ASML, Europe’s most valuable company, sells almost nothing in Europe

Europe’s most valuable publicly traded company makes the machines that produce the world’s most advanced semiconductors. It sells almost none of them to European customers. ASML, the Dutch photolithography giant, pulled in €32.7 billion in total net sales during its 2025 fiscal year. Of that, a mere €524 million came from the entire EMEA region. That’s 1.6%. The Netherlands itself, where ASML is headquartered, accounted for just €4.7 million. To put that in perspective, ASML’s home country contributed roughly 0.014% of the company’s revenue. Where the money actually comes from The real customers are in Asia and, to a lesser extent, the United States. China led the pack at €9.5 billion, representing about 29% of total sales. Taiwan followed closely at €8.3 billion, roughly 26%, while South Korea chipped in €8.2 billion at around 25%. The US accounted for approximately €4.1 billion, or 13%. Over the past decade, Europe has consistently represented only 1 to 2% of ASML’s shipments. ASML executives have pointed to it repeatedly as evidence of a structural problem in European semiconductor manufacturing. ASML’s leadership has framed the near-zero European sales as a symptom of the regio...