Table of Contents
1. ASML (ASML) – Brief Earnings Snapshot
Results:
Beat revenue estimate by 0.9% and beat guidance by 2.6%.
Missed 90 lithography systems sold estimate by 11.
Beat 52.2% GPM estimates by 80 basis points (bps; 1 basis point = 0.01%) & beat guidance by 100 bps.
Beat EBIT estimates by 3%. Beat €6.65 EPS estimates by €0.50.
Selling, general and administrative (SG&A) expense discipline boosted the EBIT and net income beats.
Missed €2.3B operating cash flow estimates by €4.5B.
Balance Sheet:
€8.38B cash & equivalents.
€2B investments.
$2.71B debt.
Share count shrank by 1.7% Y/Y.
Guidance & Valuation:
Q2 revenue guide missed estimates by 3%.
Q2 51.5% GPM guide missed estimates by 100 bps.
Raised 2026 revenue guide by 4%, which met estimates.
Reiterated 2026 GPM guide of 52%, which missed estimates by 60 bps.
ASML trades for 37x forward EPS. EPS is expected to grow by 27% this year and by 32% next year.
2. Rocket Lab (RKLB) – Coverage Initiation and Preliminary Thoughts
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