Latest Ratios: P/E Ratio 61.9x · EV/EBITDA 47.0x · ROE 50.5%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $673.4B | $416.1B | $272.8B | $298.3B | $217.5B | $326.7B | $204.4B | $124.8B | $66.4B | $75.0B | $48.0B |
| Enterprise Value | $661.8B | $405.9B | $265.1B | $296.1B | $214.7B | $326.7B | $204.8B | $124.6B | $68.7B | $77.3B | $48.4B |
| P/E Ratio → | 61.88 | 43.30 | 36.02 | 38.74 | 39.59 | 53.29 | 61.81 | 48.83 | 24.78 | 37.70 | 30.91 |
| P/S Ratio | 18.04 | 12.74 | 9.65 | 10.82 | 10.27 | 17.56 | 14.62 | 10.56 | 6.06 | 8.37 | 6.98 |
| P/B Ratio | 30.33 | 21.22 | 14.76 | 22.09 | 24.89 | 32.13 | 14.76 | 10.02 | 5.70 | 6.79 | 4.86 |
| P/FCF | 55.35 | 39.08 | 28.70 | 92.35 | 30.90 | 31.52 | 59.93 | 50.43 | 25.71 | 52.62 | 33.73 |
| P/OCF | 48.47 | 34.22 | 23.39 | 55.78 | 26.24 | 28.90 | 47.47 | 38.63 | 20.91 | 42.81 | 27.33 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 12.42 | 9.38 | 10.75 | 10.14 | 17.55 | 14.65 | 10.54 | 6.28 | 8.62 | 7.04 |
| EV / EBITDA | 46.98 | 32.92 | 26.66 | 30.27 | 30.30 | 45.24 | 45.08 | 38.45 | 20.29 | 27.05 | 22.88 |
| EV / EBIT | 51.24 | 35.22 | 28.79 | 32.06 | 32.94 | 48.32 | 50.43 | 44.45 | 23.18 | 32.97 | 29.07 |
| EV / FCF | — | 38.12 | 27.89 | 91.69 | 30.51 | 31.51 | 60.03 | 50.34 | 26.64 | 54.21 | 34.02 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 52.8% | 52.8% | 51.3% | 51.3% | 50.5% | 52.7% | 48.6% | 44.7% | 46.0% | 44.9% | 45.7% |
| Operating Margin | 34.6% | 34.6% | 31.9% | 32.8% | 30.7% | 36.3% | 29.0% | 23.6% | 27.1% | 27.2% | 25.6% |
| Net Profit Margin | 29.4% | 29.4% | 26.8% | 28.4% | 26.6% | 31.6% | 25.4% | 21.9% | 23.7% | 23.1% | 22.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 50.5% | 50.5% | 47.4% | 70.5% | 59.5% | 49.0% | 27.0% | 21.5% | 22.8% | 19.8% | 17.1% |
| ROA | 19.4% | 19.4% | 17.1% | 20.6% | 17.0% | 20.4% | 14.3% | 12.2% | 13.4% | 11.5% | 10.2% |
| ROIC | 84.2% | 84.2% | 61.3% | 78.4% | 60.8% | 41.7% | 23.0% | 15.9% | 16.3% | 15.5% | 15.2% |
| ROCE | 41.2% | 41.2% | 34.5% | 43.1% | 36.0% | 35.0% | 21.1% | 16.4% | 18.7% | 16.6% | 14.6% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.14 | 0.14 | 0.27 | 0.36 | 0.51 | 0.47 | 0.35 | 0.26 | 0.27 | 0.29 | 0.34 |
| Debt / EBITDA | 0.22 | 0.22 | 0.50 | 0.50 | 0.62 | 0.66 | 1.07 | 1.01 | 0.94 | 1.13 | 1.58 |
| Net Debt / Equity | — | -0.52 | -0.42 | -0.16 | -0.32 | -0.01 | 0.03 | -0.02 | 0.21 | 0.21 | 0.04 |
| Net Debt / EBITDA | -0.83 | -0.83 | -0.78 | -0.22 | -0.39 | -0.01 | 0.08 | -0.07 | 0.71 | 0.79 | 0.20 |
| Debt / FCF | — | -0.96 | -0.81 | -0.67 | -0.40 | -0.01 | 0.10 | -0.09 | 0.93 | 1.59 | 0.29 |
| Interest Coverage | — | — | 57.33 | 61.81 | 109.75 | 118.77 | 100.76 | 77.67 | 68.68 | 42.30 | 41.56 |
Net cash position: cash ($12.9B) exceeds total debt ($2.7B)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.26 | 1.26 | 1.53 | 1.50 | 1.28 | 1.48 | 2.41 | 2.58 | 2.78 | 2.80 | 2.61 |
| Quick Ratio | 0.79 | 0.79 | 0.95 | 0.91 | 0.86 | 1.03 | 1.68 | 1.73 | 1.81 | 1.84 | 1.74 |
| Cash Ratio | 0.55 | 0.55 | 0.64 | 0.43 | 0.41 | 0.62 | 1.11 | 1.01 | 1.06 | 1.04 | 1.24 |
| Asset Turnover | — | 0.65 | 0.58 | 0.69 | 0.59 | 0.61 | 0.51 | 0.53 | 0.54 | 0.48 | 0.40 |
| Inventory Turnover | 1.35 | 1.35 | 1.18 | 1.40 | 1.38 | 1.61 | 1.49 | 1.64 | 1.61 | 1.57 | 1.30 |
| Days Sales Outstanding | — | 46.53 | 70.30 | 96.48 | 120.48 | 89.64 | 86.92 | 87.03 | 80.14 | 92.09 | 65.14 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.4% | 0.6% | 0.9% | 0.8% | 1.1% | 0.4% | 0.5% | 1.0% | 0.9% | 0.7% | 1.0% |
| Payout Ratio | 25.5% | 25.5% | 33.8% | 29.4% | 44.5% | 24.2% | 27.9% | 50.4% | 23.8% | 24.1% | 30.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.6% | 2.3% | 2.8% | 2.6% | 2.5% | 1.9% | 1.6% | 2.0% | 4.0% | 2.7% | 3.2% |
| FCF Yield | 1.8% | 2.6% | 3.5% | 1.1% | 3.2% | 3.2% | 1.7% | 2.0% | 3.9% | 1.9% | 3.0% |
| Buyback Yield | 1.0% | 1.4% | 0.2% | 0.3% | 2.1% | 2.7% | 0.5% | 0.3% | 1.8% | 0.6% | 0.9% |
| Total Shareholder Yield | 1.4% | 2.0% | 1.1% | 1.1% | 3.2% | 3.2% | 1.0% | 1.4% | 2.7% | 1.3% | 1.9% |
| Shares Outstanding | — | $389M | $394M | $394M | $398M | $410M | $419M | $422M | $426M | $432M | $428M |
Geopolitical export control exposure
Based on current market data, ASML trades at a forward P/E of 54.80, a valuation premium that appears to price in the company's unique EUV monopoly and the anticipated long-term lithography intensity required for sub-2nm semiconductor manufacturing nodes compared to broader wafer fab equipment peers.
The elevated P/E and EV/EBITDA multiples suggest that investors are paying for the durability of ASML's competitive moat rather than near-term earnings growth. While the PEG ratio of 2.49 indicates a high price relative to expected growth, this may be justified if the transition to High-NA EUV drives a multi-year cycle of system upgrades and higher average selling prices.
As reported in recent financial statements, ASML's ROIC has fluctuated between 8.5% and 19.8% over the last ten quarters, reflecting the inherent volatility in capital deployment required to support the massive R&D and inventory build-up associated with next-generation lithography system development cycles.
The variability in ROIC suggests that while the company possesses a structural advantage, its returns are highly sensitive to the timing of system revenue recognition and the intensity of working capital investment. Investors should monitor whether the shift toward High-NA EUV can stabilize these returns at the higher end of the historical range as the technology matures.
According to quarterly filings, ASML's asset turnover has remained low, hovering between 0.13 and 0.21, which highlights the capital-intensive nature of the business and the significant inventory build-up required to support the complex, multi-year manufacturing and delivery timelines of advanced lithography systems.
The extended inventory days, which reached 342 in 2024Q1, indicate that the company carries substantial balance sheet weight in the form of work-in-progress and finished goods. This efficiency profile is a direct consequence of the 'fast shipment' model, which prioritizes customer fab readiness over immediate revenue recognition and cash conversion.
The standard P/E ratio is frequently misapplied to ASML, as it fails to account for the significant disconnect between accounting earnings and cash flow caused by the company's unique revenue recognition practices and the lumpy, project-based nature of high-end lithography system deliveries.
Analysts should instead focus on metrics that normalize for these timing differences, such as multi-year order backlogs and 'litho intensity' within customer capital expenditure budgets. Relying solely on P/E risks misinterpreting temporary dips in cash flow as structural earnings decay, when they are often merely artifacts of the long-cycle delivery process.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying ASML stock.
ASML Holding N.V.'s current P/E ratio is 61.9x. The historical average is 40.3x. This places it at the 92th percentile of its historical range.
ASML Holding N.V.'s current EV/EBITDA is 47.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 25.9x.
ASML Holding N.V.'s return on equity (ROE) is 50.5%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 25.2%.
Based on historical data, ASML Holding N.V. is trading at a P/E of 61.9x. This is at the 92th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
ASML Holding N.V.'s current dividend yield is 0.41% with a payout ratio of 25.5%.
ASML Holding N.V. has 52.8% gross margin and 34.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
ASML Holding N.V.'s Debt/EBITDA ratio is 0.2x, indicating low leverage. A ratio below 2x is generally considered financially healthy.