ASML Valuation Gap Hits Decade Low

ASML shares trade at ~37x forward earnings, a 17% premium to Applied Materials, the smallest premium since 2014.
ASML trades 5% below Lam Research, a discount gap unseen for 14 years, with forward P/E just under KLA Corp.
Shares have risen 36% YTD on AI‑driven data‑center demand, while US peers Applied Materials and Lam Research each gained over 50% YTD.
ASML’s forward P/E of 31x for fiscal year exceeds its five‑year average of 22x, and it raised its sales guidance on Wednesday.