ASML Holding NVFRA:ASM0 +5.84%99 Cyclically Adjusted PB Ratio is 43.94 as of Jul. 11, 2026, which is 130% above its 10-year median of 19.11. GuruFocus rates FRA:ASM0 with a GF Score™ of 99/100 and a GF Value™ of €8.35 (Significantly Overvalued). The stock has 4 warning signs investors should review. Among 736 Semiconductors companies, ASML Holding NV ranks worse than 97.55% on this metric.
The historical rank and industry rank for ASML Holding NV's Cyclically Adjusted PB Ratio or its related term are showing as below:
FRA:ASM0'
s Cyclically Adjusted PB Ratio Range Over the Past 10 Years
Min: 7.72 Med: 19.11 Max: 46.08
Current: 44.54
During the past years, ASML Holding NV's highest Cyclically Adjusted PB Ratio was 46.08. The lowest was 7.72. And the median was 19.11.
FRA:ASM0's Cyclically Adjusted PB Ratio is ranked worse than 97.55% of 736
companies
in the Semiconductors industry
Industry Median: 3.67
vs FRA:ASM0: 44.54
The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio. The Cyclically Adjusted Book per Share is the average of the inflation adjusted book value per share of a company over the past 10 years.
ASML Holding NV's adjusted book value per share data for the three months ended in Mar. 2026 was €1.168. Add all the adjusted book value per share for the past 10 years together and divide the count will get our Cyclically Adjusted Book per Share, which is €0.33 for the trailing ten years ended in Mar. 2026.
Shiller PE for Stocks: The True Measure of Stock Valuation
ASML Holding NV (FRA:ASM0) Cyclically Adjusted PB Ratio Explanation
Compared with the regular PB Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PB Ratio smoothed out the fluctuations of book value during business cycles. Therefore it is more accurate in reflecting the valuation of the company.
If a company has consistent business performance, the Cyclically Adjusted PB Ratio should give similar results to regular PB Ratio.
ASML Holding NV Cyclically Adjusted PB Ratio Related Terms
ASML Holding NV Cyclically Adjusted PB Ratio Historical Data
* Premium members only.
The historical data trend for ASML Holding NV's Cyclically Adjusted PB Ratio can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
ASML Holding NV Cyclically Adjusted PB Ratio Chart
FRA:ASM0 vs AMAT, LRCX, KLAC: Cyclically Adjusted PB Ratio Comparison
For the Semiconductor Equipment & Materials subindustry, ASML Holding NV's Cyclically Adjusted PB Ratio, along with its competitors' market caps and Cyclically Adjusted PB Ratio data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
ASML Holding NV Cyclically Adjusted PB Ratio vs Semiconductors Industry
For the Semiconductors industry and Technology sector, ASML Holding NV's Cyclically Adjusted PB Ratio distribution charts can be found below:
* The bar in red indicates where ASML Holding NV's Cyclically Adjusted PB Ratio falls into.
ASML Holding NV Cyclically Adjusted PB Ratio Calculation
Like the Shiller PE Ratio, the Cyclically Adjusted PB Ratio takes the Book Value per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/B calculation. Because it considers this 10-year average, it's often referred to as the CAPB Ratio.
The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio.
ASML Holding NV's Cyclically Adjusted PB Ratio for today is calculated as
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.
What does a Cyclically Adjusted PB Ratio of 43.94 mean?
ASML Holding NV (FRA:ASM0) has a Cyclically Adjusted PB Ratio of 43.94 as of Jul. 11, 2026. Cyclically Adjusted PB Ratio is the ratio of share price to a company's inflation-adjusted book value per share over a 10-year period. View historical data on ASML Holding NV and its competitors. This is 130% above median its historical median of 19.11. Over the past decade, ASML Holding NV's Cyclically Adjusted PB Ratio has ranged from 7.72 to 46.08. According to the industry distribution chart, ASML Holding NV ranks #718 out of 736 companies in the Semiconductors industry, placing it in the top 97.6%.
Is ASML Holding NV's Cyclically Adjusted PB Ratio too high?
ASML Holding NV's current Cyclically Adjusted PB Ratio of 43.94 is 130% above median its 10-year median of 19.11. Over the past 10 years, this metric has ranged from a low of 7.72 to a high of 46.08. The Semiconductors industry median Cyclically Adjusted PB Ratio is 3.67. ASML Holding NV's value of 43.94 is 1097.3% above this industry median. Based on the distribution chart, ASML Holding NV ranks #718 out of 736 companies in the Semiconductors industry, which is in the bottom quartile relative to peers. Overall, ASML Holding NV has a GF Score™ of 99/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does ASML Holding NV's Cyclically Adjusted PB Ratio compare to AMAT and LRCX?
According to the Semiconductors industry distribution chart, ASML Holding NV ranks #718 out of 736 companies for Cyclically Adjusted PB Ratio. This places ASML Holding NV in the lower half of its industry. The industry median Cyclically Adjusted PB Ratio is 3.67. ASML Holding NV's value of 43.94 is 1097.3% above this benchmark. Historically, ASML Holding NV's own Cyclically Adjusted PB Ratio has ranged from 7.72 to 46.08 over the past decade. While the company's 10-year median is 19.11 vs. the industry median of 3.67, ASML Holding NV has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Cyclically Adjusted PB Ratio for a Semiconductors company?
The median Cyclically Adjusted PB Ratio among Semiconductors companies is 3.67, based on 736 companies in the industry. Companies in the top quartile (top 25%) have a Cyclically Adjusted PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, Cyclically Adjusted PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. ASML Holding NV's current Cyclically Adjusted PB Ratio of 43.94 is 1097.3% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Cyclically Adjusted PB Ratio mean?
A high Cyclically Adjusted PB Ratio can signal that a stock is expensive relative to its fundamentals. Cyclically Adjusted PB Ratio is the ratio of share price to a company's inflation-adjusted book value per share over a 10-year period. View historical data on ASML Holding NV and its competitors. For the Semiconductors industry, the median Cyclically Adjusted PB Ratio is 3.67 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. ASML Holding NV's current Cyclically Adjusted PB Ratio is 43.94, which is 130% above median its own 10-year median of 19.11. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is ASML Holding NV stock overvalued right now?
Based on GuruFocus' analysis, ASML Holding NV (FRA:ASM0) is currently considered Significantly Overvalued. The stock's GF Value™ is €8.35, compared to a current price of €14.50 — trading 73.7% above its estimated fair value. The current Cyclically Adjusted PB Ratio is 43.94, which is 130% above median its 10-year median of 19.11 and 1097.3% above the Semiconductors industry median of 3.67. ASML Holding NV's overall GF Score™ is 99/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Cyclically Adjusted PB Ratio calculated?
Cyclically Adjusted PB Ratio is calculated from a company's financial statements. For ASML Holding NV (FRA:ASM0), the current Cyclically Adjusted PB Ratio is 43.94 as of Jul. 11, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is ASML Holding NV (FRA:ASM0) Overvalued in 2026?
Based on GuruFocus' analysis, ASML Holding NV stock appears to be overvalued.
The current stock price of €14.50 is trading 73.7% above its estimated GF Value™ of €8.35.
GuruFocus considers ASML Holding NV to be Significantly Overvalued.
Key valuation signals for FRA:ASM0:
Cyclically Adjusted PB Ratio: 43.94 (130% above median its 10-year median of 19.11)
GF Value™: €8.35 vs. price of €14.50 (73.7% above fair value)
Industry Position: 1097.3% above the Semiconductors median (#718 of 736)
No single metric tells the full story. See the FRA:ASM0 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
ASML is the leader in lithography systems for manufacturing semiconductors with 90% market share. Lithography is the process in which a light source is used to expose circuit patterns from a photo mask onto a semiconductor wafer. Lithography allows chipmakers to increase the number of transistors on the same area of silicon, with lithography historically representing a high portion of the cost of making cutting-edge chips. ASML outsources the manufacturing of most of its parts, acting like an assembler. ASML's largest clients are TSMC, Samsung, Intel, SK Hynix, and Micron.
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