Aslan Research · Chip equipment
ASML HOLDING NV (ASML)
Data as of 2026-09-03 · 29 quarters · filed in EUR · outside the industry averages
Revenue of €21.2 billion is nearly six times reported debt of €3.7 billion, giving the balance sheet a large operating scale. But expenses are growing at 14% per year, faster than revenue growth of 10% per year.
Earned, collected early, and merely signed
Reports €3.7B of debt; has promised €3.7B
Total committed money is €3.7 billion, all tied to debt. That matches reported debt at 1.0x, so the commitments add no disclosed lease or purchase obligations beyond debt.
What the promised total is made of, latest quarter
Spending, by reported line
When the promises come due
The next five years carry €14.6 billion of obligations, versus €7.1 billion of deferred revenue already promised to the company. Another €507 million is due after year five, with no matching deferred-revenue figure provided.
The rates that matter
Expenses as filed vs after cited reconciliation
77 patterns worth a second look
The filings show company financing and equity investment in parties that also appear as sources of revenue or operating returns. Six of 29 quarters changed through reconciliation, while several historical cash, revenue, cost-of-revenue, and gross-profit figures were dropped after extraction disagreements.
circular financing · 1
The filings show company financing and equity investment in parties that also appear as sources of revenue or operating returns.
extraction disagreement · 68
6-K a20200415q1presentationf.htm: the two extraction passes read cash for 2019-03-31 as 2253000000 vs 3275000000; the figure was dropped.
6-K a20200415q1presentationf.htm: the two extraction passes read cash for 2019-06-30 as 1661000000 vs 2335000000; the figure was dropped.
6-K a20200415q1presentationf.htm: the two extraction passes read cash for 2019-09-30 as 1586000000 vs 2070000000; the figure was dropped.
+ 65 more
off balance sheet · 1
The filings report factoring of customer receivables and parental or guarantee facilities that transfer or support obligations outside ordinary debt balances.
one time dressing · 1
The filings present substantial one-time or non-recurring investment and financing flows alongside recurring operating metrics.
redefinition · 3
The 2025 filing reports the 2022-2025 buyback program finished at EUR 7.6 billion, whereas earlier filings described it as up to EUR 12.0 billion through December 2025.
The 2024 filing reports a committed revolving credit facility of EUR 1.5 billion through 2029, compared with EUR 700 million through 2026 in prior filings.
The 2025 filing increases available non-committed credit lines from EUR 2.75 billion to EUR 3.0 billion.
regulator challenge · 1
A reply to SEC staff was filed on 2020-05-20, answering a staff comment letter dated 2020-05-08; it quotes 2 staff comments.
related party exposure · 1
The filings report increasing financing, advance payments, purchases, and other exposure to related party Carl Zeiss SMT GmbH.
subsequent event · 1
The 2023 filing reports the 2022 dividend as a subsequent event after the reporting period.