ASML Holding N.V. (ASML) Key Metrics
ASML key metrics, 2016–2025
Fiscal year ended December 31, 2025 · eurosASML returns How much profit the business earns on the capital it uses.
ASML financial health Debt, liquidity and how easily interest is covered.
ASML efficiency & capital use Working capital cycle and where the cash goes.
ASML returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
ASML debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
ASML cash returned to shareholders
ASML key metrics in euros
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 50.5% | 47.4% | 70.4% | 59.4% | 49.0% | 25.6% | 19.3% | 21.9% | 20.2% | 16.2% |
| Return on invested capital (ROIC) | 88.5% | 68.7% | 91.1% | 86.4% | 60.8% | 28.6% | 20.4% | 23.2% | 20.9% | 17.9% |
| Return on assets (ROA) | 19.4% | 17.1% | 20.6% | 16.9% | 20.5% | 13.9% | 11.3% | 13.0% | 11.7% | 9.7% |
| Return on tangible assets | 21.1% | 17.5% | 22.6% | 18.2% | 23.8% | 16.5% | 15.3% | 17.8% | 16.5% | 13.4% |
| Free cash flow margin | 33.9% | 32.1% | 11.8% | 34.0% | 53.4% | 26.2% | 21.2% | 22.5% | 16.1% | 19.5% |
| Income quality (OCF / net income) | 1.32 | 1.47 | 0.69 | 1.51 | 1.84 | 1.30 | 1.26 | 1.27 | 0.87 | 1.13 |
| Financial health | ||||||||||
| Total debt | €4.39B | €4.69B | €4.63B | €4.26B | €4.58B | €4.68B | €4.21B | €3.21B | €3.03B | €3.32B |
| Cash & short-term investments | €13.32B | €12.74B | €7.01B | €7.38B | €7.59B | €7.35B | €4.72B | €4.03B | €3.29B | €4.06B |
| Net debt | −€8.93B | −€8.05B | −€2.38B | −€3.12B | −€3.01B | −€2.67B | −€508.2M | −€820.0M | −€263.0M | −€737.4M |
| Debt / equity | 0.22 | 0.25 | 0.34 | 0.48 | 0.45 | 0.34 | 0.30 | 0.25 | 0.28 | 0.34 |
| Debt / assets | 0.09 | 0.10 | 0.12 | 0.12 | 0.15 | 0.17 | 0.18 | 0.15 | 0.17 | 0.19 |
| Net debt / EBITDA | −0.72 | −0.80 | −0.24 | −0.44 | −0.42 | −0.59 | −0.16 | −0.24 | −0.09 | −0.35 |
| Current ratio | 1.26 | 1.53 | 1.50 | 1.28 | 1.48 | 2.41 | 2.55 | 2.75 | 2.70 | 2.61 |
| Quick ratio | 0.79 | 0.95 | 0.91 | 0.86 | 1.03 | 1.68 | 1.74 | 1.84 | 1.81 | 1.76 |
| Interest coverage | 95.5 | 58.7 | 59.4 | 106.9 | 119.7 | 93.6 | 76.3 | 70.9 | 40.8 | 41.2 |
| Working capital | €6.35B | €10.69B | €8.12B | €5.08B | €5.89B | €9.33B | €7.28B | €6.64B | €5.67B | €5.28B |
| Invested capital | €10.68B | €10.42B | €11.07B | €5.70B | €7.13B | €11.19B | €13.37B | €12.12B | €10.41B | €9.08B |
| Tangible asset value | €14.48B | €13.27B | €8.12B | €3.41B | €4.63B | €8.19B | €6.79B | €5.79B | €4.97B | €3.62B |
| Net current asset value | −€338.3M | €624.6M | −€2.11B | −€4.42B | −€1.90B | €2.53B | €1.81B | €1.70B | €1.49B | €1.17B |
| Capital allocation | ||||||||||
| Dividends paid | €2.55B | €2.45B | €2.35B | €2.56B | €1.37B | €1.07B | €1.33B | €597.1M | €516.7M | €445.9M |
| Share buybacks (net) | €5.95B | €500.0M | €1.00B | €4.64B | €8.56B | €1.21B | €410.0M | €1.15B | €500.0M | €400.0M |
| Dividend payout ratio | 26.5% | 32.4% | 30.0% | 45.5% | 23.3% | 30.0% | 51.1% | 23.0% | 25.0% | 30.3% |
| Dividends + buybacks / free cash flow | 76.7% | 32.5% | 103.1% | 99.9% | 99.8% | 62.0% | 69.2% | 70.8% | 70.6% | 63.1% |
| Capex / revenue | 4.8% | 7.4% | 8.0% | 6.1% | 4.8% | 6.9% | 6.5% | 7.7% | 4.0% | 4.7% |
| Capex / operating cash flow | 12.4% | 18.7% | 40.3% | 15.1% | 8.3% | 20.8% | 23.4% | 25.4% | 19.9% | 19.5% |
| Capex / depreciation | 1.53 | 2.27 | 2.79 | 2.30 | 2.08 | 1.74 | 1.47 | 1.98 | 0.86 | 0.91 |
| Stock-based compensation / revenue | 0.6% | 0.6% | 0.5% | 0.3% | 0.6% | 0.4% | 0.6% | 0.4% | 0.6% | 0.7% |
| R&D / revenue | 14.4% | 13.9% | 13.5% | 14.5% | 13.1% | 14.8% | 15.6% | 13.4% | 12.9% | 14.9% |
| SG&A / revenue | 3.9% | 4.1% | 4.0% | 4.5% | 3.9% | 3.9% | 4.4% | 4.5% | 4.6% | 5.5% |
| Efficiency | ||||||||||
| Days sales outstanding | 56.2 | 82.0 | 94.7 | 100.0 | 77.4 | 80.7 | 81.1 | 71.6 | 62.1 | 60.1 |
| Days of inventory on hand | 274.0 | 273.5 | 229.0 | 224.3 | 209.8 | 214.7 | 197.8 | 193.2 | 207.0 | 253.3 |
| Days payables outstanding | 83.2 | 75.3 | 65.3 | 79.9 | 71.2 | 60.6 | 55.3 | 54.4 | 51.6 | 47.9 |
| Cash conversion cycle (days) | 247.1 | 280.2 | 258.4 | 244.4 | 216.0 | 234.8 | 223.6 | 210.4 | 217.5 | 265.5 |
| Receivables turnover | 6.49 | 4.45 | 3.85 | 3.65 | 4.72 | 4.52 | 4.50 | 5.10 | 5.87 | 6.08 |
| Payables turnover | 4.39 | 4.85 | 5.59 | 4.57 | 5.13 | 6.02 | 6.60 | 6.71 | 7.08 | 7.62 |
| Inventory turnover | 1.33 | 1.33 | 1.59 | 1.63 | 1.74 | 1.70 | 1.85 | 1.89 | 1.76 | 1.44 |
| Asset turnover | 0.66 | 0.64 | 0.72 | 0.64 | 0.65 | 0.54 | 0.52 | 0.55 | 0.51 | 0.45 |
| Average receivables | €5.03B | €6.35B | €7.15B | €5.80B | €3.94B | €3.09B | €2.63B | €2.15B | €1.53B | €1.13B |
| Average payables | €3.51B | €2.92B | €2.46B | €2.34B | €1.75B | €1.22B | €1.01B | €900.6M | €715.2M | €506.0M |
| Average inventory | €11.57B | €10.62B | €8.61B | €6.57B | €5.15B | €4.32B | €3.62B | €3.20B | €2.87B | €2.68B |
| Intangibles / total assets | 10.1% | 10.7% | 13.3% | 14.9% | 18.2% | 20.8% | 29.5% | 33.0% | 31.4% | 36.0% |
Computed from ASML's annual financial statements (latest annual report filed December 31, 2025) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in euros; data from EODHD. Averages use the opening and closing balance of each year.
ASML valuation and financial ratios
ASML earned a return on equity of 50.5% and a return on invested capital of 88.5% in fiscal 2025. It ended the year with €4.4 billion of debt and €13.3 billion in cash and short-term investments, a net cash position of €8.9 billion. It returned €8.5 billion to shareholders: €2.6 billion in dividends and €6.0 billion in share buybacks, 77% of free cash flow.
See the ASML income statement, the ASML chart for price history, or the ASML stock overview for the latest quote and news.
ASML key metrics FAQ
What is ASML's return on equity?
ASML's return on equity (ROE) was 50.5% in fiscal 2025: net income of €9.6 billion on average shareholders' equity of €19.0 billion.
What is ASML's ROIC?
ASML's return on invested capital was 88.5% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does ASML have?
ASML had total debt of €4.4 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.22 and more cash than debt.
Does ASML buy back its shares?
Yes. ASML spent €6.0 billion on net share repurchases in fiscal 2025.
What is ASML's current ratio?
ASML's current ratio was 1.26 at the end of fiscal 2025: current assets were 1.26 times current liabilities.