VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, January 7, 2026

Stock Comparison

ASX Limited vs VINCI SA

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

VINCI SA

DG · Euronext Paris

Market cap (USD)$67.5B
Gross margin (TTM)16%
Operating margin (TTM)12.1%
Net margin (TTM)6.5%
SectorIndustrials
IndustryEngineering & Construction
CountryFR
Data as of2026-01-03
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 VINCI SA's moat claims, evidence, and risks.

View DG analysis

Comparison highlights

  • Moat score gap: ASX Limited leads (80 / 100 vs 57 / 100 for VINCI SA).
  • Segment focus: ASX Limited has 4 segments (31.5% in Markets); VINCI SA has 7 segments (44.4% in VINCI Construction).
  • Primary market structure: Duopoly vs Competitive. Pricing power: Moderate vs Weak.
  • Moat breadth: ASX Limited has 4 moat types across 3 domains; VINCI SA has 7 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%

VINCI SA

VINCI Construction

Market

Construction and civil engineering contracting (buildings, infrastructure and specialty networks)

Geography

Global

Customer

Public-sector project owners and private developers/industrial clients

Role

General contractor / civil engineering contractor

Revenue share

44.4%

Side-by-side metrics

ASX Limited
VINCI SA
Ticker / Exchange
ASX - ASX
DG - Euronext Paris
Market cap (USD)
$9.8B
$67.5B
Gross margin (TTM)
75.4%
16%
Operating margin (TTM)
94.8%
12.1%
Net margin (TTM)
40.9%
6.5%
Sector
Financials
Industrials
Industry
Financial - Data & Stock Exchanges
Engineering & Construction
HQ country
AU
FR
Primary segment
Markets
VINCI Construction
Market structure
Duopoly
Competitive
Market share
80%-84% (reported)
n/a
HHI estimate
6,500
n/a
Pricing power
Moderate
Weak
Moat score
80 / 100
57 / 100
Moat domains
Legal, Network, Demand
Legal, Supply
Last update
2025-12-28
2026-01-03

Moat coverage

Shared moat types

Concession License

ASX Limited strengths

Two Sided NetworkData Workflow LockinSwitching Costs General

VINCI SA strengths

Permits Rights Of WayOperational ExcellenceService Field NetworkCapex Knowhow ScaleCapacity MoatCompliance Advantage

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%

VINCI SA segments

Full profile >

VINCI Autoroutes

Monopoly

9.2%

VINCI Airports

Oligopoly

6.3%

Other concessions (incl. VINCI Highways and PPP assets)

Competitive

0.8%

VINCI Energies

Competitive

28.4%

Cobra IS

Competitive

9.9%

VINCI Construction

Competitive

44.4%

VINCI Immobilier

Competitive

1.6%

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.