Historical valuation data is not available at this time.
ASML Holding N.V. is a global leader in semiconductor manufacturing equipment, specializing in photolithography systems used to produce integrated circuits (ICs). The company dominates the extreme ultraviolet (EUV) lithography market, a critical technology for advanced chip manufacturing, with no direct competitors in this niche. ASML's machines are essential for producing cutting-edge chips used in smartphones, AI, and high-performance computing. Its customers include major semiconductor manufacturers like TSMC, Samsung, and Intel. ASML's competitive advantage stems from its technological leadership, high barriers to entry, and long-term customer relationships reinforced by its installed base and service revenue.
ASML holds key patents in EUV technology and invests heavily in R&D (~15% of revenue). Its High-NA EUV systems, expected to enter production in 2025, will further solidify its leadership in advanced node semiconductor manufacturing.
ASML represents a high-conviction investment in semiconductor infrastructure due to its monopoly in EUV lithography and essential role in advanced chip production. While geopolitical risks and customer concentration are concerns, the company's technological moat, pricing power, and exposure to secular growth trends in semiconductors outweigh these risks. Valuation remains premium but justified by scarcity value.
ASML 2022 Annual Report, SEMI Industry Reports, Bloomberg Intelligence, IMEC partnership announcements.