Company profile
SEC EDGAR ↗- Industry
- Special Industry Machinery, NEC
- Listed
- Nasdaq: ASML
- Headquarters
- Dr Veldhoven, P7
- Fiscal year end
- Dec 31
Financials
FY2025- Revenue
- €32.7B
- Net income
- €9.61B
- Total assets
- €50.6B
Latest full fiscal year from SEC filings (20-F) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
The analyses
Moat Anatomy · Moat & Competition
The $380 Million Machine Only One Company on Earth Can Build
Every advanced chip in the world - every AI accelerator, every flagship phone - is printed by a machine made by a single Dutch company. ASML's monopoly isn't an accident of patents. It's a moat built from two decades, a captured supply chain, and knowledge no amount of money can buy in a hurry.
8 min
The Market-Entry Gambit · Growth & Portfolio
ASML Was Told to Close the Door to China. So China Walked Through It While It Was Still Open.
The story is that export controls cut ASML off from China. The numbers say the opposite: China jumped from ~14% of revenue in 2022 to 41% of system sales in 2023 and hit 49% in Q2 2024 — panic-buying the machines before the door shut.
8 min
The Standards War · Moat & Competition
ASML's EUV Monopoly Began in US National Labs, With Intel's Money and Rivals Shut Out
ASML is the only company on earth that makes EUV machines — a 30-year-race monopoly worth €9.1 billion in EUV sales in 2023. But it didn't invent the science. US national labs did, Intel funded it, and ASML's two rivals were shut out before the race began.
8 min
The Standards War · Moat & Competition
ASML Won the Lithography War by Making Its Rivals Co-Own the Only Road Forward
In 2012 ASML sold 23 percent of itself to Intel, TSMC, and Samsung for EUR 3.85 billion. It wasn't raising money. It was turning every chipmaker who could have backed a rival standard into a co-owner of its own. Today ASML holds 100 percent of EUV.
8 min
The Orchestrator · Boundaries of the Firm
ASML's Supplier 'Orchestration' Came With Receipts: A €1.95bn Buyout and a €1bn Stake
ASML is celebrated as a maestro that conducts a supplier ecosystem without owning it. Then look at the receipts: a ~€1.95bn buyout of its light-source maker in 2012, a €1bn stake in its optics maker in 2016. When orchestration wasn't enough, it bought equity in the players who could sink the whole programme.
8 min
The Vertical Integration Bet · Business Model
ASML Captured Its Supply Chain: Roughly 80% of Components Come From 5,150 Suppliers
ASML is praised as the great vertically integrated chip-tool maker. Its own annual report calls it a 'system integrator' that buys roughly 80% of its components from 5,150 suppliers. It didn't integrate the supply chain - it captured it.
8 min