VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Thursday, January 8, 2026

Stock Comparison

ASX Limited vs Cochlear Limited

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

Cochlear Limited

COH · ASX

Market cap (USD)$17B
Gross margin (TTM)74.5%
Operating margin (TTM)22.7%
Net margin (TTM)16.2%
SectorHealthcare
IndustryMedical - Devices
CountryAU
Data as of2026-01-04
Moat score
81/ 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 Cochlear Limited's moat claims, evidence, and risks.

View COH analysis

Comparison highlights

  • Moat score gap: Cochlear Limited leads (81 / 100 vs 80 / 100 for ASX Limited).
  • Segment focus: ASX Limited has 4 segments (31.5% in Markets); Cochlear Limited has 3 segments (62.4% in Cochlear Implants).
  • Primary market structure: Duopoly vs Oligopoly. Pricing power: Moderate vs Moderate.
  • Moat breadth: ASX Limited has 4 moat types across 3 domains; Cochlear Limited 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%

Cochlear Limited

Cochlear Implants

Market

Cochlear implant systems (internal implant + external sound processors) for severe-to-profound hearing loss

Geography

Global

Customer

Hospitals/ENT clinics and audiology programs (providers) serving implant candidates/recipients; reimbursed by public/private payers

Role

Medical device OEM / platform owner (implant + processor + fitting software + clinical support)

Revenue share

62.4%

Side-by-side metrics

ASX Limited
Cochlear Limited
Ticker / Exchange
ASX - ASX
COH - ASX
Market cap (USD)
$9.8B
$17B
Gross margin (TTM)
75.4%
74.5%
Operating margin (TTM)
94.8%
22.7%
Net margin (TTM)
40.9%
16.2%
Sector
Financials
Healthcare
Industry
Financial - Data & Stock Exchanges
Medical - Devices
HQ country
AU
AU
Primary segment
Markets
Cochlear Implants
Market structure
Duopoly
Oligopoly
Market share
80%-84% (reported)
60%-65% (reported)
HHI estimate
6,500
n/a
Pricing power
Moderate
Moderate
Moat score
80 / 100
81 / 100
Moat domains
Legal, Network, Demand
Demand, Legal, Supply
Last update
2025-12-28
2026-01-04

Moat coverage

Shared moat types

Data Workflow Lockin

ASX Limited strengths

Concession LicenseTwo Sided NetworkSwitching Costs General

Cochlear Limited strengths

Brand TrustCompliance AdvantageCapex Knowhow ScaleIP Choke PointService Field NetworkInstalled Base ConsumablesFormat Lock In

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%

Cochlear Limited segments

Full profile >

Cochlear Implants

Oligopoly

62.4%

Services

Monopoly

25.9%

Acoustics

Oligopoly

11.7%

Want the full wide moat stocks list?

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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.