Company Valuation: ASML Holding N.V.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 287,256 200,985 268,992 266,748 355,841 481,011 - -
Change - -30.03% 33.84% -0.83% 33.4% 35.18% - -
Enterprise Value (EV) 1 283,740 197,123 266,613 257,684 345,228 470,814 464,935 457,434
Change - -30.53% 35.25% -3.35% 33.97% 36.38% -1.25% -1.61%
P/E ratio 49.3x 35.7x 34.3x 35.3x 37.3x 39.9x 30.4x 26.4x
PBR 28.6x 22.7x 20x 14.5x 18.2x 21.1x 15.7x 12x
PEG - -24.38x 0.8x -10.8x 1.3x 1.5x 1x 1.8x
Capitalization / Revenue 15.4x 9.49x 9.76x 9.44x 10.9x 12.4x 10.3x 9.4x
EV / Revenue 15.2x 9.31x 9.67x 9.12x 10.6x 12.1x 9.95x 8.94x
EV / EBITDA 40.5x 27.8x 27.3x 25.9x 28x 30.8x 23.4x 20.6x
EV / EBIT 43.4x 30.3x 29.5x 28.6x 30.5x 33.4x 25.2x 22.1x
EV / FCF 28.5x 27.4x 81.1x 28.3x 31.1x 67.8x 35.3x 28.8x
FCF Yield 3.51% 3.66% 1.23% 3.53% 3.21% 1.47% 2.83% 3.48%
Dividend per Share 2 5.5 5.8 6.1 6.4 7.5 8.6 10.48 11.83
Rate of return 0.78% 1.15% 0.89% 0.94% 0.81% 0.69% 0.84% 0.95%
EPS 2 14.34 14.13 19.89 19.24 24.71 31.34 41.15 47.27
Distribution rate 38.4% 41% 30.7% 33.3% 30.4% 27.4% 25.5% 25%
Net sales 1 18,611 21,173 27,558 28,263 32,667 38,822 46,726 51,148
EBITDA 1 7,007 7,084 9,782 9,941 12,327 15,302 19,846 22,208
EBIT 1 6,536 6,501 9,042 9,023 11,301 14,099 18,419 20,742
Net income 1 5,883 5,624 7,839 7,572 9,393 11,967 15,487 17,251
Net Debt 1 -3,515 -3,862 -2,379 -9,064 -10,613 -10,197 -16,076 -23,577
Reference price 2 706.70 503.80 681.70 678.70 921.40 1,249.80 1,249.80 1,249.80
Nbr of stocks (in thousands) 406,474 398,937 394,590 393,028 386,196 384,870 - -
Announcement Date 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.($)
39.48x12x30.45x0.7% 560B
48.64x14.27x39.52x0.4% 323B
37.89x8.38x29.88x1.31% 131B
32.03x3.08x13.8x1.63% 65.57B
52.09x16.96x35.08x0.73% 25.03B
64.41x7.41x26.63x0.27% 22.35B
40.27x2.47x14.22x0.5% 17.4B
52.9x10.08x31.04x - 14.43B
79.4x24.26x60.82x0.32% 13.65B
23.05x2.94x13.67x1.31% 12.69B
Average 47.01x 10.19x 29.51x 0.8% 118.39B
Weighted average by Cap. 42.58x 11.62x 31.90x 0.73%

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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