Gross margin
52.8% Fiscal year 2025
Rank 55 of 100: higher than 55% of 153 peers (All). medium.
Share of revenue left after the direct cost of the products sold.
About the company
ASML, based in Veldhoven in the Netherlands, builds lithography machines that expose circuit patterns onto silicon wafers. EUV systems, which work with extremely short-wavelength light, have so far been supplied only by ASML. Customers are chipmakers such as TSMC, Samsung and Intel. Traded here as a US depositary receipt. As of Oct 13, 2026
Fact sheet (from the annual report) Special machinery (including chipmaking) · Dr Veldhoven, Netherlands
ASML makes lithography systems that chipmakers use to expose tiny structures on silicon. According to the company, it is the only maker of exposure systems using extreme ultraviolet light (EUV). It also offers deep ultraviolet (DUV) systems, which produce most of the layers in microchips. With its YieldStar metrology systems it monitors exposure quality in volume production. Its customers include makers of logic chips and memory chips (DRAM). It also earns money from software, services and the refurbishment and upgrading of older systems.
Automatically summarized from SEC annual report (20-F, filed Feb 25, 2026) (website of the US Securities and Exchange Commission) · reviewed Oct 19, 2026
Price performance at a glance
Last 30 trading days
- Today +2.8%
- 7 days +0.3%
- 30 days −6.2%
- 1 year +54.3%
Day range (last trading day)
−2.3%Price at 82% of the range+0.5%
52-week range
−42.2%Price at 65% of the range+22.3%
- Distance from the all-time high
- −18.2%
Our own calculation from the exchange’s daily candles, as of Oct 27, 2026. “All-time” applies since the start of this series, not to the whole market. Changes in percent; the TradingView chart shows prices. “Today” = change of the last trading day versus the previous day. Not investment advice.
52-week-high breakout · Analysis method
This method currently detects no pattern for ASML. The check runs daily after the close.
You see new patterns immediately from Watcher, on the free plan 2 days after they form. Plans and pricing
What does the pattern show?
What is this? The price closes above the highest high of the last 52 weeks for the first time, on clearly higher volume. New 52-week highs are seen as a sign of strength.
This is a calculated analysis, not a forecast and not a call to buy. Risk notice and investment advice
Fundamental analysis
SEC filing (10-K, 10-Q)Required reports of listed companies to the US Securities and Exchange Commission (SEC): 10-K is the annual report, 10-Q the quarterly report, 20-F the annual report of foreign companies. We show the figures of the first filing.Example: 10-K for the fiscal year ending Sep 27, 2025, filed on Oct 31, 2025.More in the Academy: Lesson revenue, profit and marginASML Holding (ADR) · amounts in EUR
Information only – does not affect the other analysis methods, not investment advice. Source: SEC filings, As of Feb 25, 2026.
Quality checks
Four angles on the annual figures. Each check counts how many disclosed criteria are met – criteria without data do not count. The bars show where the company ranks on each figure among the stocks we cover and within its sector.
Fiscal year to Dec 31, 2025
Quality
Profitability, consistency, balance sheet
8 of 8 criteria met
Growth
Revenue and earnings per share
7 of 7 criteria met
Dividend
Level, consistency, coverage · 6 without data
1 of 1 criteria met
Financial strength
Piotroski, debt, liquidity
6 of 6 criteria met
Quality 8 of 8 met
- met: Gross margin above 40% 52.8%
- met: Operating margin above 15% 34.6%
- met: Net margin above 10% 29.4%
- met: Return on equity above 15% 49.0%
- met: Free cash flow margin above 10% 33.9%
- met: Profit in each of the last 5 fiscal years 5 of 5
- met: Free cash flow positive in each of the last 3 fiscal years 3 of 3
- met: Equity ratio above 30% 38.8%
Operating margin
34.6% Fiscal year 2025
Rank 85 of 100: higher than 85% of 192 peers (All). strong.
Operating income divided by revenue: what the core business earns before interest and taxes.
Net margin
29.4% Fiscal year 2025
Rank 83 of 100: higher than 83% of 237 peers (All). strong.
Profit after all costs, interest and taxes divided by revenue.
Return on equity
49.0% Fiscal year 2025
Rank 87 of 100: higher than 87% of 218 peers (All). strong.
Net income divided by equity at fiscal year end.
Return on assets
19.0% Fiscal year 2025 (total assets at year end)
Rank 91 of 100: higher than 91% of 238 peers (All). strong.
Net income divided by total assets at fiscal year end.
Equity ratio
38.8% Fiscal year 2025
Rank 56 of 100: higher than 56% of 239 peers (All). medium.
Equity as a share of total assets. Usually low for banks.
Free cash flow margin
33.9% Fiscal year 2025
Rank 88 of 100: higher than 88% of 213 peers (All). strong.
Free cash flow divided by revenue.
Free cash flow
11.1B EUR Fiscal year 2025
Operating cash flow minus capital expenditure on property and equipment.
Growth 7 of 7 met
- met: Over 3 years, revenue grew by more than 5% per year +15.6%
- met: Over 5 years, revenue grew by more than 5% per year +18.5%
- met: Over 10 years, revenue grew by more than 5% per year +17.9%
- met: Over 3 years, EPS grew by more than 5% per year +20.5%
- met: Over 5 years, EPS grew by more than 5% per year +23.8%
- met: Revenue rose in at least 4 of the last 5 fiscal years 5 of 5
- met: Revenue rose in the last fiscal year +15.6%
Revenue growth 3 years
+15.6% per year
Rank 71 of 100: higher than 71% of 230 peers (All). strong.
Average growth per year over 3 fiscal years.
Revenue growth 5 years
+18.5% per year
Rank 70 of 100: higher than 70% of 217 peers (All). strong.
Average growth per year over 5 fiscal years.
Revenue growth 10 years
+17.9% per year
Rank 84 of 100: higher than 84% of 157 peers (All). strong.
Average growth per year over 10 fiscal years.
EPS growth 3 years
+20.5% per year
Rank 70 of 100: higher than 70% of 157 peers (All). strong.
Growth of earnings per share per year, adjusted for stock splits.
EPS growth 5 years
+23.8% per year
Rank 74 of 100: higher than 74% of 146 peers (All). strong.
Growth of earnings per share per year, adjusted for stock splits.
EPS growth 10 years
+22.6% per year
Rank 86 of 100: higher than 86% of 140 peers (All). strong.
Growth of earnings per share per year, adjusted for stock splits.
Dividend 1 of 1 met · 6 without data
- no data: Pays a dividend dividend for the last fiscal year not reported as an annual figure
- no data: Payout ratio at most 60% of earnings dividend for the last fiscal year not reported as an annual figure
- no data: Dividend paid in each of the last 5 fiscal years not reported as an annual figure for each of the last 5 fiscal years
- no data: Dividend per share never lowered in the last 5 fiscal years not reported as an annual figure for each of the last 5 fiscal years
- no data: Dividend per share higher than 5 years ago dividend for the last fiscal year not reported as an annual figure
- no data: Free cash flow per share covers the dividend dividend for the last fiscal year not reported as an annual figure
- met: Dividends paid over the last 5 years covered by free cash flow 28% of free cash flow
Financial strength 6 of 6 met
- met: Piotroski F-Score at least 7 of 9 7 of 9
- met: Long-term debt no higher than equity 0.14
- met: Current assets cover current liabilities 1.26
- met: Positive equity 19.6B EUR
- met: In 5 years, share count up by at most 5% −7.2%
- met: Free cash flow positive in the last fiscal year 11.1B EUR
Piotroski F-Score
7 of 9 Fiscal year 2025
Rank 72 of 100: higher than 72% of 134 peers (All). strong.
Nine yes/no tests on profit, cash flow, debt, liquidity and efficiency compared with the prior year.
Debt / equity
0.14 at fiscal year end
Rank 84 of 100: lower than 84% of 199 peers (All). strong.
Long-term financial debt divided by equity.
Liquidity (current ratio)
1.26 at fiscal year end
Rank 43 of 100: higher than 43% of 215 peers (All). medium.
Current assets divided by current liabilities.
Change in share count
−7.2% in 5 years
Rank 72 of 100: lower than 72% of 199 peers (All). strong.
Change in diluted share count. Negative = share buybacks, positive = new shares.
The 9 criteria of the Piotroski F-Score
- met: Profit in the last fiscal year (positive return on assets)
- met: Positive operating cash flow
- met: Return on assets higher than the prior year
- met: Operating cash flow higher than net income
- met: Long-term debt relative to total assets fell
- not met: Liquidity (current assets / current liabilities) rose
- met: No additional shares (diluted share count did not rise)
- met: Gross margin higher than the prior year
- not met: Revenue relative to total assets higher than the prior year
Last fiscal year compared with the one before. Returns and revenue per total assets use total assets at the start of the year; leverage = long-term financial debt divided by total assets at year end; new shares via the average diluted share count.
20-F filer (foreign company): amounts in the reporting currency, no price-based criteria.
Price-based criteria (P/E, dividend yield) are shown to signed-in users.
Computed automatically from SEC annual reports – not investment advice. Describes the reported figures; points are not a rating of the stock. Rank 0–100 against the 239 stocks we cover and against the sector (from 5 peers); the stronger side is always on the right.
In short
- Light green: Revenue grew over 5 years (+18.5% per year).
- Light green: Net income (total) grew over 5 years (+22.0% per year); per share +23.8% per year.
- Light green: Net margin 29.4%.
- Light green: Profit in each of the last 10 fiscal years.
Summarized from the lights below. Describes the reported figures – not a recommendation to buy or sell.
- Fiscal year 2016 (Jan 1, 2016 – Dec 31, 2016): Revenue 6.9B EUR · Net income 1.5B EUR · Net margin 21.4%
- Fiscal year 2017 (Jan 1, 2017 – Dec 31, 2017): Revenue 9.0B EUR · Net income 2.1B EUR · Net margin 23.6%
- Fiscal year 2018 (Jan 1, 2018 – Dec 31, 2018): Revenue 10.9B EUR · Net income 2.6B EUR · Net margin 23.7%
- Fiscal year 2019 (Jan 1, 2019 – Dec 31, 2019): Revenue 11.8B EUR · Net income 2.6B EUR · Net margin 21.9%
- Fiscal year 2020 (Jan 1, 2020 – Dec 31, 2020): Revenue 14.0B EUR · Net income 3.6B EUR · Net margin 25.4%
- Fiscal year 2021 (Jan 1, 2021 – Dec 31, 2021): Revenue 18.6B EUR · Net income 5.9B EUR · Net margin 31.6%
- Fiscal year 2022 (Jan 1, 2022 – Dec 31, 2022): Revenue 21.2B EUR · Net income 5.6B EUR · Net margin 26.6%
- Fiscal year 2023 (Jan 1, 2023 – Dec 31, 2023): Revenue 27.6B EUR · Net income 7.8B EUR · Net margin 28.4%
- Fiscal year 2024 (Jan 1, 2024 – Dec 31, 2024): Revenue 28.3B EUR · Net income 7.6B EUR · Net margin 26.8%
- Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Revenue 32.7B EUR · Net income 9.6B EUR · Net margin 29.4%
No quarterly figures reported (companies filing a 20-F annual report usually report only once a year).
- Fiscal year 2016 (Jan 1, 2016 – Dec 31, 2016): Earnings per share 3.44 EUR
- Fiscal year 2017 (Jan 1, 2017 – Dec 31, 2017): Earnings per share 4.91 EUR
- Fiscal year 2018 (Jan 1, 2018 – Dec 31, 2018): Earnings per share 6.08 EUR
- Fiscal year 2019 (Jan 1, 2019 – Dec 31, 2019): Earnings per share 6.15 EUR
- Fiscal year 2020 (Jan 1, 2020 – Dec 31, 2020): Earnings per share 8.48 EUR
- Fiscal year 2021 (Jan 1, 2021 – Dec 31, 2021): Earnings per share 14.34 EUR
- Fiscal year 2022 (Jan 1, 2022 – Dec 31, 2022): Earnings per share 14.13 EUR
- Fiscal year 2023 (Jan 1, 2023 – Dec 31, 2023): Earnings per share 19.89 EUR
- Fiscal year 2024 (Jan 1, 2024 – Dec 31, 2024): Earnings per share 19.24 EUR
- Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Earnings per share 24.71 EUR
No quarterly figures reported (companies filing a 20-F annual report usually report only once a year).
- Fiscal year 2016 (Jan 1, 2016 – Dec 31, 2016): Dividend per share not available · Payout ratio not available
- Fiscal year 2017 (Jan 1, 2017 – Dec 31, 2017): Dividend per share not available · Payout ratio not available
- Fiscal year 2018 (Jan 1, 2018 – Dec 31, 2018): Dividend per share not available · Payout ratio not available
- Fiscal year 2019 (Jan 1, 2019 – Dec 31, 2019): Dividend per share not available · Payout ratio not available
- Fiscal year 2020 (Jan 1, 2020 – Dec 31, 2020): Dividend per share not available · Payout ratio not available
- Fiscal year 2021 (Jan 1, 2021 – Dec 31, 2021): Dividend per share 5.50 EUR · Payout ratio 38.4%
- Fiscal year 2022 (Jan 1, 2022 – Dec 31, 2022): Dividend per share 5.80 EUR · Payout ratio 41.0%
- Fiscal year 2023 (Jan 1, 2023 – Dec 31, 2023): Dividend per share 6.10 EUR · Payout ratio 30.7%
- Fiscal year 2024 (Jan 1, 2024 – Dec 31, 2024): Dividend per share 6.40 EUR · Payout ratio 33.3%
- Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Dividend per share not available · Payout ratio not available
No quarterly figures reported (companies filing a 20-F annual report usually report only once a year).
Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Revenue 32.7B EUR · Net income 9.6B EUR · Net margin 29.4%
Figures over time
Where the money of a fiscal year goes and how margins, returns, balance sheet, cash flow and share count developed over up to 10 years. Each chart has one sentence saying what the trend shows.
Money flow in fiscal year 2025
Of 100 EUR of revenue, 52.8 EUR gross profit, 34.6 EUR operating income and 29.4 EUR net income remained.
Money flow as a table
| Item | Amount | of revenue |
|---|---|---|
| Revenue | 32.7B EUR | 100.0% |
| Gross profit | 17.3B EUR | 52.8% |
| Cost of revenue | 15.4B EUR | 47.2% |
| Operating income | 11.3B EUR | 34.6% |
| Research & development | 4.7B EUR | 14.4% |
| Other operating expenses | 1.3B EUR | 3.9% |
| Net income | 9.6B EUR | 29.4% |
| Interest expense | 118.3M EUR | 0.4% |
| Taxes & other (net) | 1.6B EUR | 4.8% |
Taxes, interest and other items are not available separately in the SEC data; they are combined as the difference.
Margins
The operating margin rose in 5 years from 29.0% to 34.6%.
Gross marginOperating marginNet margin- Fiscal year 2016: Gross margin 44.3% · Operating margin 24.1% · Net margin 21.4%
- Fiscal year 2017: Gross margin 45.5% · Operating margin 27.9% · Net margin 23.6%
- Fiscal year 2018: Gross margin 46.0% · Operating margin 27.1% · Net margin 23.7%
- Fiscal year 2019: Gross margin 44.7% · Operating margin 23.6% · Net margin 21.9%
- Fiscal year 2020: Gross margin 48.6% · Operating margin 29.0% · Net margin 25.4%
- Fiscal year 2021: Gross margin 52.7% · Operating margin 36.3% · Net margin 31.6%
- Fiscal year 2022: Gross margin 50.5% · Operating margin 30.7% · Net margin 26.6%
- Fiscal year 2023: Gross margin 51.3% · Operating margin 32.8% · Net margin 28.4%
- Fiscal year 2024: Gross margin 51.3% · Operating margin 31.9% · Net margin 26.8%
- Fiscal year 2025: Gross margin 52.8% · Operating margin 34.6% · Net margin 29.4%
Returns
Return on equity rose in 5 years from 25.6% to 49.0%.
Return on equityReturn on assets- Fiscal year 2016: Return on equity 15.0% · Return on assets 8.6%
- Fiscal year 2017: Return on equity 19.8% · Return on assets 11.6%
- Fiscal year 2018: Return on equity 22.3% · Return on assets 12.9%
- Fiscal year 2019: Return on equity 20.6% · Return on assets 11.5%
- Fiscal year 2020: Return on equity 25.6% · Return on assets 13.0%
- Fiscal year 2021: Return on equity 58.0% · Return on assets 19.5%
- Fiscal year 2022: Return on equity 63.8% · Return on assets 15.5%
- Fiscal year 2023: Return on equity 58.3% · Return on assets 19.6%
- Fiscal year 2024: Return on equity 41.0% · Return on assets 15.6%
- Fiscal year 2025: Return on equity 49.0% · Return on assets 19.0%
Equity and long-term debt
The equity ratio fell in 5 years from 50.8% to 38.8%.
EquityLong-term debt in EUR Long-term debt, depending on the filing, includes the current portion or leases.- Fiscal year 2016: Equity 9.8B EUR · Long-term debt 3.0B EUR
- Fiscal year 2017: Equity 10.7B EUR · Long-term debt 3.0B EUR
- Fiscal year 2018: Equity 11.6B EUR · Long-term debt 3.0B EUR
- Fiscal year 2019: Equity 12.6B EUR · Long-term debt 3.1B EUR
- Fiscal year 2020: Equity 13.9B EUR · Long-term debt 4.7B EUR
- Fiscal year 2021: Equity 10.1B EUR · Long-term debt 4.1B EUR
- Fiscal year 2022: Equity 8.8B EUR · Long-term debt 3.5B EUR
- Fiscal year 2023: Equity 13.5B EUR · Long-term debt 4.6B EUR
- Fiscal year 2024: Equity 18.5B EUR · Long-term debt 3.7B EUR
- Fiscal year 2025: Equity 19.6B EUR · Long-term debt 2.7B EUR
Liquidity (current ratio)
The current ratio fell in 5 years from 2.41 to 1.26.
Current ratio- Fiscal year 2016: Current ratio 2.61
- Fiscal year 2017: Current ratio 2.70
- Fiscal year 2018: Current ratio 2.78
- Fiscal year 2019: Current ratio 2.58
- Fiscal year 2020: Current ratio 2.41
- Fiscal year 2021: Current ratio 1.48
- Fiscal year 2022: Current ratio 1.28
- Fiscal year 2023: Current ratio 1.50
- Fiscal year 2024: Current ratio 1.53
- Fiscal year 2025: Current ratio 1.26
Cash flow
Free cash flow rose in 5 years from 3.7B EUR to 11.1B EUR.
Operating cash flowCapital expenditureFree cash flow in EUR- Fiscal year 2016: Operating cash flow 1.7B EUR · Capital expenditure 316.3M EUR · Free cash flow 1.3B EUR
- Fiscal year 2017: Operating cash flow 1.8B EUR · Capital expenditure 338.9M EUR · Free cash flow 1.5B EUR
- Fiscal year 2018: Operating cash flow 3.1B EUR · Capital expenditure 574.0M EUR · Free cash flow 2.5B EUR
- Fiscal year 2019: Operating cash flow 3.3B EUR · Capital expenditure 766.6M EUR · Free cash flow 2.5B EUR
- Fiscal year 2020: Operating cash flow 4.6B EUR · Capital expenditure 962.0M EUR · Free cash flow 3.7B EUR
- Fiscal year 2021: Operating cash flow 10.8B EUR · Capital expenditure 900.7M EUR · Free cash flow 9.9B EUR
- Fiscal year 2022: Operating cash flow 8.5B EUR · Capital expenditure 1.3B EUR · Free cash flow 7.2B EUR
- Fiscal year 2023: Operating cash flow 5.4B EUR · Capital expenditure 2.2B EUR · Free cash flow 3.3B EUR
- Fiscal year 2024: Operating cash flow 11.2B EUR · Capital expenditure 2.1B EUR · Free cash flow 9.1B EUR
- Fiscal year 2025: Operating cash flow 12.7B EUR · Capital expenditure 1.6B EUR · Free cash flow 11.1B EUR
Share count
The share count fell in 5 years by 7.2% (mostly through share repurchases).
Average share count- Fiscal year 2016: Average share count 427.7M
- Fiscal year 2017: Average share count 431.6M
- Fiscal year 2018: Average share count 426.4M
- Fiscal year 2019: Average share count 421.6M
- Fiscal year 2020: Average share count 419.1M
- Fiscal year 2021: Average share count 410.4M
- Fiscal year 2022: Average share count 398.0M
- Fiscal year 2023: Average share count 394.1M
- Fiscal year 2024: Average share count 393.6M
- Fiscal year 2025: Average share count 388.9M
From annual reports filed with the SEC (10-K, 20-F, 40-F) as first reported, share count adjusted for splits; obvious filing errors (e.g. wrong unit, outliers against both neighbouring years) are hidden. Describes the reported figures – not investment advice.
Dividends and share repurchases
How much the company returns to its shareholders – as dividends or by repurchasing its own shares – and whether free cash flow supports it.
- Dividend per share
- – dividend for the last fiscal year not reported as an annual figure
- Dividend growth per year
- 3 y –5 y –10 y –
- Payout ratio
- of earnings – of free cash flow 23%
- To shareholders (5 years)
- 31.9B EUR 65% through repurchases
- Share count over 5 years
- −7.2% fewer shares – each share is a larger stake
Dividend per share
Last reported for fiscal year 2024.
Dividend per share EUR per share Per share as filed with the SEC, including special dividends; obvious filing errors are hidden.- Fiscal year 2016: Dividend per share not available
- Fiscal year 2017: Dividend per share not available
- Fiscal year 2018: Dividend per share not available
- Fiscal year 2019: Dividend per share not available
- Fiscal year 2020: Dividend per share not available
- Fiscal year 2021: Dividend per share 5.50 EUR
- Fiscal year 2022: Dividend per share 5.80 EUR
- Fiscal year 2023: Dividend per share 6.10 EUR
- Fiscal year 2024: Dividend per share 6.40 EUR
- Fiscal year 2025: Dividend per share not available
Payout ratios
Last reported for fiscal year 2024.
Payout ratio (earnings)Payout ratio (free cash flow)- Fiscal year 2016: Payout ratio (earnings) not available · Payout ratio (free cash flow) not available
- Fiscal year 2017: Payout ratio (earnings) not available · Payout ratio (free cash flow) not available
- Fiscal year 2018: Payout ratio (earnings) not available · Payout ratio (free cash flow) not available
- Fiscal year 2019: Payout ratio (earnings) not available · Payout ratio (free cash flow) 52.8%
- Fiscal year 2020: Payout ratio (earnings) not available · Payout ratio (free cash flow) 29.1%
- Fiscal year 2021: Payout ratio (earnings) 38.4% · Payout ratio (free cash flow) 13.8%
- Fiscal year 2022: Payout ratio (earnings) 41.0% · Payout ratio (free cash flow) 35.5%
- Fiscal year 2023: Payout ratio (earnings) 30.7% · Payout ratio (free cash flow) 71.4%
- Fiscal year 2024: Payout ratio (earnings) 33.3% · Payout ratio (free cash flow) 27.0%
- Fiscal year 2025: Payout ratio (earnings) not available · Payout ratio (free cash flow) 23.0%
What goes back to shareholders
Over 5 years, 31.9B EUR went back to shareholders, 65% of it through share repurchases. That is 79% of the free cash flow of those years.
Dividends paidShare repurchasesNew shares issued (including employee plans)Free cash flow in EUR Dividends partly reported as declared rather than paid.- Fiscal year 2016: Dividends paid not available · Share repurchases 400.0M EUR · New shares issued (including employee plans) not available · Free cash flow 1.3B EUR
- Fiscal year 2017: Dividends paid not available · Share repurchases 500.0M EUR · New shares issued (including employee plans) not available · Free cash flow 1.5B EUR
- Fiscal year 2018: Dividends paid not available · Share repurchases 1.1B EUR · New shares issued (including employee plans) not available · Free cash flow 2.5B EUR
- Fiscal year 2019: Dividends paid 1.3B EUR · Share repurchases 410.0M EUR · New shares issued (including employee plans) not available · Free cash flow 2.5B EUR
- Fiscal year 2020: Dividends paid 1.1B EUR · Share repurchases 1.2B EUR · New shares issued (including employee plans) not available · Free cash flow 3.7B EUR
- Fiscal year 2021: Dividends paid 1.4B EUR · Share repurchases 8.6B EUR · New shares issued (including employee plans) not available · Free cash flow 9.9B EUR
- Fiscal year 2022: Dividends paid 2.6B EUR · Share repurchases 4.6B EUR · New shares issued (including employee plans) not available · Free cash flow 7.2B EUR
- Fiscal year 2023: Dividends paid 2.3B EUR · Share repurchases 1.0B EUR · New shares issued (including employee plans) not available · Free cash flow 3.3B EUR
- Fiscal year 2024: Dividends paid 2.5B EUR · Share repurchases 500.0M EUR · New shares issued (including employee plans) not available · Free cash flow 9.1B EUR
- Fiscal year 2025: Dividends paid 2.6B EUR · Share repurchases 6.0B EUR · New shares issued (including employee plans) not available · Free cash flow 11.1B EUR
Dividends paid, repurchases and new shares issued from the cash flow statement of annual reports filed with the SEC (as first reported). Describes the reported figures – not investment advice.
Valuation over time
20-F filer or other currency: earnings per share and share count do not reliably match the price of the US listing (ADR) – so there is no price-based valuation here.
Key figures with traffic lights
Each light follows a simple, disclosed rule. This symbol has no sector assignment – lights with a sector comparison stay gray or use only the basic rule.
Revenue growth
Growth per year (CAGR)The average annual growth rate over several years, as if the value had grown equally strongly every year. Individual good or bad years even out in it.Example: Revenue €100m → €161m in 5 years → (161 ÷ 100) to the power of 1/5 − 1 = 10% per year.More in the Academy: Lesson debt, dividends and growth+18.5% per year, last 5 years
What does this mean? Revenue: over 5 years it grew by 18.5% per year on average. Comparable values for a sector comparison are missing.
Light rule: Green: grows at least as fast as the sector median (without a sector comparison: grows) · Yellow: grows more slowly · Red: shrinks.
Net income (total)
Growth per year (CAGR)The average annual growth rate over several years, as if the value had grown equally strongly every year. Individual good or bad years even out in it.Example: Revenue €100m → €161m in 5 years → (161 ÷ 100) to the power of 1/5 − 1 = 10% per year.More in the Academy: Lesson debt, dividends and growth+22.0% per year, last 5 years
per share: +23.8% per year (5 years, split-adjusted)
What does this mean? Total net income: over 5 years it grew by 22.0% per year on average. Comparable values for a sector comparison are missing.
Light rule: Green: grows at least as fast as the sector median (without a sector comparison: grows) · Yellow: grows more slowly · Red: shrinks.
Net margin
Profit marginThe share of revenue that is left as profit after all costs.Example: Profit €60m on €500m revenue → margin 12%.More in the Academy: Lesson revenue, profit and margin29.4% last fiscal year
What does this mean? Of every 100 EUR in revenue, 29.42 EUR remained as profit. Comparable values for a sector comparison are missing.
Light rule: Green: at least the sector median (without a sector comparison: profit) · Yellow: profit, but below the median · Red: loss.
Debt / equity
Debt-to-equity ratioFinancial debt (loans, bonds) divided by equity. A high value amplifies good and bad years alike. The key figures bar in the chart only uses long-term financial debt.Example: Financial debt €300m, equity €500m → 0.6.More in the Academy: Lesson debt, dividends and growth0.14 latest balance sheet
What does this mean? For every 1 EUR of equity there is 0.14 EUR of financial debt. Without a sector comparison this is hard to put into context.
Light rule: Green: at most the sector median · Yellow: up to twice the median · Red: more than twice · Gray: without a sector comparison.
Payout ratio
Payout ratioThe share of profit that a company pays out as a dividend. Above 100% it pays out more than it earns.Example: Dividend €1, earnings per share €2.50 → payout ratio 40%.More in the Academy: Lesson debt, dividends and growth– Dividend / earnings per share
What does this mean? Dividend and earnings per share for the same fiscal year are not both available.
Light rule: Green: up to 60% of earnings · Yellow: up to 100% · Red: more than earnings or a dividend despite a loss · Gray for real estate (REITs). The sector median is for comparison only.
Profitable years
Profitable yearsHow many of the last fiscal years ended with a profit rather than a loss on the bottom line. The figure shows how consistently a company earns.Example: Profit in 9 of 10 years → one loss year.More in the Academy: Lesson revenue, profit and margin10 of 10 fiscal years with a profit
What does this mean? In 10 of the last 10 fiscal years the bottom line showed a profit. There were no losses in this period.
Light rule: Green: profit in every year · Yellow: one loss year · Red: several loss years (at least 3 years needed).
All figures as a table
| Year | End | Revenue | Net income | Margin | Earnings per share | Dividend per share | Payout |
|---|---|---|---|---|---|---|---|
| 2025 | Dec 31, 2025 | 32.7B | 9.6B | 29.4% | 24.71 | – | – |
| 2024 | Dec 31, 2024 | 28.3B | 7.6B | 26.8% | 19.24 | 6.40 | 33% |
| 2023 | Dec 31, 2023 | 27.6B | 7.8B | 28.4% | 19.89 | 6.10 | 31% |
| 2022 | Dec 31, 2022 | 21.2B | 5.6B | 26.6% | 14.13 | 5.80 | 41% |
| 2021 | Dec 31, 2021 | 18.6B | 5.9B | 31.6% | 14.34 | 5.50 | 38% |
| 2020 | Dec 31, 2020 | 14.0B | 3.6B | 25.4% | 8.48 | – | – |
| 2019 | Dec 31, 2019 | 11.8B | 2.6B | 21.9% | 6.15 | – | – |
| 2018 | Dec 31, 2018 | 10.9B | 2.6B | 23.7% | 6.08 | – | – |
| 2017 | Dec 31, 2017 | 9.0B | 2.1B | 23.6% | 4.91 | – | – |
| 2016 | Dec 31, 2016 | 6.9B | 1.5B | 21.4% | 3.44 | – | – |
* Q4 derived: fiscal year minus the 9-month value (EPS cannot be derived this way); may be distorted by restatements.
How we calculate: values as first reported to the SEC (later corrections are left out), a fixed order of reporting tags per figure, partial sums are never added up. Growth per year Growth per year (CAGR)The average annual growth rate over several years, as if the value had grown equally strongly every year. Individual good or bad years even out in it.Example: Revenue €100m → €161m in 5 years → (161 ÷ 100) to the power of 1/5 − 1 = 10% per year.More in the Academy: Lesson debt, dividends and growth over 5 years (otherwise 3 years). Quarters are labeled by the calendar quarter in which they end.
Insiders
Insider transactionsExecutives, directors and major shareholders (over 10%) of US companies report their own transactions in their company’s stock to the SEC within two business days (Form 4). Purchases in the market count as more meaningful than sales (often taxes, estate planning).Example: Three executives acquire stock worth a total of 2 million USD within two weeks → “purchases by several insiders”.More in the Academy: GlossaryIn the last 12 months, insiders of this stock have not acquired or disposed of shares on the market (SEC Form 4).
Source: mandatory filings with the SEC (Form 4), open-market purchases and sales only. General information, not investment advice.
Trend score +5
Price vs. EMA 50-15
Price vs. EMA 200+15
EMA 50 vs. EMA 200+20
ADX (trend strength)+0
Highs and lows+0
Relative strength-15
Volatility and trend strength
ADX 14 (trend strength)20.5
Rel. strength 60 d−1.4%
ATR ATR (Average True Range)The average range per trading day over the last 14 days. It makes distances comparable, whether a stock costs 10 or 1,000.Example: ATR 2.50 at a price of 100: 0.4 ATR is 1.00, i.e. 1%.More in the Academy: Lesson ATR and moving averages as price values only when logged in.
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