VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Friday, January 2, 2026

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Stock Comparison

ASX Limited vs Constellation Software Inc.

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

ASX Limited

ASX · ASX

Market cap (USD)$10B

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

Constellation Software Inc.

CSU · Toronto Stock Exchange

Market cap (USD)—

Gross margin (TTM)—

Operating margin (TTM)—

Net margin (TTM)—

SectorTechnology

Industry—

CountryCA

Data as of2026-01-02

Moat score

74/ 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 Constellation Software Inc.'s moat claims, evidence, and risks.

View CSU analysis

Comparison highlights

Moat score gap: ASX Limited leads (80 / 100 vs 74 / 100 for Constellation Software Inc.).
Segment focus: ASX Limited has 4 segments (31.5% in Markets); Constellation Software Inc. has 6 segments.
Primary market structure: Duopoly vs Competitive. Pricing power: Moderate vs Moderate.
Moat breadth: ASX Limited has 4 moat types across 3 domains; Constellation Software 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%

Constellation Software Inc.

Volaris Operating Group

Market

Vertical market software (VMS) portfolios across diverse industries (Volaris)

Geography

Global (North America, Continental Europe, UK, Australia, South America, Africa)

Customer

Organizations in specific verticals (mix of public and private sector)

Role

Vertical market software vendor (application provider + long-term maintainer)

Side-by-side metrics

ASX Limited

Constellation Software Inc.

Ticker / Exchange

ASX - ASX

CSU - Toronto Stock Exchange

Market cap (USD)

$10B

n/a

Gross margin (TTM)

75.4%

n/a

Operating margin (TTM)

94.8%

n/a

Net margin (TTM)

40.9%

n/a

Sector

Financials

Technology

Industry

Financial - Data & Stock Exchanges

n/a

HQ country

Primary segment

Markets

Volaris Operating Group

Market structure

Duopoly

Competitive

Market share

80%-84% (reported)

n/a

HHI estimate

6,500

n/a

Pricing power

Moderate

Moat score

80 / 100

74 / 100

Moat domains

Legal, Network, Demand

Demand, Supply

Last update

2025-12-28

2026-01-02

Moat coverage

Shared moat types

Switching Costs General

ASX Limited strengths

Concession LicenseTwo Sided NetworkData Workflow Lockin

Constellation Software Inc. strengths

Installed Base ConsumablesOperational Excellence

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%

Constellation Software Inc. segments

Full profile >

Volaris Operating Group

Competitive

n/a

Harris Operating Group

Competitive

n/a

Topicus.com Operating Group

Competitive

n/a

Jonas Operating Group

Competitive

n/a

Perseus Operating Group

Competitive

n/a

Vela Operating Group

Competitive

n/a

Want the full wide moat stocks list?

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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.