ASML Holding N.V.

Name: ASML Holding N.V. financial statements and ratios
Creator: Annalist

ASML · Nasdaq · Technology, semiconductor equipment · Netherlands · US GAAP · Fiscal year ends December

Latest report: FY2025, the fiscal year ended 31 December 2025, released 25 February 2026. Snapshot FY2025_0badeae0.

Compare with peers Buyout model Excel JSON

Overview

Revenue, fiscal year

+15.6% year on year

Operating income, fiscal year

+25.3% year on year

Net income, fiscal year

+26.9% year on year

Diluted EPS, fiscal year

+28.4% year on year

Operating margin, fiscal year

+2.7pp year on year

Return on equity, fiscal year

+3.0pp year on year

Select a figure to see the document it came from.

Key Findings

Findings for the latest fiscal year, with their history over earlier years.

Revenue for the fiscal year ended 31 December 2025 was €32.7 billion, 15.6% higher than in the previous fiscal year.
Strengthenedin FY2025 · stated since FY202315.6% from 2.6% in FY2024
Rule: Revenue against the previous fiscal year · Sources 20-F 2025-12
History of this finding, 3 records
1. FY2025 StrengthenedRevenue for the fiscal year ended 31 December 2025 was €32.7 billion, 15.6% higher than in the previous fiscal year.Recorded from FY2025_0badeae0 · data update
2. FY2024 WeakenedRevenue for the fiscal year ended 31 December 2024 was €28.3 billion, 2.6% higher than in the previous fiscal year.Reconstructed · data update
3. FY2023 NewRevenue for the fiscal year ended 31 December 2023 was €27.6 billion, 30.2% higher than in the previous fiscal year.Reconstructed · initial
Net income attributable to the company for fiscal 2025 was €9.6 billion, 26.9% higher than in the previous fiscal year.
Newin FY2025 · first stated
Rule: Net income against the previous fiscal year · Sources 20-F 2025-12
History of this finding, 5 records
1. FY2025 NewNet income attributable to the company for fiscal 2025 was €9.6 billion, 26.9% higher than in the previous fiscal year.Recorded from FY2025_0badeae0 · data update
2. FY2025 RetiredThe finding changed to higher than a year earlier.Recorded from FY2025_0badeae0 · data update
3. FY2024 NewNet income attributable to the company for fiscal 2024 was €7.6 billion, 3.4% lower than in the previous fiscal year.Reconstructed · data update
4. FY2024 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
5. FY2023 NewNet income attributable to the company for fiscal 2023 was €7.8 billion, 39.4% higher than in the previous fiscal year.Reconstructed · initial
The operating margin for fiscal 2025 was 34.6%, 2.7 percentage points higher than a year earlier.
Newin FY2025 · first stated
Rule: Operating margin against a year earlier · Sources 20-F 2025-12
History of this finding, 5 records
1. FY2025 NewThe operating margin for fiscal 2025 was 34.6%, 2.7 percentage points higher than a year earlier.Recorded from FY2025_0badeae0 · data update
2. FY2025 RetiredThe finding changed to higher than a year earlier.Recorded from FY2025_0badeae0 · data update
3. FY2024 NewThe operating margin for fiscal 2024 was 31.9%, 0.9 percentage points lower than a year earlier.Reconstructed · data update
4. FY2024 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
5. FY2023 NewThe operating margin for fiscal 2023 was 32.8%, 2.1 percentage points higher than a year earlier.Reconstructed · initial
Return on equity for fiscal 2025 was 50.5%, against 47.4% a year earlier.
Newin FY2025 · first stated
Rule: Return on equity against a year earlier · Sources 20-F 2025-12, 20-F 2024-12
History of this finding, 5 records
1. FY2025 NewReturn on equity for fiscal 2025 was 50.5%, against 47.4% a year earlier.Recorded from FY2025_0badeae0 · data update
2. FY2025 RetiredThe finding changed to higher than a year earlier.Recorded from FY2025_0badeae0 · data update
3. FY2024 NewReturn on equity for fiscal 2024 was 47.4%, against 70.4% a year earlier.Reconstructed · data update
4. FY2024 RetiredThe finding changed to lower than a year earlier.Reconstructed · data update
5. FY2023 NewReturn on equity for fiscal 2023 was 70.4%, against 59.4% a year earlier.Reconstructed · initial
Free cash flow for fiscal 2025 was €11.1 billion, and operating cash flow was 1.3 times net income attributable to the company.
Interpretation. Operating cash flow paid for all capital expenditure, and the rest is free for dividends, share buybacks or debt repayment.
Strengthenedin FY2025 · stated since FY2023
Rule: Free cash flow · Sources 20-F 2025-12
History of this finding, 3 records
1. FY2025 StrengthenedFree cash flow for fiscal 2025 was €11.1 billion, and operating cash flow was 1.3 times net income attributable to the company.Recorded from FY2025_0badeae0 · data update
2. FY2024 StrengthenedFree cash flow for fiscal 2024 was €9.1 billion, and operating cash flow was 1.5 times net income attributable to the company.Reconstructed · data update
3. FY2023 NewFree cash flow for fiscal 2023 was €3.3 billion, and operating cash flow was 0.7 times net income attributable to the company.Reconstructed · initial
Cash and short-term investments exceeded total debt by €8.9 billion at 31 December 2025.
Strengthenedin FY2025 · stated since FY2023
Rule: Net debt or net cash · Sources 20-F 2025-12
History of this finding, 3 records
1. FY2025 StrengthenedCash and short-term investments exceeded total debt by €8.9 billion at 31 December 2025.Recorded from FY2025_0badeae0 · data update
2. FY2024 StrengthenedCash and short-term investments exceeded total debt by €8.1 billion at 31 December 2024.Reconstructed · data update
3. FY2023 NewCash and short-term investments exceeded total debt by €2.4 billion at 31 December 2023.Reconstructed · initial

Records before FY2025 are reconstructed from the latest snapshot. Ledger: findings.json.

Credit, liquidity, earnings quality and score findings: Analysis.

Data

Source documents5 documents, latest 20-F for the year to 31 December 2025List

DownloadsExcel workbook · JSON · Brief for AI

SnapshotFY2025_0badeae0

Corporate Events

Corporate events are listed for companies whose figures come from 10-K and 10-Q filings; none are listed for this company.

Earnings, Returns and Balance Sheet

Revenue

By fiscal year, euros

Operating Income

By fiscal year, euros

Net Income Attributable to the Company

By fiscal year, euros

Margins

By fiscal year, per cent

Returns

By fiscal year, per cent

Free Cash Flow

Operating cash flow less capital expenditure, by fiscal year, euros

Net Debt

Total debt less cash and short-term investments, at fiscal year end, euros

Diluted Earnings per Share

By fiscal year, as reported

Financial Statements

Figures as filed. Select a figure for its source document and method; a small d marks a figure derived from other figures of the same report.

The statements are loading. They are also available as JSON and CSV.

Ratios

Select a ratio for its formula and the figures it uses, each with its document; (i) gives its definition.

The ratios are loading.

Analysis

Credit update

FY2025

20-F for the year to 31 December 2025, filed 25 February 2026. Changes are against the previous report, and each figure shows its period.

0changes0thresholds crossed

Changes in This Report 0

No finding changed its state in the latest report.

Thresholds Crossed 0

No published finding crosses a threshold.

Fiscal years, with balances at each fiscal year end. Select a value for its formula and the figures it uses.

Credit MetricsDebt to EBITDA, reported 0.36x · FY2025

Lease-adjusted debt, EBITDA and cash flow on the definitions of S&P and Moody's, as far as the filings allow.

Debt was 0.4 times EBITDA for fiscal 2025 on reported figures, within the minimal band of the S&P standard volatility table. The filings do not give the lease figures that the adjustment needs, so the ratio uses debt and EBITDA as reported.
Interpretation. Debt to EBITDA shows how many years of EBITDA the debt equals, and FFO to debt the share of the debt that 1 year of cash flow after interest and taxes would repay. The S&P table sorts both into 6 bands; the minimal band is number 1 of 6, and a higher number means more debt against earnings.
Confirmedin FY2025 · stated since FY20230.36x from 0.47x in FY2024
Rule: Debt against the S&P benchmark bands · Sources 20-F 2025-12
History of this finding, 3 records
1. FY2025 ConfirmedDebt was 0.4 times EBITDA for fiscal 2025 on reported figures, within the minimal band of the S&P standard volatility table. The filings do not give the lease figures that the adjustment needs, so the ratio uses debt and EBITDA as reported.Recorded from FY2025_0badeae0 · data update
2. FY2024 ConfirmedDebt was 0.5 times EBITDA for fiscal 2024 on reported figures, within the minimal band of the S&P standard volatility table. The filings do not give the lease figures that the adjustment needs, so the ratio uses debt and EBITDA as reported.Reconstructed · data update
3. FY2023 NewDebt was 0.5 times EBITDA for fiscal 2023 on reported figures, within the minimal band of the S&P standard volatility table. The filings do not give the lease figures that the adjustment needs, so the ratio uses debt and EBITDA as reported.Reconstructed · initial

By Fiscal Year

Ratio	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Lease-adjusted debtBorrowings plus the obligations of long-term leases, such as rents of stores, offices and warehouses, which credit analysts count as debt.Total debt + operating lease liabilities	n/a	n/a	n/a
EBITA interest coverOperating profit before the amortisation of acquired intangible assets and goodwill impairment, divided by interest expense.(EBIT + amortisation of intangible assets + goodwill impairment) / interest expense
Liquid assets to debtCash and short-term investments as a share of lease-adjusted debt: the part of the debt that cash on hand could repay at once.(Cash + short-term investments) / lease-adjusted debt	n/a	n/a	n/a

Reconciliation of the Credit Figures

Item	FY202131 Dec 2021	FY202231 Dec 2022
Total debt	€4.6bn	€4.3bn
Operating lease liabilities	€162m	€197m
Lease-adjusted debt	€4.7bn	€4.5bn

Method

Lease-adjusted debt is total debt plus operating lease liabilities, before the deduction of cash. Adjusted EBITDA adds goodwill impairment, share-based compensation and operating lease cost to EBIT and depreciation and amortisation; restructuring and litigation charges, other impairments and profits on disposals stay in EBIT. FFO deducts cash interest, lease interest and cash taxes.
Lease interest is the average operating lease liability times the weighted average discount rate of the leases, or the implied cost of debt where the rate is not reported.
S&P applies its table to its own adjusted figures, which also deduct surplus cash and adjust for pensions and other items, so the band of an S&P calculation can differ.
The filings of ASML Holding N.V. do not report operating lease cost, so the lease-adjusted ratios are empty and debt to EBITDA on reported figures takes their place.

Liquidity and MaturitiesLiquidity cover 7.95x, Debt due within 12 months €1.7bn · FY2025

Cash and operating cash flow against debt due within 12 months, capital expenditure and dividends, with the debt maturities of the latest annual report.

Cash, short-term investments and operating cash flow for fiscal 2025 equalled 7.9 times the sum of debt due within 12 months, capital expenditure and dividends.
Interpretation. Cash on hand and 1 year of operating cash flow pay for the debt due in the next 12 months, capital expenditure and dividends, without new borrowing. Undrawn credit lines are not counted.
Confirmedin FY2025 · stated since FY20237.95x from 7.77x in FY2024
Rule: Liquidity cover · Sources 20-F 2025-12
History of this finding, 3 records
1. FY2025 ConfirmedCash, short-term investments and operating cash flow for fiscal 2025 equalled 7.9 times the sum of debt due within 12 months, capital expenditure and dividends.Recorded from FY2025_0badeae0 · data update
2. FY2024 StrengthenedCash, short-term investments and operating cash flow for fiscal 2024 equalled 7.8 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · data update
3. FY2023 NewCash, short-term investments and operating cash flow for fiscal 2023 equalled 5.8 times the sum of debt due within 12 months, capital expenditure and dividends.Reconstructed · initial

Sources and Uses, Fiscal 2025

Sources	Amount
Cash and short-term investments	€13.3bn
Operating cash flow	€12.7bn
Sources	€26.0bn

Uses	Amount
Debt due within 12 months	€1.7bn
Capital expenditure	€1.6bn
Dividends paid	€0
Uses	€3.3bn

Liquidity cover 7.95x

Debt Maturities at 31 December 2025

Principal due by fiscal year, euros

FY2026	FY2027	FY2028	FY2029	FY2030	After FY2030	Total
€1.7bn	€752m	€1.8m	€752m	€752m	€507m	€4.5bn

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024
Liquidity coverCash on hand plus a year of operating cash flow, against the cash needed in the next 12 months for maturing debt, capital spending and dividends. Above 1, these sources cover the uses without new borrowing.(Cash + short-term investments + operating cash flow) / (debt due within 12 months + capital expenditure + dividends); the flows of the fiscal year or of the last 4 quarters are taken as those of the next 12 months, and undrawn facilities are not included
Debt due within 12 monthsBorrowings due within the next 12 months, which the company must repay or refinance.The larger of long-term debt maturing within 12 months in the maturity schedule and the current portion of long-term debt, + short-term borrowings
Maturity concentrationThe largest amount of debt due in a single year of the next 5, as a share of the debt in the schedule. A high share means the repayments are concentrated in 1 year.Largest single year of debt maturing within 5 years / total debt in the maturity schedule	n/a	n/a	n/a	n/a

Method

Debt due within 12 months is the larger of the first year of the maturity schedule and the current portion of long-term debt, plus short-term borrowings. The schedule of a quarterly report can cover the rest of the fiscal year only and leaves out finance leases.
Capital expenditure and dividends of the fiscal year are taken as those of the next 12 months. Undrawn credit facilities are not included.

Earnings QualityCash-flow accruals −6.2%, Operating cash flow to EBITDA 1.03x · FY2025

Accruals and the cash backing of reported earnings.

Operating cash flow for fiscal 2025 exceeded net income attributable to the company by an amount equal to 6.2% of average total assets.
Interpretation. The profit came in as cash: operating cash flow was larger than net income. Profit backed by cash tends to repeat more than profit made of accounting entries (Sloan, 1996).
Weakenedin FY2025 · stated since FY2024−6.2% from −8.1% in FY2024
Rule: Cash backing of earnings · Sources 20-F 2025-12
History of this finding, 4 records
1. FY2025 WeakenedOperating cash flow for fiscal 2025 exceeded net income attributable to the company by an amount equal to 6.2% of average total assets.Recorded from FY2025_0badeae0 · data update
2. FY2024 NewOperating cash flow for fiscal 2024 exceeded net income attributable to the company by an amount equal to 8.1% of average total assets.Reconstructed · data update
3. FY2024 RetiredThe finding changed to earnings backed by cash.Reconstructed · data update
4. FY2023 NewNet income attributable to the company for fiscal 2023 exceeded operating cash flow by an amount equal to 6.3% of average total assets.Reconstructed · initial

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Cash-flow accrualsNet income less operating cash flow, against average assets: the part of profit not received in cash in the same period. Research associates high accruals with lower earnings in later years; a negative figure means cash exceeded profit.(Net income attributable to the company - operating cash flow) / average total assets
Balance sheet accrualsThe same gap between profit and cash, measured from the changes in the balance sheet (Sloan, 1996).[(Change in current assets - change in cash) - (change in current liabilities - change in short-term debt - change in taxes payable) - depreciation and amortisation] / average total assets (Sloan, 1996)
Total accrualsAccruals that also cover long-term operating and financial assets and liabilities (Richardson, Sloan, Soliman and Tuna, 2005). Acquisitions raise the figure.Change in net operating working capital, net non-current operating assets and net financial assets / average total assets (Richardson, Sloan, Soliman and Tuna, 2005)
Operating cash flow to EBITDAOperating cash flow against EBITDA: the part of operating profit before depreciation that turns into cash after interest, tax and changes in stock, receivables and payables.Operating cash flow / (operating income + depreciation and amortisation)
Free cash flow to net incomeFree cash flow against net income. Below 1, investment and working capital take up part of the profit.(Operating cash flow - capital expenditure) / net income attributable to the company
Working capital investment to revenueCash put into receivables and stock, less extra credit from suppliers and customers, as a share of revenue. A positive figure means growth or slower collection uses cash.(Increase in receivables + increase in inventories - increase in payables - increase in contract liabilities) / revenue

Method

Cash-flow accruals are net income attributable to the company less operating cash flow, over average total assets. Balance sheet accruals follow Sloan (1996) and total accruals Richardson, Sloan, Soliman and Tuna (2005).
Balance sheet and total accruals include the assets and liabilities that acquisitions bring in and disposals take out; cash-flow accruals exclude them.

Forensic and Distress ScoresAltman Z'' 4.13, Beneish −3.02 · Piotroski 7 of 9 · FY2025

Published distress and misstatement models, with their original coefficients and thresholds.

The Altman Z'' score for fiscal 2025 was 4.13, above the safe threshold of 2.60.
Interpretation. By this model, the balance sheet and earnings look like those of companies that did not go bankrupt in its original study: above 2.60 means safe, below 1.10 distress.
Confirmedin FY2025 · stated since FY20234.13 from 4.30 in FY2024
Rule: Altman Z'' zone · Sources 20-F 2025-12
History of this finding, 3 records
1. FY2025 ConfirmedThe Altman Z'' score for fiscal 2025 was 4.13, above the safe threshold of 2.60.Recorded from FY2025_0badeae0 · data update
2. FY2024 ConfirmedThe Altman Z'' score for fiscal 2024 was 4.30, above the safe threshold of 2.60.Reconstructed · data update
3. FY2023 NewThe Altman Z'' score for fiscal 2023 was 4.40, above the safe threshold of 2.60.Reconstructed · initial
The Beneish M-score for fiscal 2025 was minus 3.02, below the model threshold of minus 1.78.
Interpretation. The model finds no sign of earnings manipulation. Beneish (1999) set a threshold of minus 1.78, above which a company resembles the companies that manipulated their earnings.
Strengthenedin FY2025 · stated since FY2023−3.02 from −2.82 in FY2024
Rule: Beneish M-score against its threshold · Sources 20-F 2025-12
History of this finding, 3 records
1. FY2025 StrengthenedThe Beneish M-score for fiscal 2025 was minus 3.02, below the model threshold of minus 1.78.Recorded from FY2025_0badeae0 · data update
2. FY2024 StrengthenedThe Beneish M-score for fiscal 2024 was minus 2.82, below the model threshold of minus 1.78.Reconstructed · data update
3. FY2023 NewThe Beneish M-score for fiscal 2023 was minus 2.23, below the model threshold of minus 1.78.Reconstructed · initial
The Piotroski F-score for fiscal 2025 was 7 of 9. The 2 signals not met were current ratio higher than a year earlier and asset turnover higher than a year earlier.
Interpretation. The score counts how many of 9 tests of profit, debt, liquidity and efficiency the company passes. A score of 7 to 9 is the strongest group: Piotroski (2000) placed 0 to 3 in the weakest.
Newin FY2025 · first stated
Rule: Piotroski F-score · Sources 20-F 2024-12, 20-F 2025-12
History of this finding, 5 records
1. FY2025 NewThe Piotroski F-score for fiscal 2025 was 7 of 9. The 2 signals not met were current ratio higher than a year earlier and asset turnover higher than a year earlier.Recorded from FY2025_0badeae0 · data update
2. FY2025 RetiredThe finding changed to a high score.Recorded from FY2025_0badeae0 · data update
3. FY2024 NewThe Piotroski F-score for fiscal 2024 was 6 of 9. The 3 signals not met were return on assets higher than a year earlier, margin higher than a year earlier and asset turnover higher than a year earlier.Reconstructed · data update
4. FY2024 RetiredThe finding changed to a middle score.Reconstructed · data update
5. FY2023 NewThe Piotroski F-score for fiscal 2023 was 7 of 9. The 2 signals not met were operating cash flow above net income and long-term debt to assets lower than a year earlier.Reconstructed · initial

By Fiscal Year

Ratio	FY202131 Dec 2021	FY202231 Dec 2022	FY202331 Dec 2023	FY202431 Dec 2024	FY202531 Dec 2025
Altman Z'' scoreA measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.6.56 x working capital / total assets + 3.26 x retained earnings / total assets + 6.72 x EBIT / total assets + 1.05 x total equity / total liabilities (Altman, 1995); distress zone below 1.10, safe zone above 2.60	safe zone	safe zone	safe zone	safe zone	safe zone
Beneish M-scoreA screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.-4.84 + 0.920 DSRI + 0.528 GMI + 0.404 AQI + 0.892 SGI + 0.115 DEPI - 0.172 SGAI + 4.679 TATA - 0.327 LVGI (Beneish, 1999); model threshold -1.78	below threshold	below threshold	below threshold	below threshold	below threshold
Dechow F-scoreThe probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.Predicted probability of a misstatement (model 1 of Dechow, Ge, Larson and Sloan, 2011) / 0.0037, the unconditional probability; 1 equals the base rate	n/a
Piotroski F-scoreA count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.Number of 9 binary signals met on profitability, cash flow, debt, liquidity, equity issuance, margin and asset turnover (Piotroski, 2000)	n/a

Altman Z'' Score

fiscal 2025

A measure of the risk of financial distress, built from working capital, retained earnings, operating profit and equity. Above 2.60 the model counts a company as safe and below 1.10 as in distress; between the 2 is a grey zone.

Distress zone, below 1.10

Grey zone, 1.10 to 2.60

4.13Safe zone, above 2.60

The score of 4.13 is in the safe zone of the model, above 2.60. The largest part is operating profit, at 1.50.

Part	Value	Coefficient	Contribution
Working capital / total assetsCurrent assets less current liabilities, against total assets: the short-term funds available for operations.	0.126	6.560	0.824
Retained earnings / total assetsProfits kept in the business over its life, against total assets.	0.348	3.260	1.134
EBIT / total assetsOperating profit against total assets: the earning power of the assets.	0.223	6.720	1.502
Total equity / total liabilitiesBook equity against liabilities: how far the assets could fall in value before liabilities exceed them.	0.634	1.050	0.665
Score			4.125

Altman, Hartzell and Peck (1995), for non-manufacturing companies. The model omits the ratio of sales to total assets of the 1968 model and uses book equity. Working capital below zero and equity reduced by share repurchases lower the score.

Beneish M-score

fiscal 2025

A screen for earnings manipulation, built from 8 changes in the accounts, such as receivables growing faster than sales. Above minus 1.78 the model groups a company with the companies in the Beneish sample that manipulated their earnings.

−3.02Below the threshold, −1.78 and below

Above the threshold, above −1.78

The score of minus 3.02 is below the model threshold of minus 1.78. Of the 8 measures, sales growth raises the score most.

Part	Value	Coefficient	Contribution
Intercept			−4.840
Days sales in receivables indexReceivables against sales, against a year earlier. A rise can mean sales recorded before customers pay.	0.584	0.920	0.537
Gross margin indexGross margin a year earlier against the current gross margin. Above 1, margins fell, which the model treats as a risk factor.	0.971	0.528	0.512
Asset quality indexAssets other than current assets and property, plant and equipment, as a share of total assets, against a year earlier. A rise can mean more costs recorded as assets.	1.053	0.404	0.425
Sales growth indexSales against a year earlier. The model treats fast growth as a risk factor.	1.156	0.892	1.031
Depreciation indexThe rate of depreciation a year earlier against the current rate. Above 1, depreciation slowed, which raises profit.	0.992	0.115	0.114
Selling, general and administrative expenses indexOverheads against sales, against a year earlier.	0.934	−0.172	−0.161
Total accruals to total assetsNet income less operating cash flow, against total assets: profit not backed by cash. It carries the largest coefficient in the model.	−0.060	4.679	−0.282
Leverage indexDebt against total assets, against a year earlier.	1.092	−0.327	−0.357
Score			−3.020

Beneish (1999), estimated on 74 companies identified as earnings manipulators in SEC enforcement releases and the press for 1982 to 1992, against 2,332 Compustat companies. The model classes a score above minus 1.78 with the first group. An index whose inputs are not reported counts as 1.

Dechow F-score

fiscal 2025

The probability of a material misstatement in the accounts, estimated from accruals, receivables, stock, cash sales, profitability and new financing, against the average. A score of 1 means average risk and 2 means twice the average.

A score of 0.87 means a probability of a misstatement 0.87 times the average rate in the Dechow sample: 0.32% against 0.37%.

Part	Value	Coefficient	Contribution
Intercept			−7.893
Total accruals (Richardson, Sloan, Soliman and Tuna)Total accruals: the growth of operating and financial assets net of liabilities, against average assets.	0.019	0.790	0.015
Change in receivables / average total assetsThe growth of receivables against average assets.	−0.029	2.518	−0.074
Change in inventories / average total assetsThe growth of stock against average assets.	0.011	1.191	0.013
Assets other than cash and property, plant and equipment / total assetsAssets other than cash and property, plant and equipment, as a share of total assets: assets whose value depends more on judgement.	0.588	1.979	1.165
Change in cash salesThe growth of sales collected in cash.	0.213	0.171	0.037
Change in return on assetsThe change in return on assets against a year earlier. A fall raises the score.	0.023	−0.932	−0.021
Debt or equity issued in the year, 1 or 01 when the company issued shares or debt in the year.	1.000	1.029	1.029
Predicted value			−5.730
Probability of a misstatement			0.32%

Model 1 of Dechow, Ge, Larson and Sloan (2011), estimated on misstatements named in SEC Accounting and Auditing Enforcement Releases. The score is the predicted probability of a misstatement over 0.37%, the unconditional probability in their sample, so 1.00 equals that base rate.

Piotroski F-score

fiscal 2025

A count of 9 yes or no tests on profitability, cash flow, debt, liquidity, new shares, margins and the use of assets. A score of 7 to 9 indicates improving strength and 0 to 3 indicates weakness.

7 of the 9 tests are met, in the high group of 7 to 9.

Signal	FY2025	FY2024
Return on assets above zero	Met	Met
Operating cash flow above zero	Met	Met
Return on assets higher than a year earlier	Met	Not met
Operating cash flow above net income	Met	Met
Long-term debt to assets lower than a year earlier	Met	Met
Current ratio higher than a year earlier	Not met	Met
No common equity issued	Met	Met
Margin higher than a year earlier	Met	Not met
Asset turnover higher than a year earlier	Not met	Not met

Piotroski (2000), 9 signals on profitability, funding and operating efficiency, designed for companies with high book-to-market ratios. Piotroski grouped scores of 8 and 9 as high and 0 and 1 as low; the findings group 7 to 9 and 0 to 3.

Source Documents

Documents of this snapshot, latest first.

Document	Date	Id
20-F for the year to 31 December 2025	25 Feb 2026	20-F:0001628280-26-011378
20-F for the year to 31 December 2024	5 Mar 2025	20-F:0000937966-25-000009
20-F for the year to 31 December 2023	14 Feb 2024	20-F:0000937966-24-000008
20-F for the year to 31 December 2022	15 Feb 2023	20-F:0000937966-23-000014
20-F for the year to 31 December 2021	9 Feb 2022	20-F:0000937966-22-000013

Checks

258258 checks, all passed

Fiscal calendar11 passedFiscal years last 350 to 380 days, and each starts on the day after the one before. Checked at error level.

Coverage2 passedThe latest fiscal year gives total assets and a profit figure. Checked at error level.

Balance sheet structure6 passedTotal assets equal liabilities, temporary equity and total equity. Checked at warning level.

Gross profit6 passedRevenue less cost of sales equals the gross profit that the company presents. A gross profit that differs is withheld, and so is a cost of sales that the company gives without gross profit. Checked at warning level.

Earnings per share6 passedProfit divided by earnings per share gives a number of shares in line with the other years. Checked at warning level.

Agreement between annual reports227 passedA value of a year that the annual report of the year and that of the next year give in the same amount. A value that the later report gives differently is listed as a restatement, and the later value is used. Checked at warning level.

Data Quality

How many values of this snapshot the checks prove, and how many Annalist derives, withholds and tracks as restated. Every company.

Values published	308
Confirmed by other figures	76.3%, 235 values
Confirmed by a second document	73.7%, 227 values
Derived from reported figures	0.0%, 0 values
Values withheld	0
Restated figures tracked	41
Changes compared on one basis	0
Company lines mapped	0 of 0 reviewed

Citation

Annalist, ASML Holding N.V., snapshot asml/FY2025_0badeae0 (as of FY2025); <item label>, <period>; source <document id> (<document url>)

Snapshot FY2025_0badeae0 · dataset SHA-256 0badeae037fc1ea1373257b3b6e40725486da9cbe9ed6e381f3e1789b48ee387 · findings rules 0.5

Data: info.json · dataset.json · validation.json · documents.json