ASML Holding vs Volkswagen: Revenue, Profit and Business Model
ASML Holding reported ~$36.9B of revenue in FY2025 and ~$10.9B of net income. Volkswagen reported ~$363.8B of revenue in FY2025 and ~$7.5B 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
Volkswagen
- Latest revenue
- ~$363.8B (FY2025)
- Net income
- ~$7.5B
- Net margin
- 2.1%
- Revenue growth
- +6.5% a year, FY2021–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.
Volkswagen
Volkswagen Group reported ~$364 billion (EUR 321.9 billion) in 2025 sales revenue, slightly below ~$367 billion (EUR 324.7 billion) in 2024, and an operating result of ~$10.1 billion (EUR 8.9 billion), a 2.8% margin. Earnings were held down by U.S. tariffs, restructuring provisions, the cost of Porsche's product strategy change, and weaker results from the Chinese joint ventures. Deliveries were broadly stable at 8.984 million vehicles. The December 2024 agreement with IG Metall for the Volkswagen brand in Germany avoids compulsory redundancies but plans to cut more than 35,000 jobs by 2030 through attrition and early retirement, and to reduce German plant capacity. In the first half of 2026 sales revenue was about $179 billion (EUR 158.1 billion), roughly flat, while the operating result fell 11.6% to about $6.67 billion (EUR 5.9 billion) (3.8% margin). In September 2026 Volkswagen cut its full-year forecast to about $356 billion (EUR 315 billion) in sales revenue and an operating margin of up to 1%, citing China, a faster shift to EVs, a roughly $6.78 billion (EUR 6 billion) goodwill impairment on the Porsche segment, and extra restructuring and China impairments.
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 |
Volkswagen
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$363.8B | ~$7.5B | 2.1% | -0.8% | Source |
| FY2024 | ~$366.9B | ~$12.1B | 3.3% | +0.7% | Source |
| FY2023 | ~$364.2B | ~$18B | 4.9% | +15.5% | Source |
| FY2022 | ~$315.3B | ~$16.8B | 5.3% | +11.5% | Source |
| FY2021 | ~$282.7B | ~$16.8B | 5.9% | — | 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.
Volkswagen
- Passenger vehicle sales
- Premium and luxury vehicle sales
- Commercial vehicles
- Parts and aftersales
- Financial services
- Leasing and fleet services
- Software and mobility services
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.
Volkswagen
How it makes money
Volkswagen earns most of its revenue by selling new cars, vans, trucks and buses through brand groups: Core (Volkswagen, Skoda, SEAT/CUPRA, Volkswagen Commercial Vehicles), Progressive (Audi, Bentley, Lamborghini, Ducati), Sport Luxury (Porsche) and TRATON (Scania, MAN, International, Volkswagen Truck & Bus).
Growth strategy
Volkswagen's growth strategy centers on cost reduction, platform simplification, brand accountability, premium profitability, China-specific EV development, battery and software investment, hybrid and combustion optimization where demand remains strong, and selective partnerships such as Rivian and XPeng.
Competitive advantage
Volkswagen's advantage is industrial scale plus brand breadth. Few competitors can cover entry-level European cars, global volume SUVs, Audi premium vehicles, Porsche sports cars, Lamborghini supercars, Bentley luxury cars, Ducati motorcycles, Scania and MAN trucks, and a major financial services arm. The purchasing leverage and installed dealer base are hard to replicate.
Questions about ASML Holding vs Volkswagen
Which company has higher revenue — ASML Holding NV or Volkswagen Aktiengesellschaft?
ASML Holding NV reported ~$36.9B (FY2025), while Volkswagen Aktiengesellschaft reported ~$363.8B (FY2025). By last reported revenue, Volkswagen Aktiengesellschaft is the larger business, with ASML Holding NV reporting a smaller revenue base.
What is the market cap of ASML Holding NV vs Volkswagen Aktiengesellschaft?
ASML Holding NV's market capitalisation stands at $696.4B, while Volkswagen Aktiengesellschaft's is $35.5B. ASML Holding NV carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Volkswagen Aktiengesellschaft.
Which is more financially efficient — ASML Holding NV or Volkswagen Aktiengesellschaft?
ASML Holding NV generates $835k / employee in revenue per employee, while Volkswagen Aktiengesellschaft generates $549k / 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 Volkswagen Aktiengesellschaft make money?
ASML Holding NV and Volkswagen Aktiengesellschaft 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. Volkswagen Aktiengesellschaft: Volkswagen earns most of its revenue by selling new cars, vans, trucks and buses through brand groups: Core (Volkswagen, Skoda, SEAT/CUPRA, Volkswagen Commercial Vehicles), Progressive (Audi, Bentley, Lamborghini, Ducati), Sport Luxury (Porsche) and TRATON (Scania, MAN, International, Volkswagen Truck & Bus).
Which company is valued higher relative to revenue — ASML Holding NV or Volkswagen Aktiengesellschaft?
On a price-to-sales (P/S) basis, ASML Holding NV trades at 18.9x P/S and Volkswagen Aktiengesellschaft at 0.1x P/S. ASML Holding NV commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Volkswagen Aktiengesellschaft. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is ASML Holding NV bigger than Volkswagen Aktiengesellschaft?
By last reported revenue, Volkswagen Aktiengesellschaft (~$363.8B (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 Volkswagen overview