olivLaw · European equity research
ASM International N.V. ASM.AS
Netherlands · Euronext Amsterdam · ISIN NL0000334118 · Vertical: Listed companies from Netherlands
ASM International, headquartered in Almere, the Netherlands, designs and sells equipment for atomic layer deposition (ALD) and epitaxy, processes essential for advanced chips. Demand driven by artificial intelligence and DRAM memory is drawing investor attention to a company with a leading share of the ALD market. Revenue reached 3,173 million EUR in 2025, and sales grew 8%.
At the close of 04 Nov 2026, ASM International N.V. (ASM.AS) stock was 683.60 EUR (−5.06% on the day), with market capitalisation 33.5 bn EUR, P/E 46.5 on diluted EPS of 14.70 EUR over the last 12 months, dividend yield 0.44%, beta 1.57, 52-week range 469.20–1,079.00 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 34.6
- weak (30–45)
- Bollinger (20, 2)
- 644.98 – 890.80
- in the lower half of the band · %B 0.16 · band width 32.0%
- SMA 50 / 200
- 811.10 / 813.72
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -34.01 / -29.08
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −27.9% | −1.5% | −26.4 pp | — |
| 3 months | −16.7% | −5.3% | −11.4 pp | — |
| 6 months | −21.6% | +4.7% | −26.2 pp | — |
| Year to date | +32.1% | +6.0% | +26.1 pp | — |
| 1 year | +22.1% | +8.2% | +13.9 pp | +0.5% |
| 3 years | +63.7% | +47.2% | +16.5 pp | −0.1% |
| 5 years | +62.7% | +41.8% | +20.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 3-quarter history (min 31.0, median 35.2, max 40.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 2.6 bn | 2.9 bn | 3.2 bn |
| Revenue YoY | unavailable | +11.3% | +8.2% |
| Net income | 752.1 m | 685.7 m | 723.7 m |
| Net income YoY | unavailable | −8.8% | +5.5% |
| Diluted EPS | 15.18 | 13.89 | 14.70 |
| Diluted EPS YoY | unavailable | −8.5% | +5.8% |
| net % | 28.5% | 23.4% | 22.8% |
| Free cash flow | 581.8 m | 729.8 m | 842.4 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.0 bn EUR
- Financial debt
- unavailable EUR
- Net debt
- unavailable EUR
- Equity
- 4.0 bn EUR
- Total assets
- 5.3 bn EUR
- Debt / equity
- unavailable
- Current ratio
- 2.25x
- ROE
- 18.7%
- ROA
- 13.8%
- FCF margin
- 26.5%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 2.6 bn | 2.9 bn | 3.2 bn | esef· 18 Mar 2026verified |
| Cost of revenue | 1.4 bn | 1.5 bn | 1.5 bn | esef· 18 Mar 2026verified |
| Gross profit | 1.3 bn | 1.5 bn | 1.6 bn | esef· 18 Mar 2026verified |
| Research & development | 309.3 m | 369.8 m | 409.0 m | esef· 18 Mar 2026verified |
| Operating income | 653.7 m | 802.1 m | 938.0 m | esef· 18 Mar 2026verified |
| Interest expense | 13.6 m | 10.6 m | 3.9 m | esef· 18 Mar 2026verified |
| Pre-tax income | 866.5 m | 867.9 m | 924.9 m | esef· 18 Mar 2026verified |
| Income tax | 114.4 m | 182.2 m | 201.2 m | esef· 18 Mar 2026verified |
| Net income | 752.1 m | 685.7 m | 723.7 m | esef· 18 Mar 2026verified |
| Diluted EPS | 15.18 | 13.89 | 14.70 | esef· 18 Mar 2026verified |
| Weighted average diluted shares | 49.6 m | 49.4 m | 49.2 m | esef· 18 Mar 2026verified |
| Dividend per share | — | — | 3.00 | esef· 18 Mar 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 637.3 m | 926.5 m | 1.0 bn | esef· 18 Mar 2026verified |
| Inventories | 525.7 m | 567.0 m | 552.1 m | esef· 18 Mar 2026verified |
| Current assets | 1.8 bn | 2.4 bn | 2.3 bn | esef· 18 Mar 2026verified |
| Property, plant & equipment, net | 384.9 m | 482.9 m | — | esef· 11 Mar 2025verified |
| Goodwill | 320.2 m | 321.3 m | 340.5 m | esef· 18 Mar 2026verified |
| Intangibles (excl. goodwill) | — | 815.6 m | 995.9 m | esef· 18 Mar 2026verified |
| Total assets | 4.2 bn | 5.2 bn | 5.3 bn | esef· 18 Mar 2026verified |
| Current liabilities | 738.8 m | 1.2 bn | 1.0 bn | esef· 18 Mar 2026verified |
| Total liabilities | 999.9 m | 1.4 bn | 1.3 bn | esef· 18 Mar 2026verified |
| Equity | 3.2 bn | 3.7 bn | 4.0 bn | esef· 18 Mar 2026verified |
| Shares outstanding at year end | 49.3 m | 49.2 m | 49.0 m | esef· 18 Mar 2026derived |
Cash flow · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 735.9 m | 897.7 m | 1.1 bn | esef· 18 Mar 2026verified |
| Capex | 154.1 m | 167.9 m | 218.5 m | esef· 18 Mar 2026verified |
| Free cash flow | 581.8 m ≈ | 729.8 m ≈ | 842.4 m ≈ | esef· 18 Mar 2026derived |
| Investing cash flow | -289.0 m | -350.0 m | -626.9 m | esef· 18 Mar 2026verified |
| Financing cash flow | -236.1 m | -301.0 m | -313.5 m | esef· 18 Mar 2026verified |
| Share repurchases | 100.9 m | 151.4 m | 152.1 m | esef· 18 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 47.9% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 33.5 bn EUR
Key indicators
Coverage and freshness
Score by group
48% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 148.00 – 274.22 EUR.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/E148.00 – 274.22 (Mid 201.63)15 companies used · median multiple 13.7x · quartiles 10.1x – 18.7xAALB.AS, ACOMO.AS, AD.AS, ADYEN.AS, AKZA.AS, ARCAD.AS, AXS.AS, BAMNB.AS, BNJ.AS, CRBN.AS, CTAC.AS, ECMPA.AS, FFARM.AS, HAL.AS, HAVAS.AS
- Dividend discount (DDM)outside the aggregate40.80 – 55.64 (Mid 47.08)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 47.9% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 22.8% | 89 (vs peers) | 13% |
| FCF conversion · Quality | 116.4% | 100 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 240.5x | 100 (on a fixed band) | 13% |
| Current ratio · Balance sheet | 2.3x | 100 (on a fixed band) | 9% |
| P/E (TTM) · Valuation | 46.5x | 29 (vs peers) | 22% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 2.5% | 31 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 0.5% | 6 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet100/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality94/100 · 2/3 factors with a value
- Returns· partial6/100 · 1/2 factors with a value
- Valuation30/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ASM International N.V. (ASM.AS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 3.2 bn EUR in 2025; YoY growth 8.2%; net margin 22.8%; ROE 18.7%.
The estimated value range is 148.00–274.22 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 201.63 EUR, the price of 683.60 EUR leaves a potential of -70.5% (value / price − 1) and a margin of safety of -239.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 47.9% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 22.8%
- FCF conversion: 116.4%
- Interest coverage: 240.5x
- Current ratio: 2.3x
What contradicts it
- P/E (TTM): 46.5x
- Shareholder yield (distributions): 0.5%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): ROIC, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Listed companies from Netherlands · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ASML.ASASML Holding N.V. | 519.6 bn | 50.9 | 44.2% | 31.3% | +15.6% | +48% / +115% |
| ASM.ASASM International N.V. | 33.5 bn | 46.5 | 18.7% | 22.8% | +8.2% | +44% / +45% |
| DSFIR.ASDSM-Firmenich AG | 32.0 bn | 114.3 | 1.2% | 2.2% | +20.4% | +52% / +24% |
| AD.ASKoninklijke Ahold Delhaize N.V. | 30.9 bn | 13.7 | 15.3% | 2.5% | +3.4% | −4% / +29% |
| ADYEN.ASAdyen N.V. | 26.9 bn | 25.4 | 22.3% | 40.1% | +18.9% | −36% / −20% |
| HAL.ASHAL Trust | 15.6 bn | 9.8 | 10.5% | 12.8% | +1.2% | +23% / +49% |
| EXO.ASExor N.V. | 15.3 bn | — | -10.6% | — | −100.0% | +3% / −17% |
| BESI.ASBE Semiconductor Industries N.V. | 12.1 bn | 91.6 | 28.7% | 22.3% | −2.7% | +17% / +18% |
| AKZA.ASAkzo Nobel N.V. | 10.8 bn | 17.1 | 13.8% | 6.3% | −5.2% | +12% / −11% |
| AALB.ASAalberts N.V. | 4.6 bn | 25.8 | 7.2% | 5.7% | −5.3% | +51% / +15% |
| ARCAD.ASArcadis N.V. | 4.2 bn | 20.3 | 18.3% | 4.3% | −2.4% | +24% / +2% |
| BNJ.ASBanijay Group N.V. | 3.4 bn | 13.8 | 343.8% | 5.1% | +1.6% | −11% / −8% |
| BAMNB.ASKoninklijke BAM Groep N.V. | 3.4 bn | 42.5 | 9.1% | 1.3% | +2.9% | +49% / +408% |
| BFIT.ASBasic-Fit N.V. | 2.0 bn | 138.2 | 3.6% | 1.0% | +16.9% | +7% / +16% |
| HAVAS.ASHavas N.V. | 1.8 bn | 9.7 | 10.2% | 6.5% | +1.7% | +27% / unavailable |
| CRBN.ASCorbion N.V. | 1.6 bn | 8.3 | 27.3% | 14.9% | +1.9% | +40% / +56% |
| ECMPA.ASEurocommercial Properties N.V. | 1.4 bn | 11.2 | 5.9% | 45.4% | +4.2% | −4% / +19% |
| FUR.ASFugro N.V. | 973.4 m | — | -1.5% | -1.1% | −18.8% | −1% / −49% |
| ACOMO.ASAcomo N.V. | 687.4 m | 15.2 | 10.7% | 3.3% | +7.6% | −3% / +37% |
| FAST.ASFastned B.V. | 667.9 m | — | -28.2% | -21.7% | +66.1% | +61% / +25% |
| FFARM.ASForFarmers N.V. | 515.9 m | 10.3 | 14.5% | 1.6% | +14.8% | +31% / +140% |
| BRNL.ASBrunel International N.V. | 386.2 m | 126.5 | 1.0% | 0.3% | −10.8% | −5% / −29% |
| ALFEN.ASAlfen N.V. | 229.8 m | — | -0.1% | -0.0% | −10.7% | +0% / −77% |
| ENVI.ASEnvipco Holding N.V. | 227.9 m | — | -12.7% | -11.9% | −20.8% | −24% / +49% |
| CMCOM.ASCM.com N.V. | 188.7 m | — | -22.2% | -1.5% | −5.4% | +21% / −31% |
1- and 3-year price returns: for ASM.AS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 421.09 Total return -38% · Per year -38% | 743.18 Total return 9% · Per year 9% | 1,117.69 Total return 64% · Per year 64% |
| 3 years | 439.64 Total return -35% · Per year -13% | 870.07 Total return 29% · Per year 9% | 1,432.25 Total return 111% · Per year 28% |
| 5 years | 459.01 Total return -31% · Per year -7% | 1,018.62 Total return 52% · Per year 9% | 1,835.34 Total return 172% · Per year 22% |
- Exit P/E± 217.52
- Net margin± 152.26
- Annual revenue growth± 120.70
- Annual dilution± 12.79
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
ASM International, headquartered in Almere, the Netherlands, designs and sells equipment for atomic layer deposition (ALD) and epitaxy, processes essential for advanced chips. Demand driven by artificial intelligence and DRAM memory is drawing investor attention to a company with a leading share of the ALD market. Revenue reached 3,173 million EUR in 2025 1, and sales grew 8% 1.
SWOT
Strengths
- Leading position in ALD technology and a customer base in advanced logic and memory.
- Rising gross margin and a high level of investment in research and development.
- Outcome-based service model that strengthens customer ties and recurring revenue.
Weaknesses
- High dependence on a small number of customers and a few geographic markets, especially Asia.
- Free cash flow declined from the previous year, limiting financial flexibility.
- The spares and services share is smaller than that of equipment.
Opportunities
- Stronger demand for AI chips and DRAM memory could support new orders.
- Expanding capacity in South Korea and the United States could strengthen position in key markets.
- Silicon carbide epitaxy, through the LPE acquisition, opens access to the electric vehicle market.
Threats
- Trade restrictions and geopolitical tensions may limit sales in China.
- Cyclical chip-industry investment could reduce orders.
- Competitors could develop alternative technologies that erode the ALD advantage.
Risks
- Industry cyclicalityhigh
Demand for semiconductor equipment is cyclical, and a drop in customer investment could quickly affect revenue.
- Trade restrictionshigh
Export controls and tensions between states may restrict access to the Chinese market, which plays an important role in sales.
- Customer concentrationmedium
A small number of large customers account for a significant part of revenue, so losing one could have a material impact.
- Pressure on free cash flowmedium
Free cash flow fell in 2025, and heavy investment in capacity and research could reduce financial flexibility.
- Decarbonization targetslow
Failing to reach net-zero targets on time could cost customer preference and create compliance problems with environmental law.
Investment thesis
What would need to be true (bull case)
- If demand for AI chips and DRAM holds, the company could benefit from its leading ALD position and growth in advanced logic.
- Rising gross margin and the outcome-based service model could support revenue over the long term.
- Development of silicon carbide epitaxy could open new opportunities linked to electric vehicles.
What would break the thesis
- If customer investment falls after the current growth cycle, revenue could quickly return to lower levels.
- Trade restrictions could reduce access to the Chinese market, which contributes significantly to sales.
- A decline in free cash flow could limit the company's ability to fund investment without affecting profitability.
What to watch
- Trend in gross margin and in the equipment versus services revenue mixQ1 2027
- Guidance on sales in China and in advanced logic2027
- Development of free cash flow and investment in the new Dutch HQ and R&D facility2027
- Progress on decarbonization targets and on Scope 1 and 2 emission reductionsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
ASM International N.V. is a Dutch company listed on Euronext Amsterdam that functions as the holding company of the ASM group. The company has nearly 60 years of history and develops thin-film deposition technologies, especially ALD and epitaxy, used in the manufacture of logic, memory and power chips 1. Operations run through subsidiaries in Singapore, the Netherlands, Italy, the United States, Japan and South Korea 1.
Revenue comes mainly from equipment sales, which account for 77% of the total, with the remaining 23% from spare parts and services 1. The gross margin rose to 51.8% in 2025 1, and the operating result was 938 million EUR 1. Free cash flow fell in 2025 to 434 million EUR 1.
The company keeps investing in research, with gross R&D spending of 512 million EUR in 2025 1, and in production capacity in Singapore and South Korea 1. The outcome-based service model and the dry cleaning technology for parts differentiate its offering 1.
Segments
Market context
The semiconductor market grew by over 20% to around 800 billion USD in 2025 1, supported by demand for GPUs, DRAM and NAND in data centers. The company sees solid growth in 2026, particularly in advanced logic and DRAM, although weaker demand in China could affect results if conditions change 1.
Over the long term, digitalization, artificial intelligence and electric vehicles are seen as drivers of the industry 1. Analysts project the market could exceed one trillion USD by the end of the decade, possibly earlier 1.
Trends
- Demand for AI chipstailwind
Demand for GPUs and data-center memory is pushing customers to invest in advanced deposition technologies 1. If investment continues, the company could benefit directly.
- Memory shortages and price increasesmixed
Shortages and price increases in the second half of 2025, mainly in DRAM, boosted demand 1. This cycle could reverse if demand weakens.
- Shifts in China demandmixed
Sales in China improved toward the end of 2025 and could strengthen in 2026 1. Trade restrictions may however limit access to certain markets.
- Energy efficiency and decarbonizationtailwind
Customers increasingly demand equipment with lower climate impact, and dry cleaning technology significantly cuts emissions 1. This demand could open market opportunities.
Competitive position
ASM competes with other makers of deposition and etch equipment for semiconductors, a field where a few large suppliers dominate. Its leading ALD position, with over 55% market share 1, provides an advantage, but competitors in deposition can develop alternative solutions. The supplied sources do not detail each competitor's exact position.
Competitive risk depends on the company's ability to sustain innovation and keep customer relationships in advanced logic and memory 1. A competitor offering more efficient technology could reduce market share.
- Applied MaterialsAMAT
Major American supplier of deposition and etch equipment with activity in similar segments.
- Lam ResearchLRCX
American maker of deposition and etch equipment present in the same memory and logic segments.
- Tokyo Electron
Japanese semiconductor equipment maker active in deposition and etch.
- Kokusai Electric
Japanese maker of thermal processing and deposition equipment, competing in certain segments.
News & filings
In the press
- ASM International expects Q4 sales above forecasts, to hit 2030 goal three years earlyCNA (Channel NewsAsia) · 27 Oct 2026 · EN
Annual reports (ESEF)
- Annual report 202518 Mar 2026
- Annual report 202411 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / ASM International N.V. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.