VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 10, 2026

Stock Comparison

ASX Limited vs Teqnion AB (publ)

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

Teqnion AB (publ)

TEQ · Nasdaq First North Growth Market Sweden

Market cap (USD)$3.1B
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorFinancials
IndustryIndustrial - Distribution
CountrySE
Data as of2026-01-08
Moat score
47/ 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 Teqnion AB (publ)'s moat claims, evidence, and risks.

View TEQ analysis

Comparison highlights

  • Moat score gap: ASX Limited leads (80 / 100 vs 47 / 100 for Teqnion AB (publ)).
  • Segment focus: ASX Limited has 4 segments (31.5% in Markets); Teqnion AB (publ) has 4 segments.
  • Primary market structure: Duopoly vs Competitive. Pricing power: Moderate vs n/a.
  • Moat breadth: ASX Limited has 4 moat types across 3 domains; Teqnion AB (publ) has 8 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%

Teqnion AB (publ)

Acquisition & Portfolio Platform (Active, long-term ownership)

Market

Acquisition and long-term ownership of profitable niche industrial SMEs

Geography

Nordics, UK, Ireland

Customer

Business owners / sellers; subsidiary management teams

Role

Acquirer / holding company / active owner

Side-by-side metrics

ASX Limited
Teqnion AB (publ)
Ticker / Exchange
ASX - ASX
TEQ - Nasdaq First North Growth Market Sweden
Market cap (USD)
$10.2B
$3.1B
Gross margin (TTM)
75.4%
n/a
Operating margin (TTM)
94.8%
n/a
Net margin (TTM)
40.9%
n/a
Sector
Financials
Financials
Industry
Financial - Data & Stock Exchanges
Industrial - Distribution
HQ country
AU
SE
Primary segment
Markets
Acquisition & Portfolio Platform (Active, long-term ownership)
Market structure
Duopoly
Competitive
Market share
80%-84% (reported)
n/a
HHI estimate
6,500
n/a
Pricing power
Moderate
n/a
Moat score
80 / 100
47 / 100
Moat domains
Legal, Network, Demand
Supply, Demand
Last update
2025-12-28
2026-01-08

Moat coverage

Shared moat types

Switching Costs General

ASX Limited strengths

Concession LicenseTwo Sided NetworkData Workflow Lockin

Teqnion AB (publ) strengths

Operational ExcellencePreferential Input AccessScope EconomiesDistribution ControlProcurement InertiaDesign In QualificationLearning Curve Yield

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%

Teqnion AB (publ) segments

Full profile >

Acquisition & Portfolio Platform (Active, long-term ownership)

Competitive

n/a

Agency & Distribution Businesses

Competitive

n/a

Niche Product & Service Companies

Competitive

n/a

Manufacturing (Own-brand and Contract/OEM)

Competitive

n/a

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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Looking for expansion-stage stocks?

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

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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.