ASM rises after posting Q4 beat, strong 2026 outlook

Investing.com -- ASM International reported stronger-than-expected fourth-quarter revenue and projected higher sales through 2026, sending its U.S. ADRs higher in Tuesday trading.

After falling earlier in the session to $773.05, the stock reversed sharply and was recently up 1.4% at $842.63, compared with Monday’s close of $831.

Q4 revenue came in at €698 million, above guidance of €630–660 million and the consensus expectation of €697.92 million, though down 7% year over year at constant currency.

Orders rebounded to €803 million, helped by stronger advanced logic and foundry demand and a late-quarter pickup from Chinese customers. Gross margin held at 49.8%, while adjusted operating margin slipped to 25.1% amid lower revenue.

Full-year 2025 revenue rose 12% at constant currencies to a record €3.2 billion, driven primarily by investments in 2nm gate-all-around (GAA) capacity. Full-year revenue was above the consensus estimate of €3.17 billion.

CEO Hichem M’Saad said the company achieved its “ninth consecutive year of double-digit growth” and remains positioned to gain share as chipmakers move to the 1.4nm node.

Memory equipment sales declined as expected, while China still accounted for more than 30% of total revenue despite a year-over-year drop. ASM also highlighted 18% growth in its Spares & Services unit and the recent acquisition of Axus Technology to expand its CMP capabilities.

Looking ahead, ASM expects Q1 revenue of about €830 million, plus or minus 4 percent, with sequential growth through the first half and a stronger second half of 2026. The consensus estimate for Q1 revenue was €777.35 million.

The company also announced a proposed €3.25 dividend and a new €150 million share buyback.

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