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ASML vs Lam Research
ASML vs Lam Research: which one is bigger, grows faster and keeps more of each dollar of revenue?
ASML’s FCF margin is 13 points higher
Method and sources
- Revenue growth (1 year): ASML 15.6% (FY2025), Lam Research 26.0% (FY2026)
- Revenue growth (3-year CAGR): ASML 15.6% (FY2025), Lam Research 10.1% (FY2026)
- Operating margin: ASML 34.6% (FY2025), Lam Research 35.3% (FY2026)
- Gross margin: ASML 52.8% (FY2025), Lam Research 50.5% (FY2026)
- Net margin: ASML 29.4% (FY2025), Lam Research 31.3% (FY2026)
- FCF margin: ASML 33.9% (FY2025), Lam Research 21.1% (FY2026)
Latest fiscal year per company: ASML FY2025, Lam Research FY2026. Fiscal years end on different dates, so years are not calendar-aligned.
ASML reports in EUR and Lam Research in USD. 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: Wafer-fab equipment; reported in EUR and USD, 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.
Side by side: all values with filing links
| Metric | ASML FY2025 | Lam Research FY2026 |
|---|---|---|
| Revenue | €32.7B20-F · Feb 25, 2026 | $23.2B10-K · Aug 7, 2026 |
| Revenue growth (1 year) | 15.6% derived20-F · Feb 25, 2026 | 26.0% derived10-K · Aug 7, 2026 |
| Revenue growth (3-year CAGR) | 15.6% derived20-F · Feb 25, 2026 | 10.1% derived10-K · Aug 7, 2026 |
| Gross margin | 52.8% derived20-F · Feb 25, 2026 | 50.5% derived10-K · Aug 7, 2026 |
| Operating margin | 34.6% derived20-F · Feb 25, 2026 | 35.3% derived10-K · Aug 7, 2026 |
| Net margin | 29.4% derived20-F · Feb 25, 2026 | 31.3% derived10-K · Aug 7, 2026 |
| Free cash flow | €11.1B derived20-F · Feb 25, 2026 | $4.9B derived10-K · Aug 7, 2026 |
| FCF margin | 33.9% derived20-F · Feb 25, 2026 | 21.1% derived10-K · Aug 7, 2026 |
| R&D as % of revenue | 14.4% derived20-F · Feb 25, 2026 | 10.2% derived10-K · Aug 7, 2026 |
| Stock-based compensation as % of revenue | 0.6% derived20-F · Feb 25, 2026 | 1.7% derived10-K · Aug 7, 2026 |
Definitions: Revenue = Total revenue; Revenue growth (1 year) = Revenue FYt ÷ revenue FYt−1 − 1; Revenue growth (3-year CAGR) = (Revenue FYt ÷ revenue FYt−3)^(1/3) − 1; Gross margin = Gross profit ÷ revenue; Operating margin = Operating income ÷ revenue; Net margin = Net income ÷ revenue; Free cash flow = Operating cash flow − capital expenditures (one formula for all companies); FCF margin = Free cash flow ÷ revenue; R&D as % of revenue = Research and development expense ÷ revenue; Stock-based compensation as % of revenue = Stock-based compensation ÷ revenue.
More on each company
ASML
Lam Research
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