Find My Moat

WIDE MOAT STOCKS & COMPETITIVE ADVANTAGES

Checking

 

Wide moat stocks

ASX Limited ASX

ASXExchanges and financial dataFinancials to Jun 30, 2026 · Updated Oct 8, 2026

On Stock Analysis · affiliate link
ASX financials
Moat score
83
ROIC
–
P/E
24.6
EV/EBIT
–
FCF yield
3.6%
Dividend yield
3.0%
Market cap
A$11.9B

Moat ranks

Score rankTied #100 of 396
Durabilitydurable
Market structureDuopoly
Pricing powermoderate

Balance sheet

6/30/26
A$BJun '25Jun '26
Debt0.30.3
Equity3.94.0
Leverage
Debt / EBITDA
0.38×
Debt / equity
0.07×
Leases (6/30/26)
A$215M
Capital
Diluted shares
195M
Book value / share
A$20.48
Price / book
3.0×
Net cash / share
–
Market cap
A$11.9B
Enterprise value
–

Per-share record

Fiscal years and TTM
Scale
A$0A$2A$4A$6A$8'17'18'19'20'21'22'23'24'256.53'26
Revenue per shareCash flow per share

Key indicators

Latest: H2 '26
IndicatorLatestVs year agoLast 8 halves
Revenue growth14.2%+5.5 pts
Operating margin47.6%-9.7 pts
FCF margin23.2%+2.4 pts
Capex / revenue16.6%+0.7 pts
Information services revenueA$187M+9%
Annual listing fee revenueA$115M+4%
Cash market clearing revenueA$87M+25%
Cash market settlement revenueA$82M+23%
ASX equity turnover share83.7%–

Margins and growth from reported quarters; company KPIs as reported in results releases.

About ASX

ASX operates Australian listings, trading, clearing, settlement, market data and connectivity. Post-trade licences and participant integration create its strongest protection; issuers and traders also benefit from the dominant local liquidity pool.

Revenue mix
Markets 33.0%Securities & Payments 26.1%Technology & Data 23.7%Listings 17.2%
  • Concession License

    Australia requires listing-market approval, but ASX has no exclusive licence.

  • Two Sided Network

    A dominant pool of investor liquidity and market participants makes the primary venue more attractive for issuers; additional listings in turn deepen market breadth-supporting a two-sided network loop (issuer <-> investor/participant).

  • Two Sided Network

    Liquidity concentration and deep participant connectivity reinforce venue choice for on-book trading; this supports transaction and access-fee economics even with a competing venue.

  • IP Choke Point

    ASX originates its own order-book, trade, reference and announcement feeds.

Timeline
  1. Sep 28, 2026

    ASX made its secured overnight SOFIA benchmark available to subscribers, expanding the data offering from observed repo transactions. No uptake or new revenue was disclosed.

  2. Sep 24, 2026

    Iress committed to move into the Australian Liquidity Centre in the second half of 2027, adding a connected participant without a disclosed near-term revenue amount.

  3. Sep 23, 2026

    The RBA upgraded specific CHESS operational ratings to partly observed but identified continuing governance, risk and operational gaps, keeping remediation central to ASX returns.

  4. Sep 21, 2026

    ASX issued DRP and underwriting shares raising approximately AUD 106.09m, retaining cash for its additional capital requirement while diluting existing shares.

  5. Sep 21, 2026

    ASX named Keir Barnes as incoming CFO, Mark Peterson as clearing and settlement managing director from November and Elaine Vaisanen as COO from December. Andrew Tobin remains CFO during the transition.

Ownership

CEO
Anthony Attia
Since 2026
Professional CEOSingle share class

Go deeper on ASX

On Find My Moat

On this page

Financial record

Fiscal year2017201820192020202120222023202420252026TrendChange 2017–26
Per share (A$)
Revenue3.964.274.514.904.975.385.255.435.816.53+5.7%/yr
Cash flow2.502.492.362.422.923.032.822.562.963.19+2.7%/yr
Earnings2.242.302.542.582.482.631.642.452.592.49+1.2%/yr
Free cash flow2.182.241.922.002.402.482.291.852.072.22+0.2%/yr
Capex0.320.250.440.420.520.550.530.710.890.97+13.3%/yr
Dividends2.012.072.243.602.352.282.362.022.041.84-1.0%/yr
Book value20.2120.3920.2319.2219.3019.6618.8119.2319.9620.48+0.2%/yr
Diluted shares (M)193194194194194194194194194195+0.1%/yr
Totals (A$B)
Revenue0.80.80.90.91.01.01.01.11.11.3+5.8%/yr
Operating income0.50.60.60.70.60.70.40.60.60.7+2.3%/yr
Net income0.40.40.50.50.50.50.30.50.50.5+1.2%/yr
Free cash flow0.40.40.40.40.50.50.40.40.40.4+0.2%/yr
Buybacks––––––––0.00.0–
Dividends0.40.40.40.70.50.40.50.40.40.4-0.9%/yr
Margins & returns (%)
Operating margin69.970.069.469.367.267.536.158.557.051.7-18.2 pts
Net margin56.753.856.352.550.048.831.245.144.638.2-18.5 pts
FCF margin55.252.442.640.848.346.143.634.135.733.9-21.2 pts
Return on equity11.111.312.613.412.913.48.712.713.012.2+1.1 pts
Stock pay % of revenue0.30.70.70.81.01.00.80.70.90.9+0.6 pts
Capex % of revenue8.05.89.78.710.510.210.113.115.214.9+6.9 pts

Change uses 2017 and 2026 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2017 base. Trend shows the fiscal years.

Per-share values use diluted weighted shares.ROIC = operating income × (1 − 30.2% tax rate, the company's own over three fiscal years excluding one-offs) ÷ (equity + debt − cash and current securities). Returns show a dash when their base is negative or under 10% of revenue. Free cash flow = operating cash flow − capex. Debt is all borrowings; net cash counts long-term securities and excludes leases. No trailing-twelve-month column: no complete four quarters end after the last fiscal year.

Moat

Moat scorecard

Moat score83
Strength
Confidence
Structure
Duopoly
Durability
durable
Trajectory
narrowing
Pricing power
moderate
Segments
  • Listings17.2%
    2 claims
  • Markets33.0%
    1 claim
  • Technology & Data23.7%
    1 claim
  • Securities & Payments26.1%
    2 claims

Moat claims

Applies to
Listings
Confidence
Durability
durable
Trajectory
narrowingas of Oct 7, 2026
Why it holds

Australia requires listing-market approval, but ASX has no exclusive licence. ASIC identifies four licensed listing markets, including its approved Cboe competitor. ASX protection therefore combines a regulated entry process with its established issuer and liquidity base.

Why narrowing

ASIC approved a competing listing venue in October 2025, and TMX acquired that venue in July 2026. Licensing still limits entry but no longer gives ASX an uncontested route to new issuers.

Indicators
  • Annual listing fee revenueA$115M+4%
  • Listed entities2,044-0%
  • New listed entities100+45%
  • Average annual listing feeA$56,366+6%
  • Net new capital quotedA$37.1B+4%
  • Monthly net new capital quotedA$4.0B+32%
Risks
  • Listing competition from other licensed venues (e.g., TMX Australia Exchange (formerly Cboe Australia)) increases
  • Regulatory reforms lower barriers or encourage dual listings
  • IPO supply shifts to private markets or offshore exchanges

Profile change log

  1. Oct 8, 2026 · business change

    ASIC approved Cboe Australia to list new companies, creating another route for Australian issuers alongside ASX, NSX and SSX. A listing-market licence does not give ASX exclusive access to new issuers.

  2. Oct 8, 2026 · analyst revision

    The abandoned CHESS charge is split into AUD 248.4m asset derecognition at December 2022 and AUD 3.5m wind-down expense. Four small historical investment and tax adjustments remain in reported profit. Corporate rate sensitivity and the reported tangible-capital shortfall are added to the economic risks.

  3. Oct 8, 2026 · analyst revision

    The listing licence claim now identifies all four licensed Australian listing markets and distinguishes regulatory approval from exclusivity. Continuous order-book and auction shares, admissions, listing fees and net new capital sharpen the competitive tests. The data-service trajectory now cites its annual transaction table and uses the existing financial-data end market.

  4. Oct 7, 2026 · analyst revision

    The TMX Australia transaction date is corrected from its August 2 announcement to July 31 closing, explicitly confirmed by Cboe in October. Five-year data-service counts and settlement workloads now test demand; reported CHESS uptime is kept distinct from timely settlement and regulatory reliability.

  5. Oct 7, 2026 · analyst revision

    Market cap now excludes the 196,417 treasury shares reported at June 30 from the September issued-share count. The latest treasury count is used explicitly; no October treasury balance is estimated.

  6. Oct 7, 2026 · analyst revision

    Statutory operating income now includes the printed operating expense and project charges. Operating cash excludes separately reported participant and investment transfers, with statutory cash retained separately. Half-year shares use reported profit and EPS; newly reported compensation and zero treasury purchases close several gaps. Longer fee history and participant counts sharpen the network tests without changing moat scores.

  7. Oct 7, 2026 · business change

    ASX made its secured overnight SOFIA benchmark available to subscribers, expanding the data offering from observed repo transactions. No uptake or new revenue was disclosed.

  8. Oct 7, 2026 · business change

    Iress committed to move into the Australian Liquidity Centre in the second half of 2027, adding a connected participant without a disclosed near-term revenue amount.

  9. Oct 7, 2026 · business change

    The RBA upgraded specific CHESS operational ratings to partly observed but identified continuing governance, risk and operational gaps, keeping remediation central to ASX returns.

  10. Oct 7, 2026 · business change

    ASX named Keir Barnes as incoming CFO, Mark Peterson as clearing and settlement managing director from November and Elaine Vaisanen as COO from December. Andrew Tobin remains CFO during the transition.

  11. Oct 7, 2026 · business change

    ASX issued DRP and underwriting shares raising approximately AUD 106.09m, retaining cash for its additional capital requirement while diluting existing shares.

  12. Oct 7, 2026 · business change

    Anthony Attia began as ASX chief executive, leading the required governance and technology reset.

  13. Oct 7, 2026 · business change

    ASX launched Bloomberg bond and credit index futures, adding exchange-traded hedges for Australian fixed-income portfolios; commercial adoption remains to be tested.

  14. Oct 7, 2026 · business change

    ASX received shareholder notice of a proposed derivative action against former officers and directors over the previous CHESS project. The notice makes no allegation against ASX itself and does not establish that leave has been granted.

  15. Oct 7, 2026 · business change

    TMX acquired Cboe Australia, now TMX Australia Exchange, giving ASX Australian trading and listing competitor a new owner.

  16. Oct 7, 2026 · business change

    ASX completed the sale of its Sympli property-settlement venture to ATI Group, removing its share of future venture losses after a recorded disposal loss.

  17. Oct 7, 2026 · business change

    The Federal Court approved the CHESS misleading-conduct settlement: AUD 20.5m penalty and AUD 3.0m regulator legal costs, imposing a concrete cost for failed project disclosure.

  18. Oct 7, 2026 · business change

    ASX raised FY2027 capex guidance to AUD 180m–200m and forecast total expense growth of 18%–21%, reducing near-term operating leverage.

  19. Oct 7, 2026 · business change

    ASX brought CHESS Release 1 clearing into market operation, providing the first completed stage of its replacement program.

  20. Oct 7, 2026 · business change

    ASX paused the previous CHESS replacement approach after an external review and later derecognised project assets, demonstrating a material technology execution failure.

  21. Oct 7, 2026 · analyst revision

    Management EBIT, issuer data licences, regulator assessments and operating figures now test the moat trajectories and bull/bear case. Existing scores and timestamps are otherwise retained.

  22. Oct 7, 2026 · analyst revision

    Segment revenue weights now use the unrounded FY2026 management amounts; statutory customer-fee revenue is separately identified.

  23. Oct 7, 2026 · analyst revision

    Post-trade pricing power is moderate rather than strong because regulator-mandated capital, repair spending and access obligations constrain the return on the embedded franchise.

  24. Oct 7, 2026 · analyst revision

    Replaced the reported market-share range of 82%–85% with ASIC exact 83.7% quarter observation and separated trade reporting from on-book execution. The original range was not a reported confidence interval.

  25. Oct 7, 2026 · analyst revision

    Added a narrow intellectual-property claim for ASX-originated data after verifying its September licence terms. Protection is not extended to every technical-service product.

  26. Oct 7, 2026 · business change

    ASX sold its Digital Asset stake for AUD 57m, releasing capital from a strategic technology investment. The sale allowed use of previously unrecognised capital losses and produced an AUD 2.8m tax benefit.

  27. Oct 7, 2026 · analyst revision

    Specific investment impairments, abandoned-project costs, settled litigation and a disposal-related tax benefit are separated from reported earnings. Repeated CHESS incentive payments remain costs, and the former-office charge stays in earnings because its combined amount includes accelerated depreciation from a changed asset life.

Industry & peers

Peer map

0%10%20%30%40%50%60708090100Moat scoreIndustry medianASXCBOEICELSEGNDAQ

Hover a point for its values; click a peer to compare. Dashed lines: industry medians.

Institutional trading and central clearing

As of Oct 8, 2026
OligopolyMedium cyclicality

Global institutional trading venues, exchange listing and capital formation services, money-market investment portals and central-counterparty clearing for equities, ETFs, bonds, FX, repo, derivatives and commodity benchmark futures. Excludes principal dealing, retail brokerage, stand-alone data and workflow software, custody and fund administration; traded notional, securities outstanding and participant collateral measure underlying activity rather than provider revenue.

StocksMoatGross m.Op. m.
ASX83–51.7%
Industry median178264.2%42.1%
Sector median497361.3%34.1%
All stocks median3987652.9%19.6%

Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.

Drivers & risks

Demand drivers
  • Rate, currency and credit volatility increase institutional hedging and rebalancing, while energy supply shocks, weather and metal-price moves create demand for commodity benchmark futures. Equity-option participation and short-dated expiries add hedging occasions.
  • Electronic requests for quotes, portfolio trading and automated execution move dealer and investor workflows onto venues; access to multiple counterparties and connected clearing can improve liquidity, netting and capital use.
  • Government debt issuance, corporate refinancing and public equity issuance expand the instruments available to trade and list. Issuer market value can lift annual listing fees even when the number of listed companies falls.
  • Collateral balances, investment yields and corporate treasury cash determine clearing investment income and money-market portal demand. Interest rates and product mix can move these revenue streams differently from trading volume.
  • Longer trading hours, cross-border securities-lending clearing and local settlement connections open additional trading occasions and participant access. Adoption depends on institutional onboarding, eligible counterparties and reliable operations.
Risks
  • Product-level liquidity networks and licenses face competing venues, dealer internalization, bilateral trading and alternative hedges. Rebates, fee caps, portfolio protocols and compression can lower retained revenue per unit; exclusive benchmark royalties can rise.
  • Clearing-location requirements, collateral fragmentation and affiliated-clearing objections can redirect activity or raise participant funding costs. Tokenized instruments and event products remain exposed to approval and classification decisions.
  • Member defaults, failed auctions, cyber incidents and settlement outages can trigger capital calls, remediation and loss of trust. Multi-year technology replacement and regulatory capital requirements can reduce cash available for shareholder distributions.
  • Quiet markets and reduced dealer risk appetite can lower execution demand; weaker confidence can depress issuance and listings. Falling rates can reduce net treasury income, while high rates can weaken mortgage origination and related trading.
  • Reporting-rule changes, product mix, foreign-exchange translation and regulatory pass-through fees can distort reported growth and headline market shares. Notional, loan balances, collateral and securities outstanding do not establish retained revenue or a durable competitive advantage.

Bulls & bears

Key question · as of Oct 8, 2026

Can ASX complete the required technology and governance repair while retaining market share and converting its licensed franchise into cash available to shareholders?

Arguments

4 forFaded: weakening or settled5 against

What to watch

  1. 1RBA and ASIC conformance ratings, incidents and CHESS Release 2 delivery
  2. 2Available corporate cash and investments, capital-charge accumulation and DRP dilution
  3. 3ASX on-market trading and turnover share, listed entities and new capital
  4. 4Reported expenses and capex versus FY2027 guidance; information-service revenue
  5. 5Product-level volume and participant counts, rather than headline turnover alone
  6. 6Corporate interest income and reported rate sensitivity; new listings and net new quoted capital

Next check: October 22, 2026 AGM for leadership, capital and remediation; monthly market activity and the next February half-year report for financial delivery.

Sources: company filings and dated sources collected for Find My Moat; market cap as of Oct 8, 2026. Not investment advice.

Cite or reuse this data

Free to reuse, commercially too, with a credit link. See the data license.

Moat Score 83/100 by <a href="https://www.findmymoat.com/stocks/XASX:ASX">Find My Moat</a> (as of September 2026)

Request update

Spot something outdated? Send a quick note and source so we can refresh this profile.

Curation & Accuracy

This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).

Details change. Pricing, features, and availability may be incomplete or out of date. Treat listings as a starting point and verify on the provider’s site before making decisions. If you spot an error or a gap, send a quick note and I’ll adjust.