Asml Holding NV key statistics and ratios

In fiscal 2025, Asml Holding NV had return on equity of 51.6%, an operating margin of 34.6%, debt equal to 22.4% of equity and a current ratio of 1.26. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Asml Holding NV: financial ratios, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	28.7%	43.4%	43.3%	42.4%	41.5%	44.3%	46.1%	45.7%	44.9%	46.0%	44.7%	48.6%	52.7%	50.5%	51.3%	51.3%	52.8%
Operating margin	−10.2%	27.7%	29.0%	24.4%	20.0%	21.9%	24.9%	25.6%	27.2%	27.1%	23.6%	29.0%	36.3%	30.7%	32.8%	31.9%	34.6%
Net margin	−9.5%	22.7%	26.0%	24.2%	19.4%	20.4%	22.1%	22.7%	23.1%	23.7%	21.9%	25.4%	31.6%	26.6%	28.4%	26.8%	29.4%
Free-cash-flow margin	−0.4%	18.0%	31.3%	11.2%	16.1%	11.4%	26.3%	19.6%	16.5%	22.8%	21.2%	26.2%	53.4%	34.0%	11.9%	32.2%	33.9%
Return on equity	−8.3%	43.5%	50.2%	30.0%	18.1%	17.1%	16.8%	17.5%	20.0%	23.4%	21.1%	26.1%	49.0%	56.7%	69.8%	48.2%	51.6%
Return on assets	−3.9%	19.9%	23.2%	15.4%	10.5%	10.4%	10.5%	10.6%	11.7%	13.6%	12.0%	13.8%	20.6%	16.2%	20.4%	17.3%	19.8%
Asset turnover	0.41	0.88	0.89	0.63	0.54	0.51	0.48	0.47	0.51	0.58	0.55	0.54	0.65	0.61	0.72	0.65	0.67
Current ratio	2.63	2.29	2.56	2.80	2.45	2.47	2.48	2.61	2.80	2.78	2.58	2.41	1.48	1.28	1.50	1.53	1.26
Debt to equity	39.4%	25.6%	21.4%	18.7%	15.5%	15.4%	13.4%	33.3%	28.4%	26.0%	24.7%	33.7%	45.2%	48.4%	34.4%	25.4%	22.4%
Interest cover (operating income ÷ interest)	n/m	53.7x	48.6x	50.7x	31.2x	55.5x	57.1x	46.3x	42.4x	70.9x	76.3x	93.6x	123.6x	106.9x	59.2x	55.5x	95.5x
Effective tax rate	—	17.8%	11.0%	0.4%	0.8%	6.0%	10.4%	13.1%	12.8%	12.0%	6.9%	13.7%	15.2%	15.0%	15.8%	18.6%	17.7%
R&D as % of revenue	29.2%	11.6%	10.4%	12.5%	16.8%	18.3%	—	—	14.1%	14.4%	16.7%	15.7%	13.7%	15.4%	14.4%	15.2%	14.4%
SG&A as % of revenue	9.7%	4.0%	3.9%	5.5%	5.9%	5.5%	5.5%	5.5%	4.6%	4.5%	4.4%	3.9%	3.9%	4.5%	4.0%	4.1%	3.9%
Capital spending as % of revenue	6.6%	2.9%	5.3%	3.6%	4.0%	6.1%	5.9%	4.6%	3.8%	5.2%	6.5%	6.9%	4.8%	6.1%	7.8%	7.3%	4.8%
Free cash flow ÷ net income	—	79.4%	120.6%	46.4%	83.1%	55.7%	119.2%	86.6%	71.6%	96.4%	96.8%	103.1%	169.0%	128.1%	41.9%	120.2%	115.4%
Dividends ÷ net income	—	8.5%	11.8%	16.5%	21.3%	22.4%	21.8%	28.6%	25.0%	23.0%	51.1%	30.0%	23.3%	45.5%	30.0%	32.4%	26.5%
Dividends and buybacks ÷ free cash flow	—	10.7%	49.3%	136.2%	61.2%	145.1%	52.4%	62.7%	68.7%	69.8%	69.2%	62.0%	99.8%	99.9%	101.8%	32.5%	76.7%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

7 of 7 checks passed · December 31, 2025

What it owns · $59.3bn

Short-term assets $35.9bnLonger-term assets $23.4bn

What it owes, and who funded it · $59.3bn

Short-term liabilities $28.5bnLonger-term liabilities $7.9bnShareholders' equity $23.0bn

Short-term assets cover short-term liabilities $35.9bn of assets due within a year against $28.5bn of liabilities due within a year.
Short-term assets cover long-term liabilities $35.9bn short-term assets against $7.9bn of longer-dated liabilities.
More cash than debt $15.2bn of cash against $5.2bn of debt.
Debt below 40% of shareholders' equity Debt is 22% of equity.
Debt burden no higher than five years ago Debt to equity moved from 34% to 22% over five years.
A year's operating cash flow covers at least 20% of debt $14.3bn of operating cash flow against $5.2bn of debt.
Operating profit covers interest at least five times over Operating income of $12.8bn against $134m of interest.

From Asml Holding NV's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

60 /100

Moderate moat

How hard Asml Holding NV's competitive advantage looks for rivals to wear away, judged from 5 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 14 / 20

Cash operating profit has been a median 11.2% of total assets over 5 years.
Pricing power 9 / 20

Gross margin has been a median 44.9%, moving by 8.9 percentage points (standard deviation) across 5 years.
Durability 9 / 20

Operating margin has been a median 27.2%; its worst year was -10.2%.
Cash conversion 16 / 20

Free cash flow was positive in 4 of 5 years, at a median 16.3% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Asml Holding NV's SEC filings (10-K and 10-Q), retrieved November 2, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Asml Holding NV.