ASML Holding N.V. - New York Registry Shares
ASML Holding N.V. designs and manufactures advanced lithography systems used to pattern semiconductor chips, along with related metrology, inspection, software, and service offerings. The company is organized as a Dutch holding company with global operations and customer support serving chipmakers across Asia, Europe, and the United States.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueExtreme ultraviolet and deep ultraviolet machines used to print semiconductor circuit patterns.
Maintenance, productivity upgrades, and field options for installed ASML systems.
Tools that measure and inspect chip patterns and process performance in fabs.
Software and modeling tools that improve chip patterning and process control.
Customers
ASML sells primarily to semiconductor manufacturers that build logic and memory chips, especially customers pushing leading-edge process nodes. Its customer base is concentrated in a relatively small number of large chipmakers, and the company also supports those customers through long-lived installed equipment at their fabs.
Buy EUV systems for advanced logic nodes and capacity expansion at state-of-the-art fabs.
Buy EUV-capable systems for DRAM and other advanced memory process layers.
Buy service, spare parts, field options, and productivity upgrades to keep systems running.
Buy process-control tools and software to improve yield, accuracy, and throughput.
Strategy
ASML’s strategy centers on advancing EUV capability, improving system productivity, and expanding the installed base through service and upgrades. The company also emphasizes close customer collaboration, since roadmap alignment, tool performance, and fab uptime are central to its competitive position in advanced semiconductor manufacturing.
EUV is central to advanced node production and customer demand at the leading edge.
Service, field options, and upgrades expand revenue from systems already in customer fabs.
Long development cycles and complex fabs require close technical and operational engagement.
Metrology, inspection, and computational lithography diversify the business beyond core scanners.
Geography
ASML serves semiconductor customers globally, with especially important end markets in Asia, where many advanced fabs are located, and in the United States and Europe. The company’s support footprint is also global, because its systems require on-site installation, service, and upgrades at customer fabs around the world.
Risks
ASML faces high customer concentration because a small number of semiconductor manufacturers account for a large share of sales, so delays or reductions in orders can materially affect results. The business is also exposed to export controls, geopolitical tensions, supply-chain constraints, and rapid technology transitions in semiconductor manufacturing, while service and software additions do not fully remove reliance on lithography system demand.
- Customer concentrationImpact: HighLikelihood: High
A small number of semiconductor customers account for a large portion of net sales.
Exposure: Two largest customers represented 38.0% of total net sales in 2025.
- Geopolitical and export-control exposureImpact: HighLikelihood: Medium
Semiconductor tools are subject to trade restrictions and policy shifts across key markets.
Exposure: Certain jurisdictions and customer markets may face licensing or shipment constraints.
- Technology obsolescenceImpact: HighLikelihood: Medium
Customers may shift investment to newer process nodes or competing manufacturing methods.
Exposure: EUV and DUV platforms must continue to meet roadmap expectations.
- Talent retention and scalingImpact: MediumLikelihood: High
The business depends on highly educated engineers, service specialists, and software talent.
Exposure: Growth in organization size can strain hiring and retention.
- Supply-chain and delivery disruptionImpact: MediumLikelihood: Medium
Complex lithography systems rely on specialized components and coordinated production.
Exposure: System deliveries and service execution depend on supplier performance.
Accounting
Judgemental itemsManagement judgment determines which engineering costs are capitalized versus expensed.
Impact: Affects reported profitability, intangible assets, and amortization later
Valuation changes can flow through earnings or OCI depending on classification.
Impact: Can create non-cash volatility in profit and equity
ASML records its share of associate profit rather than full revenue consolidation.
Impact: Influences investment income and balance-sheet carrying values
Supply-chain, inflation, and demand assumptions affect asset and liability estimates.
Impact: Can change provisions, useful lives, and impairment judgments
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Last updated: 28/09/2026