Comprehensive Stock Comparison
Compare ASML Holding N.V. (ASML) vs Applied Materials, Inc. (AMAT) vs Lam Research Corporation (LRCX) vs ACM Research, Inc. (ACMR) vs Axcelis Technologies, Inc. (ACLS) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | ACMR | 40.2% revenue growth vs ACLS's -17.6% |
| Value | ACLS | Lower P/E (22.6x vs 44.0x), PEG 1.07 vs 1.96 |
| Quality / Margins | LRCX | 30.2% net margin vs ACMR's 13.3% |
| Stability / Safety | ASML | Beta 1.45 vs LRCX's 1.95, lower leverage |
| Dividends | ASML | 0.5% yield, vs LRCX's 0.4% |
| Momentum (1Y) | LRCX | +206.1% vs ACLS's +50.8% |
| Efficiency (ROA) | LRCX | 29.0% ROA vs ACMR's 4.2%, ROIC 55.7% vs 13.2% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Valuation efficiency (growth/$)
Defensive / Recession hedge
Business Model
What each company does and how it makes money
ASML is the world's only manufacturer of extreme ultraviolet (EUV) lithography machines — the most advanced equipment needed to produce cutting-edge semiconductors. It generates revenue primarily from selling these multi-million-dollar systems (over 80% of sales) and related services like maintenance and upgrades. Its monopoly on EUV technology — which took decades and billions to develop — creates an insurmountable moat, as no competitor can realistically replicate its complex ecosystem.
Applied Materials is the world's leading supplier of semiconductor manufacturing equipment and services. It generates about 70% of revenue from selling semiconductor fabrication systems — with the remaining 30% from services and display equipment — through its three main segments: Semiconductor Systems, Applied Global Services, and Display. Its competitive moat stems from its comprehensive portfolio across the entire chipmaking process and deep customer relationships with major foundries like TSMC, Intel, and Samsung.
Lam Research is a leading manufacturer of semiconductor fabrication equipment used to produce integrated circuits. The company generates revenue primarily from selling wafer fabrication equipment — including etch, deposition, and cleaning systems — and related services, with equipment sales typically representing around 80% of total revenue. Its competitive advantage stems from deep process expertise in critical semiconductor manufacturing steps, particularly in etch and deposition technologies where it holds strong market positions.
ACM Research develops and manufactures single-wafer wet cleaning equipment used in semiconductor manufacturing to improve chip yield and performance. It generates revenue primarily from equipment sales—including its Ultra C brand tools for cleaning, plating, and other wafer processing steps—with service and support contracts providing recurring income. The company's competitive advantage lies in its proprietary cleaning technologies—like space alternated phase shift and timely energized bubble oscillation—which offer superior performance for advanced semiconductor nodes while reducing chemical consumption.
Axcelis Technologies designs and manufactures ion implantation equipment used in semiconductor chip fabrication. It generates revenue primarily from selling its implanters — high energy, high current, and medium current models — with aftermarket services like spare parts and maintenance contributing a significant portion. The company's moat lies in its specialized expertise in ion implantation technology and its established relationships with major semiconductor manufacturers.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 5 stocks. BestLagging
Financial Scorecard
LRCX leads in 2 of 6 categories (Profitability & Efficiency, Total Returns). ASML leads in 1 (Financial Metrics). 2 tied.
Financial Metrics (TTM)
ASML is the larger business by revenue, generating $31.4B annually — 37.4x ACLS's $839M. LRCX is the more profitable business, keeping 30.2% of every revenue dollar as net income compared to ACMR's 13.3%. On growth, ACMR holds the edge at +32.0% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | ASMLASML Holding N.V. | AMATApplied Materials… | LRCXLam Research Corp… | ACMRACM Research, Inc. | ACLSAxcelis Technolog… |
|---|---|---|---|---|---|
| RevenueTrailing 12 months | $31.4B | $28.4B | $20.6B | $880M | $839M |
| EBITDAEarnings before interest/tax | $11.8B | $8.4B | $7.3B | $144M | $137M |
| Net IncomeAfter-tax profit | $9.2B | $7.0B | $6.2B | $117M | $120M |
| Free Cash FlowCash after capex | $10.7B | $5.7B | $6.7B | -$12M | $107M |
| Gross MarginGross profit ÷ Revenue | +52.8% | +48.7% | +49.8% | +46.7% | +44.9% |
| Operating MarginEBIT ÷ Revenue | +34.6% | +29.2% | +33.8% | +14.8% | +14.2% |
| Net MarginNet income ÷ Revenue | +29.4% | +24.7% | +30.2% | +13.3% | +14.3% |
| FCF MarginFCF ÷ Revenue | +34.2% | +20.1% | +32.4% | -1.3% | +12.8% |
| Rev. Growth (YoY)Latest quarter vs prior year | -9.0% | -3.5% | +22.1% | +32.0% | -5.6% |
| EPS Growth (YoY)Latest quarter vs prior year | -4.8% | +13.9% | +37.0% | +15.6% | -28.6% |
Valuation Metrics
At 21.7x trailing earnings, ACLS trades at a 61% valuation discount to LRCX's 56.4x P/E. Adjusting for growth (PEG ratio), ACMR offers better value at 1.01x vs LRCX's 2.52x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | ASMLASML Holding N.V. | AMATApplied Materials… | LRCXLam Research Corp… | ACMRACM Research, Inc. | ACLSAxcelis Technolog… |
|---|---|---|---|---|---|
| Market CapShares × price | $563.0B | $295.2B | $292.6B | $3.3B | $2.7B |
| Enterprise ValueMkt cap + debt − cash | $551.0B | $294.5B | $291.0B | $3.1B | $2.6B |
| Trailing P/EPrice ÷ TTM EPS | 51.82x | 42.99x | 56.36x | 36.39x | 21.74x |
| Forward P/EPrice ÷ next-FY EPS est. | 41.31x | 33.87x | 43.97x | 25.19x | 22.64x |
| PEG RatioP/E ÷ EPS growth rate | 2.10x | 2.50x | 2.52x | 1.01x | 1.03x |
| EV / EBITDAEnterprise value multiple | 39.45x | 35.07x | 46.28x | 19.35x | 18.79x |
| Price / SalesMarket cap ÷ Revenue | 15.21x | 10.41x | 15.87x | 4.26x | 3.19x |
| Price / BookPrice ÷ Book value/share | 24.40x | 14.74x | 30.60x | 3.37x | 2.53x |
| Price / FCFMarket cap ÷ FCF | 44.83x | 51.81x | 54.05x | 47.62x | 25.01x |
Profitability & Efficiency
LRCX delivers a 61.2% return on equity — every $100 of shareholder capital generates $61 in annual profit, vs $6 for ACMR. ACLS carries lower financial leverage with a 0.04x debt-to-equity ratio, signaling a more conservative balance sheet compared to LRCX's 0.48x. On the Piotroski fundamental quality scale (0–9), ASML scores 8/9 vs ACLS's 5/9, reflecting strong financial health.
| Metric | ASMLASML Holding N.V. | AMATApplied Materials… | LRCXLam Research Corp… | ACMRACM Research, Inc. | ACLSAxcelis Technolog… |
|---|---|---|---|---|---|
| ROE (TTM)Return on equity | +47.1% | +34.3% | +61.2% | +6.2% | +11.6% |
| ROA (TTM)Return on assets | +18.3% | +19.3% | +29.0% | +4.2% | +8.8% |
| ROICReturn on invested capital | +80.9% | +33.3% | +55.7% | +13.2% | +9.6% |
| ROCEReturn on capital employed | +39.6% | +30.6% | +40.4% | +13.7% | +10.4% |
| Piotroski ScoreFundamental quality 0–9 | 8 | 7 | 8 | 6 | 5 |
| Debt / EquityFinancial leverage | 0.14x | 0.32x | 0.48x | 0.17x | 0.04x |
| Net DebtTotal debt minus cash | -$10.2B | -$686M | -$1.6B | -$219M | -$103M |
| Cash & Equiv.Liquid assets | $12.9B | $7.2B | $6.4B | $407M | $145M |
| Total DebtShort + long-term debt | $2.7B | $6.6B | $4.8B | $189M | $42M |
| Interest CoverageEBIT ÷ Interest expense | — | 35.46x | 41.06x | 27.72x | 33.79x |
Total Returns (with DRIP)
A $10,000 investment in LRCX five years ago would be worth $39,693 today (with dividends reinvested), compared to $15,510 for ACMR. Over the past 12 months, LRCX leads with a +206.1% total return vs ACLS's +50.8%. The 3-year compound annual growth rate (CAGR) favors ACMR at 75.1% vs ACLS's -13.7% — a key indicator of consistent wealth creation.
| Metric | ASMLASML Holding N.V. | AMATApplied Materials… | LRCXLam Research Corp… | ACMRACM Research, Inc. | ACLSAxcelis Technolog… |
|---|---|---|---|---|---|
| YTD ReturnYear-to-date | +24.8% | +38.6% | +26.4% | +24.1% | -4.1% |
| 1-Year ReturnPast 12 months | +105.6% | +136.7% | +206.1% | +114.6% | +50.8% |
| 3-Year ReturnCumulative with dividends | +138.1% | +224.6% | +386.6% | +436.4% | -35.7% |
| 5-Year ReturnCumulative with dividends | +154.1% | +210.0% | +296.9% | +55.1% | +108.0% |
| 10-Year ReturnCumulative with dividends | +1540.9% | +1926.2% | +3164.9% | +2877.5% | +726.1% |
| CAGR (3Y)Annualised 3-year return | +33.5% | +48.1% | +69.5% | +75.1% | -13.7% |
Risk & Volatility
ASML is the less volatile stock with a 1.45 beta — it tends to amplify market swings less than LRCX's 1.95 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. AMAT currently trades 94.0% from its 52-week high vs ACMR's 77.7% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | ASMLASML Holding N.V. | AMATApplied Materials… | LRCXLam Research Corp… | ACMRACM Research, Inc. | ACLSAxcelis Technolog… |
|---|---|---|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 1.45x | 1.66x | 1.95x | 1.90x | 1.62x |
| 52-Week HighHighest price in past year | $1547.22 | $395.95 | $256.68 | $71.65 | $102.93 |
| 52-Week LowLowest price in past year | $578.51 | $123.74 | $56.32 | $16.82 | $40.40 |
| % of 52W HighCurrent price vs 52-week peak | +93.8% | +94.0% | +91.1% | +77.7% | +80.3% |
| RSI (14)Momentum oscillator 0–100 | 57.7 | 63.2 | 55.7 | 45.7 | 46.7 |
| Avg Volume (50D)Average daily shares traded | 1.5M | 6.3M | 10.1M | 1.3M | 597K |
Analyst Outlook
Analyst consensus: ASML as "Buy", AMAT as "Buy", LRCX as "Buy", ACMR as "Buy", ACLS as "Buy". Consensus price targets imply 33.2% upside for ACLS (target: $110) vs -28.2% for ACMR (target: $40). For income investors, ASML offers the higher dividend yield at 0.51% vs ACMR's 0.19%.
| Metric | ASMLASML Holding N.V. | AMATApplied Materials… | LRCXLam Research Corp… | ACMRACM Research, Inc. | ACLSAxcelis Technolog… |
|---|---|---|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy | Buy | Buy | Buy |
| Price TargetConsensus 12-month target | $1458.50 | $420.83 | $267.50 | $40.00 | $110.00 |
| # AnalystsCovering analysts | 44 | 53 | 50 | 10 | 12 |
| Dividend YieldAnnual dividend ÷ price | +0.5% | +0.5% | +0.4% | +0.2% | — |
| Dividend StreakConsecutive years of raises | 0 | 8 | 11 | 2 | 0 |
| Dividend / ShareAnnual DPS | $6.30 | $1.71 | $0.89 | $0.10 | — |
| Buyback YieldShare repurchases ÷ mkt cap | +1.2% | +1.7% | +1.2% | 0.0% | +4.5% |
Historical Charts
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Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| ASML Holding N.V. (ASML) | 100 | 501.37 | +401.4% |
| Applied Materials, … (AMAT) | 100 | 545.88 | +445.9% |
| Lam Research Corpor… (LRCX) | 100 | 790.88 | +690.9% |
| ACM Research, Inc. (ACMR) | 100 | 500.16 | +400.2% |
| Axcelis Technologie… (ACLS) | 100 | 370.81 | +270.8% |
Lam Research Corpor… (LRCX) returned +297% over 5 years vs ACM Research, Inc. (ACMR)'s +55%. A $10,000 investment in LRCX 5 years ago would be worth $39,693 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| ASML Holding N.V. (ASML) | $6.9B | $31.4B | +356.4% |
| Applied Materials, … (AMAT) | $10.8B | $28.4B | +162.1% |
| Lam Research Corpor… (LRCX) | $5.9B | $18.4B | +213.2% |
| ACM Research, Inc. (ACMR) | $27M | $782M | +2757.5% |
| Axcelis Technologie… (ACLS) | $267M | $839M | +214.3% |
ASML Holding N.V.'s revenue grew from $6.9B (2016) to $31.4B (2025) — a 18.4% CAGR. Applied Materials, Inc.'s revenue grew from $10.8B (2016) to $28.4B (2025) — a 11.3% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| ASML Holding N.V. (ASML) | 22.7% | 29.4% | +29.8% |
| Applied Materials, … (AMAT) | 15.9% | 24.7% | +55.2% |
| Lam Research Corpor… (LRCX) | 15.5% | 29.1% | +87.2% |
| ACM Research, Inc. (ACMR) | 3.8% | 13.2% | +251.7% |
| Axcelis Technologie… (ACLS) | 4.1% | 14.3% | +247.8% |
ASML Holding N.V.'s net margin went from 23% (2016) to 29% (2025). Applied Materials, Inc.'s net margin went from 16% (2016) to 25% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| ASML Holding N.V. (ASML) | 37.7 | 45.1 | +19.6% |
| Applied Materials, … (AMAT) | 16.1 | 29.7 | +84.5% |
| Lam Research Corpor… (LRCX) | 20 | 41.2 | +106.0% |
| ACM Research, Inc. (ACMR) | 30.3 | 9.9 | -67.3% |
| Axcelis Technologie… (ACLS) | 7.6 | 21.1 | +177.6% |
ASML Holding N.V. has traded in a 25x–62x P/E range over 9 years; current trailing P/E is ~52x. Applied Materials, Inc. has traded in a 11x–30x P/E range over 9 years; current trailing P/E is ~43x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| ASML Holding N.V. (ASML) | 3.63 | 23.73 | +553.7% |
| Applied Materials, … (AMAT) | 1.54 | 8.66 | +462.3% |
| Lam Research Corpor… (LRCX) | 0.52 | 4.15 | +698.1% |
| ACM Research, Inc. (ACMR) | 0.04 | 1.53 | +3409.2% |
| Axcelis Technologie… (ACLS) | 0.36 | 3.8 | +955.6% |
ASML Holding N.V.'s EPS grew from $3.63 (2016) to $23.73 (2025) — a 23% CAGR. Applied Materials, Inc.'s EPS grew from $1.54 (2016) to $8.66 (2025) — a 21% CAGR.
Chart 6Free Cash Flow — 5 Years
ASML Holding N.V. generated $11B FCF in 2025 (+3% vs 2021). Applied Materials, Inc. generated $6B FCF in 2025 (+19% vs 2021).
ASML vs AMAT vs LRCX vs ACMR vs ACLS: Key Questions Answered
9 questions · data-driven answers · updated daily
01Is ASML or AMAT or LRCX or ACMR or ACLS a better buy right now?
Axcelis Technologies, Inc. (ACLS) offers the better valuation at 21.7x trailing P/E (22.6x forward), making it the more compelling value choice. Analysts rate ASML Holding N.V. (ASML) a "Buy" — based on 44 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — ASML or AMAT or LRCX or ACMR or ACLS?
On trailing P/E, Axcelis Technologies, Inc. (ACLS) is the cheapest at 21.7x versus Lam Research Corporation at 56.4x. On forward P/E, Axcelis Technologies, Inc. is actually cheaper at 22.6x. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: ACM Research, Inc. wins at 0.70x versus Applied Materials, Inc.'s 1.97x — a PEG below 1.0 traditionally signals the market is underpricing earnings growth.
03Which is the better long-term investment — ASML or AMAT or LRCX or ACMR or ACLS?
Over the past 5 years, Lam Research Corporation (LRCX) delivered a total return of +296.9%, compared to +55.1% for ACM Research, Inc. (ACMR). A $10,000 investment in LRCX five years ago would be worth approximately $40K today (assuming dividends reinvested). Over 10 years, the gap is even starker: LRCX returned +31.6% versus ACLS's +726.1%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — ASML or AMAT or LRCX or ACMR or ACLS?
By beta (market sensitivity over 5 years), ASML Holding N.V. (ASML) is the lower-risk stock at 1.45β versus Lam Research Corporation's 1.95β — meaning LRCX is approximately 34% more volatile than ASML relative to the S&P 500. On balance sheet safety, Axcelis Technologies, Inc. (ACLS) carries a lower debt/equity ratio of 4% versus 48% for Lam Research Corporation — giving it more financial flexibility in a downturn.
05Which has better profit margins — ASML or AMAT or LRCX or ACMR or ACLS?
ASML Holding N.V. (ASML) is the more profitable company, earning 29.4% net margin versus 13.2% for ACM Research, Inc. — meaning it keeps 29.4% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: ASML leads at 34.6% versus 14.2% for ACLS. At the gross margin level — before operating expenses — ASML leads at 52.8%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is ASML or AMAT or LRCX or ACMR or ACLS more undervalued right now?
The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential. By this metric, ACM Research, Inc. (ACMR) is the more undervalued stock at a PEG of 0.70x versus Applied Materials, Inc.'s 1.97x. A PEG below 1.0 is traditionally considered the threshold for growth-adjusted undervaluation. On forward earnings alone, Axcelis Technologies, Inc. (ACLS) trades at 22.6x forward P/E versus 44.0x for Lam Research Corporation — 21.3x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for ACLS: 33.2% to $110.00.
07Which pays a better dividend — ASML or AMAT or LRCX or ACMR or ACLS?
In this comparison, ASML (0.5% yield), AMAT (0.5% yield), LRCX (0.4% yield), ACMR (0.2% yield) pay a dividend. ACLS does not pay a meaningful dividend and should not be held primarily for income.
08Is ASML or AMAT or LRCX or ACMR or ACLS better for a retirement portfolio?
For long-horizon retirement investors, ASML Holding N.V. (ASML) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (0.5% yield, +1541% 10Y return). Lam Research Corporation (LRCX) carries a higher beta of 1.95 — meaning larger drawdowns in market downturns, which matters significantly when you cannot wait years for a recovery. Both have compounded well over 10 years (ASML: +1541%, LRCX: +31.6%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between ASML and AMAT and LRCX and ACMR and ACLS?
Both stocks operate in the Technology sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. ASML pays a dividend while AMAT, LRCX, ACMR, ACLS do not, making them suitable for different income and tax situations. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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