ASML Holding N.V.

Revenue is underpinned by a multi-quarter order backlog (roughly €36B at year-end 2024) and a growing installed base generating recurring service and upgrade revenue. Total net sales held above €21B in every fiscal year FY2021-FY2025, including through the FY2023 memory capex trough.

Revenue is concentrated in lithography equipment across two main product families: EUV systems (€11.6B FY2025) and DUV systems (€12.0B FY2025), plus service and upgrades on the installed base. End markets are limited to logic foundry and memory, leaving the business exposed to a single industry capex cycle.

In FY2025 no single country contributed more than roughly one-third of systems revenue (China ~33%, with Taiwan, Korea, and the United States providing the balance). FY2026 guidance models China falling to roughly 20% of sales, with Korean and US customers absorbing redirected High-NA capacity.

Gross margin held at 51-53% in both FY2024 and FY2025 as system ASPs rose from roughly $150M for early EUV to about $380M for High-NA EXE units. Systems output is capacity-constrained by complex ZEISS optics and Cymer light-source supply, limiting the operating leverage a pure software business would show.

FY2025 revenue split was roughly 72% systems and 28% service, field options, and upgrades (€9.1B), with the service portion recurring over decade-long tool lifecycles. Systems orders carry multi-year lead times and substantial cancellation penalties, giving the transactional book contract-like characteristics.