VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Friday, January 2, 2026

Stock Comparison

ASX Limited vs Pro Medicus Limited

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

Pro Medicus Limited

PME · ASX

Market cap (USD)$15.5B
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorHealthcare
Industry
CountryAU
Data as of
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 Pro Medicus Limited's moat claims, evidence, and risks.

View PME analysis

Comparison highlights

  • Moat score: both at 80 / 100.
  • Segment focus: ASX Limited has 4 segments (31.5% in Markets); Pro Medicus Limited has 2 segments (92.5% in Visage 7 Enterprise Imaging Platform (PACS / CloudPACS)).
  • Primary market structure: Duopoly vs Oligopoly. Pricing power: Moderate vs Strong.
  • Moat breadth: ASX Limited has 4 moat types across 3 domains; Pro Medicus Limited has 6 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%

Pro Medicus Limited

Visage 7 Enterprise Imaging Platform (PACS / CloudPACS)

Market

Enterprise imaging / PACS and related modules for hospitals and integrated delivery networks (IDNs)

Geography

Primarily North America; also Europe and Australia

Customer

Hospitals, imaging centers, integrated delivery networks (IDNs)

Role

Healthcare IT software vendor / platform provider

Revenue share

92.5%

Side-by-side metrics

ASX Limited
Pro Medicus Limited
Ticker / Exchange
ASX - ASX
PME - ASX
Market cap (USD)
$10B
$15.5B
Gross margin (TTM)
75.4%
n/a
Operating margin (TTM)
94.8%
n/a
Net margin (TTM)
40.9%
n/a
Sector
Financials
Healthcare
Industry
Financial - Data & Stock Exchanges
n/a
HQ country
AU
AU
Primary segment
Markets
Visage 7 Enterprise Imaging Platform (PACS / CloudPACS)
Market structure
Duopoly
Oligopoly
Market share
80%-84% (reported)
55% (implied)
HHI estimate
6,500
n/a
Pricing power
Moderate
Strong
Moat score
80 / 100
80 / 100
Moat domains
Legal, Network, Demand
Demand, Supply
Last update
2025-12-28
2026-01-02

Moat coverage

Shared moat types

Data Workflow LockinSwitching Costs General

ASX Limited strengths

Concession LicenseTwo Sided Network

Pro Medicus Limited strengths

Keystone ComponentOperational ExcellenceSuite BundlingLong Term Contracts

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%

Pro Medicus Limited segments

Full profile >

Visage 7 Enterprise Imaging Platform (PACS / CloudPACS)

Oligopoly

92.5%

Visage RIS (Radiology Information System) and Promedicus.net

Oligopoly

7.5%

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.