ASML Holding N.V.

ENXTAM:ASML Stock Report

Market Cap: €269.7b

ASML Holding Valuation

Is ASML undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of ASML when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: ASML (€686.1) is trading below our estimate of fair value (€772.33)

Significantly Below Fair Value: ASML is trading below fair value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for ASML?

Key metric: As ASML is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for ASML. This is calculated by dividing ASML's market cap by their current earnings.
What is ASML's PE Ratio?
PE Ratio38.9x
Earnings€6.93b
Market Cap€269.66b

Price to Earnings Ratio vs Peers

How does ASML's PE Ratio compare to its peers?

The above table shows the PE ratio for ASML vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average39x
ASM ASM International
50.3x21.5%€27.7b
BESI BE Semiconductor Industries
58.6x30.2%€10.4b
AMAT Applied Materials
18.5x7.6%US$133.1b
KLAC KLA
28.4x13.6%US$84.2b
ASML ASML Holding
38.9x18.3%€269.7b

Price-To-Earnings vs Peers: ASML is good value based on its Price-To-Earnings Ratio (38.9x) compared to the peer average (39x).

Price to Earnings Ratio vs Industry

How does ASML's PE Ratio compare vs other companies in the European Semiconductor Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
ASML 38.9xIndustry Avg. 17.0xNo. of Companies7PE01632486480+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: ASML is expensive based on its Price-To-Earnings Ratio (38.9x) compared to the European Semiconductor industry average (17x).

Price to Earnings Ratio vs Fair Ratio

What is ASML's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

ASML PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio38.9x
Fair PE Ratio49.5x

Price-To-Earnings vs Fair Ratio: ASML is good value based on its Price-To-Earnings Ratio (38.9x) compared to the estimated Fair Price-To-Earnings Ratio (49.5x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst ASML forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€686.10
€847.10
+23.5%
12.6%€1,057.00€675.00n/a31
Dec ’25€658.40
€845.33
+28.4%
12.9%€1,057.00€675.00n/a30
Nov ’25€627.10
€862.45
+37.5%
12.1%€1,057.00€680.00n/a31
Oct ’25€741.80
€1,015.17
+36.9%
13.1%€1,260.00€770.00n/a30
Sep ’25€812.00
€1,068.74
+31.6%
12.0%€1,302.00€832.00n/a30
Aug ’25€829.90
€1,069.07
+28.8%
12.0%€1,302.00€832.00n/a30
Jul ’25€954.30
€1,012.57
+6.1%
15.9%€1,302.00€635.00n/a32
Jun ’25€870.80
€994.88
+14.2%
15.4%€1,260.00€635.00n/a32
May ’25€832.70
€994.09
+19.4%
15.7%€1,260.00€635.00n/a32
Apr ’25€892.20
€878.85
-1.5%
17.0%€1,260.00€635.00n/a33
Mar ’25€894.00
€845.76
-5.4%
14.2%€1,064.00€635.00n/a34
Feb ’25€812.50
€809.85
-0.3%
15.5%€1,050.00€514.00n/a34
Jan ’25€681.70
€700.44
+2.7%
14.5%€950.00€440.00n/a34
Dec ’24€637.50
€695.44
+9.1%
14.0%€950.00€440.00€658.4034
Nov ’24€571.30
€689.85
+20.8%
13.6%€950.00€440.00€627.1034
Oct ’24€559.10
€722.00
+29.1%
14.2%€950.00€440.00€741.8033
Sep ’24€611.70
€732.90
+19.8%
14.0%€950.00€440.00€812.0031
Aug ’24€644.60
€744.34
+15.5%
12.6%€950.00€440.00€829.9029
Jul ’24€663.00
€721.50
+8.8%
12.1%€866.00€440.00€954.3028
Jun ’24€677.20
€724.68
+7.0%
10.0%€866.00€560.00€870.8028
May ’24€573.50
€724.46
+26.3%
9.9%€866.00€560.00€832.7028
Apr ’24€625.20
€716.96
+14.7%
11.6%€866.00€440.00€892.2029
Mar ’24€574.60
€724.07
+26.0%
9.2%€866.00€560.00€894.0029
Feb ’24€607.40
€720.45
+18.6%
9.2%€866.00€560.00€812.5029
Jan ’24€503.80
€702.63
+39.5%
11.2%€866.00€485.00€681.7027
Dec ’23€582.20
€690.92
+18.7%
10.9%€866.00€485.00€637.5026

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/22 00:34
End of Day Share Price 2024/12/20 00:00
Earnings2024/09/29
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

ASML Holding N.V. is covered by 90 analysts. 36 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Marc HesselinkABN AMRO Bank N.V.
Robert Jan VosABN AMRO Bank N.V.
Warren LauAletheia Analyst Network Limited