Company Snapshot

Investment Thesis

ASML is the exclusive supplier of extreme ultraviolet (EUV) lithography tools that enable cutting-edge chips. Ongoing high-NA EUV rollout, services revenue, and secular semiconductor growth provide multi-year visibility and industry-leading margins.

  • Technology Monopoly: EUV tools have no alternative, anchoring ASML’s pricing power and cash flow.
  • High-NA Ramp: New high numerical aperture systems open additional nodes for AI, logic, and memory customers.
  • Services Scale: Installed base management yields recurring, higher-margin service revenue.

Revenue Mix

EUV Systems 55% of FY24 revenue
DUV Systems 20% — deep UV lithography
Services & Upgrades 25% — installed base
Installed Tools 1,500+ global lithography systems

Mix reflects ASML fiscal year 2024 reporting.

Recent Performance

MTD -1.11%
QTD +4.41%
YTD +49.55%
5Y +173.49%

Stock gains reflect confidence in next wave of EUV shipments, mix shift to services, and demand from AI-focused fabs despite export controls.

Strategic Insights

High-NA Execution

First high-NA systems ship to leading logic customers, expanding ASML’s technology moat.

Supply Chain Scaling

Capacity investments and supplier co-creation aim to double EUV output this decade.

Geopolitical Balance

Selective licensing manages export controls while supporting global fab expansion.

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