Question 1

What is ASML's P/FCF ratio?

Accepted Answer

ASML (ASML) P/FCF ratio is 61.9× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for ASML?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For ASML specifically, the relevant sector benchmark is the current sector median of 21.8×.

Question 5

Is ASML's P/FCF ratio high or low?

Accepted Answer

ASML's P/FCF ratio of 61.9× is above its own 5-year average of 50.6× and above the sector median of 21.8×. That places the current reading at the 77th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is ASML's historical P/FCF ratio range?

Accepted Answer

In the available daily series, ASML (ASML) P/FCF ratio has ranged from a low of 5.3× in 2011 to a high of 329.4× in 2013. The 5-year average is 50.6× and the 5-year median is 32.6×.

Question 7

What was ASML's P/FCF ratio in 2025?

Accepted Answer

ASML (ASML) P/FCF ratio at the end of 2025 was 33.0×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does ASML's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$413B	$12.5B	33.0×	+6.2×	Dec 31, 2025
2024	$273B	$10.2B	26.8×	-53.9×	Dec 31, 2024
2023	$282B	$3.49B	80.7×	+51.3×	Dec 31, 2023
2022	$216B	$7.32B	29.5×	+2.4×	Dec 31, 2022
2021	$322B	$11.9B	27.1×	-23.5×	Dec 31, 2021
2020	$204B	$4.02B	50.6×	+4.4×	Dec 31, 2020
2019	$124B	$2.69B	46.2×	+24.2×	Dec 31, 2019
2018	$65.6B	$2.97B	22.0×	-21.7×	Dec 31, 2018
2017	$76.1B	$1.74B	43.7×	+12.5×	Dec 31, 2017
2016	$47.9B	$1.53B	31.2×	+10.4×	Dec 31, 2016
2015	$38.1B	$1.83B	20.9×	-32.7×	Dec 31, 2015
2014	$46.6B	$870M	53.6×	+16.6×	Dec 31, 2014
2013	$41.5B	$1.12B	37.0×	-6.8×	Dec 31, 2013
2012	$29.1B	$664M	43.9×	+36.8×	Dec 31, 2012
2011	$17.4B	$2.46B	7.0×	-8.7×	Dec 31, 2011
2010	$16.7B	$1.06B	15.7×	—	Dec 31, 2010
2009	$14.8B	-$16.4M	—	—	Dec 31, 2009
2008	$7.79B	$73.1M	106.6×	+87.0×	Dec 31, 2008
2007	$13.5B	$691M	19.6×	-5.0×	Dec 31, 2007
2006	$13.1B	$535M	24.5×	+10.6×	Dec 31, 2006
2005	$10.9B	$788M	13.9×	-26.9×	Dec 31, 2005
2004	$8.65B	$212M	40.8×	+19.4×	Dec 31, 2004
2003	$10.9B	$510M	21.4×	—	Dec 31, 2003
2002	$4.54B	—	—	—	Dec 31, 2002


Zebra Technologies (ZBRA)	12.2×
Skyworks Solutions (SWKS)	11.9×
Cognizant (CTSH)	11.8×
NetApp (NTAP)	11.5×
Duolingo (DUOL)	11.1×
Block (XYZ)	11.0×
QUALCOMM (QCOM)	10.8×
Leidos Holdings (LDOS)	10.8×
Workday (WDAY)	10.5×
Salesforce (CRM)	10.5×
Qorvo (QRVO)	10.4×
Adobe (ADBE)	9.8×
Accenture (ACN)	9.6×
Strategy (MSTR)	9.2×
Gartner (IT)	8.8×
Fidelity National Information Services (FIS)	8.7×
DocuSign (DOCU)	8.0×
Gen Digital (GEN)	7.5×
Fiserv (FISV)	7.2×
Science Applications International (SAIC)	7.0×
Hewlett Packard Enterprise (HPE)	6.8×
GoDaddy (GDDY)	6.7×
HP (HPQ)	5.1×
Lyft (LYFT)	4.5×
IBM (IBM)	0.0×

P/FCF Ratio for ASML (ASML) 2003-2026

P/FCF Ratio daily chart for ASML (ASML)

Historical P/FCF Ratio for ASML (ASML) from 2002 to 2025

About P/FCF Ratio at ASML (ASML)

ASML P/FCF Ratio by Year

ASML P/FCF Ratio 2025: 33.0×

ASML P/FCF Ratio 2024: 26.8×

ASML P/FCF Ratio 2023: 80.7×

ASML P/FCF Ratio 2022: 29.5×

ASML P/FCF Ratio 2021: 27.1×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

ASML (ASML) Key Financials