World No.1 in ALD deposition equipment
ASM International
ASM International is the world No.1 in ALD (atomic-layer deposition) equipment, a structural beneficiary as transistors move from FinFET to gate-all-around (GAA) and the number of ALD steps that lay down precise films one layer at a time rises. With 2024 revenue of €2.9B (+12%), it supplies the leading-edge transitions of Samsung, SK hynix, TSMC and Intel, and it has a PEALD R&D/production hub in Korea (Hwaseong) to deepen local-customer ties. As an equipment maker it rides customer capex cycles, but rising process difficulty lifting ALD penetration is the long-run upside.
ASM.AS Updated Jul 12, 2026 5 AI consumers· 2 recurring
Per the valuechain.wiki graph, ASM International is directly linked to 4 companies (0 supply, 4 revenue relationships) and reaches 28 companies within two hops; the links are backed by 6 dated sources, 3 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · EUR 3.2B (2025, +12% cc; record 51.8% gross margin, 2nm GAA ALD-driven)
- Customer concentration · World No.1 in ALD deposition equipment.
- Segments · World No.1 in ALD deposition equipment
Revenue from
- TSMC High confidence
Supplies ALD deposition equipment to TSMC.Confirms EN ASM International Published Mar 3, 2026: ASM Q4 & full-year 2025 results — revenue EUR 3.2B (record, +12% cc), gross margin 51.8%Mentions EN Quartr Published Jan 15, 2026: ASM International results summary & outlook (2nm GAA ALD-driven) - SK hynix High confidence
Supplies ALD deposition equipment to SK Hynix.Confirms EN ASM International Published Mar 3, 2026: ASM Q4 & full-year 2025 results — revenue EUR 3.2B (record, +12% cc), gross margin 51.8% - Samsung Electronics High confidence
Supplies ALD deposition equipment to Samsung Electronics.Confirms EN ASM International Published Mar 3, 2026: ASM Q4 & full-year 2025 results — revenue EUR 3.2B (record, +12% cc), gross margin 51.8% - Intel Medium confidence
Supplies ALD deposition equipment to Intel.Confirms EN ASM official results Published Mar 3, 2026: ASM official results — asm-international resultsConfirms EN ASM International Published Mar 3, 2026: ASM Q4 & full-year 2025 results — revenue EUR 3.2B (record, +12% cc), gross margin 51.8%
Pays to
- equipment & infrastructure (undisclosed) Low confidence
Production equipment and infrastructure (undisclosed). - components, materials & R&D (undisclosed) Low confidence
Parts, materials and R&D (undisclosed).
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Marvell | lead2 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +163.4 |
| Intel | lead2 | +6.1 | -46.6 | +94.6 | -59.6 | +84 | +159.6 |
| MediaTek | lead2 | +27.8 | -26.6 | +52.9 | +58.3 | +24.9 | +152.4 |
| AMD | lead2 | +56.9 | -55 | +127.6 | -18.1 | +77.3 | +123 |
| Global Unichip | lead2 | +21.4 | +67.6 | +99.4 | -13.7 | +101.4 | +122.8 |
| Fortinet | lead2 | +142 | -32 | +19.7 | +61.4 | -16 | +96.8 |
| Astera Labs | lead2 | · | · | · | · | +25.6 | +86.6 |
| Realtek | lead2 | +19.6 | -33.8 | +56.2 | +19.1 | -6.4 | +47.5 |
| Cisco | lead2 | +45.8 | -22.5 | +9.3 | +21 | +33.5 | +43.8 |
| Alchip Technologies | lead2 | +14.3 | -8.7 | +365.1 | -18.9 | +0.8 | +36.1 |
| Analog Devices | lead2 | +21 | -4.9 | +23.4 | +8.8 | +29.8 | +34.8 |
| Renesas Electronics | lead2 | +8.2 | +2.4 | +88 | -13.6 | +23.8 | +28.2 |
| Credo Technology | lead2 | · | · | +46.3 | +245.2 | +114.1 | +18.5 |
| Microchip Technology | lead2 | +27.5 | -18 | +30.9 | -35 | +14.6 | +18.4 |
| Apple | lead2 | +34.6 | -26.4 | +49 | +30.7 | +9.1 | +18 |
| Sony Semiconductor Solutions | lead2 | +27.2 | -8.4 | +27.8 | +17.9 | +1 | +12.9 |
| NXP Semiconductors | lead2 | +44.8 | -29.2 | +48.4 | -8 | +6.4 | +5.9 |
| Broadcom | lead2 | +56.5 | -13.3 | +104.2 | +110.5 | +50.6 | +3.8 |
| Montage Technology | lead2 | -18.2 | -21.8 | -18 | +51.4 | +169 | +3.4 |
| Qualcomm | lead2 | +22.3 | -38.6 | +35.1 | +8.3 | +13.8 | +0.2 |
| Ambarella | lead2 | +121 | -59.5 | -25.5 | +18.7 | -2.6 | -11.2 |
| Phison Electronics | lead2 | +26.8 | -10.7 | +45.1 | -6.7 | +418.3 | -14.7 |
| Mobileye | lead2 | · | · | +23.6 | -54 | -47.6 | -18 |
| Will Semiconductor | lead2 | -12.1 | -49.7 | -8.3 | +22.8 | +15.5 | -33.7 |
| TSMC | lead1 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +41.9 |
| ASM International | node | +44.2 | +2.9 | +68.7 | +10.3 | +25.9 | +16.7 |
YTD as of 2026-09-04 · source: Yahoo Finance
ASM International is the World No.1 in ALD deposition equipment. Momentum stayed firm and it is +16.7% in 2026. The demand side (avg +85.7%) leads the stock (+16.7%), so customer moves come first here. Among connected nodes the furthest ahead is Intel (+159.6%) and the furthest behind is TSMC (+41.9%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. As an equipment maker it rides customer capex cycles, but rising process difficulty lifting ALD penetration is the long-run upside.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target €1,187 · Price €825.2 (09-04) · Upside +44%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| JPMorgan · Sandeep Deshpande | Overweight | €1,174 | Jun 19, 2026 | Report ↗ |
| Barclays · Simon Coles | Overweight | €1,200 | Jun 11, 2026 | Report ↗ |
| Citigroup | Buy | — | Apr 23, 2026 | Report ↗ |
JPMorgan and Barclays lifted targets above EUR 1,100 as ASM's ALD exposure at 2nm/1.4nm nodes underpins a strong 2026 upcycle view.