Lithography · EUV monopoly

ASML

The monopoly supplier of advanced lithography. ASML is the world's only maker of EUV, and especially High-NA EUV. FY2025 revenue €32.7B; customers include every leading-edge chipmaker (TSMC, Samsung, SK, Intel, Micron). Samsung and SK took two-thirds of 2025 EUV shipments.

ASML Updated Jul 12, 2026 6 AI consumers· 5 recurring

Per the valuechain.wiki graph, ASML is directly linked to 16 companies (4 supply, 12 revenue, 2 investment relationships) and reaches 41 companies within two hops; the links are backed by 21 dated sources, 6 of them primary filings (as of 2026-07-12).

Annual return · 2026-07-10'21+64.1%'22-30.5%'23+39.9%'24-7.7%'25+55.8%YTD+68.6%
Money in ▸Samsung Electronics●Units 40대TSMC●SK hynix●Intel●Micron Technology◐GlobalFoundries◐Kioxia◐SanDisk◐United Microelectronics (UMC)◐Texas Instruments◐Nanya Technology◐Hua Hong Semiconductor◐
ASML€32.7B
▸ Money outCarl Zeiss SMT●TRUMPF●Cymer◐MKS Instruments◐이코르 (가스 전달 서브시스템)◐

Financials & Segments

  • Total revenue · €32.7B (FY2025). Largest customer €7.8B (~24%), top 3 ~60%+
  • Customer concentration · Largest customer is ~24% of revenue (€7.8B). Samsung and SK took two-thirds of 2025 EUV shipments (~40 units, $14B). In Q1, memory customers were 51% of equipment revenue, passing logic for the first time in 8 years
  • Segments · EUV · DUV · Applications & Service

Revenue from

  • Samsung Electronics High confidence· Units 40대 · 2025 · Samsung+SK combined EUV shipments (two-thirds of total, $14B)
    Top EUV customer; with SK, took two-thirds of 2025 EUV shipments.
    Confirms EN Seoul Economic Daily Published Apr 17, 2026: Samsung, SK Secure Two-Thirds of ASML's Annual EUV Shipments
  • TSMC High confidence
    One of the largest EUV/DUV customers (logic foundry).
    Mentions KO Korea Economic Daily Published Apr 23, 2026: Taiwan's TSMC holds off on adopting ASML's latest equipment
    Confirms EN SEC EDGAR Published Feb 25, 2026: ASML Form 20-F (FY2025, 2025-12-31)
  • SK hynix High confidence
    Major EUV customer; with Samsung, two-thirds of 2025 shipments.
    Confirms EN Seoul Economic Daily Published Apr 17, 2026: Samsung, SK Secure Two-Thirds of ASML's Annual EUV Shipments
  • Intel High confidence
    First customer to adopt High-NA EUV (for 18A and 14A).
    Confirms KO ETNews Published Oct 16, 2024: ASML develops High-NA EUV for finer scaling
  • Micron Technology Medium confidence
    EUV customer (adopted EUV from the 1-gamma DRAM node).
    Mentions EN Seoul Economic Daily Published Apr 17, 2026: Samsung, SK Secure Two-Thirds of ASML's Annual EUV Shipments
  • GlobalFoundries Medium confidence
    Supplies lithography tools to GlobalFoundries.
    Mentions EN SEC EDGAR Published Feb 27, 2026: GlobalFoundries FY2025 Form 20-F
  • Kioxia Medium confidence
    Supplies NAND production equipment and wafers to Kioxia.
    Confirms KO News1 Published Nov 1, 2025: Kioxia ranks No.3 in NAND
    Confirms EN Kioxia Published May 1, 2025: Kioxia IR
  • SanDisk Medium confidence
    Supplies NAND production equipment to SanDisk.
    Confirms KO Business Post Published Nov 1, 2025: SanDisk and Kioxia ride the NAND boom
    Confirms EN SEC EDGAR Published Aug 1, 2025: SanDisk Form 10-K
  • United Microelectronics (UMC) Medium confidence
    Supplies lithography tools to UMC.
    Mentions EN SEC EDGAR Published Jan 28, 2026: UMC FY2025 results (6-K)
  • Texas Instruments Medium confidence
    Supplies front-end equipment to Texas Instruments.
    Confirms EN SEC EDGAR Published Jan 1, 2025: Texas Instruments Form 10-K
    Confirms EN Mordor Published Jan 1, 2025: Analog semiconductor market (TI No.1)
  • Nanya Technology Medium confidence
    Supplies EUV lithography systems for Nanya's new 1C/1D DRAM fab.
    Confirms EN 01.co Published Apr 15, 2026: Nanya Tech Q1 2026: Legacy DRAM Squeeze Confirmed
    Confirms EN Evertiq Published Jun 23, 2022: Nanya breaks ground on new fab in Taiwan
  • Hua Hong Semiconductor Medium confidence
    Supplies DUV (193nm immersion) lithography for Hua Hong's mature nodes — EUV is banned for China and even DUV faces Dutch licensing and MATCH Act (April 2026) risk to service and exports.
    Confirms EN CNBC Published Apr 7, 2026: ASML China DUV curbs tighten; MATCH Act names Hua Hong

Pays to

  • Carl Zeiss SMT High confidence
    Sources EUV optics (mirrors) exclusively from Carl Zeiss SMT.
    Confirms EN SEC EDGAR Published Feb 25, 2026: ASML Form 20-F (FY2025, 2025-12-31)
    Confirms KO Korea Economic Daily Published Jul 31, 2022: “No us, no ASML”: Zeiss holds 2000+ semiconductor patents
    Confirms EN ASML Published Nov 3, 2016: ZEISS and ASML strengthen EUV partnership (24.9% stake, €1B)
  • TRUMPF High confidence
    Sources EUV-source CO2 laser exclusively from TRUMPF.
    Confirms EN TRUMPF Published Jan 1, 2025: TRUMPF EUV radiation generation (CO2 laser)
    Confirms KO Byline Network Published Aug 3, 2022: Behind ASML EUV stand Zeiss and TRUMPF
  • Cymer Medium confidence
    EUV light source (laser) supplier; an ASML subsidiary.
    Mentions EN SEC EDGAR Published Feb 25, 2026: ASML Form 20-F (FY2025, 2025-12-31)
  • MKS Instruments Medium confidence
    Uses MKS RF-power/vacuum subsystems in etch/deposition tools.
    Confirms EN Yole Group Published Jan 1, 2025: Critical subsystems suppliers are the superstars of the chain
  • 이코르 (가스 전달 서브시스템) Medium confidence
    Named among Ichor's largest customers by sales in 2025.
    Confirms EN SEC EDGAR Published Feb 20, 2026: Ichor Holdings Annual Report on Form 10-K (fiscal year ended December 26, 2025)

Investments

  • Carl Zeiss SMT High confidence
    ASML owns 24.9% of Carl Zeiss SMT (€1B).
    Confirms EN ASML Published Nov 3, 2016: ZEISS and ASML strengthen EUV partnership (24.9% stake, €1B)
  • TRUMPF High confidence
    ASML invested directly in EUV partner TRUMPF.
    Confirms KO Byline Network Published Aug 3, 2022: Behind ASML EUV stand Zeiss and TRUMPF

Value-chain ripple (2 tiers)

Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.

CompanyChain'21'22'23'24'25YTD
Intellead2+6.1-46.6+94.6-59.6+84+197.7
Marvelllead2+84.6-57.5+63.7+83.8-22.8+177.8
AMDlead2+56.9-55+127.6-18.1+77.3+160.5
Astera Labslead2····+25.6+148.2
MediaTeklead2+27.8-26.6+52.9+58.3+24.9+124.3
Fortinetlead2+142-32+19.7+61.4-16+98.4
Renesas Electronicslead2+8.2+2.4+88-13.6+23.8+84.9
Texas Instrumentslead2+17.5-9.9+6.4+13.1-4.5+81.6
Credo Technologylead2··+46.3+245.2+114.1+79.2
Realteklead2+19.6-33.8+56.2+19.1-6.4+73.7
Global Unichiplead2+21.4+67.6+99.4-13.7+101.4+66.4
Ciscolead2+45.8-22.5+9.3+21+33.5+59.8
Montage Technologylead2-18.2-21.8-18+51.4+169+47.4
Analog Deviceslead2+21-4.9+23.4+8.8+29.8+46.7
Microchip Technologylead2+27.5-18+30.9-35+14.6+40.6
NXP Semiconductorslead2+44.8-29.2+48.4-8+6.4+35.8
Alchip Technologieslead2+14.3-8.7+365.1-18.9+0.8+34.7
Everpure (formerly Pure Storage)lead2+44-17.8+33.3+72.3+9.1+18.4
Applelead2+34.6-26.4+49+30.7+9.1+16.2
Broadcomlead2+56.5-13.3+104.2+110.5+50.6+16
Qualcommlead2+22.3-38.6+35.1+8.3+13.8+11.7
Ambarellalead2+121-59.5-25.5+18.7-2.6+9.1
Sony Semiconductor Solutionslead2+27.2-8.4+27.8+17.9+1-2.4
Phison Electronicslead2+26.8-10.7+45.1-6.7+418.3-6
Mobileyelead2··+23.6-54-47.6-8.5
Will Semiconductorlead2-12.1-49.7-8.3+22.8+15.5-14.8
SanDisklead1·····+707.1
Kioxialead1····+1082.1+260.5
Micron Technologylead1+24.2-45.9+71.9-1+240.2+243.3
United Microelectronics (UMC)lead1+43.2-40.3+39.2-19+28.8+215.1
GlobalFoundrieslead1·-17.1+12.5-29.2-18.6+97.8
Hua Hong Semiconductorlead1-19.8-19.5-53+61.6+412.1+59.2
TSMClead1+12.1-36.7+42.3+92.6+55.9+43.6
Nanya Technologylead1-8.3-14.2+22.5-56.2+984.7+33.8
ASMLnode+64.1-30.5+39.9-7.7+55.8+68.6
Ichor Holdingsbenef1+52.7-41.7+25.4-4.2-42.8+444.2
MKS Instrumentsbenef1+16.4-51+22.6+2.2+54.4+131

YTD as of 2026-07-10 · source: Yahoo Finance

ASML's thesis is 'the absolute bottleneck of advanced semiconductors (an EUV monopoly).' As the world's sole supplier of EUV, especially High-NA, sub-2nm logic and next-gen DRAM cannot be made without its tools, so every leading-edge fab (TSMC, Samsung, SK, Intel, Micron) is both customer and hostage. On FY2025 revenue of €32.7B, top-customer concentration (~24%) and a top-three of 60%+ are pricing power and capex-concentration risk; Samsung and SK took two-thirds of 2025 EUV shipments, memory outpacing logic for the first time in eight years — a sign AI/HBM demand has reached lithography. It too depends solely on Zeiss SMT (optics) and TRUMPF (light source), so its supply chain is its shipment ceiling. What to watch is High-NA adoption pace and China export controls.

Analysis generated from returns as of 2026-07-09

Analyst ratings

Consensus: Buy 5 · Hold 0 · Sell 0

BrokerRatingTargetPublished
Wells Fargo · Joseph QuatrochiOverweight$2,200Jun 28, 2026Report ↗
UBS · Francois-Xavier BouvigniesBuy€1,900Jun 24, 2026Report ↗
Bank of America · Didier ScemamaBuy$2,345Jun 22, 2026Report ↗
Morgan Stanley · Nigel van PuttenOverweight€1,660Jun 3, 2026Report ↗
JPMorgan · Sandeep DeshpandeOverweight$1,518Jan 28, 2026Report ↗

Raised target to $2,200 from $1,750, Overweight kept; sees the 2027 order book fully booked by the July 15 Q2 report, pivoting focus to 2028 EPS.

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