Overview

ASML is the sole supplier of EUV lithography — the single hardest chokepoint in the leading-edge stack. FY2025: €32.7B revenue, €9.6B net income, 52.8% gross margin, with €8.2B of recurring service revenue (ASML Q4 2025).

The machines

• 48 EUV systems had revenue recognized in 2025 (Counterpoint).
• Low-NA ~$180M, High-NA ~$380M per system (Tom's Hardware).
• A scanner is ~85% bought-in: Zeiss optics (ASML invested ~$1B), Cymer EUV source (acquired ~$2.5B in 2013), Trumpf drive laser (The Generalist).

Per-wafer cost

SemiAnalysis models ~$30–70 per wafer per EUV layer; a leading-edge wafer sees ~10–25 EUV layers ⇒ ~$300–1,500 of scanner-amortized EUV cost (SemiAnalysis). It reaches the wafer via tool depreciation inside TSMC's wafer price.

Position in the chain

Integrates Zeiss/Cymer/Trumpf into scanners sold to TSMC. See Inputs → EUV lithography.