Overview
- Bank of America raised its ASML price target to $1,886 and increased 2026–2028 EPS estimates by 4%–6%, citing tight Foundry and DRAM supply.
- ASML reported Q4 2025 net sales of €9.7 billion and net income of €2.8 billion, with full-year 2025 net sales of €32.7 billion and quarterly bookings of €13.2 billion including €7.4 billion in EUV.
- For 2026, ASML guided Q1 net sales to €8.2–€8.9 billion and full-year net sales to €34–€39 billion with a gross margin of 51%–53%.
- The company maintains a near-total monopoly in EUV lithography that enables advanced nodes at TSMC, Samsung and Intel, as analysts highlight persistent supply tightness and capacity constraints at leading foundries.
- Risk discussions focus on higher logistics and energy costs linked to geopolitical tensions and on continuing export controls affecting China, while credible domestic Chinese EUV competition is viewed as unlikely before 2030.