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Why ASML Holding (ENXTAM:ASML) Is Back In The Spotlight

Simply Wall St · 1d ago

ASML Holding (ENXTAM:ASML) is back in focus after several major banks highlighted expectations for stronger quarterly results and a more upbeat outlook, citing tight supply and heavy demand for its advanced lithography tools.

The upbeat commentary from banks comes on top of an already strong run for ASML Holding, with a year-to-date share price return of 65.33% and a 1-year total shareholder return of 93.14%, suggesting that momentum has been building rather than fading.

Scan beyond ASML Holding and see which other chip suppliers are powering AI infrastructure with the curated 91 AI infrastructure stocks.

At this point, ASML Holding’s surge can look like a clean readout on a powerful equipment franchise, or a sentiment wave riding AI excitement. The valuation work needs to separate those two forces.

Most Popular Narrative: 77% Overvalued

Against a last close of €1,630.60, the most followed narrative on ASML Holding anchors fair value closer to €920, which frames today’s price as rich and heavily sentiment driven.

ASML’s story is one of quiet dominance at the heart of global tech. Founded in the Netherlands in 1984, ASML started as a joint venture between Philips and ASM International. Over the decades, it evolved into the sole supplier in the world of extreme ultraviolet (EUV) lithography machines, which are essential for manufacturing the most advanced semiconductor chips (like those powering AI, smartphones, and data centers).

See why 51 investors see ASML Holding as 77% overvalued.

Result: Fair Value of €920 (OVERVALUED)

Still, the narrative breaks quickly if export controls on China tighten further or if a few key chipmakers cut capex and slow ASML Holding orders.

Find out about the key risks to this ASML Holding narrative.

Another View On ASML Holding’s Valuation

A different lens uses earnings multiples rather than narrative fair value. At a P/E of 58.9x, ASML Holding trades richer than the European semiconductor industry on 52.6x and peers on 52.4x, while the fair ratio points nearer 65x. That gap leaves more room for squeeze than slack. Which side of that trade do you want to be on?

For a closer look at how this earnings multiple stacks up against what the fair ratio implies the market could move toward, See what the numbers say about this price — find out in our valuation breakdown..

ENXTAM:ASML P/E Ratio as at Oct 2026
ENXTAM:ASML P/E Ratio as at Oct 2026

Next Steps

Big moves and strong opinions can be useful signals, but they can also cloud judgment when you are assessing ASML Holding for yourself. Act while this is front of mind and see what has investors feeling optimistic by reviewing the 2 key rewards.

Looking For More Investment Ideas Beyond ASML Holding?

If ASML Holding has your attention, do not stop there. Broaden your watchlist with other clear, data driven opportunities that could inform your next move.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.