VOL. XCIV, NO. 247

* WIDE MOAT STOCKS COMPARISON *

NO ADVICE

Monday, December 29, 2025

Stock Comparison

ASX Limited vs BAE Systems plc

Compare moat strength, market structure, and segment coverage to understand how each company defends its edge.

ASX Limited

ASX · ASX

Market cap (USD)
SectorFinancials
CountryAU
Data as of2025-12-28
Moat score
80/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into ASX Limited's moat claims, evidence, and risks.

View ASX analysis

BAE Systems plc

BA. · London Stock Exchange

Market cap (USD)
SectorIndustrials
CountryGB
Data as of2025-12-28
Moat score
75/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into BAE Systems plc's moat claims, evidence, and risks.

View BA. analysis

Comparison highlights

  • Moat score gap: ASX Limited leads (80 / 100 vs 75 / 100 for BAE Systems plc).
  • Segment focus: ASX Limited has 4 segments (31.5% in Markets); BAE Systems plc has 5 segments (26.6% in Electronic Systems).
  • Primary market structure: Duopoly vs Oligopoly. Pricing power: Moderate vs Moderate.
  • Moat breadth: ASX Limited has 4 moat types across 3 domains; BAE Systems plc has 8 across 3.

Primary market context

ASX Limited

Markets

Market

Trading venues for Australian cash equities and exchange-traded derivatives (futures, options)

Geography

Australia

Customer

Brokers/market participants, proprietary trading firms, institutional investors

Role

Market operator / trading venue

Revenue share

31.5%

BAE Systems plc

Electronic Systems

Market

Defence electronics (electronic warfare, avionics, C4ISR, space payloads and mission systems)

Geography

Primarily US and UK; global programmes

Customer

Government defence and intelligence agencies; prime contractors

Role

Subsystem OEM and prime contractor for electronics/mission systems

Revenue share

26.6%

Side-by-side metrics

ASX Limited
BAE Systems plc
Ticker / Exchange
ASX - ASX
BA. - London Stock Exchange
Market cap (USD)
n/a
n/a
Sector
Financials
Industrials
HQ country
AU
GB
Primary segment
Markets
Electronic Systems
Market structure
Duopoly
Oligopoly
Market share
80%-84% (reported)
n/a
HHI estimate
6,500
n/a
Pricing power
Moderate
Moderate
Moat score
80 / 100
75 / 100
Moat domains
Legal, Network, Demand
Legal, Demand, Supply
Last update
2025-12-28
2025-12-28

Moat coverage

Shared moat types

Switching Costs General

ASX Limited strengths

Concession LicenseTwo Sided NetworkData Workflow Lockin

BAE Systems plc strengths

Government Contracting RelationshipsDesign In QualificationCompliance AdvantageService Field NetworkLong Term ContractsCapex Knowhow ScaleCapacity Moat

Segment mix

ASX Limited segments

Full profile >

Listings

Quasi-Monopoly

18.8%

Markets

Duopoly

31.5%

Technology & Data

Competitive

24.9%

Securities & Payments

Monopoly

24.8%

BAE Systems plc segments

Full profile >

Electronic Systems

Oligopoly

26.6%

Platforms & Services

Oligopoly

16.3%

Air

Oligopoly

26%

Maritime

Oligopoly

22.5%

Cyber & Intelligence

Competitive

8.6%

Want the full wide moat stocks list?

Browse the full ranking of wide moat stocks, updated with moat scores and segment context.

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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.