DUV systemsNarrow moat

ASML (ASML) — moat facet

Still €12 billion in 2025, but units fell by a quarter and China's buying is running down.

DUV is the lithography ASML shares with Nikon and Canon, and in 2025 it was still ASML's largest system line by a small margin. It sold 131 ArF immersion systems for €10,311.4 million, 16 ArF dry for €427.0 million, 78 KrF for €1,001.3 million and 54 i-line for €307.3 million: €12,047 million from 279 machines.12

DUV systems sold (units)1862017203201926720213052022396202337420242792025ASML Forms 20-F; ArF immersion + ArF dry + KrF + i-line units
DUV units fell 30% in two years after the China-driven peak.

Inside the line, one tool matters. ArF immersion was 86% of DUV sales in 2025, and its price has risen too: about €53.0 million a system in 2017 against €78.7 million in 2025.34 The older wavelengths sell for far less, €12.8 million for a KrF system and €5.7 million for i-line.5

The line grew for years without much fuss. ASML's DUV sales were about €5,058 million in 2017, €5,922 million in 2019 and €6,855 million in 2021.678 In 2022 they reached about €7,725 million, and in 2023 about €12,279 million on 396 units.910

The 2023 jump had a customer behind it. ASML may not ship EUV to China, so its Chinese sales, €7,251.8 million in 2023, €10,195.1 million in 2024 and €9,519.7 million in 2025, were DUV systems, metrology and service.11 Those sales rose while the Dutch and American rules on what could be shipped there tightened.

That demand is now running down. DUV units went from 396 in 2023 to 374 in 2024 and 279 in 2025, and KrF shipments fell from 184 to 78.1213 In the first half of 2026 DUV sales were €4,585 million against €5,149 million a year earlier, down 11.0%, and immersion units fell from 56 to 40.1415

ASML reports no margin for DUV either. Immersion is a mature product with a large installed base, and ASML's own capacity plan treats it as a growth line: around 130 immersion systems of capacity in 2026, with 30% more planned for 2027.16

The verdict on DUV is that it is a good business that no longer defines ASML. The number to watch is immersion units in the second half of 2026. A recovery toward 2025's pace of about 65 a half would support the capacity plan; another half near 40 would mean the Chinese buying was not being replaced.

Moat trajectory: Narrowing

DUV units fell from 396 in 2023 to 279 in 2025, and first-half 2026 DUV sales fell 11.0%.

The number that tests this moat
Moat Explorer calc
DUV system sales, first half
€4,585M in H1 2026, down 11.0% from €5,149M

Immersion capacity is being expanded 30% for 2027; another falling half would mean the Chinese demand is not being replaced.

How it's calculated: ArF immersion + ArF dry + KrF + i-line system sales.
Source: ASML H1 2026 interim report (Moat Explorer calc) ↗
References
  1. ReportedIt sold 131 ArF immersion systems for €10,311.4 million, 16 ArF dry for €427.0 million, 78 KrF for €1,001.3 million and 54 i-line for €307.3 million: €12,047 million from 279 machines.
    ASML Holding N.V. Form 20-F FY2025 - net system sales per technology 2023-2025 (units, €m): NXE 53/9,124.0, 42/7,856.4, 44/10,445.8; EXE 2/465.0 (2024), 4/1,156.9 (2025); ArFi 125/9,017.4, 129/9,667.0, 131/10,311.4; ArF dry 32/780.2, 28/774.4, 16/427.0; KrF 184/2,202.5, 152/1,991.2, 78/1,001.3; I-line 55/278.4, 65/369.2, 54/307.3; Metrology & Inspection 151/536.1, 165/645.5, 208/824.6; net service and field option sales 5,619.9/6,494.2/8,193.0 with cost 3,271.4/3,364.0/4,025.3; total net sales 27,558.5/28,262.9/32,667.3; China sales 7,251.8/10,195.1/9,519.7; service growth attributed to the growing installed base of systems, higher tool use and more NXE field upgrades — FY2023-FY2025 · publ. February 2026 · source ↗
  2. Moat Explorer calcIt sold 131 ArF immersion systems for €10,311.4 million, 16 ArF dry for €427.0 million, 78 KrF for €1,001.3 million and 54 i-line for €307.3 million: €12,047 million from 279 machines.
    Moat Explorer calculation from ASML's Forms 20-F FY2019, FY2021, FY2023 and FY2025 and the H1 2026 interim report: line totals (EUV = NXE + EXE; DUV = ArF immersion + ArF dry + KrF + i-line), shares of sales, sales per system, growth rates and gross margins (sales less cost of sales, over sales) — 2017 to H1 2026 · publ. 2026-09-23 · source ↗
  3. ReportedArF immersion was 86% of DUV sales in 2025, and its price has risen too: about €53.0 million a system in 2017 against €78.7 million in 2025.
    ASML Holding N.V. Form 20-F / integrated report FY2019 - net system sales per technology 2017-2019: EUV 11/€1,084.2m, 18/€1,880.1m, 26/€2,799.7m; ArFi 76/€4,028.7m, 86/€4,806.9m, 82/€4,707.7m; ArF dry 13/€186.4m; KrF 71/€743.5m; i-line 26/€99.7m; Metrology & Inspection 95/€281.9m, 114/€339.1m, 115/€274.4m; net service and field option sales €2,684.9m (2018), €2,823.8m (2019) — FY2017-FY2019 · publ. February 2020 · source ↗
  4. Moat Explorer calcArF immersion was 86% of DUV sales in 2025, and its price has risen too: about €53.0 million a system in 2017 against €78.7 million in 2025.
    Moat Explorer calculation from ASML's Forms 20-F FY2019, FY2021, FY2023 and FY2025 and the H1 2026 interim report: line totals (EUV = NXE + EXE; DUV = ArF immersion + ArF dry + KrF + i-line), shares of sales, sales per system, growth rates and gross margins (sales less cost of sales, over sales) — 2017 to H1 2026 · publ. 2026-09-23 · source ↗
  5. Moat Explorer calcThe older wavelengths sell for far less, €12.8 million for a KrF system and €5.7 million for i-line.
    Moat Explorer calculation from ASML's Forms 20-F FY2019, FY2021, FY2023 and FY2025 and the H1 2026 interim report: line totals (EUV = NXE + EXE; DUV = ArF immersion + ArF dry + KrF + i-line), shares of sales, sales per system, growth rates and gross margins (sales less cost of sales, over sales) — 2017 to H1 2026 · publ. 2026-09-23 · source ↗
  6. ReportedASML's DUV sales were about €5,058 million in 2017, €5,922 million in 2019 and €6,855 million in 2021.
    ASML Holding N.V. Form 20-F / integrated report FY2019 - net system sales per technology 2017-2019: EUV 11/€1,084.2m, 18/€1,880.1m, 26/€2,799.7m; ArFi 76/€4,028.7m, 86/€4,806.9m, 82/€4,707.7m; ArF dry 13/€186.4m; KrF 71/€743.5m; i-line 26/€99.7m; Metrology & Inspection 95/€281.9m, 114/€339.1m, 115/€274.4m; net service and field option sales €2,684.9m (2018), €2,823.8m (2019) — FY2017-FY2019 · publ. February 2020 · source ↗
  7. ReportedASML's DUV sales were about €5,058 million in 2017, €5,922 million in 2019 and €6,855 million in 2021.
    ASML Holding N.V. Form 20-F FY2021 - net system sales per technology 2019-2021: EUV 26/€2,799.7m, 31/€4,463.8m, 42/€6,284.0m; ArFi 82/€4,707.7m, 68/€3,917.0m, 81/€4,959.6m; ArF dry 22/€401.2m, 22/€427.0m, 22/€431.9m; KrF 65/€679.7m, 103/€1,012.3m, 131/€1,321.3m; I-line 34/€133.5m, 34/€146.4m, 33/€142.3m; Metrology & Inspection 115/€274.4m, 137/€350.1m, 196/€513.7m; net service and field option sales €2,823.8m/€3,661.9m/€4,958.2m, cost of service €1,864.0m/€2,012.0m/€2,319.1m — FY2019-FY2021 · publ. February 2022 · source ↗
  8. Moat Explorer calcASML's DUV sales were about €5,058 million in 2017, €5,922 million in 2019 and €6,855 million in 2021.
    Moat Explorer calculation from ASML's Forms 20-F FY2019, FY2021, FY2023 and FY2025 and the H1 2026 interim report: line totals (EUV = NXE + EXE; DUV = ArF immersion + ArF dry + KrF + i-line), shares of sales, sales per system, growth rates and gross margins (sales less cost of sales, over sales) — 2017 to H1 2026 · publ. 2026-09-23 · source ↗
  9. ReportedIn 2022 they reached about €7,725 million, and in 2023 about €12,279 million on 396 units.
    ASML Holding N.V. Form 20-F FY2023 - net system sales per technology 2021-2023: 2022 NXE 40/€7,045.3m, ArFi 81/€5,236.5m, ArF dry 28/€623.7m, KrF 151/€1,653.7m, I-line 45/€211.5m, Metrology & Inspection 216/€659.6m; 2023 NXE 53/€9,124.0m; net service and field option sales €4,958.2m/€5,743.1m/€5,619.9m, cost of service €2,319.1m/€2,891.0m/€3,271.4m — FY2021-FY2023 · publ. February 2024 · source ↗
  10. Moat Explorer calcIn 2022 they reached about €7,725 million, and in 2023 about €12,279 million on 396 units.
    Moat Explorer calculation from ASML's Forms 20-F FY2019, FY2021, FY2023 and FY2025 and the H1 2026 interim report: line totals (EUV = NXE + EXE; DUV = ArF immersion + ArF dry + KrF + i-line), shares of sales, sales per system, growth rates and gross margins (sales less cost of sales, over sales) — 2017 to H1 2026 · publ. 2026-09-23 · source ↗
  11. ReportedASML may not ship EUV to China, so its Chinese sales, €7,251.8 million in 2023, €10,195.1 million in 2024 and €9,519.7 million in 2025, were DUV systems, metrology and service.
    ASML Holding N.V. Form 20-F FY2025 - net system sales per technology 2023-2025 (units, €m): NXE 53/9,124.0, 42/7,856.4, 44/10,445.8; EXE 2/465.0 (2024), 4/1,156.9 (2025); ArFi 125/9,017.4, 129/9,667.0, 131/10,311.4; ArF dry 32/780.2, 28/774.4, 16/427.0; KrF 184/2,202.5, 152/1,991.2, 78/1,001.3; I-line 55/278.4, 65/369.2, 54/307.3; Metrology & Inspection 151/536.1, 165/645.5, 208/824.6; net service and field option sales 5,619.9/6,494.2/8,193.0 with cost 3,271.4/3,364.0/4,025.3; total net sales 27,558.5/28,262.9/32,667.3; China sales 7,251.8/10,195.1/9,519.7; service growth attributed to the growing installed base of systems, higher tool use and more NXE field upgrades — FY2023-FY2025 · publ. February 2026 · source ↗
  12. ReportedDUV units went from 396 in 2023 to 374 in 2024 and 279 in 2025, and KrF shipments fell from 184 to 78.
    ASML Holding N.V. Form 20-F FY2025 - net system sales per technology 2023-2025 (units, €m): NXE 53/9,124.0, 42/7,856.4, 44/10,445.8; EXE 2/465.0 (2024), 4/1,156.9 (2025); ArFi 125/9,017.4, 129/9,667.0, 131/10,311.4; ArF dry 32/780.2, 28/774.4, 16/427.0; KrF 184/2,202.5, 152/1,991.2, 78/1,001.3; I-line 55/278.4, 65/369.2, 54/307.3; Metrology & Inspection 151/536.1, 165/645.5, 208/824.6; net service and field option sales 5,619.9/6,494.2/8,193.0 with cost 3,271.4/3,364.0/4,025.3; total net sales 27,558.5/28,262.9/32,667.3; China sales 7,251.8/10,195.1/9,519.7; service growth attributed to the growing installed base of systems, higher tool use and more NXE field upgrades — FY2023-FY2025 · publ. February 2026 · source ↗
  13. Moat Explorer calcDUV units went from 396 in 2023 to 374 in 2024 and 279 in 2025, and KrF shipments fell from 184 to 78.
    Moat Explorer calculation from ASML's Forms 20-F FY2019, FY2021, FY2023 and FY2025 and the H1 2026 interim report: line totals (EUV = NXE + EXE; DUV = ArF immersion + ArF dry + KrF + i-line), shares of sales, sales per system, growth rates and gross margins (sales less cost of sales, over sales) — 2017 to H1 2026 · publ. 2026-09-23 · source ↗
  14. ReportedIn the first half of 2026 DUV sales were €4,585 million against €5,149 million a year earlier, down 11.0%, and immersion units fell from 56 to 40.
    ASML statutory interim report H1 2026 (IFRS) - net system sales per technology, six months to June 2025 and June 2026 (units, €m): EXE 1/273.8 and 3/1,188.9; NXE 24/5,593.2 and 29/6,708.5; ArF immersion 56/4,301.7 and 40/3,331.7; ArF dry 7/193.3 and 13/367.3; KrF 38/495.6 and 65/772.6; I-line 27/158.0 and 20/113.1; Metrology & Inspection 88/320.9 and 104/362.1; net system sales 11,336.5 and 12,844.2 (+13.3%), net service and field option sales 4,096.7 and 5,249.2 (+28.1%); cost of system sales 5,298.3 and 6,803.1, cost of service 1,911.5 and 2,084.9 (+9.1%) — H1 2026 · publ. July 15, 2026 · source ↗
  15. Moat Explorer calcIn the first half of 2026 DUV sales were €4,585 million against €5,149 million a year earlier, down 11.0%, and immersion units fell from 56 to 40.
    Moat Explorer calculation from ASML's Forms 20-F FY2019, FY2021, FY2023 and FY2025 and the H1 2026 interim report: line totals (EUV = NXE + EXE; DUV = ArF immersion + ArF dry + KrF + i-line), shares of sales, sales per system, growth rates and gross margins (sales less cost of sales, over sales) — 2017 to H1 2026 · publ. 2026-09-23 · source ↗
  16. ReportedImmersion is a mature product with a large installed base, and ASML's own capacity plan treats it as a growth line: around 130 immersion systems of capacity in 2026, with 30% more planned for 2027.
    ASML Q2 2026 results press release - Installed Base Management sales €2,488m (Q1 2026) and €2,762m (Q2 2026); plans to add 30% to its 2026 low NA EUV capacity of around 65 for 2027 and 30% to its 2026 DUV immersion capacity of around 130 — Q2 2026 · publ. July 15, 2026 · source ↗
Sources
Generated September 23, 2026