VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Thursday, January 8, 2026

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Stock Comparison

ASX Limited vs Celsius Holdings, Inc.

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

ASX Limited

ASX · ASX

Market cap (USD)$9.8B

Gross margin (TTM)75.4%

Operating margin (TTM)94.8%

Net margin (TTM)40.9%

SectorFinancials

IndustryFinancial - Data & Stock Exchanges

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

Celsius Holdings, Inc.

CELH · NASDAQ

Market cap (USD)$12.4B

Gross margin (TTM)51.4%

Operating margin (TTM)4.5%

Net margin (TTM)3%

SectorConsumer

IndustryBeverages - Non-Alcoholic

CountryUS

Data as of2026-01-05

Moat score

57/ 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 Celsius Holdings, Inc.'s moat claims, evidence, and risks.

View CELH analysis

Comparison highlights

Moat score gap: ASX Limited leads (80 / 100 vs 57 / 100 for Celsius Holdings, Inc.).
Segment focus: ASX Limited has 4 segments (31.5% in Markets); Celsius Holdings, Inc. has 1 segment (100% in Functional Energy Beverages (CELSIUS, Alani Nu, Rockstar)).
Primary market structure: Duopoly vs Oligopoly. Pricing power: Moderate vs Moderate.
Moat breadth: ASX Limited has 4 moat types across 3 domains; Celsius Holdings, Inc. has 3 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%

Celsius Holdings, Inc.

Functional Energy Beverages (CELSIUS, Alani Nu, Rockstar)

Market

Energy drinks (functional/better-for-you positioning) and adjacent wellness products

Geography

Primarily North America; growing international presence

Customer

Consumers via retail and e-commerce channels; sold through distributor/retail channels

Role

Brand owner / product developer; uses third-party manufacturing and third-party distribution

Revenue share

100%

Side-by-side metrics

ASX Limited

Celsius Holdings, Inc.

Ticker / Exchange

ASX - ASX

CELH - NASDAQ

Market cap (USD)

$9.8B

$12.4B

Gross margin (TTM)

75.4%

51.4%

Operating margin (TTM)

94.8%

4.5%

Net margin (TTM)

40.9%

Sector

Financials

Consumer

Industry

Financial - Data & Stock Exchanges

Beverages - Non-Alcoholic

HQ country

Primary segment

Markets

Functional Energy Beverages (CELSIUS, Alani Nu, Rockstar)

Market structure

Duopoly

Oligopoly

Market share

80%-84% (reported)

16%-16.4% (reported)

HHI estimate

6,500

n/a

Pricing power

Moderate

Moat score

80 / 100

57 / 100

Moat domains

Legal, Network, Demand

Supply, Demand

Last update

2025-12-28

2026-01-05

Moat coverage

Shared moat types

No overlap yet.

ASX Limited strengths

Concession LicenseTwo Sided NetworkData Workflow LockinSwitching Costs General

Celsius Holdings, Inc. strengths

Distribution ControlBrand TrustScope 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%

Celsius Holdings, Inc. segments

Full profile >

Functional Energy Beverages (CELSIUS, Alani Nu, Rockstar)

Oligopoly

100%

Want the full wide moat stocks list?

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Looking for expansion-stage stocks?

Proven models entering the expansion stage with unit economics that work.

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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.