

- 2025-12: EUR 517.60 per share

- 2026-01: EUR 709.80 per share

- 2026-02: EUR 714.20 per share

- 2026-03: EUR 637.00 per share

- 2026-04: EUR 830.60 per share

- 2026-05: EUR 898.40 per share

- 2026-06: EUR 1,000.50 per share

- 2026-07: EUR 801.20 per share

- 2026-08: EUR 808.00 per share

- 2026-09: EUR 888.00 per share

- 2026-10: EUR 821.20 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 29.53 per share, central EUR 32.77 per share, high EUR 37.07 per share

- FY2017: low EUR 44.27 per share, central EUR 48.53 per share, high EUR 54.20 per share

- FY2018: low EUR 45.38 per share, central EUR 52.36 per share, high EUR 60.04 per share

- FY2019: low EUR 91.55 per share, central EUR 125.40 per share, high EUR 145.57 per share

- FY2020: low EUR 68.05 per share, central EUR 76.32 per share, high EUR 87.29 per share

- FY2021: low EUR 112.70 per share, central EUR 132.69 per share, high EUR 152.96 per share

- FY2022: low EUR 103.30 per share, central EUR 131.86 per share, high EUR 152.93 per share

- FY2023: low EUR 154.78 per share, central EUR 174.49 per share, high EUR 200.73 per share

- FY2024: low EUR 173.39 per share, central EUR 240.15 per share, high EUR 279.03 per share

- FY2025: low EUR 228.20 per share, central EUR 317.59 per share, high EUR 369.64 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:45.709Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations