VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Monday, December 29, 2025

Stock Comparison

ASX Limited vs Heineken N.V.

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

Heineken N.V.

HEIA · Euronext Amsterdam

Market cap (USD)
SectorConsumer
CountryNL
Data as of2025-12-28
Moat score
65/ 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 Heineken N.V.'s moat claims, evidence, and risks.

View HEIA analysis

Comparison highlights

  • Moat score gap: ASX Limited leads (80 / 100 vs 65 / 100 for Heineken N.V.).
  • Segment focus: ASX Limited has 4 segments (31.5% in Markets); Heineken N.V. has 4 segments (38.7% in Europe).
  • Primary market structure: Duopoly vs Oligopoly. Pricing power: Moderate vs Moderate.
  • Moat breadth: ASX Limited has 4 moat types across 3 domains; Heineken N.V. has 5 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%

Heineken N.V.

Europe

Market

Beer, cider and beyond-beer alcoholic beverages

Geography

Europe

Customer

Consumers via on-trade (bars/restaurants) and off-trade (retail/wholesale)

Role

Brewer / brand owner / route-to-market operator

Revenue share

38.7%

Side-by-side metrics

ASX Limited
Heineken N.V.
Ticker / Exchange
ASX - ASX
HEIA - Euronext Amsterdam
Market cap (USD)
n/a
n/a
Sector
Financials
Consumer
HQ country
AU
NL
Primary segment
Markets
Europe
Market structure
Duopoly
Oligopoly
Market share
80%-84% (reported)
n/a
HHI estimate
6,500
n/a
Pricing power
Moderate
Moderate
Moat score
80 / 100
65 / 100
Moat domains
Legal, Network, Demand
Demand, Supply
Last update
2025-12-28
2025-12-28

Moat coverage

Shared moat types

Data Workflow Lockin

ASX Limited strengths

Concession LicenseTwo Sided NetworkSwitching Costs General

Heineken N.V. strengths

Brand TrustDistribution ControlScale Economies Unit CostOperational 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%

Heineken N.V. segments

Full profile >

Europe

Oligopoly

38.7%

Americas

Oligopoly

34%

Africa & Middle East

Oligopoly

13.5%

Asia Pacific

Oligopoly

13.8%

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.