ASML stock trades near record levels as chipmaking demand underpins earnings

ASML stock remains supported by strong demand for advanced lithography systems and a robust order backlog, with recent quarterly figures highlighting double-digit revenue growth and solid profitability amid ongoing investment in next generation EUV tools.

ASML Holding N.V. (ISIN NL0010273215) is one of the key capital equipment suppliers to the global semiconductor industry, and ASML stock has been trading close to its historical highs in recent months as investors focus on the companys earnings trajectory and order book. As of 30 June 2026, the companys market capitalization stood around EUR 350 billion according to public market data, underscoring its role as one of Europes most valuable technology businesses and a core holding in major equity indices.

Revenue up double digits in recent year

According to information published by ASML Holding in its latest annual report for fiscal 2025 on its Investor Relations page ASML reported full year revenue for 2025 of approximately EUR 33 billion, representing an increase of about 15% compared with fiscal 2024 where revenue was in the area of EUR 28.7 billion. The revenue growth was driven primarily by continued demand for its extreme ultraviolet (EUV) and advanced deep ultraviolet (DUV) lithography systems from leading logic and memory chipmakers, as well as by installed base management and service activities. For investors, the double digit revenue increase compared with the prior year is an important signal that capital expenditure cycles in the chip sector remain supportive.

In the same fiscal 2025 period, ASML Holding reported net income of around EUR 9.5 billion, up from approximately EUR 8.0 billion in fiscal 2024, implying year on year earnings growth of roughly 19%. The company also disclosed a gross margin of roughly 51% for 2025 versus about 50% in 2024, reflecting an improvement in mix toward higher margin EUV systems and services. These figures, based on data accessible via the companys Investor Relations section summarizing ASMLs financial results, highlight that profitability has expanded alongside revenue.

Order backlog and EUV demand support ASML stock

ASML Holding regularly discusses its order intake and backlog in quarterly updates, and according to the companys disclosures for the end of fiscal 2025, the total order backlog for systems stood at more than EUR 40 billion. This compares with an order backlog of roughly EUR 38 billion at the end of fiscal 2024, indicating that booked demand increased by a low single digit percentage even as the company shipped a substantial number of systems during the year. The backlog encompasses both EUV and DUV tools for leading edge and mature process nodes, giving ASML visibility on future revenue and underpinning investor confidence in ASML stock.

In its commentary on results, ASML indicated that EUV revenue accounted for a growing share of total system sales in 2025. Based on figures provided in the companys presentations, EUV system revenue in fiscal 2025 was around EUR 14 billion, compared with approximately EUR 11 billion in fiscal 2024, implying growth of roughly 27% year on year. This expansion reflects multi year investment cycles by leading chipmakers to support advanced logic nodes in the three nanometer and below range. The combination of rising EUV penetration and a sizeable installed base service business supports a structural growth narrative for ASML Holding that many investors consider when assessing ASML stock.

Operating expenses also increased as ASML continued to invest in research and development for next generation high NA (high numerical aperture) EUV tools and supporting software. R&D expenditure in fiscal 2025 was around EUR 3.5 billion, compared with approximately EUR 3.0 billion in 2024, a rise of roughly 17%. Management has framed these investments as necessary to secure ASMLs technological leadership and to enable customers to extend Moore law scaling. While higher R&D spending modestly offsets margin expansion, the companys strong gross profit and scale have allowed it to maintain operating margins at levels many industrial technology peers do not achieve.

ASML Holding also returned capital to shareholders through dividends and share buybacks. According to the dividend section of its Investor Relations disclosures summarizing ASMLs dividend policy, the company paid a total cash dividend of around EUR 7.00 per share over fiscal 2025, up from roughly EUR 6.00 per share in fiscal 2024. This represented an increase of about 17% and reflected managements confidence in cash generation. For many long term holders of ASML stock, a rising dividend supplemented by periodic share repurchases is part of the investment case.

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EUV systems as a core product line

ASML Holding is best known for its EUV lithography systems, which use a short wavelength light source to pattern extremely fine features on silicon wafers. These tools are deployed by major integrated device manufacturers and foundries for the most advanced process nodes. In fiscal 2025, EUV systems and related options represented a significant share of total revenue, as noted above with about EUR 14 billion of sales. The company has also developed high NA EUV tools that are expected to support future nodes beyond the two nanometer generation. Management has described high NA EUV shipments as starting toward the middle of the decade, with initial volumes limited but growing as customers bring new fabs online.

In addition to EUV systems, ASML supplies immersion and dry DUV scanners, metrology and inspection tools, and comprehensive software suites for process control and optimization. The installed base of thousands of systems worldwide enables a substantial service and upgrades business, which in fiscal 2025 generated several billion euros of revenue. For example, based on ASMLs segmentation in its investor materials, installed base management revenue in 2025 was around EUR 6 billion, up from approximately EUR 5 billion in 2024, indicating growth of about 20%. This recurring revenue stream is important for ASML stock because it tends to be less volatile than new system sales and provides buffers during periods when chipmakers moderate capital spending.

The technical complexity and capital cost of ASMLs systems create high barriers to entry for potential competitors. EUV technology requires advanced optics, light sources, and precision control systems, and ASML works closely with key suppliers and customers to maintain performance and reliability. The company has frequently emphasized that its roadmap is aligned with its customers device scaling roadmaps, and that collaboration is essential to extend patterning capabilities. For investors, this integrated ecosystem and ASMLs position as the sole supplier of production scale EUV systems underpin expectations that ASML stock will remain closely tied to long term semiconductor demand rather than short term cycles alone.

ASML stock and market valuation context

ASML Holding shares are primarily listed on Euronext Amsterdam under the symbol ASML, and an American depositary receipt is also traded on Nasdaq. As of 30 June 2026, the Euronext Amsterdam quoted share price was around EUR 950 per share based on publicly available market data, with the price not far from a 52 week high in the low EUR 970 range and well above a 52 week low near EUR 620. That implies a gain of roughly 53% from the low to the recent trading level over the twelve month period. At this price, the trailing price to earnings ratio using the fiscal 2025 net income data would be in the high thirties, reflecting investor willingness to pay a premium for ASMLs earnings and growth profile.

From a broader index perspective, ASML Holding is a major component of the Euro Stoxx 50 and other European and technology focused indices. As of 30 June 2026, its estimated EUR 350 billion market capitalization makes it one of the largest stocks in the Netherlands and across continental Europe. Compared with several US semiconductor equipment peers whose market caps range from tens of billions to low hundreds of billions of dollars, ASML stands out for its combination of size, growth, and margin structure. For investors, this context helps frame the risk and return profile of ASML stock relative to alternatives in the same sector.

Analyst consensus figures referenced in financial portals indicate expectations for continued revenue growth and margin resilience, although the exact numbers vary across providers. For example, some consensus compilations for fiscal 2026 anticipate revenue in the mid to high EUR 30 billion range and earnings per share edging higher, supported by a full year contribution from recent system shipments and a robust installed base business. While these estimates are not guarantees, they underscore that the market currently expects ASML Holding to extend its growth streak beyond fiscal 2025, and that these expectations are embedded in the valuation of ASML stock.

The strategic themes shaping ASMLs outlook include global semiconductor capacity expansion, geopolitical initiatives to localize chip manufacturing, and the progression of advanced logic and memory nodes. Governments and companies have announced large scale investment plans for new fabs in regions such as Europe, the United States, and Asia, which in turn require advanced lithography equipment. ASML Holding has noted in its communications that it is working with customers across these regions, and that capacity planning takes into account both demand for current nodes and the transition to next generation nodes. Over time, the realization of these capacity plans will be reflected in ASMLs order intake, backlog, and system shipments, all of which influence the trajectory of ASML stock.

ASML Holding key data

• Company: ASML Holding N.V.
• ISIN: NL0010273215
• Ticker: EURONEXT: ASML
• Trading venue: Euronext Amsterdam
• Price (as of 30 June 2026, 16:30 CET): 950.00 EUR
• Market capitalization: 350,000,000,000 EUR (as of 30 June 2026)
• Sector / Industry: Information Technology / Semiconductor Equipment
• Index membership: Euro Stoxx 50
• Next earnings date: 18 July 2026