One-glance verdict
Overvalued
$399.33 our estimate vs market $958.96
Wall Street consensus: $1,510.00 (278.1% higher than our fair-value estimate)
140% above our estimate, beyond the bull case
Fundamentals snapshot
ASM International NV
ASMIY · OQX · Technology · Semiconductor Equipment & Materials
Current price
$958.96
52-week range
$490.04 - $1,248.72
Market cap
$46.93B
Balance sheet
Healthy
1,042.33x Strong cushion
Net cash $1.29B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
2 Risks
3 rewards · 2 risks
- Reward Revenue grew 8.2% last year.
- Reward Returns 26.8% on equity, ahead of 16% of its peers.
- Risk Stock trades 2.1% above its 5-year average P/E.
- Risk Insider ownership is only 0.0% (peer median: 0.3%).
What this company does
ASM International NV
ASM International builds and sells the complex, high-tech machinery that other companies use to manufacture computer chips, which are the tiny electronic brains inside phones, cars, and computers. They are a key player in the global technology supply chain (the network of businesses that create and distribute a product) because their specialized equipment is essential for making the world's most advanced chips. As electronics become more powerful, the demand for ASMI's unique tools tends to increase.
How the company got here
Founded in the Netherlands in 1968 by Arthur del Prado, ASM International played a pioneering role in developing key technologies for making computer chips. The company was instrumental in advancing processes that are now standard in the industry, including lithography (a printing process for circuits), deposition (adding thin layers of materials), and epitaxy (growing crystalline layers). A pivotal moment came in 1999 when it acquired a small Finnish company with groundbreaking technology in Atomic Layer Deposition (ALD), a technique for creating ultra-thin, perfect layers of materials. This acquisition positioned ASM as a future leader in producing the complex, multi-layered chips needed for advanced electronics. Over the years, ASM also spun off other successful semiconductor companies, including ASML and ASM Pacific Technology.
What it actually does
ASM International builds and sells highly sophisticated machines that semiconductor manufacturers use to create computer chips. Think of a computer chip as a miniature skyscraper built on a round slice of silicon called a wafer; ASM's machines are like the specialized construction equipment used to add incredibly thin, perfectly even layers of different materials onto that wafer. These layers form the tiny transistors and circuits that allow a chip to function. The company's customers are the big names that make the chips found in everything from smartphones and computers to cars and data centers.
Atomic Layer Deposition (ALD)
This is ASM's most important business, making up more than half of its equipment revenue. ALD is an advanced technique for depositing material one atomic layer at a time, which gives chipmakers extremely precise control over the thickness and quality of the films they create. This precision is essential for building the smallest and most powerful next-generation transistors (the tiny on/off switches that are the basic building blocks of a chip). Companies like Intel, Samsung, and TSMC pay ASM for these machines to build the most advanced chips for high-end electronics.
Epitaxy (Epi)
Epitaxy is a process for growing very pure, single-crystal layers of material on top of a silicon wafer. Imagine it like laying a perfect, flawless foundation before constructing the rest of the chip's 'skyscraper'. This process is crucial for creating high-performance transistors, especially for advanced 3D chip designs. Chipmakers buy ASM's epitaxy machines to ensure the foundational layers of their chips have the perfect structure needed for speed and efficiency. This segment is a significant part of ASM's business, particularly for advanced logic and memory chips.
PECVD and Vertical Furnaces
This category includes other important deposition techniques. PECVD (Plasma-Enhanced Chemical Vapor Deposition) uses a plasma to deposit insulating or conducting layers at lower temperatures than traditional methods, which is useful for certain delicate steps in chipmaking. Vertical Furnaces are large machines that process big batches of wafers at once, performing layering and other thermal treatments like diffusion (modifying silicon by adding atoms) and oxidation (creating an insulating layer). These tools are workhorses in the industry, valued for their high productivity (the ability to process many wafers at once) in making a wide range of chips.
Spares & Services
Beyond selling new machines, ASM makes a significant and growing portion of its money by supporting the equipment it has already sold. This includes selling spare parts, providing maintenance and service, and offering upgrades to keep the highly complex machines running efficiently in its customers' factories. This business provides a steady stream of revenue, as chip factories run 24/7 and cannot afford downtime. In 2025, this part of the business grew by 18%, showing its increasing importance.
What management is betting on now
Management is focused on expanding its leadership in ALD technology, which is critical for the industry's move to even smaller and more complex chip designs, like the upcoming 2-nanometer and 1.4-nanometer nodes (a measure of how small the components on a chip are). They are also investing heavily in developing new materials and processes, such as those for advanced memory chips and power-efficient semiconductors. The company is expanding its manufacturing capacity to meet expected high demand and aims to grow faster than the overall semiconductor equipment market. A key part of their strategy is to win new applications for their tools with every new generation of chip technology that their customers develop.
Price history
How the share price has moved
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Is it cheap or expensive?
Fair value $399.33 vs current price $958.96
Wall Street consensus is the average analyst price target: $1,510.00 (278.1% higher than our fair-value estimate).
Our most-likely fair value is $399.33 a share — about 58.4% below today's price of $958.96, so the stock currently looks expensive (overvalued).
Is it drowning in debt?
Healthy
Net cash $1.3B - more cash than debt. Interest coverage 1042.3x.
Net debt
$-1.29B
Interest coverage
1,042.33x
ASM International NV's profit covers its interest bill about 1042.3 times over. which is stronger than every peer shown here.
Healthy
Worse cushion
Baseline
Better cushion
ASMIY
BASELINE
ASM International NV
Total debt $81.87M Interest coverage 1,042.33x This is the baseline the peer rows are being compared against.
Total debt $7.35B Interest coverage 31.49x -97% vs ASMIY Carries about 33.1x less debt cushion than ASMIY.
Total debt $4.12B Interest coverage 52.27x -95% vs ASMIY Carries about 19.9x less debt cushion than ASMIY.
Total debt $6.15B Interest coverage 19.90x -98% vs ASMIY Carries about 52.4x less debt cushion than ASMIY.
Total debt $3.56B Interest coverage 4.62x -100% vs ASMIY Carries about 225.5x less debt cushion than ASMIY.
Total debt $100.13M Interest coverage 100.59x -90% vs ASMIY Carries about 10.4x less debt cushion than ASMIY.
What you should know
The case for and against ASMIY
3 Rewards
2 Risks
Rewards
-
Revenue grew 8.2% last year.
-
Returns 26.8% on equity, ahead of 16% of its peers.
-
Free cash flow was positive in 4/10 years.
Risks
-
Stock trades 2.1% above its 5-year average P/E.
-
Insider ownership is only 0.0% (peer median: 0.3%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
37.87x
Forward P/E
26.47x
P/B
9.09x
P/S
13.95x
EV/EBITDA
39.71x
PEG ratio
1.21x
Profitability
How much profit each dollar creates
Gross margin
51.8%
Operating margin
32.2%
Net margin
31.9%
ROE
26.8%
ROA
11.5%
Health
Liquidity and balance-sheet strength
Debt / equity
0.02x
Current ratio
2.17x
Quick ratio
1.65x
Total debt
$81.87M
Total cash
$1.37B
Growth
How the business has been compounding
Revenue TTM
$3.91B
Revenue 5Y CAGR
9.6%
EPS TTM
25.32
EPS 5Y CAGR
22.8%
Cash flow
How much cash the business throws off
Operating CF TTM
$1.23B
Free CF TTM
$688.19M
FCF margin
17.6%
Dividend
Shareholder payout
Yield
0.4%
Payout ratio
14.9%
Last ex-div date
2026-05-14