Asml Holding NV vs Lam Research
Asml Holding NV is the larger business, with $36.93bn of revenue in fiscal 2025 against $23.23bn for Lam Research (1.6 times as much). Lam Research grew faster (26.0% against 20.8%). Lam Research kept more of each dollar of sales as profit: a net margin of 31.3% against 29.4%. Asml Holding NV carries less debt relative to equity (22.4% against 30.1%).
| Latest fiscal year | Asml Holding NVASML, 2025 | Lam ResearchLRCX, 2026 |
|---|---|---|
| Revenue | $36.93bn | $23.23bn |
| Revenue growth | 20.8% | 26.0% |
| Net income | $10.86bn | $7.27bn |
| Operating margin | 34.6% | 35.3% |
| Net margin | 29.4% | 31.3% |
| Return on equity | 51.6% | 65.1% |
| Free cash flow | $12.53bn | $4.89bn |
| Cash | $15.16bn | $5.58bn |
| Total debt | $5.15bn | $3.75bn |
| Debt to equity | 22.4% | 30.1% |
| Dividend per share | — | $1.04 |
| Dividend yield | 0.5% | 0.5% |
| Share buybacks | $6.73bn | $3.85bn |
| Employees | — | 23,300 |
| Market value | $598.25bn | $287.06bn |
| Price vs our value range | Above our value range | Within our value range |
| Moat score | 60 (Moderate) | 95 (Strong) |
| Insider trades, 12 months | 0 buys, 0 sales | 0 buys, 67 sales |