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 1 287,256 200,985 268,992 266,748 355,841 582,145 - -
Change - -30.03% 33.84% -0.83% 33.4% 63.6% - -
Enterprise Value (EV) 1 283,740 197,123 266,613 257,684 345,228 568,194 559,949 549,126
Change - -30.53% 35.25% -3.35% 33.97% 64.59% -1.45% -1.93%
P/E 49.3x 35.7x 34.3x 35.3x 37.3x 39.3x 29x 22.2x
PBR 28.6x 22.7x 20x 14.5x 18.2x 22.6x 16.4x 11.9x
PEG - -24.38x 0.8x -10.8x 1.3x 0.7x 0.8x 0.7x
Capitalization / Revenue 15.4x 9.49x 9.76x 9.44x 10.9x 13.6x 10.7x 8.96x
EV / Revenue 15.2x 9.31x 9.67x 9.12x 10.6x 13.3x 10.3x 8.45x
EV / EBITDA 40.5x 27.8x 27.3x 25.9x 28x 30.1x 22.4x 17.5x
EV / EBIT 43.4x 30.3x 29.5x 28.6x 30.5x 33.4x 24.2x 19x
EV / FCF 28.5x 27.4x 81.1x 28.3x 31.1x 61.5x 33.5x 26.7x
FCF Yield 3.51% 3.66% 1.23% 3.53% 3.21% 1.63% 2.99% 3.74%
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% 0.76% 0.94%
EPS 2 14.34 14.13 19.89 19.24 24.71 38.55 52.28 68.31
Distribution rate 38.4% 41% 30.7% 33.3% 30.4% 23.4% 22% 20.8%
Net sales 1 18,611 21,173 27,558 28,263 32,667 42,867 54,588 64,980
EBITDA 1 7,007 7,084 9,782 9,941 12,327 18,875 24,996 31,402
EBIT 1 6,536 6,501 9,042 9,023 11,301 16,993 23,185 28,958
Net income 1 5,883 5,624 7,839 7,572 9,393 14,757 19,505 24,365
Net Debt 1 -3,515 -3,862 -2,379 -9,064 -10,613 -13,952 -22,196 -33,020
Reference price 2 706.70 503.80 681.70 678.70 921.40 1,515.80 1,515.80 1,515.80
Nbr of stocks (in thousands) 406,474 398,937 394,590 393,028 386,196 384,052 - -
Announcement Date 19/1/22 25/1/23 24/1/24 29/1/25 28/1/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
39.32x13.25x30.1x0.6% 663B
32.7x10.84x26.73x0.37% 385B
31.06x6.97x21.47x1.57% 152B
36.89x3.98x18.34x1.4% 95.88B
55.26x7.28x25.4x0.27% 23.06B
45.48x14.69x30.5x0.83% 22.13B
20.57x2.98x12.75x1.48% 15.29B
47.24x8.69x25.88x - 13.85B
Average 38.56x 8.59x 23.90x 0.93% 171.31B
Weighted average by Cap. 36.61x 10.99x 27.06x 0.71%

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