ASML Holding vs Assurant: Revenue, Profit and Business Model
ASML Holding reported ~$36.9B of revenue in FY2025 and ~$10.9B of net income. Assurant reported $12.8B of revenue in FY2025 and $872.7M of net income.
Latest financial snapshot
ASML Holding
- Latest revenue
- ~$36.9B (FY2025)
- Net income
- ~$10.9B
- Net margin
- 29.4%
- Revenue growth
- +18.9% a year, FY2016–FY2025
Assurant
- Latest revenue
- $12.8B (FY2025)
- Net income
- $872.7M
- Net margin
- 6.8%
- Revenue growth
- +6.1% a year, FY2016–FY2025
Financial summary
ASML Holding
ASML's financial profile reflects a sole-source position in a concentrated market. In 2025 total net sales rose 15.6 percent to ~$37 billion (32.7 billion euros), gross profit was ~$19.5 billion (17.3 billion euros) for a gross margin of 52.8 percent, income from operations was ~$12.8 billion (11.3 billion euros), and net income was ~$10.8 billion (9.6 billion euros), a net margin of 29.4 percent, on basic earnings per share of 24.73 euros. R&D spending was ~$5.31 billion (4.7 billion euros), or 14.4 percent of sales, and selling, general and administrative costs were ~$1.47 billion (1.3 billion euros). Operating cash flow was ~$14.4 billion (12.7 billion euros) and free cash flow ~$12.4 billion (11.0 billion euros), helped by customer down payments received before systems are delivered. ASML returned ~$9.61 billion (8.5 billion euros) to shareholders in 2025, including ~$6.67 billion (5.9 billion euros) of share buybacks, and proposed an annualized dividend of 7.50 euros per share against 6.40 euros for 2024. It held ~$15 billion (13.3 billion euros) of cash and short-term investments at year end. The main financial exposures are the concentration of sales in a few customers and the export control regime covering China, which was 29.1 percent of 2025 sales.
Assurant
Assurant's revenue is recurring and mostly billed by someone else, arriving as a line on a phone bill, a mortgage escrow payment or a dealer finance contract. FY2025 revenue was $12.81 billion, up 7.9% from $11.88 billion, and GAAP net income was $872.7 million, up 15% from $760.2 million. Net earned premiums, fees and other income from the two segments totaled $12.35 billion, up 8% from $11.42 billion. Adjusted EBITDA was $1,536.2 million, or $1,734.4 million excluding $198.2 million of reportable catastrophes. GAAP earnings were $16.93 per diluted share. The company closed 2025 with $36.29 billion of total assets, $10.06 billion of investments, $2.21 billion of debt at 27.3% of total capital and $887 million of holding company liquidity against a $225 million internal minimum. It returned $468 million to shareholders during the year, repurchasing 1.4 million shares for $300 million and paying $168 million of common stock dividends, with $745 million left under existing repurchase authorizations as of February 6, 2026.
Revenue and profit by year
ASML Holding
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$36.9B | ~$10.9B | 29.4% | +15.6% | Source |
| FY2024 | ~$31.9B | ~$8.6B | 26.8% | +2.6% | Source |
| FY2023 | ~$31.1B | ~$8.9B | 28.4% | +30.2% | Source |
| FY2022 | ~$23.9B | ~$6.4B | 26.6% | +13.8% | Source |
| FY2021 | ~$21B | ~$6.6B | 31.6% | +33.1% | Source |
| FY2020 | ~$15.8B | ~$4B | 25.4% | +18.3% | Source |
| FY2019 | ~$13.4B | ~$2.9B | 21.9% | +8.0% | Source |
| FY2018 | ~$12.4B | ~$2.9B | 23.7% | +22.1% | Source |
| FY2017 | ~$10.1B | ~$2.3B | 23.1% | +30.4% | Source |
| FY2016 | ~$7.8B | ~$1.8B | 22.7% | — | Source |
Assurant
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $12.8B | $872.7M | 6.8% | +7.9% | Source |
| FY2024 | $11.9B | $760.2M | 6.4% | +6.7% | Source |
| FY2023 | $11.1B | $642.5M | 5.8% | +9.2% | Source |
| FY2022 | $10.2B | $276.6M | 2.7% | +0.1% | Source |
| FY2021 | $10.2B | $1.4B | 13.4% | +6.1% | Source |
| FY2020 | $9.6B | $440.8M | 4.6% | +0.3% | Source |
| FY2019 | $9.6B | $382.6M | 4.0% | +18.8% | Source |
| FY2018 | $8.1B | $251M | 3.1% | +25.6% | Source |
| FY2017 | $6.4B | $519.6M | 8.1% | -14.8% | Source |
| FY2016 | $7.5B | $565.4M | 7.5% | — | Source |
Where the revenue comes from
ASML Holding
- DUV lithography system sales~37%
Deep ultraviolet system sales were ~$13.6 billion (12,047.0 million euros) in 2025, or 36.9 percent of total net sales. The bulk is ArF immersion on the TWINSCAN NXT platform, 131 units for ~$11.7 billion (10,311.4 million euros), with dry ArF, KrF and i-line systems on the XT platform adding 148 units for ~$1.96 billion (1,735.6 million euros). DUV serves both advanced nodes in combination with multiple patterning and mature-node production for automotive, power and analog chips. China is the largest destination for mainstream DUV, and ASML said its China DUV business in 2025 was stronger than it had expected while mainstream demand elsewhere stayed weak.
- EUV lithography system sales~36%
Extreme ultraviolet system sales were ~$13.1 billion (11,602.7 million euros) in 2025, or 35.5 percent of total net sales, made up of 44 NXE systems for ~$11.8 billion (10,445.8 million euros) and four High-NA EXE systems for ~$1.31 billion (1,156.9 million euros). EUV is the segment where ASML has no competitor. Growth in 2025 came from the higher-productivity NXE:3800E in advanced logic and, increasingly, DRAM, where lower cost per exposure widened adoption. EUV also accounted for ~$28.8 billion (25.5 billion euros) of the ~$43.8 billion (38.8 billion euro) backlog at the end of 2025.
- Service and field option sales~25%
Net service and field option sales were ~$9.26 billion (8,193.0 million euros) in 2025, or 25.1 percent of total net sales, up 26.2 percent on 2024. This is maintenance, spare parts, remote support, refurbishment and performance upgrades sold into the installed base, and ASML reports it as a single category rather than splitting service from field options. Growth came from a larger installed base, higher tool use at some customers and a large volume of NXE:3800E field upgrades, which shifted part of what would have been new system revenue into installed base revenue.
- Metrology and inspection systems~3%
Metrology and inspection systems were ~$932 million (824.6 million euros) in 2025, or 2.5 percent of total net sales, across 208 units, up from 165 units and ~$729 million (645.5 million euros) in 2024. The category covers YieldStar optical metrology and HMI e-beam inspection. It is small in revenue terms but it supplies the measurement data that ASML's computational lithography software uses to tune scanner settings, which is why ASML sells it as part of a holistic lithography package rather than as standalone equipment.
Assurant
- Connected Living (Global Lifestyle)43.5%
Net earned premiums and fees on mobile device protection, extended service contracts for consumer electronics and appliances, trade-in and technical support services, and credit and other insurance. FY2025: $5,378.7 million of the $12,351.3 million segment total.
- Global Automotive (Global Lifestyle)34.0%
Net earned premiums and fees on vehicle service contracts, guaranteed asset protection and commercial equipment protection sold through dealers and administrators. FY2025: $4,203.8 million.
- Homeowners (Global Housing)17.8%
Net earned premiums on lender-placed homeowners, manufactured housing and flood insurance plus voluntary housing lines. FY2025: $2,192.4 million, the segment growth driver on higher lender-placed policies in force and higher average premiums.
- Renters and Other (Global Housing)4.7%
Net earned premiums and fees on renters insurance and related services distributed through property managers and affinity partners. FY2025: $576.4 million.
Business model and strategy
ASML Holding
How it makes money
ASML designs and assembles lithography systems, sells them to a small number of chipmakers, and then earns recurring revenue maintaining and upgrading the installed base. In 2025, net system sales were ~$27.7 billion (24.5 billion euros), or 74.9 percent of total net sales, and net service and field option sales were ~$9.27 billion (8.2 billion euros), or 25.1 percent.
Growth strategy
Growth depends on how fast chipmakers add advanced capacity and on how quickly ASML can build systems. In EUV, the workhorse is the TWINSCAN NXE:3800E, whose higher productivity drove 2025 EUV sales and a large volume of field upgrades on installed systems; ASML recognized 44 NXE systems for ~$11.8 billion (10.4 billion euros) in 2025.
Competitive advantage
ASML's competitive advantage is the difficulty of building an EUV machine at all. The system fires a high-power laser at molten tin droplets roughly 50,000 times a second to create a plasma that emits 13.5 nanometer light, which cannot pass through glass or air and so must be steered by mirrors polished to near-atomic smoothness inside a vacuum.
Assurant
How it makes money
Assurant sells almost nothing under its own brand. It builds protection programs that partners distribute: T-Mobile's Protection 360 device plans, extended service contracts sold by retailers, vehicle service contracts sold through auto dealers, renters insurance offered through property managers, and lender-placed homeowners insurance bought by mortgage servicers when a borrower's own policy lapses.
Growth strategy
Growth comes from three places. First, more of the device lifecycle: mobile trade-in programs Assurant runs returned a record $6.4 billion to consumers in 2025, up 42% year over year, and the company handles roughly 22 million trade-ins annually, which supplies the certified pre-owned inventory it uses to settle claims.
Competitive advantage
Assurant's advantage is physical and contractual rather than brand-led. It processes about 20 million devices a year through eight device care centers, including the Nashville Innovation and Device Care Center, which runs automated lines using robotics and AI, and it offers same-day, same-unit repairs through a network of roughly 1,150 repair and partner locations.
Questions about ASML Holding vs Assurant
Which company has higher revenue — ASML Holding NV or Assurant, Inc.?
ASML Holding NV reported ~$36.9B (FY2025), while Assurant, Inc. reported $12.8B (FY2025). By last reported revenue, ASML Holding NV is the larger business, with Assurant, Inc. reporting a smaller revenue base.
What is the market cap of ASML Holding NV vs Assurant, Inc.?
ASML Holding NV's market capitalisation stands at $696.4B, while Assurant, Inc.'s is $13.0B. ASML Holding NV carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Assurant, Inc..
Which is more financially efficient — ASML Holding NV or Assurant, Inc.?
ASML Holding NV generates $835k / employee in revenue per employee, while Assurant, Inc. generates $866k / employee. Assurant, Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do ASML Holding NV and Assurant, Inc. make money?
ASML Holding NV and Assurant, Inc. generate revenue in fundamentally different ways. ASML Holding NV: ASML designs and assembles lithography systems, sells them to a small number of chipmakers, and then earns recurring revenue maintaining and upgrading the installed base. Assurant, Inc.: Assurant sells almost nothing under its own brand.
Which company is valued higher relative to revenue — ASML Holding NV or Assurant, Inc.?
On a price-to-sales (P/S) basis, ASML Holding NV trades at 18.9x P/S and Assurant, Inc. at 1.0x P/S. ASML Holding NV commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Assurant, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is ASML Holding NV bigger than Assurant, Inc.?
By last reported revenue, ASML Holding NV (~$36.9B (FY2025)) is the larger company compared to Assurant, Inc. ($12.8B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the ASML Holding vs Assurant overview