ASML Aims 60B Euros in Sales by 2030: Can High NA Tools Lead the Way?

ASML Holding N.V. ASML has set an ambitious long-term target of attaining annual revenues between €44 billion and €60 billion by 2030. To reach this target, the company is betting heavily on High Numerical Aperture (High NA) Extreme Ultraviolet (“EUV”) lithography, the next generation of chipmaking technology.

High NA systems promise sharper imaging and higher productivity, allowing chipmakers to push toward smaller nodes and more efficient design while improving performance at lower costs. ASML Holding has already shipped its first High NA system, EXE:5200B, which is designed for high-volume chip manufacturing and offers significant productivity improvements over earlier models.

The EXE:5200B system is capable of much higher wafer productivity compared to earlier prototypes, which could reduce costs and accelerate adoption for customers building chips for artificial intelligence and high-performance computing. If broadly adopted, High NA could extend ASML Holding’s technology leadership and boost its revenues in the long run.

While ASML’s backlog and customer interest suggest strong long-term demand, near-term adoption might be negatively impacted by the ongoing macroeconomic challenges. During the second-quarter 2025 earnings call, management acknowledged that ongoing U.S.-China tariff discussions, including the Section 232 tariff review, are negatively impacting customer capital spending timelines.

While the ongoing macroeconomic issues may hurt ASML Holding’s near-term prospects, the long-term demand drivers for EUV technology remain encouraging. AI adoption is accelerating, and DRAM manufacturers are increasing the number of EUV layers in their latest nodes. High NA EUV systems, currently being qualified, are expected to expand the company’s market opportunity eventually.

All these factors, along with ASML’s monopoly in the EUV lithography technology, make us optimistic about the company reaching the high end of its long-term revenue target. The Zacks Consensus Estimate for 2025 revenues indicates a year-over-year increase of 23.8%.

ASML’s Rivals in Advanced Chipmaking Equipment Space

Although ASML is the only company providing EUV lithography tools, it operates in a broader ecosystem of semiconductor equipment makers. Its notable peers in the chipmaking equipment space are Applied Materials AMAT and KLA Corporation KLAC.

Applied Materials supplies equipment used in chip fabrication, including deposition and etching tools that are essential for both advanced and mature nodes. As chips become more complex with AI and high-performance workloads, Applied Materials’ tools aid in designing and making efficient and smaller node chips.

KLA Corporation specializes in process control, inspection and metrology systems. KLA Corporation’s equipment helps chipmakers monitor and improve yield during manufacturing.

ASML’s Share Price Performance, Valuation and Estimates

Shares of ASML Holding have risen 12.8% year to date compared with the Zacks Computer and Technology sector’s gain of 15.4%.

ASML YTD Price Return Performance

From a valuation standpoint, ASML trades at a forward price-to-sales ratio of 8.18, significantly higher than the sector’s average of 6.73.

ASML Forward 12-Month P/S Ratio

The Zacks Consensus Estimate for ASML Holding’s 2025 and 2026 earnings implies a year-over-year increase of approximately 35.3% and 0.7%, respectively. Estimates for 2025 earnings have been revised upward in the past seven days, while those for 2026 have moved south over the last seven days.

ASML Holding currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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This article originally published on Zacks Investment Research (zacks.com).

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