Silicon AnalyticaASML vs Tokyo Electron: revenue, margins and valuation
ASML and Tokyo Electron share the equipment model: each supplies production or test equipment and services; customer investment and installed-base demand drive revenue. Latest reported quarterly revenue: ASML €11.7B (≈US$13.1B) in Q3 2026; Tokyo Electron ¥935.1B (≈US$5.9B) in Q2 FY2027.
Valuation
Market cap
Trailing P/Elower is betterPeriods differ
P/Slower is betterPeriods differ
Growth
Revenue growth
Peer median (20 companies): 46.5% · 18 with data
Profitability
Gross margin
Peer median (20 companies): 61.9% · 19 with data
Operating margin
Peer median (20 companies): 36.8%
Net margin
Peer median (20 companies): 30.7%
Diluted EPS
R&D % of revenue
Peer median (20 companies): 9.9% · 18 with data
Scale
Revenue
Operating income
Net income
R&D
Capex
Free cash flow
Net cash / net debt
Employees
Shares outstandingPeriods differ
| Metric | ASML | Tokyo Electron | Peer median(20 companies) |
|---|---|---|---|
| Valuation | |||
| Market cap | Leader. | ||
| Trailing P/Elower is betterPeriods differ | — | ||
| P/Slower is betterPeriods differ | — | ||
| Growth | |||
| Revenue growth | Leader. | 46.5%18 with data | |
| Profitability | |||
| Gross margin | Leader. | 61.9%19 with data | |
| Operating margin | Leader. | 36.8% | |
| Net margin | Leader. | 30.7% | |
| Diluted EPS | — | ||
| R&D % of revenue | 9.9%18 with data | ||
| Scale | |||
| Revenue | Leader. | ||
| Operating income | Leader. | ||
| Net income | Leader. | ||
| R&D | |||
| Capex | — | ||
| Free cash flow | — | ||
| Net cash / net debt | — | ||
| Employees | — | ||
| Shares outstandingPeriods differ | |||
Growth
- Calculated Change versus the same period a year earlier.
View sources (2)
- ASML: ASML quarterly US GAAP financial statements (Form 6-K) filed 14 Oct 2026 · Q3 2026 · published 14 Oct 2026
- Tokyo Electron: Summary of Consolidated Financial Results for the Second Quarter Ended September 30, 2026 (Japanese GAAP); quarter derived from cumulative figures · Q2 FY2027 · published 30 Oct 2026
Profitability
- Calculated Gross profit ÷ revenue, GAAP/IFRS unless labelled otherwise.
View sources (2)
- ASML: ASML quarterly US GAAP financial statements (Form 6-K) filed 14 Oct 2026 · Q3 2026 · published 14 Oct 2026
- Tokyo Electron: Summary of Consolidated Financial Results for the Second Quarter Ended September 30, 2026 (Japanese GAAP); quarter derived from cumulative figures · Q2 FY2027 · published 30 Oct 2026
- Calculated Operating income ÷ revenue, GAAP/IFRS unless labelled otherwise.
View sources (2)
- ASML: ASML quarterly US GAAP financial statements (Form 6-K) filed 14 Oct 2026 · Q3 2026 · published 14 Oct 2026
- Tokyo Electron: Summary of Consolidated Financial Results for the Second Quarter Ended September 30, 2026 (Japanese GAAP); quarter derived from cumulative figures · Q2 FY2027 · published 30 Oct 2026
- Calculated Net income ÷ revenue for the same period (Silicon Analytica calculation unless the company states it).
View sources (2)
- ASML: ASML quarterly US GAAP financial statements (Form 6-K) filed 14 Oct 2026 · Q3 2026 · published 14 Oct 2026
- Tokyo Electron: Summary of Consolidated Financial Results for the Second Quarter Ended September 30, 2026 (Japanese GAAP); quarter derived from cumulative figures · Q2 FY2027 · published 30 Oct 2026
- Calculated R&D ÷ revenue for the same period.
View sources (2)
- ASML: ASML quarterly US GAAP financial statements (Form 6-K) filed 14 Oct 2026 · Q3 2026 · published 14 Oct 2026
- Tokyo Electron: Summary of Consolidated Financial Results for the Second Quarter Ended September 30, 2026 (Japanese GAAP); quarter derived from cumulative figures · Q2 FY2027 · published 30 Oct 2026
Scale
- Calculated Reported revenue for the stated period.
- Calculated ≈US$ for non-US$ reporters uses the stored conversion for each value; reporting-currency figures are in the table view.
View sources (2)
- ASML: ASML quarterly US GAAP financial statements (Form 6-K) filed 14 Oct 2026 · Q3 2026 · published 14 Oct 2026
- Tokyo Electron: Summary of Consolidated Financial Results for the Second Quarter Ended September 30, 2026 (Japanese GAAP); quarter derived from cumulative figures · Q2 FY2027 · published 30 Oct 2026
Revenue mix
ASML
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Tokyo Electron
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Each company's own classification and latest fiscal year with a stored split; categories differ between companies and are never added together.
Period ends — ASML: 27 Sep 2026 · Tokyo Electron: 30 Sep 2026. Valuation multiples remain trailing.
Copper underline: the leader among values for comparable periods. Higher is better, except P/E and P/S, where the lower positive multiple leads. R&D, capex, employees and shares have no leader. Peer median uses the latest quarter of the 20 covered companies and is shown for ratios only. “—” means neither the figure nor its inputs are stored; hover or tap for the missing input. Values marked Calculated are Silicon Analytica calculations from stored reported figures.
How to read this comparison
Business models. These companies share the equipment model and are broadly comparable, subject to product mix and definitions. ASML supplies production or test equipment and services; customer investment and installed-base demand drive revenue; Tokyo Electron supplies production or test equipment and services; customer investment and installed-base demand drive revenue.
Cyclicality. ASML (equipment) · Tokyo Electron (equipment): earnings are sensitive to capacity, utilisation and the investment or demand cycle. Trailing multiples can be distorted by peak or trough earnings.
Accounting and periods. Latest reported quarter ends — ASML: 2026-09-27 · Tokyo Electron: 2026-09-30. Each value retains its period, status and source; adjusted measures remain separate. Same-mode periods within 100 days are compared; valuation multiples remain trailing.
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