Photorealistic ASML semiconductor wafer-processing machine in a cleanroom, with ASML logo above a silicon wafer. Key Points ASML Holdings has a stranglehold on Extreme Ultraviolet (EUV) light technology, which is necessary for making complex semiconductors. The company's EUV machines cost between $200 million and $400 million, and no current competitor can match its precision or accuracy. ASML raised its 2026 revenue guidance as it introduces a new, higher-tech model to clients, but is the stock still ...

The chipmaker wants to pull ahead of TSMC with a big bet on ASML's cutting-edge systems.Intel (INTC 0.26%), the world's top manufacturer of x86 CPUs, was once a reliable tech stock. Yet over the past five years, its stock declined by 13% while the S&P 500 rose by 83%.Intel lost its luster as it fell behind TSMC (TSM 0.80%) in the "process race" to manufacture smaller, denser chips, and it ceded a massive slice of its PC market to AMD (AMD 0.22%). As it faced those existential challenges, it abruptly shifted ...

证 券 研 究 报 告 ASML（ASML）2025Q4 业绩点评及业绩说明会纪要 AI 驱动需求高增，积压在手订单达 388 亿欧元 会议地点：线上 ❖ 事项： 2026 年 1 月 28 日 ASML 发布 2025 年 Q4 季度报告，并召开业绩说明会。公 司财务季度 FY2025Q4 截至 2025 年 12 月 31 日，即自然季度 CQ2025Q4。 2025Q4，公司实现营收 97.18 亿欧元，同比增长 4.9%，环比增长 29.3%；毛利 率 52.2%，同比提升 0.5pct，环比提升 0.6pct。2025 全年，公司实现营业收入 326.67 亿欧元，同比增长 15.6%；全年毛利率为 52.8%；全年净利润为 96 亿 欧元。 ❖ 评论： 1. 业绩总览：1）25Q4，公司实现营业收入 97.18 亿欧元（QoQ+29.3%， YoY+4.9%），高于指引中值（指引范围 92-98 亿欧元）；季度毛利率 52.2% （QoQ+0.6pct，YoY+0.5pct），位于指引(51-53%)中位；季度净利润 28.4 亿欧 元，净利率 29.2%。2）2025 年，全年公司实现营业收入 ...

Core Viewpoint - ASML's fourth-quarter financial results exceeded expectations, driven by a significant increase in new orders, particularly in the AI infrastructure sector, indicating strong growth potential for the company in the coming years [6][8][11]. Financial Performance - ASML reported a fourth-quarter revenue of €9.718 billion, slightly above expectations, with a gross profit of €5.069 billion and a gross margin of 52.2%, also surpassing forecasts [6][11]. - The company provided optimistic revenue guidance for Q1 2026, estimating between €8.2 billion and €8.9 billion, and for the full year 2026, a range of €34 billion to €39 billion, indicating a projected growth rate of approximately 12% [13][14]. New Orders and Market Trends - New orders for ASML reached €13.158 billion in Q4, significantly higher than the market expectation of €7.27 billion, reflecting robust demand from major clients like TSMC and Samsung [8][14]. - The structure of new orders shifted, with the share of storage-related orders increasing from 47% to 56%, indicating a growing focus on memory chips [16][20]. Profitability and Cost Management - ASML's gross margin improved to 52.2%, exceeding analyst expectations, while net profit margin reached 29.2%, reflecting effective cost management despite rising expenses [25][29]. - The company maintained a low sales and management expense ratio of 3.9% and a research and development expense ratio of 13%, indicating efficient operational management [25][29]. Industry Dynamics - The semiconductor industry is experiencing price increases across the entire supply chain, with ASML's product revenue from lithography machines reaching €7.584 billion, highlighting strong demand [29][32]. - The trend of rising capital expenditures in the semiconductor sector is expected to continue, particularly in the U.S. market, where ASML's revenue share increased from 6% to 17% [20][26]. Long-term Considerations - While ASML is currently in a strong position, there are concerns about potential cost reductions in AI infrastructure by 2027, which could impact future demand for ASML's products [34][35]. - The company's valuation has surged, with a price-to-earnings ratio reaching 60x, prompting a need for cautious evaluation of long-term growth sustainability [22][34].

北京时间 1 月 28 日中午， ASML（阿斯麦）） 披露了第四季度财报，营业收入录得 97.18 亿欧元，处于三季度指 引的高位，略高于大摩预期。毛利录得 50.69 亿欧元，对应毛利率达到了 52.2% ，也高于大摩预期。 图： ASML 财报汇总，来源：企业财报，锦缎整理 以下文章来源于锦缎 ，作者耀华 锦缎 . 上市公司研究平台，专注价值发现、创造与传播 来源丨 锦缎（ID：jinduan006） 作者丨耀华 图源丨Midjourney | | | | 阿斯麦 | (ASML) | | 财报一图流(单位:亿欧元) | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 2023Q1 2023Q2 2023Q3 2023Q4 | | | 2024Q1 2024Q2 | | 2024Q3 | | | 2024Q4 2025Q1 2025Q2 2025Q3 2025Q4 | | | | 整体收入 | 67.46 | 69.02 | 66.73 | 72.37 | ...

Excellent academic Finance background and Finance professional with over five years of cumulative experience in Consulting & Audit Firms including a professional Valuation position, FP&A and Controlling positions, and Financial writing.My approach is mostly value-oriented. However, valuation is rarely an appropriate short- to mid-term timing indicator, but rather hints at long-term chances or risks. In my pieces, I assign the written word and data presented more value than a simple rating and might often ra ...

Investors didn't seem to know what to think about ASML's (NASDAQ: ASML) fourth-quarter earnings report. After the world's largest maker of semiconductor equipment reported that bookings more than doubled sequentially in its fourth quarter and gave bullish commentary, the stock jumped 5% in premarket trading. However, those gains quickly evaporated in the regular market session. It wasn't clear why, though valuation concerns may have played a role, as the stock had doubled in the last six months coming int ...

The Dutch semiconductor equipment maker has a bright future.ASML's (ASML +1.72%) stock has roughly doubled over the past 12 months. The Dutch semiconductor equipment maker attracted significant attention as a long-term play on the growth of the AI market, since its lithography systems are essential for producing the top AI chips. However, I believe ASML's stock could soar even higher this year for three simple reasons.1. It's a "picks and shovels" play for the AI infrastructure marketASML is the world's lar ...

As one of the world's foremost wafer fab equipment makers right now supporting the AI boom, the stakes cannot be higher than this. Investors in ASML Holding N.V. ( ASML , ASMLF ) haveJR Research is an opportunistic investor. I was recognized by TipRanks as a Top Analyst, and also by Seeking Alpha as a "Top Analyst To Follow" for Technology, Software, and Internet, as well as for Growth and GARP. I identify attractive risk/reward opportunities supported by robust price action to potentially generate alpha we ...

ASML Holding N.V. (NASDAQ:ASML) is one of the stocks Jim Cramer talked about, along with the memory shortage. Cramer mentioned the stock during the episode and commented: Whenever there’s a chip shortage like we have now, sooner or later, these companies start buying more manufacturing equipment in order to boost production. That’s why ASML, Applied Materials, KLA, and Cramer fave Lam Research have been roaring because people know that they’ll have big orders as the year goes on. The big four semiconducto ...