ASX (ASX) AI Stock Analysis

• Market Cap: $11.82B
• Dividend Yield: 3.67%
• Average Volume (3M): 591.57K
• Price to Earnings (P/E): 23.5
• Beta (1Y): 0.68
• Revenue Growth: 7.63%
• EPS Growth: 5.81%
• Country: AU
• Employees: 1,140
• Sector: Financial
• Sector Strength: 70
• Industry: Financial - Data & Stock Exchanges
• EPS (TTM): 1.32
• Shares Outstanding: 194,299,420
• 10 Day Avg. Volume: 422,890
• 30 Day Avg. Volume: 591,571
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 1.05
• Enterprise Value/Revenue: 21.27
• Enterprise Value/Gross Profit: 138.48
• Enterprise Value/Ebitda: 9.72
• 1Y Price Target: $64.67
• Price Target Upside: 5.70% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 10

• Rating: 55 Neutral
• Price Target: AU$65.00 ▲(6.24% Upside)

The overall stock score reflects a mixed outlook. Strong earnings call performance and profitability margins are offset by significant revenue and cash flow declines, bearish technical indicators, and valuation concerns. The ASIC inquiry and operational risk management challenges add further uncertainty.

ASX Business Overview & Revenue Model

Company Description

ASX Limited operates as a multi-asset class and integrated exchange company in Australia and internationally. It operates markets for a range of asset classes, including equities, fixed income, commodities, and energy. The company provides listings, trading, clearing, settlement, registry, technical and information, and other post-trade services; securities and derivatives exchange, and ancillary services; and central counterparty clearing services. It is also involved in the depository, and settlement activities, as well as delivery-versus-payment clearing of financial products; and provision of data and technology services to intermediaries, banks, information vendors, and software developers to enable them to make decisions, offer services to their clients, and connect with one another. The company was incorporated in 1987 and is based in Sydney, Australia.

How the Company Makes Money

ASX generates revenue through several key streams. The primary source of income is transaction fees charged on the trading of securities and derivatives. These fees are collected from market participants who execute trades on the platform. Additionally, ASX earns revenue from listing fees, which are paid by companies to list their securities on the exchange. Another significant revenue stream is the provision of market data and information services to financial institutions, traders, and other market participants. ASX also charges fees for clearing and settlement services, which ensure the safe and efficient transfer of traded securities. Furthermore, ASX has strategic partnerships and collaborations that contribute to its earnings by enhancing its service offerings and expanding market reach.

ASX Financial Statement Overview

Summary

The financial performance is mixed. Strong profitability margins are overshadowed by a significant decline in revenue and free cash flow growth, raising concerns about future growth prospects. The balance sheet is stable with low leverage, but the cash flow situation needs improvement.

Income Statement

The income statement shows a significant decline in revenue growth, with a negative growth rate of -65.14% in the latest period. Despite this, the company maintains strong profitability margins, with a net profit margin of 86.05% and an EBIT margin of 207.77%. However, the drastic revenue drop is a major concern, overshadowing the strong margins.

Balance Sheet

The balance sheet is stable with a low debt-to-equity ratio of 0.08, indicating low leverage and financial risk. The equity ratio is healthy, and the company has a strong equity base. However, the return on equity is not available for the latest period, which limits the assessment of profitability from shareholders' perspective.

Cash Flow

Cash flow analysis reveals a concerning decline in free cash flow growth at -78.98%. The operating cash flow to net income ratio is low at 0.02, indicating potential issues in converting income into cash. While the free cash flow to net income ratio is 1.0, the overall cash flow position is weak due to the significant decline in free cash flow.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	584.10M	584.10M	1.05B	1.02B	1.04B	962.30M
Gross Profit	89.70M	89.70M	1.05B	976.80M	989.30M	906.70M
EBITDA	1.28B	1.26B	1.18B	819.40M	796.50M	757.40M
Net Income	502.60M	502.60M	474.20M	317.30M	508.50M	480.90M
Balance Sheet
Total Assets	17.57B	17.57B	16.89B	16.83B	18.24B	16.60B
Cash, Cash Equivalents and Short-Term Investments	13.90B	13.90B	13.42B	13.51B	14.46B	13.38B
Total Debt	310.90M	310.90M	334.30M	78.60M	67.60M	72.40M
Total Liabilities	13.70B	13.70B	13.16B	13.19B	14.43B	12.86B
Stockholders Equity	3.87B	3.87B	3.72B	3.64B	3.81B	3.74B
Cash Flow
Free Cash Flow	849.70M	302.90M	544.40M	-3.51B	97.60M	4.99B
Operating Cash Flow	1.02B	302.90M	682.20M	-3.40B	203.40M	5.09B
Investing Cash Flow	-132.80M	-132.80M	-93.00M	-121.30M	-126.90M	-125.40M
Financing Cash Flow	-408.30M	-408.30M	-149.60M	-447.20M	-450.80M	-464.40M

ASX Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 61.18
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:ASX, the sentiment is Negative. The current price of 61.18 is below the 20-day moving average (MA) of 61.83, below the 50-day MA of 65.16, and below the 200-day MA of 65.73, indicating a bearish trend. The MACD of -1.13 indicates Negative momentum. The RSI at 37.80 is Neutral, neither overbought nor oversold. The STOCH value of 30.04 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:ASX.

ASX Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PPS	64 Neutral	365.45M	27.03	12.11%	2.94%	24.56%	59.32%
NWL	59 Neutral	7.49B	64.06	58.51%	1.26%	28.29%	39.39%
ASX	55 Neutral	$11.82B	23.48	12.95%	3.67%	7.63%	5.81%
HUB	49 Neutral	8.19B	102.39	15.00%	0.56%	24.44%	68.80%
NSX	45 Neutral	19.63M	-4.43	0.00%	―	37.46%	7.37%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%

ASX Corporate Events

ASX Limited Announces 2025 Full-Year Results Schedule and Key Dates

ASX Limited has announced the schedule for its 2025 full-year financial results, which will be released on August 14, 2025, before market opening. The announcement includes key dates for the final dividend and the annual general meeting, highlighting the company’s commitment to transparency and shareholder engagement. The webcast of the results briefing will be available for stakeholders, ensuring accessibility to important financial information.

The most recent analyst rating on (AU:ASX) stock is a Sell with a A$55.05 price target. To see the full list of analyst forecasts on ASX stock, see the AU:ASX Stock Forecast page.

State Street Global Advisors Updates Substantial Holding in ASX Limited

State Street Global Advisors has reported a change in its substantial holding in ASX Limited, reflecting its ongoing role as an investment manager with significant voting power. This update highlights State Street’s strategic position in managing and controlling voting rights within the company, impacting its influence over corporate decisions.

The most recent analyst rating on (AU:ASX) stock is a Sell with a A$55.05 price target. To see the full list of analyst forecasts on ASX stock, see the AU:ASX Stock Forecast page.

ASX Limited Reports Strong Capital Raising Growth in June 2025

ASX Limited, a prominent player in the financial market infrastructure sector, has reported significant growth in its capital raising activities for June 2025. The total new capital quoted reached $11.0 billion, marking a 35% increase compared to the previous corresponding period. The net new capital quoted also saw a substantial rise, totaling $10.8 billion, which is a notable improvement from the $5.3 billion recorded in the same period last year. This growth in capital raising activities indicates a robust market environment and reflects positively on ASX’s operational performance and market positioning.

The most recent analyst rating on (AU:ASX) stock is a Sell with a A$55.05 price target. To see the full list of analyst forecasts on ASX stock, see the AU:ASX Stock Forecast page.

State Street Global Advisors Adjusts Holdings in ASX Limited

State Street Global Advisors, a prominent investment management firm, has made changes to its substantial holdings in ASX Limited. The announcement details the voting power and relevant interests of State Street and its subsidiaries, indicating a strategic adjustment in their investment portfolio. This change could impact the company’s influence in ASX Limited and reflects its ongoing investment strategies.

The most recent analyst rating on (AU:ASX) stock is a Sell with a A$55.05 price target. To see the full list of analyst forecasts on ASX stock, see the AU:ASX Stock Forecast page.

ASX Faces ASIC Inquiry into Compliance and Governance

ASX Limited has acknowledged the Australian Securities and Investments Commission’s (ASIC) decision to initiate a compliance assessment and inquiry into its market and clearing licensees. This inquiry will examine ASX’s governance, capability, and risk management frameworks, with ASX expressing full cooperation. The inquiry follows ASX’s ongoing transformation strategy aimed at enhancing its operational and technology resilience. The company has also noted that ASIC will discontinue its investigation into a previous incident, incorporating it into the broader inquiry. ASX’s financial guidance for FY26 and FY27 does not currently account for potential costs related to supporting this inquiry.

The most recent analyst rating on (AU:ASX) stock is a Sell with a A$55.05 price target. To see the full list of analyst forecasts on ASX stock, see the AU:ASX Stock Forecast page.

ASX Limited Hosts Investor Forum to Enhance Stakeholder Engagement

ASX Limited held an Investor Forum where the CEO, CIO, and CFO presented their speaking notes, which were made available to the public. The event was webcast live, indicating ASX’s commitment to transparency and stakeholder engagement. This forum is part of ASX’s ongoing efforts to maintain strong communication with investors and analysts, showcasing its strategic initiatives and operational updates.

The most recent analyst rating on (AU:ASX) stock is a Sell with a A$55.05 price target. To see the full list of analyst forecasts on ASX stock, see the AU:ASX Stock Forecast page.

ASX Limited Hosts Investor Forum with Live Webcast

ASX Limited announced that it will be hosting an Investor Forum, with presentation slides available for stakeholders. The event, which will be webcast live, aims to provide insights into the company’s operations and strategic direction, potentially impacting investor perceptions and market positioning.

The most recent analyst rating on (AU:ASX) stock is a Sell with a A$55.05 price target. To see the full list of analyst forecasts on ASX stock, see the AU:ASX Stock Forecast page.

ASX Limited Highlights Strategic Progress and Financial Guidance at Investor Forum 2025

ASX Limited held its Investor Forum 2025, highlighting progress in its five-year strategy, particularly in technology modernization and stakeholder engagement. The company is focusing on operational risk and business resilience through its new Accelerate Program. Financial guidance for FY25 and FY26 includes expected expense growth and capital expenditure, with a focus on expanding EBITDA margins and maintaining a strong dividend payout ratio.

The most recent analyst rating on (AU:ASX) stock is a Sell with a A$55.05 price target. To see the full list of analyst forecasts on ASX stock, see the AU:ASX Stock Forecast page.

ASX Reports Growth in Capital Market Activities for May 2025

In May 2025, ASX Limited reported a significant increase in total new capital quoted, reaching $6.8 billion compared to $4.6 billion in the previous corresponding period. Despite a decrease in the number of new listed entities, the total net new capital quoted improved, indicating a positive trend in capital market activities. This development suggests a strengthening in ASX’s role as a facilitator of capital raising, which could enhance its market positioning and offer potential benefits to stakeholders.

The most recent analyst rating on (AU:ASX) stock is a Hold with a A$58.00 price target. To see the full list of analyst forecasts on ASX stock, see the AU:ASX Stock Forecast page.

UniSuper Reduces Stake in ASX Limited

UniSuper Limited, acting as a trustee for UniSuper and UniSuper Management Pty Limited, has reduced its substantial holding in ASX Limited. The voting power of UniSuper has decreased from 10.69% to 8.87%, reflecting a change in the number of shares held. This adjustment in shareholding may impact UniSuper’s influence in shareholder decisions and reflects a strategic shift in their investment portfolio.

The most recent analyst rating on (AU:ASX) stock is a Sell with a A$55.05 price target. To see the full list of analyst forecasts on ASX stock, see the AU:ASX Stock Forecast page.

UniSuper Reduces Stake in ASX Limited

UniSuper Limited, acting as a trustee for UniSuper and UniSuper Management Pty Limited, has reduced its voting power in ASX Limited from 12.40% to 10.69%. This change in substantial holding reflects a decrease in UniSuper’s influence over ASX Limited, potentially impacting its strategic decisions and stakeholder interests.

ASX Reports Decline in April 2025 Capital Raisings

In April 2025, ASX Limited reported a significant decrease in new capital quoted, totaling $2.1 billion compared to $4.4 billion in the previous corresponding period. The total net new capital quoted also saw a decline to $1.9 billion from $3.1 billion. Despite these decreases, the year-to-date total net new capital quoted showed a slight increase, indicating resilience in the market. The report highlights a challenging environment for capital raisings, with a notable reduction in secondary capital raised and a decrease in the number of new listed entities, reflecting broader market trends and potential impacts on stakeholders.