Discounted Cash Flow

Asml Holding N.V. ADR

ASML · Based on 10 years of SEC filings · Converted from EUR to USD

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $6.8b $1.7b $1.6b 25.0% $3.46
2017 $9.1b (33.2%) $2.4b (43.9%) $1.7b (8.2%) 27.0% (8.0%) $4.93 (42.5%)
2018 $10.9b (20.9%) $3.0b (22.3%) $2.9b (71.2%) 27.3% (1.2%) $6.10 (23.7%)
2019 $11.8b (8.0%) $3.0b (0.0%) $2.9b (0.4%) 25.3% (-7.4%) $6.16 (1.0%)
2020 $14.0b (18.3%) $4.1b (37.1%) $4.2b (46.1%) 29.3% (15.9%) $8.49 (37.8%)
2021 $18.6b (33.1%) $6.8b (65.6%) $11.5b (171.3%) 36.5% (24.3%) $14.36 (69.1%)
2022 $21.2b (13.8%) $6.5b (-4.4%) $8.3b (-27.6%) 30.6% (-16.0%) $14.14 (-1.5%)
2023 $27.6b (30.2%) $9.0b (39.4%) $3.8b (-54.4%) 32.8% (7.1%) $19.91 (40.8%)
2024 $28.3b (2.6%) $8.7b (-3.4%) $10.5b (176.8%) 30.9% (-5.8%) $19.25 (-3.3%)
2025 $32.7b (15.6%) $11.1b (26.9%) $12.8b (21.8%) 33.9% (9.8%) $24.73 (28.5%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

SEC filings report in EUR. Values above are converted to USD for comparison with the US-listed share price.

Values abbreviated: b = billions, m = millions, k = thousands.

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model