ASM International NV ASMIY

Information TechnologySemiconductors & Semiconductor EquipmentNetherlands

Last close 867.93 USD on Nov 1, 2026, +34.8% year to date

Quant rating

Quant rating A Rank 25 of 200 in Information Technology

Growth B 31 of 200
Valuation C 121 of 200
Quality A 16 of 200
Revisions A 7 of 200
Momentum C 108 of 200

Wall Street consensus Average target 648.43 USD −25.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 40.2B
Enterprise value: 38.9B
52-week range: 532.31 – 1,248.72
3-year range: 376.61 – 1,248.72
Dividend yield: 0.47%
Beta (5 years): 2.02
Shares outstanding: 49.3M
Next earnings: Feb 28, 2027

About the company

ASM International N.V. is a supplier of wafer processing equipment, primarily for semiconductor manufacturing industry. The Company designs, manufactures and sells equipment and services to its customers for the production of semiconductor devices, or integrated circuits (ICs). The Company operates in two segments, which include Front-end and Back-end. The Front-end segment manufactures and sells equipment used in wafer processing, encompassing the fabrication steps in which silicon wafers are layered with semiconductor devices. The front-end segment includes manufacturing, service, and sales operations in Europe, the United States, Japan and South East Asia. The Back-end segment manufactures and sells equipment and materials used in assembly and packaging, encompassing the processes in which silicon wafers are separated into individual circuits. The Company supplies equipment to the manufacturers of analog semiconductor devices primarily for the deposition of thin films.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	3,727	3,036	2,907	2,580	1,967	–
Revenue growth	22.7%	4.4%	12.7%	31.2%	21.2%	18.1%
EPS (basic, normalized)	17.48	15.09	12.76	13.51	11.73	–
EPS growth	15.9%	18.2%	−5.5%	15.1%	–	–
Gross margin	51.8%	50.5%	48.3%	47.4%	47.9%	49.2%
Net margin	22.8%	23.4%	28.5%	16.1%	28.6%	23.9%
ROE	18.7%	19.7%	25.2%	15.6%	24.2%	20.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,516
Current ratio	2.13x
Long-term debt (mil)	106
Net debt (mil)	−1,410
Total equity (mil)	5,294
Net debt / equity	−0.27x
Net debt / EBITDA	−1.01x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	3,727	+22.7%	10.4x	1,403	+38.5%	27.7x	17.48	+15.9%	49.7x
2026	4,747	+27.4%	8.2x	1,834	+30.7%	21.2x	26.66	+52.5%	32.6x
2027	6,333	+33.4%	6.1x	2,501	+36.4%	15.6x	37.45	+40.5%	23.2x
2028	7,537	+19.0%	5.2x	2,998	+19.9%	13.0x	46.04	+22.9%	18.9x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	4,747	+2.0%	+3.7%	+7.6%	26.66	+1.8%	+2.8%	+9.6%
2027	6,333	+6.3%	+10.1%	+20.8%	37.45	+8.8%	+11.6%	+26.6%
2028	7,537	+6.7%	+12.8%	+27.8%	46.04	+9.9%	+16.4%	+37.3%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	639	706	779	809	839	836	800	698	862	1,003
Sales mean (mil)	640	684	761	789	832	844	777	698	814	949
Surprise	−0.1%	+3.2%	+2.3%	+2.6%	+0.8%	−1.0%	+3.0%	0.0%	+6.0%	+5.7%
EPS reported	3.62	3.33	2.71	4.69	3.88	3.50	4.18	3.45	5.01	5.96
EPS mean	2.81	3.52	3.55	3.50	4.00	4.13	3.64	3.02	3.73	4.45
Surprise	+28.9%	−5.5%	−23.7%	+33.9%	−3.1%	−15.3%	+14.8%	+14.2%	+34.2%	+34.0%

Peer comparison Semiconductors & Semiconductor Equipment

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
ASMIY ASM International NV	40.2B	−1.01x	22.8%	7.59x	32.6x	23.2x	21.2x	15.6x
2330 Taiwan Semiconductor Manufacturing Company Limited	1.89T	−1.13x	45.1%	8.78x	21.5x	16.0x	14.2x	10.3x
ASML ASML Holding N.V.	613.0B	–	31.3%	20.88x	34.1x	24.7x	27.8x	20.2x
LRCX Lam Research Corporation	298.7B	–	31.3%	21.47x	24.7x	19.4x	19.9x	16.3x
AMAT Applied Materials Inc	309.6B	−0.30x	24.7%	12.08x	30.5x	20.8x	25.8x	17.5x
TXN Texas Instruments Incorporated	274.9B	0.67x	28.1%	14.33x	33.2x	26.1x	23.3x	18.7x
Mean		−0.44x	30.5%	14.19x	29.4x	21.7x	22.0x	16.4x
Median		−0.65x	29.7%	13.21x	31.5x	22.0x	22.3x	16.9x

Technical analysis

1M−16.9%
3M−4.1%
1Y+33.4%
3Y+99.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, ASM International NV, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	3,727	3,036	2,907	2,580	1,967	1,622
Cost of revenue	1,797	1,503	1,504	1,357	1,025	860
Gross profit	1,930	1,534	1,403	1,223	941	762
Selling, general & administrative expenses	340	323	341	296	215	192
Research & development	344	300	290	213	141	132
Depreciation/amortization	109	68.2	48.3	37.3	28.6	25.9
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	17.7	−7.2	−235	231	−2.4	12.4
Other operating expenses	22.3	19.6	−0.1	0	0	0
Operating income	1,098	830	959	446	559	400
Net interest income (expense)	−7.5	77.4	−2.9	94.1	120	8.5
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−3.9	−9.3	0	0	0	0
Net income before taxes	1,086	899	956	540	679	408
Provision for taxes	236	189	126	124	117	59.4
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	850	710	830	416	562	349
Extraordinary items	–	–	–	–	–	–
Net income	850	710	830	416	562	349
EBIT, normalized	1,117	823	727	677	556	412
EBITDA, normalized	1,399	1,026	921	808	663	508
Basic EPS, normalized	17.48	15.09	12.76	13.51	11.73	–

Balance sheet in millions of USD, fiscal years

Balance sheet, ASM International NV, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,206	959	703	449	559	532
Receivables	841	912	662	732	543	343
Total inventory	648	587	580	576	241	198
Prepaid expenses	43.1	26.8	43.1	19.2	9.6	–
Other current assets	16.3	15.3	7.4	10.2	34.6	89.1
Total current assets	2,755	2,501	1,996	1,787	1,387	1,161
Property, plant & equipment	839	651	552	441	395	375
Goodwill	400	333	353	343	12.8	13.8
Intangibles	1,170	844	779	691	312	256
Long-term investments	1,018	956	964	741	965	907
Note receivable	–	–	–	–	–	–
Other long-term assets	86.2	59.3	20.8	10.5	10.1	10.0
Total assets	6,268	5,344	4,665	4,014	3,082	2,723
Liabilities
Accounts payable	252	293	196	261	199	152
Payable/accrued	–	–	–	–	–	–
Accrued expenses	215	232	227	165	113	87.4
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	16.3	12.1	12.0	10.2	8.6	7.6
Other current liabilities	739	706	381	399	142	169
Total current liabilities	1,223	1,243	815	835	463	416
Long-term debt	23.0	24.4	25.0	19.9	18.1	15.9
Minority interest	–	–	–	–	–	–
Other liabilities	317	198	263	217	52.0	26.7
Total liabilities	1,563	1,465	1,104	1,072	534	458
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	2.3	2.0	2.2	2.1	2.2	2.4
Additional paid-in capital	32.4	9.7	78.7	51.3	28.7	42.1
Retained earnings (accumulated deficit)	4,979	3,823	3,464	2,684	2,547	2,317
Treasury stock	−262	−135	−98.8	−3.7	−177	−128
Other equity	−46.9	179	115	209	147	32.0
Total equity	4,705	3,879	3,561	2,942	2,548	2,265
Total liabilities & shareholders' equity	6,268	5,344	4,665	4,014	3,082	2,723

Cash flow statement in millions of USD, fiscal years

Cash flow statement, ASM International NV, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	850	710	830	416	562	349
Depreciation, depletion & amortization	295	203	200	131	109	109
Deferred taxes	–	–	–	–	–	–
Non-cash items	243	189	−99.7	321	20.0	49.5
Changes in working capital	−142	−172	−118	−289	−258	−184
Cash from operations	1,246	929	812	580	433	323
Investing activities
Capital expenditures	−550	−378	−351	−223	−178	−199
Other investing cash flows	−186	15.3	31.6	−285	48.3	22.6
Cash from investing	−736	−362	−319	−508	−130	−176
Financing activities
Financing cash flow items	–	–	0	−0.7	–	–
Cash dividends paid	−173	−140	−136	−130	−110	−121
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−195	−171	−124	−11.0	−163	−87.6
Cash from financing	−368	−312	−261	−142	−273	−208
Foreign exchange effects	−23.5	44.1	7.9	−6.6	34.4	−15.0
Net change in cash	118	299	241	−77.3	64.0	−76.5
Free cash flow	696	552	461	356	254	124

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.