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🐂 ASML — Company Profile (Teaching)

Teaching site, not investment advice. Specific market cap / stock price / earnings figures change frequently and are intentionally omitted. Use SEC + Yahoo Finance links below for real-time data.

📌 Basics

Dimension Content Source
Core business EUV / DUV lithography equipment — world's only EUV manufacturer (required for leading-edge nodes) 20-F annual report
Founded / HQ 1984 / Veldhoven, Netherlands wiki
CEO Christophe Fouquet (since 2024/04) Company announcement
Primary listing Dual: NASDAQ ADR (ASML) + Amsterdam (ASML.AS); 1 ADR = 1 ordinary share —
Foreign filer? Yes (Dutch company, files 20-F with SEC, not US-native 10-K) SEC
Fiscal year Calendar year (Jan 1 – Dec 31) —

💡 Real-time market cap / share price / latest quarterly revenue / EUV order backlog: see SEC primary + IR links below

🏭 Supply Chain Coordinates (Part 1-C6 framework)

Upstream (Who ASML depends on)

Supplier What flows Key dependency
Carl Zeiss SMT (ZEISS subsidiary, ASML holds 24.9% equity; ZEISS Group itself not listed. Note: IFNNY is Infineon ADR, NOT ZEISS) EUV optical lenses (Trumpf laser + Zeiss optics) Sole supplier, ASML in turn locks Zeiss capacity
Trumpf (German private) EUV extreme UV light source (CO2 laser) Sole supplier
Cymer (ASML acquired subsidiary) DUV laser source In-house

Downstream (Who depends on ASML)

Customer What flows Customer concentration
TSM 100% EUV (leading-edge nodes require ASML) ~40%+ of ASML revenue, extremely high concentration
Samsung Foundry (SSNLF OTC) EUV (memory + foundry) ~20%
INTC Foundry EUV (18A ramp, buying heavily) ~10-15%, upward trend
Chinese customers (mainly SMIC / YMTC / CXMT) DUV (mature node); EUV never sold to China (subject to Dutch + US export controls) ~20-25% revenue (all DUV)

Competitors

  • EUV equipment: 0 direct competitors — ASML 100% monopoly
  • DUV equipment (immersion / ArF): Nikon (Nikkei 7731) · Canon (CAJPY OTC ADR; NYSE CAJ voluntarily delisted 2023/03/06) — tiny share, mostly legacy market
  • Chinese domestic (SMEE): Volume DUV at 90 nm, far from leading-edge

💼 Business Model + Value Capture (Part 1-C7 view)

  • Revenue mix: Equipment sales ~70%+ (EUV ~40%, DUV ~30%) / Service + Field options ~25-30%
  • Gross margin: ~50%+ (lower during EUV ramp; mature phase can reach 60%+)
  • Pricing power: 1 High-NA EUV machine sells for $300M+, customers commit 10-year purchases — extremely strong
  • Substitution difficulty: Physical-layer strongest moat — 25 years of R&D + Zeiss optical partnership + massive validation. Even if Chinese SMEE goes all-out, physical optics + multi-source coordination is extremely hard; unlikely to break through within 5-10 years

🏰 Moat Assessment (Part 3-C2 Buffett 5-step lens)

Type Strength (0-1) Source
Brand 0.6 B2B equipment brand, customers recognize ASML but not as widely known as NVDA
Switching cost 0.7 Customer EUV process qualification 5-10 years, switching is impossible
Network effects 0.4 Process collaboration with foundries, but not classic network effects
Scale + cost 1.0 Sole EUV supplier, physical-layer monopoly, R&D + Zeiss partnership 25-year accumulation

Composite: 2.7 / 4 → physical-layer extremely strong moat (but single-customer TSM ~40%+ is concentration risk)

⚠️ Key Reverse-Trigger Conditions (Part 3-C5 anti-thesis view)

  • Trigger 1 (low probability, catastrophic): TSM concentration risk — any large TSM capex cut directly transmits to ASML
  • Trigger 2 (medium probability): Export controls expand — Dutch + US further restrict DUV exports to China (some high-end DUV already restricted)
  • Trigger 3 (low probability): China SMEE achieves EUV autonomy — physically very hard, unlikely within 5-10 years
  • Trigger 4 (event): TSM Arizona / Japan / Germany fab ramp delays → ASML equipment shipments pushed out
  • Trigger 5 (quarterly): EUV order push-outs (customers cancel / delay) — watch ASML quarterly backlog

🔗 Teaching Cross-References

📚 SEC Primary Public Filings (DYOR)

Real-time quote: Yahoo Finance ASML

Teaching use · numbers change — learn the method, not the specific figures · investment decisions are based on your own research + risk tolerance