ASM International N.V. (ASM.AS) Stock Analysis & Winston Score

ASM International is a Dutch company that makes the machines used to build semiconductors — the tiny chips inside phones, computers, and cars. Its core product is equipment for a process called atomic layer deposition (ALD), which deposits ultra-thin layers of material onto a chip one atom at a time. Major customers include TSMC, Samsung, and Intel, the world's largest chipmakers. ASM earns revenue by selling this specialized equipment to chip manufacturers, with additional income from service contracts and spare parts. The company operates globally, with key facilities in the Netherlands, the United States, Japan, and South Korea, and generates roughly €2–3 billion in annual revenue. Its main competitive advantage is its leading position in ALD technology, which is becoming more critical as chips shrink to smaller sizes — but the business is cyclical, meaning revenue can drop sharply when chipmakers cut their equipment spending during industry downturns.