EUV systemsWide moat

ASML (ASML) — moat facet

Sales up more than tenfold since 2017, with the price per machine doing more of the work than the count.

EUV is the only line in ASML's accounts where the company has no competitor at all, and it has become the largest. In 2025 ASML sold 44 low-NA NXE systems for €10,445.8 million and four High-NA EXE systems for €1,156.9 million, together €11,603 million and 47.4% of system sales.12

Sales per NXE system (€m)98.62017104.52018107.72019144.02020149.62021176.12022172.22023187.12024237.42025ASML Forms 20-F FY2019, FY2021, FY2023, FY2025; low-NA EUV system sales over units
The price of a low-NA EUV machine rose 2.4 times in eight years and fell only once.

The history is short and steep. ASML recognised 11 EUV systems in 2017 for €1,084.2 million.3 It sold 26 for €2,799.7 million in 2019 and 42 for €6,284.0 million in 2021.4 In 2023 it sold 53 NXE systems for €9,124.0 million.5 Sales multiplied by about 10.7 times between 2017 and 2025, roughly 34.5% a year.6

The price did more of the work than the count. Sales per NXE system rose from about €98.6 million in 2017 to €172.2 million in 2023 and €237.4 million in 2025, about 2.4 times.7 Each machine sold is a later model with higher throughput, and ASML charges for the extra wafers it prints.

The line has fallen once. In 2024 ASML sold 42 NXE systems for €7,856.4 million and two EXE systems for €465.0 million, €8,321 million in all, about 8.8% below 2023.89 No competitor gained anything, because there is none.

ASML does not report a margin for EUV, only for systems as a whole, which earned 53.5% in 2025.1011 The filings give no separate figure, so none is estimated here.

The first half of 2026 was the strongest on record for the line. ASML sold 29 NXE systems for €6,708.5 million and three EXE systems for €1,188.9 million, against 24 and one a year earlier: €7,897 million, up 34.6%.1213 Sales per NXE system in the half were about €231.3 million, level with the year before.14

Capacity is now the constraint. ASML says it will have capacity for around 65 low-NA EUV systems in 2026 and plans to add 30% for 2027.15 That is the outlook in one sentence: demand set by customers' AI capacity, output set by ASML's factory and Zeiss's optics.

The number that would change this page is sales per NXE system. It has risen in every year but one since 2017; a fall with unit volumes steady would mean customers had found bargaining power that a sole supplier is not supposed to face.

Moat trajectory: Widening

First-half 2026 EUV sales of €7,897m against €5,867m, with capacity for about 65 low-NA systems in 2026 and 30% more planned for 2027.

The number that tests this moat
Moat Explorer calc
NXE sales per system, first half
€231.3M in H1 2026, from €233.1M

Sales per machine rose in every year but one since 2017; a fall with volumes steady would show customers gaining leverage.

How it's calculated: NXE system sales over NXE units: 6,708.5 / 29 and 5,593.2 / 24.
Source: ASML H1 2026 interim report (Moat Explorer calc) ↗
References
  1. ReportedIn 2025 ASML sold 44 low-NA NXE systems for €10,445.8 million and four High-NA EXE systems for €1,156.9 million, together €11,603 million and 47.4% of system sales.
    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 calcIn 2025 ASML sold 44 low-NA NXE systems for €10,445.8 million and four High-NA EXE systems for €1,156.9 million, together €11,603 million and 47.4% of system sales.
    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. ReportedASML recognised 11 EUV systems in 2017 for €1,084.2 million.
    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. ReportedIt sold 26 for €2,799.7 million in 2019 and 42 for €6,284.0 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 ↗
  5. ReportedIn 2023 it sold 53 NXE systems for €9,124.0 million.
    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 ↗
  6. Moat Explorer calcSales multiplied by about 10.7 times between 2017 and 2025, roughly 34.5% a year.
    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 ↗
  7. Moat Explorer calcSales per NXE system rose from about €98.6 million in 2017 to €172.2 million in 2023 and €237.4 million in 2025, about 2.4 times.
    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 ↗
  8. ReportedIn 2024 ASML sold 42 NXE systems for €7,856.4 million and two EXE systems for €465.0 million, €8,321 million in all, about 8.8% below 2023.
    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 ↗
  9. Moat Explorer calcIn 2024 ASML sold 42 NXE systems for €7,856.4 million and two EXE systems for €465.0 million, €8,321 million in all, about 8.8% below 2023.
    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 ↗
  10. ReportedASML does not report a margin for EUV, only for systems as a whole, which earned 53.5% in 2025.
    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 ↗
  11. Moat Explorer calcASML does not report a margin for EUV, only for systems as a whole, which earned 53.5% 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 ↗
  12. ReportedASML sold 29 NXE systems for €6,708.5 million and three EXE systems for €1,188.9 million, against 24 and one a year earlier: €7,897 million, up 34.6%.
    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 ↗
  13. Moat Explorer calcASML sold 29 NXE systems for €6,708.5 million and three EXE systems for €1,188.9 million, against 24 and one a year earlier: €7,897 million, up 34.6%.
    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. Moat Explorer calcSales per NXE system in the half were about €231.3 million, level with the year before.
    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 ↗
  15. ReportedASML says it will have capacity for around 65 low-NA EUV systems in 2026 and plans to add 30% 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