ASML.US: Q2'26 — EUV monopoly

Snapshot

Price

EUR 780

Mkt cap

EUR 310.0B

Revenue

EUR 37.2B

EUV system sales (Q)

EUR 3.8B

As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)

Thesis

ASML Q2 2026 net sales €9.3B, net income €2.9B, 54.0% GM. EUV €3.8B (incl. 1 High-NA). Q3 guide €11.0–12.0B; FY26 sales €43–45B. China export controls are tail risk.

Business

Model: EUV/DUV lithography + service. Flagships: Low-NA/High-NA EUV. Edge: irreplaceable for advanced Logic/Memory. Strategy: ~65 Low-NA EUV in 2026; +30% capacity 2027.

Value chain

Equipment upstream monopoly. Downstream: TSMC, Samsung, Intel. Risk: China DUV/spares controls.

Valuation

ADR ~$780 (EUR in KPI); EUV shipment cadence drives quarterly volatility.

Valuation snapshot (multi-lens)

Valuation snapshot (multi-lens)

Metric	Value	Note
P/E（TTM 约）	约 34x	行情示意；以最新 EPS 为准
P/B	约 18x	净资产口径随季报更新
盈利收益率	约 2.9%	1/PE 近似
现价读法	约 780 EUR	截至 2026-08-26 包内 KPI

~3y valuation/return series (PE, PB, dividend yield, trailing 1Y ann. return):

Valuation & return · ~3y

Interactive chart available in the reader.

~3y share price (quarterly close, split-adjusted approx.):

Share price · ~3y

Interactive chart available in the reader.

Financial trend (~24 months)

Illustrative 8Q with YoY/QoQ:

Revenue · last 8Q

Interactive chart available in the reader.

Gross margin · last 8Q

Interactive chart available in the reader.

Net income · last 8Q

Interactive chart available in the reader.

Financial health (§A.7)

OCF and leverage per latest filings.

Financial health (OCF / debt / liquidity / audit)

Financial health (OCF / debt / liquidity / audit)

Item	Value	Note
财务健康总评	稳健偏扩张	以最新季报 OCF 与净现金为准
经营现金流	见最新 10-Q	AI 周期龙头通常 OCF 强劲
净负债 / 现金	投资级或净现金	详见 table 与 IR
流动性	充裕	Current ratio / cash & equivalents
审计意见	无保留（常规预期）	以最新 10-K 为准

Operations

Q2 Logic 51% / Memory 49%; first High-NA in Q2.

Key financial points

Key financial points

Item	Value	YoY	Note
Q2 净销售	€9.3B	Q2'26	GM 54.0%
EUV 销售	€3.8B	含 High-NA 1 台	系统 €6.6B
Q3 指引	€11.0–12.0B	公司	季节性回升
FY26 销售	€43–45B	上修	~65 台 Low-NA
2027 产能	+30%	计划	High-NA 渗透

Competition

Market share vs peers (illustrative):

Market share trend · last 8Q

Interactive chart available in the reader.

Peer market share comparison (latest est.)

Interactive chart available in the reader.

Peer comparison

Peer comparison

Company	Position	Margin	Strength	Weakness
ASML (self)	EUV monopoly	~54%	EUV / High-NA moat	China DUV policy
Applied Materials	Deposition / etch	~47%	Broad WFE portfolio	No EUV
Lam Research	Etch / deposition	~47%	Memory CapEx beta	No lithography
Nikon / Canon	DUV niche	Lower	Legacy litho	No EUV capability

Management

Core management (24m)

Core management (24m)

Role	Name	Since	24m change
CEO / President	Christophe Fouquet	2024-04	Appointed Apr 2024 (succeeded Peter Wennink)
CFO	Roger Dassen	2018	No change
CTO / Technology	Martin van den Brink (advisor transition)	—	Long-time CTO transitioned; tech bench intact

Stability: Christophe Fouquet CEO (2024 transition) stabilizing.

Outlook

Q3 €11–12B delivery, High-NA adoption, Logic vs Memory orders, China controls.

Scenarios

Risks

Tracking list

Verify on next earnings:

1. Q3 €11–12B guide and EUV shipment count
2. High-NA EUV adoption and 2027 +30% capacity
3. Logic vs Memory order mix
4. China export controls on DUV / spares
5. FY26 €43–45B sales raise delivery

References

1. ASML IR / latest 10-Q — SEC EDGAR
2. https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&company=ASML
3. Cross-links in body [[article:]] refs

Not investment advice; defer to latest company filings.