Company Valuation: ASML Holding N.V.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 287,256 200,985 268,992 266,748 355,841 562,659 - -
Change - -30.03% 33.84% -0.83% 33.4% 58.12% - -
Enterprise Value (EV) 1 283,740 197,123 266,613 257,684 345,228 551,723 544,785 537,311
Change - -30.53% 35.25% -3.35% 33.97% 59.81% -1.26% -1.37%
P/E ratio 49.3x 35.7x 34.3x 35.3x 37.3x 46.4x 34.6x 29.4x
PBR 28.6x 22.7x 20x 14.5x 18.2x 24.6x 18.5x 13.8x
PEG - -24.38x 0.8x -10.8x 1.3x 1.7x 1x 1.7x
Capitalization / Revenue 15.4x 9.49x 9.76x 9.44x 10.9x 14.4x 11.8x 10.7x
EV / Revenue 15.2x 9.31x 9.67x 9.12x 10.6x 14.1x 11.4x 10.2x
EV / EBITDA 40.5x 27.8x 27.3x 25.9x 28x 35.9x 26.8x 23.3x
EV / EBIT 43.4x 30.3x 29.5x 28.6x 30.5x 38.8x 28.9x 24.8x
EV / FCF 28.5x 27.4x 81.1x 28.3x 31.1x 79x 41.4x 34x
FCF Yield 3.51% 3.66% 1.23% 3.53% 3.21% 1.27% 2.41% 2.94%
Dividend per Share 2 5.5 5.8 6.1 6.4 7.5 8.629 10.56 12.07
Rate of return 0.78% 1.15% 0.89% 0.94% 0.81% 0.59% 0.72% 0.83%
EPS 2 14.34 14.13 19.89 19.24 24.71 31.52 42.3 49.81
Distribution rate 38.4% 41% 30.7% 33.3% 30.4% 27.4% 25% 24.2%
Net sales 1 18,611 21,173 27,558 28,263 32,667 39,046 47,659 52,720
EBITDA 1 7,007 7,084 9,782 9,941 12,327 15,375 20,331 23,103
EBIT 1 6,536 6,501 9,042 9,023 11,301 14,209 18,875 21,640
Net income 1 5,883 5,624 7,839 7,572 9,393 12,088 15,789 17,902
Net Debt 1 -3,515 -3,862 -2,379 -9,064 -10,613 -10,936 -17,874 -25,349
Reference price 2 706.70 503.80 681.70 678.70 921.40 1,462.20 1,462.20 1,462.20
Nbr of stocks (in thousands) 406,474 398,937 394,590 393,028 386,196 384,803 - -
Announcement Date 1/19/22 1/25/23 1/24/24 1/29/25 1/28/26 - - -
1EUR in Million2EUR
Estimates

P/E ratio, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
46.38x14.13x35.88x0.59% 650B
54.09x16.3x43.7x0.34% 379B
49.61x10.86x38.71x1.01% 167B
34.14x3.53x16.21x1.45% 80.2B
50.02x16.03x33.37x0.77% 23.59B
48.57x6.41x22.69x0.32% 19.13B
31.07x2.28x12.43x0.52% 16.1B
27.21x3.53x16.42x1.11% 14.9B
48.79x8.68x27.62x - 12.6B
72.97x7.94x34.01x0.34% 9.44B
Average 46.29x 8.97x 28.10x 0.72% 137.23B
Weighted average by Cap. 48.10x 13.29x 36.44x 0.62%

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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  4. Valuation ASML Holding N.V.