ASML Company Profile
Filing-based Form 20-F metrics, trend charts, and company profile notes for ASML within the AI Infrastructure Economics module.
This company profile maps public filing metrics, operating context, and infrastructure exposure within CM Terminal’s personal analytical framework.
Company profile
Company Profile: ASML
Issuer-level ASML metrics for lithography equipment and EUV bottleneck economics within the AI Infrastructure Economics project.
Built from Form 20-F annual filings using the CM Terminal Analytics methodology.
FY2024 highlights
Revenue
€28,262.9M
Gross Margin
51.28%
Operating Margin
31.92%
R&D Intensity
15.23%
CapEx Intensity
7.31%
Four-year view
| Fiscal Year | Period Ended | Revenue | Gross Margin | Operating Margin | R&D Intensity | CapEx Intensity | Dataset row |
|---|---|---|---|---|---|---|---|
| 2021 | 2021-12-31 | €18,611.0M | 52.71% | 36.27% | 13.69% | 4.84% | Filing row |
| 2022 | 2022-12-31 | €21,173.4M | 50.54% | 30.70% | 15.37% | 6.05% | Filing row |
| 2023 | 2023-12-31 | €27,558.5M | 51.29% | 32.81% | 14.44% | 7.82% | Filing row |
| 2024 | 2024-12-31 | €28,262.9M | 51.28% | 31.92% | 15.23% | 7.31% | Filing row |
Source: ASML Form 20-F filings.
Revenue definition: Revenue uses ASML line item "Total net sales."
CapEx definition: Capital expenditure uses ASML cash flow statement line item "Purchase of property, plant and equipment."
Unit: All raw financial figures are stored in EUR millions.
Fiscal-year note: ASML fiscal year is calendar-year aligned in this issuer slice, with period ended December 31.
Dataset note: The Dataset row column records the label attached to each filing-backed row in the project dataset. Definitions appear in Analytics Methodology & Data Policy.
ASML Revenue Trend
Fiscal-year revenue from ASML Form 20-F figures.
Source: issuer filings; methodology documented separately.
Source: ASML Form 20-F filings. Amounts stored in EUR millions.
ASML Margin Trend
Gross margin and operating margin from ASML Form 20-F figures.
Source: issuer filings; methodology documented separately.
Source: ASML Form 20-F filings. Ratios calculated from stored EUR millions figures.
ASML Reinvestment Intensity Trend
R&D intensity and CapEx intensity calculated from ASML Form 20-F figures.
Source: issuer filings; methodology documented separately.
Source: ASML Form 20-F filings. Ratios calculated from stored EUR millions figures.
R&D intensity = R&D expense / revenue. CapEx intensity = capital expenditure / revenue.
What the filing data suggests
What ASML contributes to the AI Infrastructure Economics comparison as a lithography equipment bottleneck profile.
Main analytical tension
Equipment bottleneck economics vs customer CapEx cyclicality
ASML captures equipment bottleneck economics without owning fabrication capacity, but its demand still depends on foundry and semiconductor manufacturer CapEx cycles. The profile helps separate equipment scarcity from end-market timing risk.
Equipment-layer revenue base
Data basis
Revenue was €18,611.0M in FY2021 and €28,262.9M in FY2024.
Interpretation
ASML’s filing series points to a large equipment-layer revenue base with continued growth over the four-year window, but FY2024 growth was much slower than the FY2022–FY2023 expansion phase.
Stable high gross margin
Data basis
FY2021 gross margin was 52.71% and FY2024 gross margin was 51.28%.
Interpretation
ASML maintained a stable high gross margin profile around the low-50% range, consistent with a bottleneck equipment supplier rather than a commodity hardware manufacturer.
Equipment profitability without foundry-level CapEx burden
Data basis
FY2024 operating margin was 31.92% and CapEx intensity was 7.31%.
Interpretation
ASML’s operating margin remains high while direct CapEx intensity is far below manufacturing-heavy foundry and memory profiles. This reflects equipment-layer economics rather than wafer-fab capacity ownership.
R&D-heavy lithography bottleneck
Data basis
FY2024 R&D intensity was 15.23% and CapEx intensity was 7.31%.
Interpretation
ASML’s reinvestment mix is more R&D-heavy than direct-fab-capex-heavy, reflecting its role in lithography technology, EUV roadmap execution, and equipment-system complexity.
This profile is descriptive issuer-level analysis. Methodology and non-advisory boundaries are documented in Analytics Methodology & Data Policy.
Analytical difficulty
What this profile can show
ASML can prove that advanced lithography is a bottleneck enabler for leading-edge AI silicon manufacturing.
What this profile cannot isolate
It cannot prove AI-specific tool revenue. EUV and High NA relevance is mediated through customer CapEx cycles, logic and memory demand, service revenue, China mix, export controls, and broader semiconductor equipment timing. This makes ASML a bottleneck-equipment profile rather than a pure AI revenue proxy.
Main unresolved bridge
The unresolved bridge is connecting EUV and High NA demand to AI/HPC customer CapEx with greater specificity.
Reference
Source & Methodology
How the ASML profile data is sourced, stored, and interpreted.
Official sources
Primary inputs are ASML annual reports filed as Form 20-F. Links below use the filing URLs stored in the project metadata; fiscal-year rows map to the filing set noted for each slice.
Used for FY2021
ASML 2022 Annual Report based on US GAAP / Form 20-F (Form 20-F)
Used for FY2022, FY2023, FY2024
ASML 2024 Annual Report based on US GAAP / Form 20-F (Form 20-F)
At least one row's filing note references cross-checking FY2022 against another Form 20-F in the chain; see the underlying source note text in the dataset for that fiscal year.
Source notes
Income statement data comes from Consolidated Statements of Operations. Revenue uses "Total net sales." grossProfit uses "Gross profit." operatingIncome uses "Income from operations." rdExpense uses "Research and development costs." Capital expenditure uses the cash flow statement line item "Purchase of property, plant and equipment." Amounts are stored in EUR millions—aligned with the recurring language in the filing notes, without restating row-level figures here.
Fiscal-year treatment
ASML fiscal year is calendar-year aligned in this issuer slice, with period ended December 31, as stated in the filing notes for these rows.
When periodEnded is present on a row, it records the fiscal period end date for that fiscal year as stated in the filing trail for that row.
Metric construction
Raw metrics stored per fiscal year include revenue, grossProfit, operatingIncome, rdExpense, capitalExpenditure.
Derived metrics include revenueGrowth, grossMargin, operatingMargin, rdIntensity, capexIntensity. These ratios are calculated from the stored raw figures for the same row.
CapEx definition
Capital expenditure uses ASML's cash flow statement line item "Purchase of property, plant and equipment." Outflows are stored as positive magnitudes in this file for consistency with other issuers in the portfolio.
Currency treatment
This profile displays EUR millions from the project dataset and does not convert EUR figures into USD.
Dataset boundary
These rows are filing-based dataset records used for issuer-level analytics. Source rules, metric definitions, review terminology, and non-advisory boundaries are documented in Analytics Methodology & Data Policy.