VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Sunday, January 11, 2026

Stock Comparison

ASX Limited vs REA Group Ltd

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

ASX Limited

ASX · ASX

Market cap (USD)$10.2B
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

REA Group Ltd

REA · ASX

Market cap (USD)
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorCommunication Services
Industry
CountryAU
Data as of2026-01-09
Moat score
91/ 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 REA Group Ltd's moat claims, evidence, and risks.

View REA analysis

Comparison highlights

  • Moat score gap: REA Group Ltd leads (91 / 100 vs 80 / 100 for ASX Limited).
  • Segment focus: ASX Limited has 4 segments (31.5% in Markets); REA Group Ltd has 3 segments (87.5% in Australia - Property & Online Advertising).
  • Primary market structure: Duopoly vs Duopoly. Pricing power: Moderate vs Strong.
  • Moat breadth: ASX Limited has 4 moat types across 3 domains; REA Group Ltd has 6 across 3.

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%

REA Group Ltd

Australia - Property & Online Advertising

Market

Australian online property classifieds & digital real estate advertising (residential + commercial listings)

Geography

Australia

Customer

Real estate agents/agencies and developers (advertisers) + property seekers (consumers)

Role

Marketplace operator / media & advertising platform

Revenue share

87.5%

Side-by-side metrics

ASX Limited
REA Group Ltd
Ticker / Exchange
ASX - ASX
REA - ASX
Market cap (USD)
$10.2B
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
Communication Services
Industry
Financial - Data & Stock Exchanges
n/a
HQ country
AU
AU
Primary segment
Markets
Australia - Property & Online Advertising
Market structure
Duopoly
Duopoly
Market share
80%-84% (reported)
78%-82% (implied)
HHI estimate
6,500
6,800
Pricing power
Moderate
Strong
Moat score
80 / 100
91 / 100
Moat domains
Legal, Network, Demand
Network, Demand, Supply
Last update
2025-12-28
2026-01-09

Moat coverage

Shared moat types

Two Sided NetworkData Workflow Lockin

ASX Limited strengths

Concession LicenseSwitching Costs General

REA Group Ltd strengths

Data Network EffectsBrand TrustDistribution ControlHabit Default

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%

REA Group Ltd segments

Full profile >

Australia - Property & Online Advertising

Duopoly

87.5%

Australia - Financial Services

Competitive

4.8%

India - Online Property Classifieds

Oligopoly

7.7%

Want the full wide moat stocks list?

Browse the full ranking of wide moat stocks, updated with moat scores and segment context.

View the moat stocks list

Looking for expansion-stage stocks?

Proven models entering the expansion stage with unit economics that work.

View expansion-stage stocks

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.