ASML Holding N.V. · NASDAQ-listed shares (1 ADR = 1 share) · Veldhoven, Netherlands

The only company that makes the machines that print AI chips.

ASML is the only maker of EUV lithography machines, the tools needed to print the most advanced chips. Sales rose 55% to a record €11.7B (about $13.4B) last quarter, and management says planned supply will not meet customer demand in 2027 or 2028. The catches: China is still about a fifth of sales and faces tighter US export rules, and the stock trades at about 41 times trailing earnings, flattered by a one-off gain.

Last close · Oct 15, 2026

$1,657.44

Market cap

$637B

at current price

52-week range

$967–1,989

closing low / high

P/E (trailing)

~41×

TTM EPS ~$40.6 · forward ~27×

Revenue TTM

Q4 2026 guide

€14.2–15.2B

~$15.9–17.0B · GM ~57% · FY €44–45B

Next earnings

Late Jan

Q4 2026 results · date not yet confirmed

Price, last 12 months

Daily closes of the NASDAQ-listed shares with the 50-day average. Each ADR is one ordinary share. ASML has closed between about $1,550 and $1,990 since June.

1Y closing high

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1Y closing low

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SMA 50

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SMA 200

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RSI 14

—

Avg daily move

—

last 20 sessions

Beta

1.30

vs. S&P 500

From peak

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Revenue and margins, by quarter

Revenue in US$ millions, with GAAP gross margin on the right axis. ASML reports in euros on a calendar year; each quarter is converted at that quarter's average EUR/USD rate (from about 1.01 in Q3 2022 to about 1.15–1.17 in 2025–26), so part of the dollar growth since 2025 is the stronger euro. EPS is per share (1 ADR = 1 share), converted the same way. The last bar is the midpoint of the €14.2–15.2B Q4 2026 guide at about 1.12 $/€.

RevenueGross margin (right axis)Guidance

Q3 2026

$13.4B

€11.66B · +55% YoY · near top of guide

EUV systems

$4.7B

€4.1B · 49% of system sales · incl. 1 High NA

Installed base

$3.8B

€3.29B · ~€400M above guide on upgrades

China share

23%

of system sales · 14% in Q2 · ~20% of FY sales

Bookings

n/a

not reported · order book up every quarter in 2026

EPS (diluted)

$14.90

€12.95 · +136% YoY · incl. ~€0.5B Mistral gain

Quarter	Ended	Revenue, US$M	YoY	Gross margin	Op. margin	EPS (GAAP)

Watch list

What moves the thesis, sorted by direction.

Tailwind

Demand outruns supply

Management now expects planned supply to fall short of demand in both 2027 and 2028, and some customers want to place orders for 2029–30. ASML is adding about 30% EUV and DUV capacity in 2027 and is studying more than the 30% planned for 2028.

Tailwind

Upgrades and pricing

Installed base sales of €3.29B beat guidance by about €400M as customers bought productivity upgrades, lifting gross margin to a record 57.5%. Installed base sales should grow about 50% this year.

Watch

No bookings number

ASML stopped reporting quarterly orders in 2026; the last figure was €13.2B in Q4 2025. Management says order momentum has risen every quarter this year, and Q3 free cash flow of €11.4B shows large down payments arrived.

Watch

A big Q4

The €14.2–15.2B Q4 guide is about 51% above last year's €9.7B at the midpoint, with gross margin around 57%. LSEG consensus had been €14.19B, and the 2026 range narrowed to €44–45B.

Risk

China and the MATCH Act

China was 23% of Q3 system sales (14% in Q2) and should be about 20% of full-year sales. The proposed US MATCH Act would block immersion DUV sales to China and could limit servicing there.

Risk

Valuation

At about 41 times trailing earnings (27 forward) the stock prices in strong growth. It fell 3.9% on results day even though the Q4 guide beat, and sits about 17% below its 52-week high.

Calendar

Oct 27, 2026

Interim dividend (Nasdaq ex-date)

€1.88 per share, announced with Q3 results on Oct 14 and paid Nov 4.

Late Jan 2027

Q4 2026 earnings

Full-year results and the 2027 outlook, including any update on 2028 capacity. Guide: €14.2–15.2B sales, ~57% gross margin. ASML has not confirmed the date.