# ASML Holding N.V. (ASML.AS)

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

Analysis as of: 2026-10-16T07:33:29.662Z. Financial observations: FY1996–FY2026.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 1,464.20 per share; close as of 2026-10-15.

Estimated value: low EUR 446.50 per share, central EUR 637.08 per share, high EUR 743.37 per share. Buy at or below the central value EUR 637.08 per share. Valuation as of 2026-10-16T07:33:29.662Z; 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

- 0 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.13×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.26×

- FY2018: 0.27×

- FY2019: 0.24×

- FY2020: 0.29×

- FY2021: 0.35×

- FY2022: 0.31×

- FY2023: 0.33×

- FY2024: 0.32×

- FY2025: 0.35×

- LTM to Jun 2026: 0.35×

### moat: pass

- ROIC, median of available years: 85.6%

- ROIC, second-lowest year: 32.3%

- Typical minus recent gross margin: -1.8 pp

- Typical gross margin (annual median): 48.4%

- Recent gross margin (lower of latest and 3-year median): 50.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.6%

- ROIC including acquisitions, ten-year median: 44.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 32.3%

- FY2017: 34.2%

- FY2018: 42.9%

- FY2019: 29.0%

- FY2020: 53.4%

- FY2021: >100%

- FY2022: >100%

- FY2023: >100%

- FY2024: >100%

- FY2025: >100%

### economics: pass

- Owner earnings / net income, 5-yr: 0.96×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 35B

- Net income, five-year total: EUR 37B

- Return on incremental invested capital: 54.5%

- Working capital / revenue, annual change: -0.5 pp

- Working capital / revenue, change between three-year averages: -3.0 pp

- Working capital / revenue, final three-year average: 45.9%

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

- FY2021: 1.00×

- FY2022: 0.96×

- FY2023: 0.98×

- FY2024: 0.87×

- FY2025: 1.00×

### management: pass

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 34.2% vs 126.6%

- Per-share earnings: 3.43 to 19.91 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.1%

- Ordinary dilution, 5-year annual growth: -1.5%

- Market cap gain: EUR 311B

- Cumulative retained earnings: EUR 11B

- Diluted shares, 10-year annual growth: -1.1%

- Diluted shares, 5-year annual growth: -1.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 24.6%

- Per-share value change: EUR 16.48

- Per-share value, starting three-year median: EUR 3.43

- Per-share value, ending three-year median: EUR 19.91

- Buybacks concentrated in cheaper years (correlation): -0.07

- Average buyback yield: 1.2%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 4.3B

- Cumulative net income, 10 years: EUR 49B

- ROIC, first three-year median: 34.2%

- ROIC, last three-year median: >100%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 3.43

- FY2017: EUR 4.80

- FY2018: EUR 6.12

- FY2019: EUR 6.16

- FY2020: EUR 8.49

- FY2021: EUR 14.53

- FY2022: EUR 14.23

- FY2023: EUR 19.91

- FY2024: EUR 19.24

- FY2025: EUR 24.83

### accounting: pass

- Sloan accruals: -6.0%

- Receivables to sales index (DSRI): 0.66×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.6%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.32×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.26×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.1%

- FY2017: 1.5%

- FY2018: -3.5%

- FY2019: -2.8%

- FY2020: -3.9%

- FY2021: -16.4%

- FY2022: -7.9%

- FY2023: 6.0%

- FY2024: -7.4%

- FY2025: -6.0%

## Holders

- [David Tepper](https://gigainvestors.com/AM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Pat Dorsey](https://gigainvestors.com/DA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Stephen Mandel](https://gigainvestors.com/LPC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Stuart McLaughlin](https://gigainvestors.com/TFP): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Dev Kantesaria](https://gigainvestors.com/VFC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Wallace Weitz](https://gigainvestors.com/WIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Lee Ainslie](https://gigainvestors.com/mc): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Dan Davidowitz](https://gigainvestors.com/pcm): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Daniel Loeb](https://gigainvestors.com/tp): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 18.4% a year for ten years · sales +8.1%

Story as of 2026-10-16T09:59:56.422Z; price observation 2026-10-15.

Price needs cash profits to grow 18.4% a year for ten years

- 2025-09-29: Mizuho lifts ASML to Buy, sees EUV demand strength ([finance.yahoo.com](https://finance.yahoo.com/news/mizuho-lifts-asml-buy-sees-164500199.html))

- 2025-10-15: ASML Orders Beat Expectations Amid AI Investment Boom ([finance.yahoo.com](https://finance.yahoo.com/video/asml-orders-beat-expectations-amid-054207496.html))

- 2026-01-28: ASML Q4 bookings beat expectations as chipmakers order more to satisfy AI demand ([finance.yahoo.com](https://finance.yahoo.com/news/asml-q4-bookings-beat-expectations-061654428.html))

- 2026-05-14: ASML Lifts 2026 Sales Outlook As AI Demand And EU Policy Focus Grow ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/asml-lifts-2026-sales-outlook-021328025.html))

- 2026-06-24: ASML Faces New China Risk as 19% Sales Market Comes Under Pressure ([finance.yahoo.com](https://finance.yahoo.com/technology/articles/asml-faces-china-risk-19-173229503.html))

- 2026-07-27: ASML and U.S. chip stocks sink on report of China’s DUV breakthrough ([finance.yahoo.com](https://finance.yahoo.com/technology/articles/asml-u-chip-stocks-sink-135434031.html))

### Sales · FY2025–2026

sales +8.1%; source https://filings.xbrl.org/724500Y6DUVHQD6OXN27/2025-12-31/ESEF/NL/0/asml-2025-12-31-1-en/reports/asml-2025-12-31-1-en.xhtml; observed 2026-03-04.

- FY2017: EUR 9.0B 

- FY2018: EUR 11B 

- FY2019: EUR 12B 

- FY2020: EUR 14B 

- FY2021: EUR 19B 

- FY2022: EUR 21B 

- FY2023: EUR 28B 

- FY2024: EUR 28B 

- FY2025: EUR 33B 

- FY2026: EUR 35B 

### Gross margin · FY2025

gross margin 52.8%; source https://filings.xbrl.org/724500Y6DUVHQD6OXN27/2025-12-31/ESEF/NL/0/asml-2025-12-31-1-en/reports/asml-2025-12-31-1-en.xhtml; observed 2026-03-04.

- FY2016: 42.7% 

- FY2017: 43.5% 

- FY2018: 44.8% 

- FY2019: 43.4% 

- FY2020: 47.4% 

- FY2021: 51.9% 

- FY2022: 49.5% 

- FY2023: 50.2% 

- FY2024: 49.8% 

- FY2025: 52.8% 

## Owner memo

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

### How it makes money

Gets 74.9% of sales from Lithography systems.

- Source: https://filings.xbrl.org/724500Y6DUVHQD6OXN27/2025-12-31/ESEF/NL/0/asml-2025-12-31-1-en/reports/asml-2025-12-31-1-en.xhtml (filed 2026-03-04); FY2025: revenue 32667300000; grossProfit 17258000000; margin = grossProfit / revenue.

- Source: https://filings.xbrl.org/724500Y6DUVHQD6OXN27/2025-12-31/ESEF/NL/0/asml-2025-12-31-1-en/reports/asml-2025-12-31-1-en.xhtml (filed 2026-03-04); cause these payments are necessary to support the maintenance and investments in our assets to maintain the current asset base. STRATEGIC REPORT CORPORATE GOVERNANCE SUSTAINABILITY FINANCIALS ASML Annual Report 2025 53 At a glance Q&A with the CEO Our business Financial performance Risk and security Financial performance KPIs (continued) Operating results of 2025 compared to 2024 Year ended December 31 (€, in millions) 2024 % 1 2025 % 1 % Change Net system sales 21,768.7 77.0 24,474.3 74.9 12.4 Net service and field option sales 6,494.2 23.0 8,193.0 25.1 26.2 Total net sales 28,262.9 100.0 32,667.3 100.0 15.6 Cost of system sales (10,615.1) (37.6) (11,710.6) (35.8) 10.3 Cost of service and field option sales (3,364.0) (11.9) (4,025.3) (12.3) 19.7 Total cost of sales (13,979.1) (49.5) (15,735.9) (48.2) 12.6 Gross profit 14,283.8 50.5 16,931.4 51.8 18.5 Research and development costs (3,181.0) (11.3) (3,619.6) (11.1) 13.8 Selling, general and administrative costs (1,165.7) (4.1) (1,257.8) (3.9) 7.9 Operating income 9,937.1 35.2 12,054.0 36.9 21.3 Finance income 182.4 0.6 223.0 0.7 22.3 Finance costs (162.6) (0.6) (118.3) (0.4) (

### Why customers stay

Margins ranged from 49.8% to 52.8% during 2023–25; it earns 85.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2023: grossProfit / revenue = 50.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2024: grossProfit / revenue = 49.8%.

- Source: https://filings.xbrl.org/724500Y6DUVHQD6OXN27/2025-12-31/ESEF/NL/0/asml-2025-12-31-1-en/reports/asml-2025-12-31-1-en.xhtml (filed 2026-03-04); FY2025: grossProfit / revenue = 52.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); 10-year return on capital observations [[2016,0.32334600620970755],[2017,0.341847236339279],[2018,0.4286047101104617],[2019,0.28972514769729846],[2020,0.53440006021999],[2021,2.1597130295060136],[2022,4.865336815845604],[2023,1.1784331531526326],[2024,1.265524946130662],[2025,2.1184110535965934]]; median 0.8564166066863113. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 5.7% of cash earnings on expansion; earns 54.5% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2016: growth capex 0; upkeep 324700000; owner earnings 1501521000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2017: growth capex 0; upkeep 358000000; owner earnings 2122399999. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2018: growth capex 419200000; upkeep 419100000; owner earnings 2591600000. Growth capex / owner earnings = 0.16175335699953697.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2019: growth capex 183755411.11433184; upkeep 1007744588.8856682; owner earnings 2025255411.1143317. Growth capex / owner earnings = 0.09073196896841092.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2020: growth capex 428445520.1034131; upkeep 572354479.8965869; owner earnings 3456545520.103413. Growth capex / owner earnings = 0.12395193918655376.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2021: growth capex 485700000; upkeep 454600000; owner earnings 5883200000. Growth capex / owner earnings = 0.08255711177590427.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2022: growth capex 471613859.2590873; upkeep 810186139.7409127; owner earnings 5397613860.259088. Growth capex / owner earnings = 0.08737450871234603.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2023: growth capex 1242412377.1670341; upkeep 953787622.8329659; owner earnings 7671412377.167034. Growth capex / owner earnings = 0.1619535381600543.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2024: growth capex 145431184.30363655; upkeep 1937668815.6963634; owner earnings 6552531184.303637. Growth capex / owner earnings = 0.02219465733364413.

- Source: https://filings.xbrl.org/724500Y6DUVHQD6OXN27/2025-12-31/ESEF/NL/0/asml-2025-12-31-1-en/reports/asml-2025-12-31-1-en.xhtml (filed 2026-03-04); FY2025: growth capex 547700000; upkeep 1025900000; owner earnings 9609400000. Growth capex / owner earnings = 0.05699627448123712.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); Incremental return on capital 0.5451608712413127, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); Dividend observations: [[2016,445900000],[2017,516700000],[2018,597100000],[2019,1325700000],[2020,1066400000],[2021,1368300000],[2022,2559800000],[2023,2348300000],[2024,2452900000],[2025,2550300000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://filings.xbrl.org/724500Y6DUVHQD6OXN27/2025-12-31/ESEF/NL/0/asml-2025-12-31-1-en/reports/asml-2025-12-31-1-en.xhtml (filed 2026-03-04); FY2025: cash repurchases 5950000000 EUR.

### Are managers owners

Insiders own <0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ASML.AS SharesStats.PercentInsiders = 0.01 percentage points; cache date 2026-10-16.

### What could break it

Depends on China for 29.1% of sales.

- Source: https://filings.xbrl.org/724500Y6DUVHQD6OXN27/2025-12-31/ESEF/NL/0/asml-2025-12-31-1-en/reports/asml-2025-12-31-1-en.xhtml (filed 2026-03-04);  and bilateral treaties, national regulations, and trade, security, and investment policies have already impacted – and may continue to impact – our operations, as well as those of our suppliers and customers. These developments, as well as a global push for technological sovereignty, may lead to long-term shifts in global trade dynamics, competition, and technology supply chains, which could potentially affect our business and growth prospects. Customers in China represented 29.1% of our 2025 total net sales and 36.1% of our 2024 net sales. Countries affected by export control restrictions may also introduce countermeasures, which could result in conflicting regulations and legal liabilities. The semiconductor industry relies on raw materials that are controlled by specific countries. In the current geopolitical climate, the risk of these materials becoming restricted or unavailable is increasing, which could affect our suppliers, customers, and ASML directly. For example, China has imposed or issued directives to impose various export controls on its products including certain minerals. Geopolitical instability and potential nationalization of  [Separate filing excerpt] . What it means for ASML Changes in export controls may have a material impact on our business for example on the sales volume, mix and timing. We are committed to complying with all applicable laws and regulations, including export control legislation in the countries where we operate, while continuing to develop our technology and serve customers. We aim to work with global customers to deliver lithography and metrology systems not impacted by export control restrictions or sanctions. We share relevant dynamics with governments to foster understanding of potential impacts of current and future measures. We require every ASML employee to follow policies designed to ensure compliance and prevent unauthorized transactions. We have implemented controls for compliance with export control and sanctions requirements and remain committed to enhancing and making our compliance framework more intuitive and easier to navigate. 2. Megatrends Key megatrends impacting the semiconductor marketplace Connected world • Artificial intelligence • Hyperconnectivity • Cloud infrastructure • Internet of Things Climate change and r

### What the price says

The price assumes cash profits grow 18.4% yearly over ten years; actual growth was 22.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); Ten-year compound average after fade. Initial solved rate 0.34581353295942874. Price 1464.2; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2015 owner earnings/share 3.219995357474466 → FY2025 24.830490956072353. Closing-price date 2026-10-15.

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

- 2016-10: EUR 96.50 per share

- 2016-11: EUR 97.62 per share

- 2016-12: EUR 106.65 per share

- 2017-01: EUR 112.40 per share

- 2017-02: EUR 114.45 per share

- 2017-03: EUR 124.40 per share

- 2017-04: EUR 121.35 per share

- 2017-05: EUR 117.50 per share

- 2017-06: EUR 114.10 per share

- 2017-07: EUR 128.15 per share

- 2017-08: EUR 130.50 per share

- 2017-09: EUR 144.05 per share

- 2017-10: EUR 154.80 per share

- 2017-11: EUR 147.60 per share

- 2017-12: EUR 145.15 per share

- 2018-01: EUR 163.20 per share

- 2018-02: EUR 161.30 per share

- 2018-03: EUR 160.15 per share

- 2018-04: EUR 157.50 per share

- 2018-05: EUR 167.40 per share

- 2018-06: EUR 169.70 per share

- 2018-07: EUR 183.50 per share

- 2018-08: EUR 175.64 per share

- 2018-09: EUR 160.90 per share

- 2018-10: EUR 150.92 per share

- 2018-11: EUR 149.10 per share

- 2018-12: EUR 137.16 per share

- 2019-01: EUR 153.22 per share

- 2019-02: EUR 161.12 per share

- 2019-03: EUR 167.20 per share

- 2019-04: EUR 185.54 per share

- 2019-05: EUR 169.30 per share

- 2019-06: EUR 183.74 per share

- 2019-07: EUR 202.80 per share

- 2019-08: EUR 202.25 per share

- 2019-09: EUR 227.25 per share

- 2019-10: EUR 235.00 per share

- 2019-11: EUR 247.00 per share

- 2019-12: EUR 263.70 per share

- 2020-01: EUR 254.25 per share

- 2020-02: EUR 248.10 per share

- 2020-03: EUR 242.45 per share

- 2020-04: EUR 270.65 per share

- 2020-05: EUR 292.95 per share

- 2020-06: EUR 326.90 per share

- 2020-07: EUR 299.70 per share

- 2020-08: EUR 314.30 per share

- 2020-09: EUR 314.70 per share

- 2020-10: EUR 312.00 per share

- 2020-11: EUR 363.85 per share

- 2020-12: EUR 397.55 per share

- 2021-01: EUR 439.45 per share

- 2021-02: EUR 465.35 per share

- 2021-03: EUR 517.00 per share

- 2021-04: EUR 541.20 per share

- 2021-05: EUR 547.20 per share

- 2021-06: EUR 579.40 per share

- 2021-07: EUR 639.00 per share

- 2021-08: EUR 704.50 per share

- 2021-09: EUR 645.90 per share

- 2021-10: EUR 700.50 per share

- 2021-11: EUR 699.60 per share

- 2021-12: EUR 706.70 per share

- 2022-01: EUR 594.20 per share

- 2022-02: EUR 598.90 per share

- 2022-03: EUR 610.00 per share

- 2022-04: EUR 548.00 per share

- 2022-05: EUR 536.00 per share

- 2022-06: EUR 455.85 per share

- 2022-07: EUR 555.40 per share

- 2022-08: EUR 484.65 per share

- 2022-09: EUR 433.60 per share

- 2022-10: EUR 478.00 per share

- 2022-11: EUR 561.10 per share

- 2022-12: EUR 503.80 per share

- 2023-01: EUR 602.60 per share

- 2023-02: EUR 584.00 per share

- 2023-03: EUR 625.20 per share

- 2023-04: EUR 573.50 per share

- 2023-05: EUR 671.50 per share

- 2023-06: EUR 663.00 per share

- 2023-07: EUR 652.20 per share

- 2023-08: EUR 607.90 per share

- 2023-09: EUR 559.10 per share

- 2023-10: EUR 565.30 per share

- 2023-11: EUR 623.00 per share

- 2023-12: EUR 681.70 per share

- 2024-01: EUR 798.20 per share

- 2024-02: EUR 870.50 per share

- 2024-03: EUR 892.20 per share

- 2024-04: EUR 832.70 per share

- 2024-05: EUR 870.80 per share

- 2024-06: EUR 964.20 per share

- 2024-07: EUR 850.50 per share

- 2024-08: EUR 812.00 per share

- 2024-09: EUR 745.60 per share

- 2024-10: EUR 621.20 per share

- 2024-11: EUR 658.40 per share

- 2024-12: EUR 678.70 per share

- 2025-01: EUR 722.70 per share

- 2025-02: EUR 678.60 per share

- 2025-03: EUR 606.00 per share

- 2025-04: EUR 582.50 per share

- 2025-05: EUR 653.90 per share

- 2025-06: EUR 677.60 per share

- 2025-07: EUR 613.10 per share

- 2025-08: EUR 636.60 per share

- 2025-09: EUR 828.10 per share

- 2025-10: EUR 918.10 per share

- 2025-11: EUR 903.40 per share

- 2025-12: EUR 921.40 per share

- 2026-01: EUR 1,215.60 per share

- 2026-02: EUR 1,233.40 per share

- 2026-03: EUR 1,119.20 per share

- 2026-04: EUR 1,222.40 per share

- 2026-05: EUR 1,384.80 per share

- 2026-06: EUR 1,721.40 per share

- 2026-07: EUR 1,434.20 per share

- 2026-08: EUR 1,451.80 per share

- 2026-09: EUR 1,596.80 per share

- 2026-10: EUR 1,509.60 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 50.71 per share, central EUR 60.79 per share, high EUR 69.40 per share

- FY2017: low EUR 62.20 per share, central EUR 76.75 per share, high EUR 88.42 per share

- FY2018: low EUR 84.65 per share, central EUR 114.40 per share, high EUR 132.67 per share

- FY2019: low EUR 94.84 per share, central EUR 130.91 per share, high EUR 151.92 per share

- FY2020: low EUR 131.78 per share, central EUR 184.49 per share, high EUR 213.88 per share

- FY2021: low EUR 175.84 per share, central EUR 248.33 per share, high EUR 288.76 per share

- FY2022: low EUR 209.96 per share, central EUR 298.22 per share, high EUR 347.44 per share

- FY2023: low EUR 275.45 per share, central EUR 394.29 per share, high EUR 460.57 per share

- FY2024: low EUR 296.74 per share, central EUR 418.68 per share, high EUR 486.69 per share

- FY2025: low EUR 373.93 per share, central EUR 530.47 per share, high EUR 617.77 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 2026-10-15T06:39:15.205Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original ESEF filing](https://filings.xbrl.org/724500Y6DUVHQD6OXN27/2025-12-31/ESEF/NL/0/asml-2025-12-31-1-en/reports/asml-2025-12-31-1-en.xhtml); period 2025-12-31, filed 2026-03-04.

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

- [David Tepper](https://gigainvestors.com/AM): 50,000 ASML shares; USD 99,472,000 reported position value; 1.33% of portfolio; add; quarter 2026 Q2.
- [Pat Dorsey](https://gigainvestors.com/DA): 130,364 ASML shares; USD 259,351,000 reported position value; 16.61% of portfolio; reduce; quarter 2026 Q2.
- [Stephen Mandel](https://gigainvestors.com/LPC): 569,174 ASML shares; USD 1,132,338,000 reported position value; 6.92% of portfolio; reduce; quarter 2026 Q2.
- [Stuart McLaughlin](https://gigainvestors.com/TFP): 118,917 ASML shares; USD 236,578,000 reported position value; 21.11% of portfolio; hold; quarter 2026 Q2.
- [Dev Kantesaria](https://gigainvestors.com/VFC): 171,083 ASML shares; USD 340,359,000 reported position value; 10.92% of portfolio; hold; quarter 2026 Q2.
- [Wallace Weitz](https://gigainvestors.com/WIM): 5,500 ASML shares; USD 10,942,000 reported position value; 0.76% of portfolio; hold; quarter 2026 Q2.
- [Lee Ainslie](https://gigainvestors.com/mc): 980 ASML shares; USD 1,950,000 reported position value; 0.02% of portfolio; reduce; quarter 2026 Q2.
- [Dan Davidowitz](https://gigainvestors.com/pcm): 15,427 ASML shares; USD 30,692,000 reported position value; 0.26% of portfolio; reduce; quarter 2026 Q2.
- [Daniel Loeb](https://gigainvestors.com/tp): 30,000 ASML shares; USD 59,606,000 reported position value; 1.31% of portfolio; add; quarter 2026 Q2.