ASML (ASML Holding N.V. - New York Re): Themes, ETFs, and Basket Ideas
ASML is the ticker for ASML Holding N.V. - New York Re. This page covers what the company does, where it's heading, its approximate earnings and valuation, key competitors, the themes it belongs to, the ETFs that hold it, and similar stocks worth looking at.
What does ASML Holding N.V. - New York Re do?
ASML Holding designs and manufactures lithography machines, the equipment semiconductor fabs use to print circuit patterns onto silicon wafers. The company is a monopoly in extreme ultraviolet (EUV) lithography, the technology required to make leading-edge chips below the 7nm node. There is no other company in the world that produces EUV systems, which means every advanced chip manufacturer (TSMC, Samsung, Intel, SK Hynix) is an ASML customer.
ASML also produces older deep ultraviolet (DUV) lithography systems that are still used for trailing-edge nodes, plus metrology and inspection equipment. Founded in 1984 as a Philips spinoff, headquartered in Veldhoven, Netherlands. Christophe Fouquet has been CEO since 2024. Each EUV machine sells for over $200 million; the next-generation High-NA EUV systems sell for around $400 million.
Where is ASML Holding N.V. - New York Re heading?
1. High-NA EUV ramp.
The next-generation High-NA EUV systems (NXE:5000 series) are now shipping in volume to Intel, TSMC, and Samsung for the 2nm and 1.6nm process nodes. Each tool sells for roughly $400 million. The ramp is the largest single revenue driver for ASML through the late 2020s.
2. AI infrastructure pulling demand forward.
AI accelerator and HBM memory demand have pulled semiconductor capex forward. Every leading-edge fab expansion (TSMC Arizona, Intel Ohio, Samsung Texas) requires more ASML lithography systems. Order book visibility extends through 2027.
3. Geopolitical positioning.
Export restrictions on advanced ASML systems to China have shifted demand to non-China customers and made the company a strategic asset to the Western chip supply chain. China continues to buy older DUV systems (about 30-40% of revenue), but the relationship is sensitive to policy shifts.
4. The eventual cyclical correction.
Semiconductor capex is cyclical. After the current AI-driven peak, there will eventually be a downcycle. ASML's revenue trough during past corrections was about 30-40% below peak, though the EUV monopoly cushions worst-case scenarios.
Risks worth tracking: Geopolitical export restrictions could expand and cut more China revenue. The semiconductor capex cycle eventually turns down; even an EUV monopoly can't escape the broader cycle.
Earnings and valuation (approximate, early 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see ASML Holding N.V. - New York Re's investor relations page or your broker.
- Revenue (TTM): ~€30 billion (~$33 billion USD)
- Operating margin: ~33%
- Net income (TTM): ~€8 billion
- EPS (TTM): ~€20
- P/E (TTM): ~32x
- Price to sales: ~10x
- Dividend yield: ~1.0%
- Free cash flow: ~€8 billion annually
- EUV order backlog: Multi-year visibility through 2027+
ASML's premium valuation reflects its EUV monopoly position. No competitor can ship EUV systems, and the technical lead is essentially insurmountable in the next 5-10 years. The premium compresses if semiconductor capex cycles down materially.
Themes ASML belongs to
These are the investment theses ASML naturally fits into. Each links to a full theme guide listing every other stock that belongs and the ETFs commonly used as a passive proxy.
ETFs that hold ASML
If you want ASML exposure as part of a larger bundle rather than directly, these ETFs hold it meaningfully. Weights are approximate and refresh quarterly.
| ETF | Name | % in ASML | Expense ratio | |
|---|---|---|---|---|
| SMH | VanEck Semiconductor ETF | ~4.5% | 0.35% |
ASML's competitors
Lithography
No direct competitor in EUV lithography; ASML is the only producer. Nikon and Canon make older DUV (deep UV) systems and compete in trailing-edge segments only. ASML's monopoly in EUV is the structural reason for the premium valuation.
Adjacent semiconductor equipment
Applied Materials (AMAT), Lam Research, KLA, and Tokyo Electron (TEL) make non-lithography fab equipment (deposition, etch, metrology). They are complementary rather than competitive to ASML; together they form the global semiconductor equipment industry.
Similar stocks
Other names that show up alongside ASML in the same themes. Worth a look if you're thinking about diversification within a single thesis rather than concentration on one ticker.
Also fits AI infrastructure. The defining AI accelerator. CUDA ecosystem is the picks-and-shovels play; held in every AI infrastructure basket.
Also fits AI infrastructure. MI300X and MI400 are the most credible non-NVIDIA accelerator path. Datacenter GPU revenue is the AI exposure.
Also fits AI infrastructure. Custom AI silicon (Google TPU, Meta MTIA) plus the networking switches that connect AI clusters. Dual-engine AI infra story.
Also fits AI infrastructure. Makes virtually every leading-edge AI chip including NVIDIA H100/B100, AMD MI300X, and the hyperscaler custom designs.
Using ASML in a Walnut basket
The most useful question to ask about a single stock is rarely “will it go up?”. It's “does this fit a thesis I actually believe in, and how do I size it alongside other stocks that fit the same thesis?” That's what Walnut is built for.
Open the AI assistant on Walnut and describe a thesis (for example: “the AI infrastructure buildout”, “dividend growth large-caps”, “global semiconductors”) where ASML would naturally fit. The AI proposes 5 to 6 constituents with target weights, you review, and you can fund the basket through your broker once you're ready.
Build a basket around ASML with Walnut
Use ASML Holding N.V. - New York Re as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
What is ASML's ticker symbol?
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ASML, listed on Nasdaq in the US. It also trades on Euronext Amsterdam under the same ticker. Officially ASML Holding N.V. Headquartered in Veldhoven, Netherlands. Trades during US market hours on Nasdaq.
Who are ASML's competitors?
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In EUV lithography, none. ASML is the only company that produces EUV systems; the technical lead is essentially insurmountable in the next 5-10 years. Nikon and Canon still produce older DUV systems and compete only at trailing-edge nodes. Applied Materials, Lam Research, KLA, and Tokyo Electron make complementary fab equipment but don't compete in lithography.
Why is ASML so important?
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Every leading-edge semiconductor chip in the world (Apple A-series, NVIDIA H100/Blackwell, AMD MI300, AMD MI400) requires EUV lithography to manufacture. ASML is the sole supplier of those systems. There is no advanced chip industry without ASML, which makes it a strategic asset for every government in the chip supply chain.
What is ASML's P/E ratio?
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Approximately 32x trailing twelve months as of early 2026. The premium versus the S&P 500 average (~22x) reflects the EUV monopoly position and the multi-year order book visibility. The valuation compresses if semiconductor capex enters a downcycle.
What does ASML do?
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ASML designs and manufactures the lithography machines that semiconductor fabs use to pattern silicon wafers. It is the sole producer of EUV (extreme ultraviolet) lithography systems, required for leading-edge chip manufacturing below 7nm. Each EUV system sells for over $200 million; next-generation High-NA EUV systems for around $400 million.
Who owns the most ASML stock?
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Major institutional holders include BlackRock, Vanguard, and Dutch pension funds. The Dutch state has no direct ownership but maintains strategic interest in ASML through export-control coordination. Insider ownership is low; ASML is broadly institutionally owned.
Is ASML an AI stock?
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Yes, indirectly but essentially. Every NVIDIA, AMD, and hyperscaler custom AI chip is manufactured at TSMC, Samsung, or Intel fabs using ASML EUV systems. AI-driven semiconductor capex (TSMC Arizona, Samsung Texas, Intel Ohio, Micron HBM) drives ASML's order book directly. The exposure is one step upstream from NVIDIA but in the same overall AI infrastructure trend.
Which ETFs have the most ASML exposure?
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SMH (VanEck Semiconductor) holds ASML at ~4.5%. SOXX (iShares Semiconductor) holds ASML at lower weight historically but added more after its 2021 methodology update broadened the universe. QQQ holds ASML as part of the Nasdaq-100 at ~1.5%. International ETFs like VXUS also include ASML through their Dutch holdings.
Which thematic baskets typically include ASML?
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Two themes on Walnut. AI infrastructure (ASML is foundational to every leading-edge AI chip) and Semiconductors (ASML is essential to fab capex cycles). AI infrastructure baskets typically include ASML as the equipment cornerstone alongside NVDA, TSM, and AVGO.
How much of SMH is ASML?
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Approximately 4.5% as of early 2026. ASML is typically the fifth or sixth-largest SMH holding, behind NVDA, TSM, AVGO, AMD, and AMAT. SMH's holdings have shifted in ASML's favor over time as the EUV ramp has driven revenue and earnings expansion.
Is ASML in the S&P 500?
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No. ASML is a Dutch company and is not eligible for S&P 500 inclusion (which is US-domiciled companies only). It is included in international indices and US-listed semiconductor sector ETFs (SMH, SOXX) and the Nasdaq-100 (QQQ) because of its US ADR listing.
What is ASML's market cap?
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Approximately $300 billion as of early 2026. ASML's market cap has grown several multiples since the early 2010s as EUV technology has scaled commercially. It is one of the largest European-domiciled public companies by market cap, and the largest semiconductor equipment company by far.
Does ASML pay a dividend?
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Yes. ASML has paid a growing annual dividend since 2007. Yield is approximately 0.8% as of early 2026. The dividend has been consistently raised; ASML has also been a meaningful share buyback returner. Total capital return has been substantial as EUV economics have scaled.
Should I own ASML directly or through SMH?
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Both common. Direct ownership gives concentrated EUV monopoly exposure. SMH includes ASML at ~4.5% along with other semiconductor exposure. Many Walnut users hold both: direct ASML for the equipment-monopoly thesis plus SMH for broader semi cycle. The right mix depends on whether you want concentrated ASML exposure or diversified semi exposure with ASML as a meaningful but not dominant component.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with ASML Holding N.V. - New York Re's investor relations page or your broker before making investment decisions.