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The Chain Gazette · ResearchSemiconductorsNYSE EURONEXT - EURONEXT AMSTERDAMFull writeup
$1,812.95+4.25%as of 12:05 PM ET

ASML — ASML Holding N.V.

Monopoly supplier of EUV lithography systems and a leading supplier of DUV (ArF immersion) systems; DUV systems are the relevant tool for niobium patterning in Josephson junction fabrication. EUV is NOT used for JJ patterning (feature sizes ~100-500nm do not require EUV). Quantum is a rounding error of ASML revenue.

Coiled

2

52w range compression, breakout-adjusted

Watched

100

7-day news volume + tape quietness

Sound

89

Margins, growth, FCF composite

Critical

100

Supply-chain concentration × demand

Pressure

68

Pricing Power

51.8%

Filling fast

Numbers on the wire.

Market cap

$587.1B

P/E (TTM)

57.49

P/S (TTM)

17.97

EV / EBITDA

52.07

Gross margin

51.83%

Op margin

36.90%

Net margin

31.26%

FCF margin

—

Rev growth YoY

15.58%

EPS growth YoY

23.81%

ROE

44.68%

ROA

19.48%

Debt / Equity

0.19

Current ratio

1.24

Price / Book

14.51

Beta

2.28

Layer Presence.

ASML's DUV tools (ArF immersion) are used in superconducting qubit fabs for JJ patterning; e-beam lithography is used for finer features. EUV is not applicable to JJ fab at current feature sizes. Quantum fab volumes are immaterial to ASML near-term revenue but position ASML as an upstream beneficiary if superconducting qubit fab scales to foundry volumes. ASML Nasdaq listing (ticker: ASML) is liquid. Risk: quantum fab volumes are tiny; ASML is owned for AI/logic semiconductor demand.

From the tape.