ZEISS-SMT·Lithography optics & semiconductor process-control (EUV/DUV projection optics, photomask repair/metrology, wafer inspection & metrology)Pre-IPO · Private

Carl Zeiss SMT

ConvictionContext

B2B ultra-precision optics & systems maker. Three lines: (1) Semiconductor Manufacturing Optics -- EUV/DUV projection + illumination optics sold effectively exclusively to ASML (deep co-development; ASML is a 24.9% owner); (2) Photomask Systems -- mask analysis/repair (AIMS EUV) sold to mask shops & fabs; (3) Process Control Solutions -- X-ray/e-beam/FIB-SEM wafer inspection & metrology sold to fabs. Capital-intensive, decades-long precision manufacturing; patient foundation capital, no external equity.

Revenue

EUR5.055B~$5.6B USD) for FY2024/25 (ended 2025-09-30

Rev growth

+23% YoY currency-adjustedfrom EUR4.122B in FY2023/24

Gross margin

not disclosedsegment-level

Op margin

not disclosed at SMT segment levelZEISS Group EBIT margin was 13% in FY2024/25 (EUR1.552B EBIT on EUR11.896B revenue, +7% YoY). SMT is widely regarded as the group's highest-margin, fastest-growing segment but the split is not published.

Capex intensity

High -- SMT is the primary driver of ZEISS Group capexgroup capex was EUR1.294B (~11% of group revenue) in FY2024/25, with SMT expanding Oberkochen/Jena capacity to meet high-NA EUV and immersion-DUV optics demand. Segment-specific capex not disclosed.

Valuation

Not publicly traded. Division of Carl Zeiss AG100% owned by the Carl Zeiss Foundation / Carl-Zeiss-Stiftung); ASML holds a 24.9% minority stake in Carl Zeiss SMT GmbH acquired in 2016 for EUR1.0B in cash (plus a ~EUR760M R&D/capex commitment), which implied a ~EUR4B standalone equity value at that time. Current standalone valuation not disclosed; given ~EUR5B revenue growing 23% and a sole-source position, it is materially higher than the 2016 mark, but no priced round or public quote exists.

Valuation trail

No priced round since 2016; analyst-triangulated standalone mark on EUR5.055B FY2024/25 revenue at a conservative semi-cap EV/sales multiple -- implied, NOT a disclosed transaction6.3× since Nov 2016

2 marks · Nov 2016–2025

private — no public price

Priced round Secondary / SPAC mark

Only the 2016 ASML stake purchase is a real priced transaction; foundation ownership means there are no VC-style primary rounds. The 2025 point is an analyst-inferred standalone mark (the ~EUR20-30B implied-EV range in the valuation section), included to show trajectory -- it is an estimate, not a disclosed round or secondary sale, and no re-pricing of ASML's 24.9% stake has been published.

The read

Where our coverage leans

Coverage leans bullish

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Full financial intelligence for Carl Zeiss SMT

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

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Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07 (latest full year: ZEISS fiscal 2024/25, ended 2025-09-30; results published Dec 2025)· sign in (free) for the analyst summary; Pro unlocks full intelligence