Who are ASX's main competitors?

Named competitors: London Stock Exchange Group (LSEG.L), Deutsche Börse (DB1.DE), Singapore Exchange (S68.SI). The cockpit's measured peer set (industry) also includes Nordnet (SAVE.ST), Everbright Securities (601788.SS), Multi Commodity Exchange of India (MCX.NS), Founder Securities (601901.SS), Virtu Financial (VIRT), Orient Securities (600958.SS).

Is ASX expensive compared with its peers?

On forward p/e it trades at 24.2× against a peer median of 14.4×, 3rd most expensive of 21 in its peer set.

How has ASX stock performed?

Over six months to 6 Nov 2026 the shares returned +15.2% against -9.4% for the median peer; over one year +11.9%.

← CockpitCompetitor Analysis › ASX.AX ASX LimitedOpen in the cockpit ↗

ASX LimitedASX.AXCompetitor analysis, valuation and peers

Australia · AUD·Financials›Investment Banks/Brokers

Operator of Australia's primary stock exchange, providing listing, trading, clearing and settlement services.

≈ Australia's Nasdaq/ICE (exchange operator)Momentum leader 85

Competitor Analysis ▸ Charts Open in the cockpit

Mkt cap

$9.02B

US dollars, full cap

Free float

99%

of shares outstanding

$/day

$31.9M

20-day average traded

Fwd P/E

24.2×

forward earnings

ROIC−WACC

n/a

WACC 6.2%

Hurdle

n/a

no reverse DCF

Next earnings

104 days

18 Feb 2027

Close · AUDA$66.06

1D-1.5%

1W-0.1%

1M+9.0%

3M+15.7%

6M+15.2%

YTD+28.4%

1Y+11.9%

ATR %1.8%

52w lowhigh1.8% off high

What ASX does

Operator of Australia's primary stock exchange, providing listing, trading, clearing and settlement services.

Charges listed companies annual and listing fees, brokers fees on each trade and each cleared or settled trade, and sells market data and derivatives clearing, so much of it follows market activity rather than prices. Scrapped a long-running plan to replace its CHESS settlement system in 2022 after years of work.

In one line: Australia's Nasdaq/ICE (exchange operator).

Products and services

Equity listing & trading
Clearing and settlement (CHESS)
Derivatives/futures trading
Data/technology services

Customers

Listed companies
Brokers/trading participants
Institutional investors

Where it sits in the supply chain

Financial market infrastructure
Exchange operator
Listing, trading, clearing & settlement

What could go right

IPO/listing activity and trading volume growth
New data/technology product revenue

What could go wrong

Regulatory pricing scrutiny
Technology project execution risk

Moat: wide (regulatory licence, network effects, scale). Effective monopoly as Australia's primary licensed securities exchange and clearing house.

Headquarters: Sydney, Australia · Founded: 1987 · Employees: 1,453

Named competitors

ASX at a glance

Size ASX (ASX.AX) is an Australia Financials company (Investment Banks/Brokers) with a market value of $9.02B, the 38th largest of 316 Australia companies the cockpit tracks. Shares closed at A$66.06 on 6 Nov 2026.

Performance Over six months the shares gained 15.2%, against -9.4% for the median peer and +4.1% for the Australia market (cap-weighted) — 4th highest of 21 in its peer set.

Growth Revenue grew 2.7% over the last twelve months (peer median +6.6%); the operating margin is 65.1% (peer median 35.0%).

Valuation It trades at 24.2× forward earnings against a peer median of 14.4× (3rd most expensive of 21).

Next results Next results expected around 18 Feb 2027 (exchange calendar; dates can move).

Relative performance

Six months, rebased to 100: ASX against the median of its 20 peers (local-currency closes).

ASX financials

Reported figures in AUD; fiscal year ends 2026-06-30. TTM = trailing twelve months.
	TTM	FY2026	FY2025	FY2024	FY2023
Revenue	A$1.76B	A$1.76B	A$1.71B	A$1.59B	A$1.42B
Revenue growth	—	+3%	+8%	+12%	—
Gross profit	A$1.56B	A$1.69B	A$1.66B	A$1.55B	A$1.38B
EBITDA	A$1.21B	A$1.21B	A$1.28B	A$1.19B	A$1.06B
Net income	A$485M	A$485M	A$503M	A$474M	A$317M
Free cash flow	-A$2.86B	-A$2.86B	A$850M	A$544M	-A$509M
Capital expenditure	A$189M	A$189M	A$172M	A$138M	A$103M
Total debt	n/a	A$9.65B	A$12.8B	A$12.3B	A$11.9B

Quarterly statements and history in the cockpit →

ASX competitor charts

The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.

Performance: 6-month against 1-month return

Up and to the right = strong over both horizons. ASX is the large dot.

Fundamentals: revenue growth against valuation

Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. ASX is the large dot.

ASX competitors and peer comparison

Head to head with its named competitors (ASX.AX vs LSEG.L vs DB1.DE vs S68.SI)
Company	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g
ASX ASX.AX	$9.02B	+15%	+3%	65%	24.2×	n/a
London Stock Exchange LSEG.L	$60.9B	+1%	+6%	26%	19.6×	n/a
Deutsche Boerse DB1.DE	$63.8B	+32%	+7%	41%	24.7×	n/a
Singapore Exchange S68.SI	$17.2B	-2%	+14%	57%	27.0×	n/a

How ASX compares with its peers

Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.

ASX against its 20 peers (data as of 6 Nov 2026)
Measure	ASX.AX	Peer median	Rank in peer set
1-month return	+9.0%	+2.4%	3rd highest of 21
6-month return	+15.2%	-9.4%	4th highest of 21
Distance from 52-week high	-1.8%	-26.0%	3rd highest of 21
Revenue growth (TTM)	+2.7%	+6.6%	8th lowest of 21
Operating margin	65.1%	35.0%	3rd highest of 21
Forward P/E	24.2×	14.4×	3rd most expensive of 21

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
Company	Market	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g	Delivered g
ASX ASX.AX	Australia	$9.02B	+15%	+3%	65%	24.2×	n/a	n/a
Nordnet SAVE.ST	Sweden	$8.70B	+13%	+11%	58%	23.7×	n/a	n/a
Everbright Securities 601788.SS	China	$8.70B	-9%	-4%	36%	14.6×	n/a	n/a
Multi Commodity Exchange of India MCX.NS	India	$9.51B	+16%	+122%	79%	50.8×	n/a	n/a
Founder Securities 601901.SS	China	$8.52B	-4%	-21%	47%	11.7×	n/a	n/a
Virtu Financial VIRT	United States	$8.37B	+5%	+28%	38%	7.8×	n/a	n/a
Orient Securities 600958.SS	China	$10.00B	-10%	-5%	28%	11.1×	n/a	n/a
Houlihan Lokey HLI	United States	$10.1B	-5%	0%	20%	18.0×	n/a	n/a
XP Inc. Class A XP	United States	$7.83B	-21%	+17%	32%	6.7×	n/a	n/a
Mirae Asset Sec 006800.KS	South Korea	$7.57B	-66%	+5%	114%	4.0×	n/a	n/a
Jefferies Financial JEF	United States	$10.9B	-11%	+26%	41%	11.3×	n/a	n/a
Evercore EVR	United States	$10.9B	-17%	+37%	22%	14.2×	n/a	n/a
Investec INVP.L	United Kingdom	$7.34B	+3%	-4%	37%	7.1×	n/a	n/a
Freedom FRHC	United States	$11.4B	+28%	+8%	29%	39.7×	n/a	n/a
Guolian Minsheng Securities 601456.SS	China	$6.75B	-13%	+9%	25%	20.1×	n/a	n/a
TMX X.TO	Canada	$12.1B	+10%	+4%	28%	22.8×	n/a	n/a
Allfunds ALLFG.AS	Netherlands	$6.69B	+18%	+1%	43%	20.5×	n/a	n/a
StoneX SNEX	United States	$6.55B	-33%	+21%	2%	13.0×	n/a	n/a
NHIS 005940.KS	South Korea	$6.46B	-32%	+156%	34%	5.2×	n/a	n/a
Swissquote SQN.SW	Switzerland	$6.33B	-13%	+4%	44%	15.9×	n/a	n/a
Zhongtai Securities 600918.SS	China	$6.31B	-12%	-4%	21%	17.1×	n/a	n/a

Questions

Who are ASX's main competitors?: Named competitors: London Stock Exchange Group (LSEG.L), Deutsche Börse (DB1.DE), Singapore Exchange (S68.SI). The cockpit's measured peer set (industry) also includes Nordnet (SAVE.ST), Everbright Securities (601788.SS), Multi Commodity Exchange of India (MCX.NS), Founder Securities (601901.SS), Virtu Financial (VIRT), Orient Securities (600958.SS).
Is ASX expensive compared with its peers?: On forward p/e it trades at 24.2× against a peer median of 14.4×, 3rd most expensive of 21 in its peer set.
How has ASX stock performed?: Over six months to 6 Nov 2026 the shares returned +15.2% against -9.4% for the median peer; over one year +11.9%.