ASML AMS NASDAQ-100 Annual report · ESEF
ASML (ASML) · Q4 2025 results and valuation
Share price: €1403.80 · 2026-11-11
Results Q4 2025 vs Q4 2024 · year over year
Net income up 26.9% year on year. The language turned more cautious.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+26.9%
Net income vs Q4 2024
Net income 9.61B vs 7.57B
Revenue +15.6%
2 · How the report reads
More cautious
Language tone vs last period
Report language: restrained for a company report — more cautious than in Q4 2024.
Weak signal: formal report language, not a call.
3 · What stood out
Key theme
ASML continues enabling chipmakers to produce more powerful, affordable, and energy-efficient microchips through integrated hardware, software, and…
Valuation
Is ASML undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 15.6% growth a year (3-year revenue growth), the model's fair value is $1171.92 a share — the stock trades 31% above it. Today's price assumes 19.3% growth a year.
Current price
$1534.42
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+19.3% for 10 yrs
Fair value / share
$1171.92
Buy below
$878.94
Price vs fair value
Overvalued 31%
Price vs buy-below price
Overvalued 75%
Read between the lines
-
Key theme
The annual report glance serves as a key theme for this quarter, highlighting the primary focus for investors during the Q4 2025 period.
Source quote
“Annual report glance”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q4 2025. Ring: Q4 2024.
Restrained for a company report — more cautious than in Q4 2024. Periodic reports carry legally required risk wording, so their tone moves little and is a weak signal.
Full figures
EUR · SEC EDGAR XBRL (10-Q, period end 2025-12-31)
| Metric | Q4 2025 | Q4 2024 | Change | Q4 2024 | YoY |
|---|---|---|---|---|---|
| Revenue | 32.67B | 28.26B | +15.6% | 28.26B | +15.6% |
| Gross profit | 17.26B | 14.49B | +19.1% | 14.49B | +19.1% |
| Operating income | 11.30B | 9.02B | +25.3% | 9.02B | +25.3% |
| Net income | 9.61B | 7.57B | +26.9% | 7.57B | +26.9% |
| EPS | 24.71 | 19.24 | +28.4% | 19.24 | +28.4% |
| P/E today 75.3 | 43.3 | 36.0 | +7.3 | 36.0 | +7.3 |
Topics
Topics are drawn from the full report text, not management commentary.
Most discussed now
- No clear topics this period.
Faded since Q4 2024
- Dropped This continuous innovation can only be achieved through the strong partnerships ASML builds with its various stakeholders, working together…