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ASML Holding vs Target: Revenue, Profit and Business Model

ASML Holding reported ~$36.9B of revenue in FY2025 and ~$10.9B of net income. Target reported $104.8B of revenue in FY2025 and $3.7B 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

Target

Latest revenue
$104.8B (FY2025)
Net income
$3.7B
Net margin
3.5%
Revenue growth
+4.5% 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.

Target

Target's revenue fell three years in a row, from $109.1 billion in fiscal 2022 to $104.8 billion in fiscal 2025, while FY2025 net income was $3.705 billion. Fiscal 2026 has reversed the trend so far. Q2 FY2026 net sales rose 5.3% to $26.5 billion, comparable sales grew 3.8% on a 3.6% traffic gain, and digital comparable sales rose 8.7% with same-day delivery up more than 25%. Q2 GAAP EPS was $4.11 versus $2.05 a year earlier, but $1.65 of that came from $994 million of pretax tariff refunds; excluding refunds, EPS grew about 20%. Management now guides to roughly 5% net sales growth for fiscal 2026 and EPS of $9.90 to $10.90.

Revenue and profit by year

ASML Holding

ASML Holding revenue, net income, margin and growth by fiscal year
YearRevenueNet incomeMarginGrowthSource
FY2025~$36.9B~$10.9B29.4%+15.6%Source
FY2024~$31.9B~$8.6B26.8%+2.6%Source
FY2023~$31.1B~$8.9B28.4%+30.2%Source
FY2022~$23.9B~$6.4B26.6%+13.8%Source
FY2021~$21B~$6.6B31.6%+33.1%Source
FY2020~$15.8B~$4B25.4%+18.3%Source
FY2019~$13.4B~$2.9B21.9%+8.0%Source
FY2018~$12.4B~$2.9B23.7%+22.1%Source
FY2017~$10.1B~$2.3B23.1%+30.4%Source
FY2016~$7.8B~$1.8B22.7%—Source
Full ASML Holding financials

Target

Target revenue, net income, margin and growth by fiscal year
YearRevenueNet incomeMarginGrowthSource
FY2025$104.8B$3.7B3.5%-1.7%Source
FY2024$106.6B$4.1B3.8%-0.8%Source
FY2023$107.4B$4.1B3.9%-1.6%Source
FY2022$109.1B$2.8B2.5%+2.9%Source
FY2021$106B$6.9B6.6%+13.3%Source
FY2020$93.6B$4.4B4.7%+19.8%Source
FY2019$78.1B$3.3B4.2%+3.7%Source
FY2018$75.4B$2.9B3.9%+3.6%Source
FY2017$72.7B$2.9B4.0%+3.5%Source
FY2016$70.3B$2.7B3.9%—Source
Full Target financials

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.

Target

  • Stores and digital merchandise

    Primary revenue source

    Sales of food, essentials, apparel, beauty, home, electronics, toys and seasonal products through stores and digital channels.

  • Owned brands

    Strategic margin driver

    Target-owned and exclusive brands that support margin and differentiation.

  • Same-day services and Shipt

    Growth and retention stream

    Delivery, pickup, Drive Up and Target Circle 360 services that deepen loyalty.

  • Roundel retail media

    High-margin supplemental stream

    Advertising revenue from brands using Target's retail media network.

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.

ASML Holding business model in full

Target

How it makes money

Target runs a general-merchandise, big-box retail model that pairs low-margin essentials (groceries, household basics) to drive store traffic with higher-margin discretionary categories (apparel, home decor, and private-label brands) to drive profit -- the classic 'basket size' strategy.

Growth strategy

Target is focusing on merchandising authority, guest experience, technology acceleration, team and community strength, stores-as-hubs, same-day fulfillment, retail media and owned-brand renewal.

Competitive advantage

Target's advantage is the mix of curated merchandise, owned brands, convenient stores, same-day fulfillment and a brand position between discount utility and design-led retail.

Target business model in full

Questions about ASML Holding vs Target

Which company has higher revenue — ASML Holding NV or Target Corporation?

ASML Holding NV reported ~$36.9B (FY2025), while Target Corporation reported $104.8B (FY2025). By last reported revenue, Target Corporation is the larger business, with ASML Holding NV reporting a smaller revenue base.

What is the market cap of ASML Holding NV vs Target Corporation?

ASML Holding NV's market capitalisation stands at $696.4B, while Target Corporation's is $72.0B. ASML Holding NV carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Target Corporation.

Which is more financially efficient — ASML Holding NV or Target Corporation?

ASML Holding NV generates $835k / employee in revenue per employee, while Target Corporation generates $252k / employee. ASML Holding NV 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 Target Corporation make money?

ASML Holding NV and Target Corporation 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. Target Corporation: Target runs a general-merchandise, big-box retail model that pairs low-margin essentials (groceries, household basics) to drive store traffic with higher-margin discretionary categories (apparel, home decor, and private-label brands) to drive profit -- the classic 'basket size' strategy.

Which company is valued higher relative to revenue — ASML Holding NV or Target Corporation?

On a price-to-sales (P/S) basis, ASML Holding NV trades at 18.9x P/S and Target Corporation at 0.7x P/S. ASML Holding NV commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Target Corporation. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.

Is ASML Holding NV bigger than Target Corporation?

By last reported revenue, Target Corporation ($104.8B (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 Target overview

Content is for informational purposes only. Not financial advice. Data sourced from SEC filings, annual reports, and public records. See our full disclaimer and methodology.