ASM International NV

ASM International NV

ASMIY

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Market Cap$52.98B
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P/E RatioDividendsReturn on EquityPrice-to-SalesDebt-to-Equity
ASM International NVASM International NV46.80.34%25%15.4-

Earnings Call Q1 2026

April 22, 2026 - AI Summary

Q1 2026 performance: strong beat on guidance, broad AI-driven demand - Revenue EUR 863m, at the high end of guidance (EUR 830m ±4%); +16% YoY (constant currency) and +26% vs. Q4’25. - Equipment sales +14% YoY (constant currency) led by ALD; Spares & services +23% YoY (constant currency) driven by outcome-based services expansion and elevated set utilization. - Gross margin 53.3%, essentially flat vs 53.4% Q1’25 and up vs 49.8% Q4’25; supported by product/customer mix, China rebound, and ongoing cost reductions. - Operating margin 33.1% (record); operating profit +21% YoY (constant currency).
Q2 and H2 outlook: continued strong sequential ramp, driven mainly by leading-edge logic + DRAM - Q2 2026 guidance: revenue EUR 980m ±5% (consensus referenced as higher, so this implies continued strong momentum). - Management reiterated H2 revenue to be higher than H1, with China weighted to H1, while other segments strengthen from H1 to H2. - Stated drivers of acceleration: - Strongness particularly in 3nm–7nm nodes (notably CPU-driven AI workloads; agentic AI shifting demand toward CPU vs GPU). - Continued strength in advanced DRAM / HBM-related applications. - Supply chain is a constraint: lead times have increased; however, ASM expects to manage it and sustain the ramp (they cited going from ~EUR 700m/quarter in Q4’25 toward near ~EUR 1b/quarter projected in Q2, and higher run-rate in H2).
Full-year expectations (profitability + capex), with limited margin downside - Gross margin expected at the higher end of the target range 47%–51% for the full year. - SG&A: continued discipline; expects SG&A % of sales below 9% for the full year. - Net R&D maintained in low double-digit % of revenue range (they increased R&D YoY to support next-gen transitions and pipeline). - Capex: ~EUR 150m–250m (expected around/somewhat above the upper end). Major spend is a new site in Scottsdale, on track for completion in Q1 2027. - Cash/FCF: free cash flow EUR 48m negative in Q1 due to working capital outflow (notably days of working capital up to 69 from 45), primarily from higher receivables tied to sales ramp and back-end-loaded distribution.

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$275.89

Current Fair Value

73.7% downside

Overvalued by 73.7% based on the discounted cash flow analysis.

Share Statistics

Market cap$52.98 Billion
Enterprise Value$52.18 Billion
Dividend Yield$3.80 (0.34%)
Earnings per Share$14.19
Beta1.55
Outstanding Shares48,883,000

Return

Return on Equity24.58%ROE
Return on Assets18.09%
Return on Invested Capital26.92%

Valuation & Multiples

P/E Ratio46.79P/E Ratio
PEG-5.06PEG
Price to Sales15.44Price to Sales
Price to Book Ratio12.07Price to Book Ratio
Enterprise Value to Revenue15.69
Enterprise Value to EBIT42.2
Enterprise Value to Net Income49
Total Debt to Enterprise0
Debt to Equity0.04Debt to Equity

Revenue Sources

No data

Insider Trades

Last Earnings Call

Report Date
May 5, 2026
EPS Estimate
$4.88
Average shareholder expectation
Revenue Estimate
$970.31 M
Average shareholder expectation

Next Earnings Call

Expected Date
July 28, 2026
EPS Estimate
$6.91
Average shareholder expectation
Revenue Estimate
$1.13 B
Average shareholder expectation

Institutional Sentiment (Put/Call)

No data available for the latest quarter.

Institutional Ownership

No data available for the latest quarter.

ESG Score

No data

About ASM International NV

4,558 employees
CEO: Dr. Hichem M'Saad

ASM International NV, together with its subsidiaries, engages in the research, development, manufacture, marketing, and servicing of equipment and materials that are used to produce semiconductor devices in the United States, Europe, and...

Relevant Senate Committees

Finance

Controls international trade, tariffs, and corporate tax credits, which directly affects the cost of doing business and global sales for a Dutch-headquartered tech firm.

Appropriations

Allocates the actual funding for science, research, and CHIPS Act initiatives that stimulate capital expenditure in the semiconductor industry.

Armed Services

Determines defense technology requirements; semiconductors are critical to military hardware, influencing national security-based tech investments.

Select Committee on Intelligence

Possesses non-public information on global technology competition and supply chain threats, highly relevant to leading-edge chip equipment makers.

Commerce, Science, and Transportation

Jurisdiction over science policy and the CHIPS Act programs which drive domestic demand and R&D for semiconductor manufacturing tools.

Foreign Relations

Directly influences export controls and diplomatic pressure regarding semiconductor technology transfers, particularly to China, which impacts ASMIY's global sales strategy.