ASM International
ConvictionContext
Sells capital equipment (ALD, epitaxy, PECVD, vertical furnaces, PEALD) to chipmakers, plus a growing high-margin recurring Spares & Services annuity attached to the installed base. R&D-heavy, fab-light; revenue is cyclical and tied to leading-edge WFE (wafer fab equipment) capex.
Revenue
FY2025 revenue EUR 3.2Brecord; ~$3.5B), +12% at constant currency; Q1 2026 revenue EUR 862.5M (~$0.93B), +16% cc YoY (+3% as reported, on EUR/USD FXRev growth
FY2025 +12% ccQ1 2026 +16% cc YoY (+23.5% QoQ reported, from EUR 698.3M in Q4 2025Gross margin
FY2025 51.8%record); Q1 2026 53.3%Op margin
FY2025 30.2%record, reported); Q1 2026 33.1% adjusted (quarterly record), 32.2% reportedCapex intensity
Low-to-moderatefab-light equipment maker; capex historically mid-single-digit % of revenue (exact FY2026 figure not separately disclosed in summary results — treat as estimateMarket cap
~$55.3BADR basis, as of 2026-07-01; ~EUR 47.6B on the Amsterdam ordinary shares). Primary listing Euronext Amsterdam (ASM.AS); US OTC ADR ASMIYThe read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07 (FY2025 audited results reported 2026-03-03; Q1 2026 reported 2026-04-21; market cap as of 2026-07-01)· sign in (free) for the analyst summary; Pro unlocks full intelligence