ASML Holding vs Morgan Stanley: Revenue, Profit and Business Model
ASML Holding reported ~$36.9B of revenue in FY2025 and ~$10.9B of net income. Morgan Stanley reported $70.6B of revenue in FY2025 and $16.9B 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
Morgan Stanley
- Latest revenue
- $70.6B (FY2025)
- Net income
- $16.9B
- Net margin
- 23.9%
- Revenue growth
- +8.2% 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.
Morgan Stanley
Net revenues rose from $34.6B in 2016 to $70.6B in 2025, with net income reaching $16.9B in 2025. Under James Gorman (CEO 2010-2023) the firm added Smith Barney, E*TRADE, and Eaton Vance to build recurring fee revenue. Under Ted Pick, results accelerated: Q2 2026 net revenue of $21.35B was up 27% year over year, net income of $5.58B was up 58%, and first-half 2026 revenue was about $42B with ROTCE near 27%.
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 |
Morgan Stanley
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $70.6B | $16.9B | 23.9% | +14.4% | Source |
| FY2024 | $61.8B | $13.4B | 21.7% | +14.1% | Source |
| FY2023 | $54.1B | $9.1B | 16.8% | +0.9% | Source |
| FY2022 | $53.7B | $11B | 20.6% | -10.2% | Source |
| FY2021 | $59.8B | $15B | 25.2% | +22.6% | Source |
| FY2020 | $48.8B | $11B | 22.6% | +17.4% | Source |
| FY2019 | $41.5B | $9B | 21.8% | +3.6% | Source |
| FY2018 | $40.1B | $8.7B | 21.8% | +5.7% | Source |
| FY2017 | $37.9B | $6.1B | 16.1% | +9.6% | Source |
| FY2016 | $34.6B | $6B | 17.3% | — | 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.
Morgan Stanley
- Institutional Securities
Not formally reported
Advisory, underwriting, sales and trading, prime brokerage, lending, and capital markets services.
- Wealth Management
Not formally reported
Advisor fees, brokerage commissions, net interest income, lending, deposits, E*TRADE, and workplace services.
- Investment Management
Not formally reported
Asset-management fees from institutional and individual investors, including Eaton Vance and Parametric products.
- Banking and lending
Not formally reported
Net interest income and lending products connected to wealth and institutional clients.
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.
Morgan Stanley
How it makes money
Morgan Stanley reports three segments. Institutional Securities earns advisory and underwriting fees, equity and fixed-income trading revenue, prime brokerage financing, and corporate lending income. Wealth Management earns asset-based advisory fees, brokerage commissions, and net interest income on client deposits and loans across its advisor network, E*TRADE, and Morgan Stanley at Work.
Growth strategy
The strategy is to grow client assets across the wealth and investment management franchise, use Morgan Stanley at Work and E*TRADE as feeders into advisor-led accounts, and keep share in equities, advisory, and underwriting. The firm also deploys AI tools for advisors, including assistants built with OpenAI.
Competitive advantage
Morgan Stanley's edge is the combination of a leading equities and advisory franchise with one of the largest wealth platforms in the US. Workplace stock plans and E*TRADE bring in employees and self-directed investors early, and advisor-led wealth management retains them as their assets grow. That mix of fee-based wealth revenue and cyclical Wall Street revenue gives it steadier earnings than a pure investment bank.
Questions about ASML Holding vs Morgan Stanley
Which company has higher revenue — ASML Holding NV or Morgan Stanley?
ASML Holding NV reported ~$36.9B (FY2025), while Morgan Stanley reported $70.6B (FY2025). By last reported revenue, Morgan Stanley is the larger business, with ASML Holding NV reporting a smaller revenue base.
What is the market cap of ASML Holding NV vs Morgan Stanley?
ASML Holding NV's market capitalisation stands at $696.4B, while Morgan Stanley's is $330.9B. ASML Holding NV carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Morgan Stanley.
Which is more financially efficient — ASML Holding NV or Morgan Stanley?
ASML Holding NV generates $835k / employee in revenue per employee, while Morgan Stanley generates $851k / employee. Morgan Stanley 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 Morgan Stanley make money?
ASML Holding NV and Morgan Stanley 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. Morgan Stanley: Morgan Stanley reports three segments.
Which company is valued higher relative to revenue — ASML Holding NV or Morgan Stanley?
On a price-to-sales (P/S) basis, ASML Holding NV trades at 18.9x P/S and Morgan Stanley at 4.7x P/S. ASML Holding NV commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Morgan Stanley. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is ASML Holding NV bigger than Morgan Stanley?
By last reported revenue, Morgan Stanley ($70.6B (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 Morgan Stanley overview