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The latest data point for ASML's EV/EBITDA ratio in Q1'26 stands at 127.33, marking a substantial surge from the previous quarter's value of 39.19 in Q4'25 and indicating heightened market expectations for future earnings growth or potential overvaluation concerns. Over the period from Q2'23 to Q1'26, the EV/EBITDA ratio exhibited significant volatility, starting at 26.82 in Q2'23, dipping to a low of 18.98 in Q1'25, and climbing steadily to a peak of 127.33 in Q1'26, with notable peaks at 38.33 in Q2'24 and 39.19 in Q4'25. This area chart trend suggests periods of declining multiples amid market corrections (e.g., from 38.33 in Q2'24 to 18.98 in Q1'25), followed by sharp recoveries, reflecting ASML's sensitivity to semiconductor industry cycles and investor sentiment. Overall, the ratio's upward trajectory in recent quarters points to robust growth prospects, though the extreme Q1'26 level warrants caution for valuation risks.