ASML Holding NV (XTER:ASME) Beneish M-Score: -2.64 (As of Jun. 24, 2026)


XTER:ASME ASML Holding NV XTER:ASME
91 GF Score
Price €1,565.20
GF Value €966.93
Valuation Significantly Overvalued
! 4 Warning Signs
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What is ASML Holding NV Beneish M-Score?

ASML Holding NV XTER:ASME -6.01% 91 Beneish M-Score is -2.64 as of Jun. 24, 2026. GuruFocus rates XTER:ASME with a GF Score™ of 91/100 and a GF Value™ of €966.93 (Significantly Overvalued). The stock has 4 warning signs investors should review. Among 987 Semiconductors companies, ASML Holding NV ranks better than 63.93% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.64 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for ASML Holding NV's Beneish M-Score or its related term are showing as below:

XTER:ASME' s Beneish M-Score Range Over the Past 10 Years
Min: -3.52   Med: -2.47   Max: -1.76
Current: -2.64

During the past 13 years, the highest Beneish M-Score of ASML Holding NV was -1.76. The lowest was -3.52. And the median was -2.47.

ASML Holding NV Beneish M-Score Historical Data

* Premium members only.

The historical data trend for ASML Holding NV's Beneish M-Score 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 Beneish M-Score Chart

ASML Holding NV Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.11 -2.48 -2.08 -3.07 -2.90

ASML Holding NV Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -2.79 -2.71 -2.57 -2.90 -2.64

XTER:ASME vs LRCX, AMAT, KLAC: Beneish M-Score Comparison

For the Semiconductor Equipment & Materials subindustry, ASML Holding NV's Beneish M-Score, along with its competitors' market caps and Beneish M-Score 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 Beneish M-Score vs Semiconductors Industry

For the Semiconductors industry and Technology sector, ASML Holding NV's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where ASML Holding NV's Beneish M-Score falls into.


XTER:ASME
91GF Score
ASML Holding NV XTER:ASME
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

ASML Holding NV Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of ASML Holding NV for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 0.9712+0.528 * 0.9936+0.404 * 1.1231+0.892 * 1.097+0.115 * 1.1102
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9942+4.679 * -0.060723-0.327 * 0.9979
=-2.64

* 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.

This Year (Mar26) TTM:Last Year (Mar25) TTM:
Total Receivables was €5,910 Mil.
Revenue was 8766.9 + 9718.1 + 7516 + 7691.7 = €33,693 Mil.
Gross Profit was 4645 + 5068.6 + 3880.3 + 4043.7 = €17,638 Mil.
Total Current Assets was €27,584 Mil.
Total Assets was €48,061 Mil.
Property, Plant and Equipment(Net PPE) was €8,091 Mil.
Depreciation, Depletion and Amortization(DDA) was €905 Mil.
Selling, General, & Admin. Expense(SGA) was €1,279 Mil.
Total Current Liabilities was €20,288 Mil.
Long-Term Debt & Capital Lease Obligation was €2,706 Mil.
Net Income was 2756.7 + 2839.6 + 2124.5 + 2676.2 = €10,397 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = €0 Mil.
Cash Flow from Operations was 0 + 11410.3 + 559.1 + 1346 = €13,315 Mil.
 Total Receivables was €5,548 Mil.
Revenue was 7741.5 + 9262.8 + 7467.3 + 6242.8 = €30,714 Mil.
Gross Profit was 4179.7 + 4789.8 + 3793.4 + 3212.2 = €15,975 Mil.
Total Current Assets was €27,524 Mil.
Total Assets was €45,479 Mil.
Property, Plant and Equipment(Net PPE) was €7,518 Mil.
Depreciation, Depletion and Amortization(DDA) was €946 Mil.
Selling, General, & Admin. Expense(SGA) was €1,173 Mil.
Total Current Liabilities was €18,124 Mil.
Long-Term Debt & Capital Lease Obligation was €3,681 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(5910 / 33692.7) / (5547.5 / 30714.4)
=0.175409 / 0.180616
=0.9712

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(15975.1 / 30714.4) / (17637.6 / 33692.7)
=0.520118 / 0.523484
=0.9936

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (27583.8 + 8090.7) / 48060.5) / (1 - (27524.4 + 7518.3) / 45478.8)
=0.257717 / 0.229472
=1.1231

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=33692.7 / 30714.4
=1.097

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(945.5 / (945.5 + 7518.3)) / (905.2 / (905.2 + 8090.7))
=0.111711 / 0.100624
=1.1102

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(1279.4 / 33692.7) / (1173.1 / 30714.4)
=0.037973 / 0.038194
=0.9942

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((2705.6 + 20288) / 48060.5) / ((3681 + 18123.9) / 45478.8)
=0.47843 / 0.479452
=0.9979

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(10397 - 0 - 13315.4) / 48060.5
=-0.060723

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

ASML Holding NV has a M-score of -2.64 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.64 mean?
ASML Holding NV (XTER:ASME) has a Beneish M-Score of -2.64 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on ASML Holding NV and its competitors. According to the industry distribution chart, ASML Holding NV ranks #356 out of 987 companies in the Semiconductors industry, placing it in the top 36.1%.
Is ASML Holding NV's Beneish M-Score too high?
ASML Holding NV's current Beneish M-Score is -2.64. Based on the distribution chart, ASML Holding NV ranks #356 out of 987 companies in the Semiconductors industry, which is above the industry midpoint. Overall, ASML Holding NV has a GF Score™ of 91/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does ASML Holding NV's Beneish M-Score compare to LRCX and AMAT?
According to the Semiconductors industry distribution chart, ASML Holding NV ranks #356 out of 987 companies for Beneish M-Score. This puts ASML Holding NV in the upper half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Semiconductors company?
A good Beneish M-Score depends on the Semiconductors industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on ASML Holding NV and its competitors. ASML Holding NV's current Beneish M-Score is -2.64. 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 (XTER:ASME) is currently considered Significantly Overvalued. The stock's GF Value™ is €966.93, compared to a current price of €1,565.20 — trading 61.9% above its estimated fair value. The current Beneish M-Score is -2.64. ASML Holding NV's overall GF Score™ is 91/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For ASML Holding NV (XTER:ASME), the current Beneish M-Score is -2.64 as of Jun. 24, 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 (XTER:ASME) Overvalued in 2026?

Based on GuruFocus' analysis, ASML Holding NV stock appears to be overvalued. The current stock price of €1,565.20 is trading 61.9% above its estimated GF Value™ of €966.93. GuruFocus considers ASML Holding NV to be Significantly Overvalued.

Key valuation signals for XTER:ASME:

  • Beneish M-Score: -2.64
  • GF Value™: €966.93 vs. price of €1,565.20 (61.9% above fair value)
  • GF Score™: 91/100 with 4 warning signs

No single metric tells the full story. See the XTER:ASME stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

ASML Holding NV Business Description

Address De Run 6501, Veldhoven, NB, NLD, 5504 DR
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.
91GF Score

Get the complete analysis for XTER:ASME

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

€1,565.20
Price
€966.93
GF Value