Is The Business Growing?

1. Revenue

• 2013: €5.2B → 2023: €27.6B

• ~5.3× increase over 10 years

• CAGR: ~18% per year

• YoY: generally double-digit growth, strongest 2020–2022 (+30–40%), slowed in 2023 (~+3%).

2. Net Income

• 2013: €1.2B → 2023: €6.7B

• ~5.6× increase

• CAGR: ~19% per year

• YoY: volatile, major jumps 2020 (+37%) and 2021 (+65%), flattening after 2022.

3. Equity

• 2013: €7.5B → 2023: €20B

• ~2.7× increase

• CAGR: ~10% per year

• YoY: steady mid-single digit growth, slower than revenue/profit due to heavy buybacks & dividends.

4. Free Cash Flow (FCF)

• 2015: €1.6B → 2023: €9.8B

• ~6.1× increase (in 8 years)

• CAGR 2015–2023: (~25,4% per year)

• YoY: very volatile – peaked in 2021 (€10B), dropped sharply in 2022–2023, recovered again in 2024 (€9.1B).

Conclusion:

• ASML multiplied revenues and profits ~5–6× in a decade.

• Margins remained solid, which is rare at this scale.

• Equity grew slower because management returned huge amounts of cash to shareholders.

• Free cash flow exploded, showing extraordinary monetization power, though volatile around the cycle.

Source: https://www.asml.com/en/investors/annual-report

Please let me know if I’ve missed or overlooked anything, made a mistake, or if you have any questions or suggestions for improving the analysis!