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ASML Stock: Cash Surged, But How Much Can Repeat? — Q3 2026
ASML Holding N.V. (ASML) Q3 2026 — Reference price $1,717.76 is the October 13 pre-release Nasdaq close; no current earnings-day reaction is asserted.
ASML delivered a stronger operating quarter, but the surging cash inflow includes a large working-capital contribution and net income includes an investment gain. We separate recurring earnings from timing and show what the share price already assumes.
THE CALL: HOLD (3/5, MODERATE) — base-case value ~$1650.00 vs ~$1717.76 at the October 13 pre-release close.
KEY METRICS:
- Revenue €11,662.0M, up 55.2% year over year
- US GAAP operating income €5,172.8M, up 109.6%
- Gross margin 57.5%; prior Q3 guidance 55–57%
- Net income €4,960.4M includes €509.7M investment gain
- Operating cash flow €11,797.6M includes €7,009.0M changes in assets and liabilities
- FCF €11,350.4M after PP&E and intangible purchases
- Q4 sales guidance €14.2–15.2B; gross margin around 57%
- HOLD; fair value $1,650; reference $1,717.76; weighted scenario value $1,725