Last 48 quarters of trend data · Technology · Semiconductors
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
ASML Holding N.V.'s quarterly P/E stands at 39.9x, up 62.2% year-over-year — indicating the stock has re-rated higher or earnings have softened. EV/EBITDA has expanded 111.4% YoY to 38.9x, reflecting rising market expectations or slowing EBITDA growth.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 51.82 | 39.86 | 43.41 | 35.09 | 28.41 | 24.58 | 40.14 | 63.60 | 77.27 | 37.25 | 29.67 | 36.83 | 34.80 |
| — | +62.2% | +8.2% | -44.8% | -63.2% | -34.0% | +35.3% | +72.7% | +122.0% | +18.9% | +26.3% | +11.4% | -63.5% | |
| P/S Ratio | 15.21 | 12.34 | 12.27 | 10.12 | 8.40 | 7.36 | 10.98 | 16.12 | 18.06 | 10.30 | 8.68 | 10.34 | 9.96 |
| — | +67.6% | +11.7% | -37.2% | -53.5% | -28.5% | +26.5% | +55.8% | +81.3% | +22.6% | +21.8% | +18.4% | -47.5% | |
| P/B Ratio | 24.40 | 21.22 | 19.42 | 17.63 | 14.89 | 14.76 | 20.32 | 27.39 | 27.56 | 22.07 | 19.24 | 26.92 | 27.49 |
| — | +43.7% | -4.5% | -35.6% | -46.0% | -33.1% | +5.6% | +1.8% | +0.3% | -10.7% | -6.8% | +8.4% | -9.2% | |
| P/FCF | 44.83 | 9.84 | 350.31 | 217.54 | — | 7.34 | 158.24 | 252.68 | — | 29.32 | 89.64 | — | 337.78 |
| — | +34.0% | +121.4% | -13.9% | — | -75.0% | +76.5% | — | — | +155.3% | +82.7% | — | — | |
| EV / EBITDA | 39.45 | 38.95 | 33.39 | 21.90 | 21.37 | 18.42 | 30.60 | 48.77 | 59.41 | 28.41 | 24.52 | 29.02 | 27.96 |
| — | +111.4% | +9.1% | -55.1% | -64.0% | -35.1% | +24.8% | +68.0% | +112.5% | +23.5% | +23.4% | +9.1% | -61.8% | |
| EV / EBIT | 43.03 | 40.17 | 35.69 | 23.50 | 23.25 | 18.73 | 33.56 | 54.81 | 68.56 | 28.61 | 26.50 | 31.34 | 30.12 |
| — | +114.5% | +6.3% | -57.1% | -66.1% | -34.5% | +26.6% | +74.9% | +127.6% | +15.3% | +24.5% | +9.1% | -64.7% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
ASML Holding N.V.'s operating margin was 29.8% in Q4 2025, down 3.0 pp QoQ and down 6.4 pp YoY. This marks the 3rd consecutive quarter of margin compression, signaling a persistent pressure on profitability that investors should monitor. The trailing four-quarter average of 34.7% exceeds the current quarter, suggesting the latest result may reflect seasonal weakness or a one-off headwind.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 52.8% | 53.1% | 51.6% | 52.6% | 54.0% | 51.7% | 50.8% | 51.5% | 51.0% | 51.4% | 51.9% | 51.3% | 50.6% |
| — | +2.6% | +1.6% | +2.2% | +5.9% | +0.7% | -2.1% | +0.2% | +0.8% | -0.2% | +0.1% | +4.6% | +3.3% | |
| Operating Margin | 34.6% | 29.8% | 32.8% | 40.8% | 35.4% | 36.2% | 32.7% | 29.4% | 26.3% | 33.1% | 32.7% | 32.8% | 32.7% |
| — | -17.8% | +0.5% | +38.8% | +34.5% | +9.6% | -0.0% | -10.4% | -19.5% | +0.0% | -2.5% | +7.7% | +47.2% | |
| Net Margin | 29.4% | 24.6% | 28.3% | 34.8% | 30.4% | 29.1% | 27.8% | 25.3% | 23.1% | 28.3% | 28.4% | 28.1% | 29.0% |
| — | -15.4% | +1.6% | +37.7% | +31.5% | +2.7% | -2.0% | -10.2% | -20.2% | +0.2% | -3.6% | +8.3% | +47.4% |
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 48.5% | 10.7% | 11.6% | 15.2% | 13.1% | 15.6% | 13.5% | 11.1% | 8.9% | 16.0% | 16.7% | 19.0% | 21.1% |
| — | -30.9% | -13.9% | +37.9% | +46.5% | -2.9% | -19.4% | -42.0% | -57.7% | -26.2% | -23.3% | +11.4% | +189.0% | |
| ROA | 18.6% | 4.3% | 4.7% | 5.9% | 5.0% | 6.0% | 5.0% | 3.9% | 3.1% | 5.3% | 5.1% | 5.4% | 5.5% |
| — | -27.3% | -6.3% | +50.1% | +62.5% | +13.2% | -0.7% | -26.7% | -43.9% | -0.1% | -3.4% | +18.9% | +140.1% | |
| ROIC | 80.9% | 14.5% | 12.1% | 18.0% | 18.0% | 18.9% | 12.1% | 9.9% | 8.5% | 15.7% | 16.1% | 22.0% | 28.0% |
| — | -23.4% | +0.0% | +82.1% | +113.0% | +20.8% | -24.9% | -55.0% | -69.7% | -33.6% | -10.1% | +45.4% | +328.0% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
ASML Holding N.V.'s Debt/EBITDA ratio is 1.0x, up from 1.0x last quarter — comfortably within a safe range. The current ratio has weakened 17.7% YoY to 1.26x, tightening the short-term liquidity position. Debt/Equity has declined for 3 consecutive quarters, reflecting a deleveraging trend.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.14 | 0.14 | 0.14 | 0.21 | 0.21 | 0.27 | 0.29 | 0.31 | 0.33 | 0.36 | 0.38 | 0.43 | 0.36 |
| — | -48.9% | -51.0% | -33.0% | -37.1% | -24.5% | -22.9% | -26.5% | -7.5% | -14.0% | -14.4% | -25.7% | -19.4% | |
| Debt / EBITDA | 0.23 | 1.04 | 0.99 | 1.05 | 1.23 | 1.39 | 1.75 | 2.23 | 2.89 | 1.86 | 1.93 | 1.85 | 1.49 |
| — | -25.1% | -43.7% | -52.7% | -57.3% | -25.2% | -9.0% | +20.7% | +94.1% | +17.7% | +13.8% | -24.7% | -65.7% | |
| Current Ratio | 1.26 | 1.26 | 1.31 | 1.43 | 1.52 | 1.53 | 1.55 | 1.52 | 1.54 | 1.50 | 1.33 | 1.34 | 1.24 |
| — | -17.7% | -15.7% | -5.3% | -1.2% | +2.3% | +16.8% | +13.4% | +23.7% | +16.9% | +5.5% | -1.3% | -7.1% | |
| Quick Ratio | 0.79 | 0.79 | 0.70 | 0.81 | 0.91 | 0.95 | 0.84 | 0.84 | 0.88 | 0.91 | 0.81 | 0.88 | 0.81 |
| — | -16.7% | -17.0% | -2.7% | +3.2% | +4.0% | +3.1% | -4.5% | +9.4% | +6.7% | -0.7% | -4.9% | -9.5% | |
| Interest Coverage | — | — | — | — | — | — | 3102.71 | 153.69 | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 48 years · Updated daily
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Start ComparisonASML Holding N.V.'s current P/E is 51.8x. The average P/E over the last 4 quarters is 36.7x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
ASML Holding N.V.'s current operating margin is 34.6%. Margins have been compressing over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking ASML Holding N.V.'s business trajectory between earnings reports.