VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, December 31, 2025

Stock Comparison

ASX Limited vs BlackRock, Inc.

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

BlackRock, Inc.

BLK · New York Stock Exchange

Market cap (USD)$168.1B
SectorFinancials
CountryUS
Data as of2025-12-31
Moat score
59/ 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 BlackRock, Inc.'s moat claims, evidence, and risks.

View BLK analysis

Comparison highlights

  • Moat score gap: ASX Limited leads (80 / 100 vs 59 / 100 for BlackRock, Inc.).
  • Segment focus: ASX Limited has 4 segments (31.5% in Markets); BlackRock, Inc. has 7 segments (33% in iShares ETFs & ETPs).
  • Primary market structure: Duopoly vs Oligopoly. Pricing power: Moderate vs Moderate.
  • Moat breadth: ASX Limited has 4 moat types across 3 domains; BlackRock, Inc. has 10 across 2.

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%

BlackRock, Inc.

iShares ETFs & ETPs

Market

Exchange-traded funds (ETFs) and exchange-traded products (ETPs)

Geography

Global

Customer

Institutional and retail (via intermediaries)

Role

ETF sponsor / asset manager

Revenue share

33%

Side-by-side metrics

ASX Limited
BlackRock, Inc.
Ticker / Exchange
ASX - ASX
BLK - New York Stock Exchange
Market cap (USD)
n/a
$168.1B
Sector
Financials
Financials
HQ country
AU
US
Primary segment
Markets
iShares ETFs & ETPs
Market structure
Duopoly
Oligopoly
Market share
80%-84% (reported)
28.3% (reported)
HHI estimate
6,500
n/a
Pricing power
Moderate
Moderate
Moat score
80 / 100
59 / 100
Moat domains
Legal, Network, Demand
Supply, Demand
Last update
2025-12-28
2025-12-31

Moat coverage

Shared moat types

Data Workflow LockinSwitching Costs General

ASX Limited strengths

Concession LicenseTwo Sided Network

BlackRock, Inc. strengths

Scale Economies Unit CostBrand TrustDistribution ControlOperational ExcellenceSuite BundlingProcurement InertiaLong Term ContractsScope Economies

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%

BlackRock, Inc. segments

Full profile >

iShares ETFs & ETPs

Oligopoly

33%

Institutional Index Mandates (Non-ETF)

Oligopoly

5.7%

Active & Multi-Asset (Public Markets)

Competitive

27.5%

Alternatives & Private Markets

Oligopoly

13.5%

Cash Management (MMFs & cash solutions)

Competitive

5.1%

Aladdin & Technology Services

Oligopoly

7.9%

Distribution & Advisory Services

Competitive

7.3%

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.