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Fact Summary
ASML posted Q2 2026 (period ended 2026-06-28) total net sales of €9.3billion, net income of €2.9billion, and gross margin of 54.0%, selling 86 new lithography systems and 5 used systems (announced 2026-07-15). The company raised its full-year 2026 net sales guidance range to €43-45billion with gross margin of 54-56%, and guided Q3 2026 net sales to a range of €11.0-12.0billion. Following reports on 2026-07-27 that a Chinese state-owned enterprise had begun mass production of a domestically made immersion DUV lithography system, ASML's share price fell 6.7% on a closing-price basis. The 2026 interim dividend, payable on 2026-08-05, is €1.88 per share.
Change Context Note
The 2026-07-31 close of 1,629 USD was down -1.36% from the previous close, and volume of 1,601,445 shares was about 20.6% below the trailing 20-day average volume (2,015,681 shares) (as of 2026-08-02). This trading is observed to coincide with a period in which, despite the earnings beat and raised sales guidance, concerns about erosion of China market share triggered by the 2026-07-27 report of Chinese-made DUV equipment entering mass production overlapped with discussions of stronger US-led export controls on China, including the MATCH Act.
Business Overview
ASML, headquartered in Veldhoven, the Netherlands, is a lithography (exposure) systems company for semiconductor manufacturing, offering lithography, metrology, and inspection technology in a single reporting segment (Advanced Semiconductor Equipment Systems). It is the world's sole supplier of EUV (extreme ultraviolet) lithography systems, while its DUV (deep ultraviolet) systems are used in mature-to-mid-node processes (Source: ASML disclosures and industry research compilation, as of 2026-08-02).
Revenue is composed of new system sales combined with Installed Base Management (service, maintenance, and upgrade) revenue. In Q2 2026, new lithography system sales totaled 86 units, used system sales totaled 5 units, and Installed Base Management revenue was €2,762million (announced 2026-07-15, A).
5-Year Financial Trend
| Year | Net Sales | Net Income | Gross Margin |
|---|---|---|---|
| 2021 | €18.6bn | €5.9bn | Not available |
| 2022 | €21.2bn | €5.6bn | Not available |
| 2023 | €27.6bn | €7.8bn | 51.3% |
| 2024 | €28.3bn | €7.6bn | 51.3% |
| 2025 | €32.7bn | €9.6bn | 52.8% |
Source: ASML annual results press releases (GlobeNewswire), as of each fiscal year-end (A). H1 2026 (A) cumulative net sales €17.0bn, net income €5.3bn (simple sum).
Peer Comparison
| Company | Core Focus | Notes |
|---|---|---|
| Nikon | DUV lithography, legacy equipment | Direct competitor, no EUV capability |
| Canon | DUV lithography, alternative technologies such as nanoimprint | Direct competitor, no EUV capability |
| Chinese state-owned enterprises (SMIC-affiliated, etc.) | Domestically made immersion DUV equipment (mass production reported 2026-07) | Emerging entrant, assessed as behind in technology maturity and ecosystem (E) |
| Applied Materials (AMAT) | Deposition, etch, ion implantation, and other broad semiconductor equipment | Not a lithography competitor, competes for WFE budget |
| Lam Research (LRCX) | Etch and deposition equipment | Not a lithography competitor, competes for WFE budget |
| KLA (KLAC) | Inspection and metrology equipment | Not a lithography competitor, competes for WFE budget |
| Tokyo Electron | Coater/developer, etch, and other equipment | Not a lithography competitor, competes for WFE budget |
Valuation (Factual Multiples)
A separate comparison has been cited showing peer (KLA) P/E of 51.0x versus ASML 46.4x as of 2026-04 (WebSearch compilation, not the latest as-of date). Detailed components of net debt/EV calculation and the annualized dividend yield are not available.
Governance & Capital Policy
ASML operates under a two-tier governance structure, separated into the Board of Management (5 members, chaired by Christophe D. Fouquet) and the Supervisory Board (9 members, all independent, chaired by Nils S. Andersen) (20-F FY2025, as of 2025-12-31, A). As an anti-takeover defense mechanism, it maintains a preference share foundation (Stichting Preferente Aandelen ASML), and as of 2026-08-02 no cumulative preference shares have actually been issued (A).
Major shareholders are BlackRock, Inc. at 6.83% and Capital Research and Management Company at 5.09% (20-F, as of 2025-12-31); no other shareholders disclosed as holding 5% or more have been identified (not available: further cross-check against the AFM register needed).
Ownership & Trading Flows
As of 2026-03-31, total U.S. institutional holdings reported on Form 13F were approximately 68.2 million shares (about 17.8% of 384.10M total shares outstanding), with top holders being Fisher Asset Management (4.60 million shares), Capital World Investors (3.73 million shares), and FMR LLC (3.15 million shares), in that order (SEC EDGAR 13F, A). Q2 2026 (as of end-June) 13F data is not available, as the filing deadline (2026-08-14) has not yet arrived.
Short interest is consistently reported by several secondary sources at approximately 0.29-0.33% of shares outstanding (as of a settlement date around 2026-06-30), but the absolute figures and exact settlement dates vary across sources, so a confirmed primary figure is not available. 2026-07-31 volume of 1,601,445 shares was about 20.6% below the trailing 20-day average volume (2,015,681 shares) (as of 2026-08-02).
No Form 4 (insider trading) filing history under ASML's name was found on SEC EDGAR — ASML is presumed to be exempt from Section 16 reporting obligations as it is classified as a Foreign Private Issuer, but a separate document confirming this is not available.
Macro Environment
| Factor | Current Value (As Of) | Transmission Channel |
|---|---|---|
| U.S. Fed Funds Rate | 3.50-3.75% (held 2026-06-17) | High rates burden customers' cost of capital, but this is being offset by AI-driven capex expansion |
| ECB Deposit Rate | 2.25% (2026-07) | Holding pattern |
| EUR/USD | 1.1465 (2026-08-01) | Euro weakness affects the USD-denominated share price and EPS conversion |
| Global Semiconductor Equipment (WFE) Market | $143.9bn in 2026 (+23.1% YoY, SEMI) | AI/HBM-driven capex expansion is translating into new EUV/DUV orders |
| TSMC 2026 Capex | $60-64bn (raised from $52-56bn, TrendForce 2026-07-16) | Signals expanding orders from the leading-edge foundry customer |
On 2026-04-22, the U.S. House Foreign Affairs Committee passed the MATCH Act (aligning semiconductor equipment export controls on China) by a vote of 44-0, with restrictions on exports of Dutch-made DUV immersion equipment remaining one of its key provisions. As of 2026-08-02, a full House floor vote and a Senate vote have not taken place (A).
Risk Factors
- High Geopolitics/Export Controls — Exports of leading-edge EUV and immersion DUV equipment to China are subject to Dutch government licensing, and regulations could be further tightened if the MATCH Act (passed by the House Foreign Affairs Committee 44-0 on 2026-04-22, still pre-vote) is enacted.
- High Customer Concentration — The top 2 customers account for approximately 38% of revenue (base year not available), and TSMC alone is estimated to absorb about 40% of EUV equipment deliveries (E).
- Medium-High Supply Chain/Production Concentration — Diversification of supply for key components (such as EUV light sources) is limited, and production facilities are concentrated in Veldhoven, the Netherlands (as stated in the 20-F, A).
- Medium Industry Cycle — Demand for semiconductor equipment is difficult to gauge given the timing of macroeconomic, geopolitical, and subsidy-policy factors; there was a margin-pressure period from 2023 to 2024 in which net income declined despite a modest increase in revenue.
Details of FX hedging policy, the status of intellectual property disputes, and ESG-related risks are not available within the scope of this research.
Recent News Timeline
- 2026-07-15 Q2 2026 earnings release — both revenue and margin exceeded prior guidance; full-year 2026 net sales guidance raised to €43-45billion for the second time (A)
- 2026-07-15 Intel announced the first commercial shipment of 18A-node logic products using ASML's High-NA EUV equipment (Twinscan EXE:5200B) (secondary source)
- 2026-07-27 Reports spread that a Shanghai-based Chinese state-owned enterprise had begun mass production of domestically made immersion DUV equipment; ASML's share price fell 6.7% on a closing-price basis (multiple secondary sources)
- 2026-07-28 Ex-dividend date (related to the 2026 interim dividend)
- 2026-08-05(scheduled) 2026 interim dividend of €1.88/share scheduled for payment (A)
2026-08-02 is a market holiday in the U.S. and the Netherlands, and no news published on that date was found.
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Fact Highlights
Generated by FomoLog Agent · Data sources: Korea Exchange, NASDAQ, DART, SEC EDGAR