Applied Materials vs ASML

Method and sources

• Revenue growth (1 year): Applied Materials 4.4% (FY2025), ASML 15.6% (FY2025)
• Revenue growth (3-year CAGR): Applied Materials 3.2% (FY2025), ASML 15.6% (FY2025)
• Operating margin: Applied Materials 29.2% (FY2025), ASML 34.6% (FY2025)
• Gross margin: Applied Materials 48.7% (FY2025), ASML 52.8% (FY2025)
• Net margin: Applied Materials 24.7% (FY2025), ASML 29.4% (FY2025)
• FCF margin: Applied Materials 20.1% (FY2025), ASML 33.9% (FY2025)

Latest fiscal year per company: Applied Materials FY2025, ASML FY2025. Fiscal years end on different dates, so years are not calendar-aligned.

Applied Materials reports in USD and ASML in EUR. Amounts are never converted between currencies, so revenue and free cash flow are shown in each filing currency and their size is not compared; margins, growth and percentages of revenue are ratios within one filing and are comparable.

Why this pair: Largest US and European chip-equipment makers; reported in USD and EUR, so revenue size is not compared. Peer groups are curated by hand from each company's business as described in its own 10-K/20-F (what it sells, not its SIC code). A company can sit in more than one group. Within a group, a pair is listed when both companies report in the same currency and the larger company's latest fiscal-year revenue is at most 4x the smaller one's; each company keeps its 4 nearest peers by revenue ratio. Companies reporting in different currencies are never size-matched (amounts are not converted); a short list of obvious same-industry pairs across currencies is added by hand, with the reason, as are two direct competitor pairs outside the size rule (AMD vs NVIDIA, Intel vs NVIDIA).

Derived = calculated by Hollsteen from reported SEC values; reported = as tagged in the filing. SEC filings only, no market data.