ASML Holding vs General Motors: Revenue, Profit and Business Model
ASML Holding reported ~$36.9B of revenue in FY2025 and ~$10.9B of net income. General Motors reported $185B of revenue in FY2025 and $2.7B 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
General Motors
- Latest revenue
- $185B (FY2025)
- Net income
- $2.7B
- Net margin
- 1.5%
- Revenue growth
- +2.4% 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.
General Motors
GM's finances are funded by internal-combustion trucks and SUVs. In 2025 it generated $185.0 billion of revenue, $12.7 billion of EBIT-adjusted, and $10.6 billion of adjusted automotive free cash flow, but EV write-downs cut net income attributable to stockholders 55% to $2.7 billion. Q1 2026 revenue was $43.6 billion with $2.6 billion of net income; Q2 2026 revenue was $48.0 billion with $1.3 billion of net income, $3.9 billion of EBIT-adjusted, and North America margins back inside GM's 8-10% target. GM returns large amounts of cash to shareholders and approved a new $6.0 billion buyback alongside a 20% higher quarterly dividend in January 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 |
General Motors
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $185B | $2.7B | 1.5% | -1.3% | Source |
| FY2024 | $187.4B | $6B | 3.2% | +9.1% | Source |
| FY2023 | $171.8B | $10.1B | 5.9% | +9.6% | Source |
| FY2022 | $156.7B | $9.9B | 6.3% | +23.4% | Source |
| FY2021 | $127B | $10B | 7.9% | +3.7% | Source |
| FY2020 | $122.5B | $6.4B | 5.2% | -10.7% | Source |
| FY2019 | $137.2B | $6.7B | 4.9% | -6.7% | Source |
| FY2018 | $147B | $8B | 5.4% | +1.0% | Source |
| FY2017 | $145.6B | -$3.9B | -2.7% | -2.4% | Source |
| FY2016 | $149.2B | $9.4B | 6.3% | — | 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.
General Motors
- North America Vehicle Sales
Largest profit pool
Revenue comes from wholesale sales of Chevrolet, GMC, Cadillac, and Buick vehicles, with trucks and large SUVs driving a disproportionate share of profit.
- GM Financial
Captive finance
Revenue comes from retail loans, leases, dealer floorplan financing, commercial lending, and related finance products that support GM vehicle sales.
- International Vehicle Sales
International operations
Revenue comes from vehicle sales and operations outside North America, including South America and select global markets.
- China Joint Ventures
Equity-method exposure
GM participates in China through joint ventures, making performance visible through equity income rather than fully consolidated vehicle revenue.
- Software, Services, and Parts
Recurring and aftermarket
Revenue comes from OnStar, Super Cruise, connected services, parts, accessories, fleet services, and other software-enabled vehicle products.
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.
General Motors
How it makes money
GM makes money mainly by building and wholesaling vehicles to its dealer network, then earning a second layer of profit through GM Financial, its captive lender. GM North America (GMNA) is the profit engine: full-size pickups such as the Chevrolet Silverado and GMC Sierra and large SUVs such as the Tahoe, Suburban, Yukon, and Cadillac Escalade carry far higher margins than small cars or current EVs.
Growth strategy
GM's growth strategy has shifted from an all-EV push to flexibility. It still sells EVs on its Ultium-based platforms, such as the Chevrolet Equinox EV and Cadillac Lyriq, but after 2025 it cut EV capacity, kept investing in gas trucks and SUVs, and plans lower-cost lithium manganese-rich (LMR) cells with LG Energy Solution.
Competitive advantage
GM's clearest advantage is scale in U.S. full-size pickups and SUVs: it has led the full-size pickup segment for six straight years, selling about 940,000 in 2025. That franchise, a national Chevrolet, GMC, Buick, and Cadillac dealer network, and GM Financial's captive lending give it cash flow and pricing power that newer EV-only rivals do not have.
Questions about ASML Holding vs General Motors
Which company has higher revenue — ASML Holding NV or General Motors Company?
ASML Holding NV reported ~$36.9B (FY2025), while General Motors Company reported $185.0B (FY2025). By last reported revenue, General Motors Company is the larger business, with ASML Holding NV reporting a smaller revenue base.
What is the market cap of ASML Holding NV vs General Motors Company?
ASML Holding NV's market capitalisation stands at $696.4B, while General Motors Company's is $74.9B. ASML Holding NV carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to General Motors Company.
Which is more financially efficient — ASML Holding NV or General Motors Company?
ASML Holding NV generates $835k / employee in revenue per employee, while General Motors Company generates $1.19M / employee. General Motors Company 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 General Motors Company make money?
ASML Holding NV and General Motors Company 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. General Motors Company: GM makes money mainly by building and wholesaling vehicles to its dealer network, then earning a second layer of profit through GM Financial, its captive lender.
Which company is valued higher relative to revenue — ASML Holding NV or General Motors Company?
On a price-to-sales (P/S) basis, ASML Holding NV trades at 18.9x P/S and General Motors Company at 0.4x P/S. ASML Holding NV commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to General Motors Company. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is ASML Holding NV bigger than General Motors Company?
By last reported revenue, General Motors Company ($185.0B (FY2025)) is the larger company compared to ASML Holding NV (~$36.9B (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 General Motors overview