VOL. XCIV, NO. 247

* WIDE MOAT STOCKS COMPARISON *

NO ADVICE

Monday, December 29, 2025

Stock Comparison

ASX Limited vs Alphabet 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

Alphabet Inc.

GOOGL · The Nasdaq Stock Market

Market cap (USD)$3.7T
SectorCommunication Services
CountryUS
Data as of2025-12-21
Moat score
86/ 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 Alphabet Inc.'s moat claims, evidence, and risks.

View GOOGL analysis

Comparison highlights

  • Moat score gap: Alphabet Inc. leads (86 / 100 vs 80 / 100 for ASX Limited).
  • Segment focus: ASX Limited has 4 segments (31.5% in Markets); Alphabet Inc. has 6 segments (56.6% in Google Search & other (Advertising)).
  • Primary market structure: Duopoly vs Quasi-Monopoly. Pricing power: Moderate vs Strong.
  • Moat breadth: ASX Limited has 4 moat types across 3 domains; Alphabet Inc. has 10 across 4.

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%

Alphabet Inc.

Google Search & other (Advertising)

Market

Search advertising (intent-based digital ads)

Geography

Global

Customer

Advertisers (SMB to enterprise)

Role

Ad platform / publisher

Revenue share

56.6%

Side-by-side metrics

ASX Limited
Alphabet Inc.
Ticker / Exchange
ASX - ASX
GOOGL - The Nasdaq Stock Market
Market cap (USD)
n/a
$3.7T
Sector
Financials
Communication Services
HQ country
AU
US
Primary segment
Markets
Google Search & other (Advertising)
Market structure
Duopoly
Quasi-Monopoly
Market share
80%-84% (reported)
88%-91% (reported)
HHI estimate
6,500
8,115
Pricing power
Moderate
Strong
Moat score
80 / 100
86 / 100
Moat domains
Legal, Network, Demand
Network, Demand, Legal, Supply
Last update
2025-12-28
2025-12-21

Moat coverage

Shared moat types

Two Sided NetworkSwitching Costs General

ASX Limited strengths

Concession LicenseData Workflow Lockin

Alphabet Inc. strengths

Data Network EffectsHabit DefaultContent Rights CurrencyOperational ExcellenceDefault OS GatewayCapex Knowhow ScaleEcosystem ComplementsIncubation & patient capital

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%

Alphabet Inc. segments

Full profile >

Google Search & other (Advertising)

Quasi-Monopoly

56.6%

YouTube (Advertising)

Oligopoly

10.3%

Google Network (Advertising)

Competitive

8.7%

Google Subscriptions, Platforms & Devices

Quasi-Monopoly

11.5%

Google Cloud

Oligopoly

12.4%

Other Bets

Competitive

0.5%

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.