Sample note. Numbers are illustrative placeholders, not live data.
The moat
ASML is the sole supplier of extreme ultraviolet lithography systems. There is no second source and the lead time to build one runs to decades. That is about as durable as competitive advantages get.
The complication
Durable is not the same as smooth. Orders arrive in lumps, customers can defer, and export controls can remove an entire geography from the addressable market in one announcement.
| Metric | Value |
|---|---|
| Backlog | €39B |
| EUV share of system sales | 48% |
| Gross margin | 51.3% |
| Forward P/E | 34.7x |
What I would want to see
A backlog that converts on schedule through a downturn. That is the test of whether the multiple is earned.
Educational content only. Not investment advice.