ASML
ASML Holding N.V.
ASML has the edge over NOK overall, supported by stronger fundamentals and lower modeled downside.
NOK
Nokia Oyj
NOK's outlook is improving, though it still trails on the overall score.
ASML Fundamentals
| Metric | Status |
|---|---|
| Unavailable | |
| Strong | |
| Strong | |
| Strong |
ASML's profitability, cash flow and balance sheet are currently strong. There isn't enough data to rate its revenue.
NOK Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Under pressure | |
| Strong |
NOK's profitability and balance sheet are currently healthy, and its revenue is stable, but its cash flow is under pressure.
ASML PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 35x | $1,375 | -8.2% |
| Current | 39x | $1,497 | — |
| Fair | 43x | $1,684 | +13% |
| Expensive | 56x | $2,177 | +45% |
Historical ranges are pointers, not guarantees.
ASML's PE is 39x, but its earnings don't support one, so it isn't a reliable read right now.
NOK PE Valuation
NOK has no meaningful PE right now: it lost money over the past year.
ASML Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect strong earnings and revenue growth for ASML, with profitability improving. However, they disagree widely on these estimates.
NOK Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Strong growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for NOK, with profitability improving. However, they disagree widely on these estimates.
ASML Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $38.88 | +44% |
| Q2 2026 | $30.61 | +15% |
| Q3 2025 | $26.91 | +38% |
| Q2 2025 | $26.68 | +40% |
| Q1 2025 | $24.60 | +22% |
| Q4 2024 | $21.42 | -2.9% |
| Q3 2024 | $19.46 | -8.4% |
| Q2 2024 | $19.11 | -7.5% |
NOK has the stronger earnings trend. Trailing diluted EPS is up 58% for ASML versus NOK up 67%.
NOK Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q3 2026 | $0.15 | +67% |
| Q2 2026 | $0.14 | +27% |
| Q1 2026 | $0.16 | +220% |
| Q4 2025 | $0.13 | -13% |
| Q3 2025 | $0.09 | +13% |
| Q2 2025 | $0.11 | +57% |
| Q1 2025 | $0.05 | -69% |
| Q4 2024 | $0.15 | +15% |
NOK's earnings per share have fallen from their peak: $0.15 over the past year, against $0.85 in early 2023.
ASML Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $13B | +55% |
| Q2 2026 | $10.4B | +21% |
| Q1 2026 | $9.7B | +13% |
| Q4 2025 | $10.8B | +4.9% |
| Q3 2025 | $8.3B | +0.7% |
| Q3 2025 | $8.3B | +0.7% |
| Q2 2025 | $8.5B | +23% |
| Q1 2025 | $8.6B | +46% |
ASML's revenue has grown year over year for four quarters in a row: $13B last quarter, up 55% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 44% | +12 points |
| Q2 2026 | 37% | +4.2 points |
| Q1 2026 | 36% | +1.4 points |
| Q4 2025 | 35% | -0.1 points |
| Q3 2025 | 33% | -3.4 points |
| Q3 2025 | 33% | +0.2 points |
| Q2 2025 | 35% | +5.3 points |
| Q1 2025 | 35% | +9.1 points |
ASML has the edge over NOK on profitability, with a higher operating margin.
NOK Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $5.7B | +6.1% |
| Q2 2026 | $5.3B | +5.9% |
| Q1 2026 | $5B | +2.4% |
| Q4 2025 | $6.8B | +2.4% |
| Q3 2025 | $5.4B | +12% |
| Q2 2025 | $5.1B | +1.8% |
| Q1 2025 | $4.9B | -1.2% |
| Q4 2024 | $6.6B | +4.9% |
NOK's revenue is recovering but still below its 2022 peak: $5.7B last quarter, up 6.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 17% | +12 points |
| Q2 2026 | -1% | -2.8 points |
| Q1 2026 | 1.4% | +2.5 points |
| Q4 2025 | 7.1% | -0.8 points |
| Q3 2025 | 5% | -1.5 points |
| Q2 2025 | 1.8% | -7.9 points |
| Q1 2025 | -1.1% | -10 points |
| Q4 2024 | 7.9% | -1.6 points |
NOK's operating margin was 17% last quarter, up 12 points from the same quarter a year ago, near the top of its range since 2019.
ASML Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $12.6B | +4571% |
| Q2 2026 | $1.6B | +292% |
| Q1 2026 | -$2.9B | -$2.4B |
| Q4 2025 | $12.2B | +24% |
| Q3 2025 | $270.7M | -54% |
| Q3 2025 | $270.7M | -54% |
| Q2 2025 | $397.4M | -10% |
| Q1 2025 | -$527.8M | +$223M |
ASML has the edge over NOK on cash flow, with more consistent year-over-year improvement.
NOK Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$112M | -123% |
| Q2 2026 | -$832.1M | -951% |
| Q1 2026 | $698.8M | -13% |
| Q4 2025 | $252.2M | +354% |
| Q3 2025 | $476.6M | -37% |
| Q2 2025 | $97.8M | -78% |
| Q1 2025 | $801M | -25% |
| Q4 2024 | $55.5M | -97% |
NOK usually generates cash, though not every quarter: the latest was −$112M, but it generated $7M over the past year.
ASML Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.4% | -1.4M shares |
| 1 year | -1.1% | -4.1M shares |
| 3 years | -2.6% | -10.3M shares |
| 5 years | -5.3% | -21.5M shares |
| Available history | -8.6% | -36.2M shares |
ASML has the edge over NOK on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q3 2026 | $4.5B |
| Q2 2026 | $1.2B |
| Q1 2026 | $1.1B |
| Q4 2025 | $1.9B |
| Q3 2025 | $191.3M |
| Q3 2025 | $191.3M |
| Q2 2025 | $1.6B |
| Q1 2025 | $2.9B |
ASML spent $8.7B buying back its own shares over the past year.
NOK Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1% | -56.5M shares |
| 1 year | +4.7% | +257M shares |
| 3 years | +2.6% | +148M shares |
| 5 years | +0.9% | +54M shares |
| Available history | +2.2% | +123M shares |
NOK has 5.7B diluted shares, up 4.7% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | $10M |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | $86.7M |
| Q1 2025 | $606.6M |
| Q4 2024 | $428.8M |
NOK has spent almost nothing on buybacks in the past year.
ASML Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.4x | Net Cash |
| Q2 2026 | -0.3x | Net Cash |
| Q3 2025 | -0.2x | Net Cash |
| Q2 2025 | -0.3x | Net Cash |
| Q1 2025 | -0.5x | Net Cash |
| Q4 2024 | -0.8x | Net Cash |
| Q3 2024 | -0.0x | Net Cash |
| Q2 2024 | -0.0x | Net Cash |
ASML has the edge over NOK on leverage, with a lower net debt burden relative to earnings.
NOK Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.3x | Net Cash |
| Q2 2026 | -0.5x | Net Cash |
| Q1 2026 | -0.7x | Net Cash |
| Q4 2025 | -0.1x | Net Cash |
| Q3 2025 | -0.3x | Net Cash |
| Q2 2025 | -0.3x | Net Cash |
| Q1 2025 | -0.2x | Net Cash |
| Q4 2024 | -0.5x | Net Cash |
NOK has more cash than debt.
ASML Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.5 | Neutral |
| Stochastic | 16.3 | Oversold |
ASML's weekly RSI is 44 (neutral) and its Stochastic is 16 (oversold).
NOK Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 40.8 | Neutral |
| Stochastic | 18.3 | Oversold |
NOK's weekly RSI is 41 (neutral) and its Stochastic is 18 (oversold).
ASML PE vs Technology Sector
| Metric | ASML | Sector median | Relative |
|---|---|---|---|
| PE | 39x | 28x | 38% above |
| PE % | 30 | 35 | 5 pts below |
ASML is trading at 39x earnings, a 38% premium to the Technology sector's median of 28x, though its earnings don't support one.
NOK PE vs Technology Sector
| Metric | NOK | Sector median | Relative |
|---|---|---|---|
| PE | N/A | 28x | — |
NOK has no meaningful PE right now: it lost money over the past year.
ASML Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1,636.6 | 8.5% below |
| 20 week MA | $1,696.6 | 12% below |
| 50 week MA | $1,531.1 | 2.2% below |
| 100 week MA | $1,160.1 | 29% above |
| 200 week MA | $964.4 | 55% above |
ASML has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 55% above its 200-week average.
NOK Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $9.14 | 9.4% below |
| 20 week MA | $9.92 | 17% below |
| 50 week MA | $9.66 | 14% below |
| 100 week MA | $7.35 | 13% above |
| 200 week MA | $5.67 | 46% above |
NOK has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 46% above its 200-week average.
ASML Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $296.7 | $483.1 | +63% |
| 2021 | $483.1 | $801.4 | +66% |
| 2022 | $801.4 | $551.4 | -31% |
| 2023 | $551.4 | $756.9 | +37% |
| 2024 | $756.9 | $713.6 | -5.7% |
| 2025 | $713.6 | $1,072.8 | +50% |
| 2026 YTD | $1,072.8 | $1,497.1 | +40% |
ASML has the edge over NOK on returns for 2026, with the stronger performance.
NOK Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $3.63 | $3.89 | +7.2% |
| 2021 | $3.89 | $6.19 | +59% |
| 2022 | $6.19 | $4.64 | -25% |
| 2023 | $4.64 | $3.42 | -26% |
| 2024 | $3.42 | $4.48 | +31% |
| 2025 | $4.48 | $6.62 | +48% |
| 2026 YTD | $6.62 | $8.28 | +25% |
NOK has finished higher in four of the last six years. It's up 25% so far in 2026.