Metrology & inspectionThin moat

ASML (ASML) — moat facet

Three times the sales of 2017 and still about 2.5% of the company.

Metrology and inspection is the smallest of ASML's four lines and the one that tests whether ASML can sell anything beyond the scanner. It brought in €824.6 million in 2025 from 208 systems, 2.5% of total net sales.12

Metrology & inspection sales (€m)282201733920182742019350202051420216602022536202364620248252025ASML Forms 20-F FY2019, FY2021, FY2023, FY2025
Nearly three times 2017, and still under €1 billion.

The products measure and inspect wafers during manufacturing, so that a fab can see whether a pattern printed where it should. ASML reports them as a single line, alongside its lithography technologies, in the 20-F.3

Growth has been steady and far slower than EUV. The line sold 95 systems for €281.9 million in 2017 and 115 for €274.4 million in 2019.4 It reached 196 systems and €513.7 million in 2021 and 216 systems and €659.6 million in 2022.56 From 2017 to 2025 its sales rose about 2.9 times, against about 10.7 times for EUV.7

It is also the only line that fell sharply in 2023, when system sales grew 42%. Metrology sales dropped to €536.1 million on 151 units, about 18.7% below 2022, before recovering to €645.5 million in 2024.8910

The price per system has risen more gently than on the scanners: about €3.0 million in 2017 and €4.0 million in 2025.11 That is roughly a third more in eight years, against 2.4 times for an NXE scanner.

ASML reports no margin for the line. What it does say is that metrology customers are largely the same companies that buy its lithography, which is the subject of the page Thirty-Eight Percent From Two: this line adds sales per fab rather than new buyers.12

The first half of 2026 was better: 104 systems for €362.1 million, against 88 for €320.9 million, up 12.8%.1314 That is still about 2% of the half's sales.

The honest verdict is that metrology is a useful complement and not a second franchise. The number that would change it is its share of total net sales. It has stayed between about 2% and 3% of sales since 2017; a line that reached 5% would show ASML's lithography position turning into a process-control business, and one that stays near 2.5% is what it has always been.

Moat trajectory: Holding steady

First-half 2026 sales up 12.8% to €362.1m, still about 2% of the company.

The number that tests this moat
Reported
Metrology & inspection sales, first half
€362.1M in H1 2026, from €320.9M

Growth well above the company's would show a second franchise forming; growth below it would confirm a complement.

Source: ASML H1 2026 interim report ↗
References
  1. ReportedIt brought in €824.6 million in 2025 from 208 systems, 2.5% of total net sales.
    ASML Holding N.V. Form 20-F FY2025 - net system sales per technology 2023-2025 (units, €m): NXE 53/9,124.0, 42/7,856.4, 44/10,445.8; EXE 2/465.0 (2024), 4/1,156.9 (2025); ArFi 125/9,017.4, 129/9,667.0, 131/10,311.4; ArF dry 32/780.2, 28/774.4, 16/427.0; KrF 184/2,202.5, 152/1,991.2, 78/1,001.3; I-line 55/278.4, 65/369.2, 54/307.3; Metrology & Inspection 151/536.1, 165/645.5, 208/824.6; net service and field option sales 5,619.9/6,494.2/8,193.0 with cost 3,271.4/3,364.0/4,025.3; total net sales 27,558.5/28,262.9/32,667.3; China sales 7,251.8/10,195.1/9,519.7; service growth attributed to the growing installed base of systems, higher tool use and more NXE field upgrades — FY2023-FY2025 · publ. February 2026 · source ↗
  2. Moat Explorer calcIt brought in €824.6 million in 2025 from 208 systems, 2.5% of total net sales.
    Moat Explorer calculation from ASML's Forms 20-F FY2019, FY2021, FY2023 and FY2025 and the H1 2026 interim report: line totals (EUV = NXE + EXE; DUV = ArF immersion + ArF dry + KrF + i-line), shares of sales, sales per system, growth rates and gross margins (sales less cost of sales, over sales) — 2017 to H1 2026 · publ. 2026-09-23 · source ↗
  3. ReportedASML reports them as a single line, alongside its lithography technologies, in the 20-F.
    ASML Holding N.V. Form 20-F FY2025 - net system sales per technology 2023-2025 (units, €m): NXE 53/9,124.0, 42/7,856.4, 44/10,445.8; EXE 2/465.0 (2024), 4/1,156.9 (2025); ArFi 125/9,017.4, 129/9,667.0, 131/10,311.4; ArF dry 32/780.2, 28/774.4, 16/427.0; KrF 184/2,202.5, 152/1,991.2, 78/1,001.3; I-line 55/278.4, 65/369.2, 54/307.3; Metrology & Inspection 151/536.1, 165/645.5, 208/824.6; net service and field option sales 5,619.9/6,494.2/8,193.0 with cost 3,271.4/3,364.0/4,025.3; total net sales 27,558.5/28,262.9/32,667.3; China sales 7,251.8/10,195.1/9,519.7; service growth attributed to the growing installed base of systems, higher tool use and more NXE field upgrades — FY2023-FY2025 · publ. February 2026 · source ↗
  4. ReportedThe line sold 95 systems for €281.9 million in 2017 and 115 for €274.4 million in 2019.
    ASML Holding N.V. Form 20-F / integrated report FY2019 - net system sales per technology 2017-2019: EUV 11/€1,084.2m, 18/€1,880.1m, 26/€2,799.7m; ArFi 76/€4,028.7m, 86/€4,806.9m, 82/€4,707.7m; ArF dry 13/€186.4m; KrF 71/€743.5m; i-line 26/€99.7m; Metrology & Inspection 95/€281.9m, 114/€339.1m, 115/€274.4m; net service and field option sales €2,684.9m (2018), €2,823.8m (2019) — FY2017-FY2019 · publ. February 2020 · source ↗
  5. ReportedIt reached 196 systems and €513.7 million in 2021 and 216 systems and €659.6 million in 2022.
    ASML Holding N.V. Form 20-F FY2021 - net system sales per technology 2019-2021: EUV 26/€2,799.7m, 31/€4,463.8m, 42/€6,284.0m; ArFi 82/€4,707.7m, 68/€3,917.0m, 81/€4,959.6m; ArF dry 22/€401.2m, 22/€427.0m, 22/€431.9m; KrF 65/€679.7m, 103/€1,012.3m, 131/€1,321.3m; I-line 34/€133.5m, 34/€146.4m, 33/€142.3m; Metrology & Inspection 115/€274.4m, 137/€350.1m, 196/€513.7m; net service and field option sales €2,823.8m/€3,661.9m/€4,958.2m, cost of service €1,864.0m/€2,012.0m/€2,319.1m — FY2019-FY2021 · publ. February 2022 · source ↗
  6. ReportedIt reached 196 systems and €513.7 million in 2021 and 216 systems and €659.6 million in 2022.
    ASML Holding N.V. Form 20-F FY2023 - net system sales per technology 2021-2023: 2022 NXE 40/€7,045.3m, ArFi 81/€5,236.5m, ArF dry 28/€623.7m, KrF 151/€1,653.7m, I-line 45/€211.5m, Metrology & Inspection 216/€659.6m; 2023 NXE 53/€9,124.0m; net service and field option sales €4,958.2m/€5,743.1m/€5,619.9m, cost of service €2,319.1m/€2,891.0m/€3,271.4m — FY2021-FY2023 · publ. February 2024 · source ↗
  7. Moat Explorer calcFrom 2017 to 2025 its sales rose about 2.9 times, against about 10.7 times for EUV.
    Moat Explorer calculation from ASML's Forms 20-F FY2019, FY2021, FY2023 and FY2025 and the H1 2026 interim report: line totals (EUV = NXE + EXE; DUV = ArF immersion + ArF dry + KrF + i-line), shares of sales, sales per system, growth rates and gross margins (sales less cost of sales, over sales) — 2017 to H1 2026 · publ. 2026-09-23 · source ↗
  8. ReportedMetrology sales dropped to €536.1 million on 151 units, about 18.7% below 2022, before recovering to €645.5 million in 2024.
    ASML Holding N.V. Form 20-F FY2023 - net system sales per technology 2021-2023: 2022 NXE 40/€7,045.3m, ArFi 81/€5,236.5m, ArF dry 28/€623.7m, KrF 151/€1,653.7m, I-line 45/€211.5m, Metrology & Inspection 216/€659.6m; 2023 NXE 53/€9,124.0m; net service and field option sales €4,958.2m/€5,743.1m/€5,619.9m, cost of service €2,319.1m/€2,891.0m/€3,271.4m — FY2021-FY2023 · publ. February 2024 · source ↗
  9. ReportedMetrology sales dropped to €536.1 million on 151 units, about 18.7% below 2022, before recovering to €645.5 million in 2024.
    ASML Holding N.V. Form 20-F FY2025 - net system sales per technology 2023-2025 (units, €m): NXE 53/9,124.0, 42/7,856.4, 44/10,445.8; EXE 2/465.0 (2024), 4/1,156.9 (2025); ArFi 125/9,017.4, 129/9,667.0, 131/10,311.4; ArF dry 32/780.2, 28/774.4, 16/427.0; KrF 184/2,202.5, 152/1,991.2, 78/1,001.3; I-line 55/278.4, 65/369.2, 54/307.3; Metrology & Inspection 151/536.1, 165/645.5, 208/824.6; net service and field option sales 5,619.9/6,494.2/8,193.0 with cost 3,271.4/3,364.0/4,025.3; total net sales 27,558.5/28,262.9/32,667.3; China sales 7,251.8/10,195.1/9,519.7; service growth attributed to the growing installed base of systems, higher tool use and more NXE field upgrades — FY2023-FY2025 · publ. February 2026 · source ↗
  10. Moat Explorer calcMetrology sales dropped to €536.1 million on 151 units, about 18.7% below 2022, before recovering to €645.5 million in 2024.
    Moat Explorer calculation from ASML's Forms 20-F FY2019, FY2021, FY2023 and FY2025 and the H1 2026 interim report: line totals (EUV = NXE + EXE; DUV = ArF immersion + ArF dry + KrF + i-line), shares of sales, sales per system, growth rates and gross margins (sales less cost of sales, over sales) — 2017 to H1 2026 · publ. 2026-09-23 · source ↗
  11. Moat Explorer calcThe price per system has risen more gently than on the scanners: about €3.0 million in 2017 and €4.0 million in 2025.
    Moat Explorer calculation from ASML's Forms 20-F FY2019, FY2021, FY2023 and FY2025 and the H1 2026 interim report: line totals (EUV = NXE + EXE; DUV = ArF immersion + ArF dry + KrF + i-line), shares of sales, sales per system, growth rates and gross margins (sales less cost of sales, over sales) — 2017 to H1 2026 · publ. 2026-09-23 · source ↗
  12. ReportedWhat it does say is that metrology customers are largely the same companies that buy its lithography, which is the subject of the page Thirty-Eight Percent From Two: this line adds sales per fab rather than new buyers.
    ASML Holding N.V. Form 20-F FY2025 - net system sales per technology 2023-2025 (units, €m): NXE 53/9,124.0, 42/7,856.4, 44/10,445.8; EXE 2/465.0 (2024), 4/1,156.9 (2025); ArFi 125/9,017.4, 129/9,667.0, 131/10,311.4; ArF dry 32/780.2, 28/774.4, 16/427.0; KrF 184/2,202.5, 152/1,991.2, 78/1,001.3; I-line 55/278.4, 65/369.2, 54/307.3; Metrology & Inspection 151/536.1, 165/645.5, 208/824.6; net service and field option sales 5,619.9/6,494.2/8,193.0 with cost 3,271.4/3,364.0/4,025.3; total net sales 27,558.5/28,262.9/32,667.3; China sales 7,251.8/10,195.1/9,519.7; service growth attributed to the growing installed base of systems, higher tool use and more NXE field upgrades — FY2023-FY2025 · publ. February 2026 · source ↗
  13. ReportedThe first half of 2026 was better: 104 systems for €362.1 million, against 88 for €320.9 million, up 12.8%.
    ASML statutory interim report H1 2026 (IFRS) - net system sales per technology, six months to June 2025 and June 2026 (units, €m): EXE 1/273.8 and 3/1,188.9; NXE 24/5,593.2 and 29/6,708.5; ArF immersion 56/4,301.7 and 40/3,331.7; ArF dry 7/193.3 and 13/367.3; KrF 38/495.6 and 65/772.6; I-line 27/158.0 and 20/113.1; Metrology & Inspection 88/320.9 and 104/362.1; net system sales 11,336.5 and 12,844.2 (+13.3%), net service and field option sales 4,096.7 and 5,249.2 (+28.1%); cost of system sales 5,298.3 and 6,803.1, cost of service 1,911.5 and 2,084.9 (+9.1%) — H1 2026 · publ. July 15, 2026 · source ↗
  14. Moat Explorer calcThe first half of 2026 was better: 104 systems for €362.1 million, against 88 for €320.9 million, up 12.8%.
    Moat Explorer calculation from ASML's Forms 20-F FY2019, FY2021, FY2023 and FY2025 and the H1 2026 interim report: line totals (EUV = NXE + EXE; DUV = ArF immersion + ArF dry + KrF + i-line), shares of sales, sales per system, growth rates and gross margins (sales less cost of sales, over sales) — 2017 to H1 2026 · publ. 2026-09-23 · source ↗
Sources
Generated September 23, 2026