9 ASX growth stocks vs their global twins: Which is the better buy?

After the strong response to our earlier piece comparing ASX blue chips to their global counterparts, we’re back — this time with a sharper focus on growth.

Australia may only represent around 2% of global equity markets, but that doesn’t mean it’s lacking in world-class growth companies. In fact, several ASX-listed names are genuine leaders in their fields — they're growing profits quickly, reinvesting into better features, and are often smarter operators than their global rivals.

But in some cases, their global counterparts offer similar strengths at more compelling valuations.

In this piece, we examine nine ASX-listed growth stocks and compare them to international peers in the same sectors — from medical imaging to logistics software and financial technology.

Across each pair, we’ve crunched the numbers on valuation, profitability, and growth to see which company is better positioned to scale — and which one may be the smarter buy today.

Note: Whilst every effort was made to provide accurate and up-to-date data, particularly for the international names, some figures were difficult to obtain. These tables are not exhaustive but offer a strong starting point for further research.

#1. Pro Medicus vs. RadNet – Medical imaging giants

Pro Medicus (ASX: PME) is a global leader in diagnostic imaging software, supplying its Visage platform to major hospitals in the U.S., Europe and Australia. It earns revenue through long-term, high-margin software contracts.

RadNet (NASDAQ: RDNT) operates one of the largest networks of outpatient imaging centres in the U.S. It’s increasingly focused on digital transformation and AI through its DeepHealth division.

Pro Medicus is a textbook software success story: high margins, strong ROE, and elite capital discipline. It’s expensive for a reason. Plus, the company is on a roll, announcing $365 million in contract wins in its latest half-year results, and is debt-free. 

In a recent interview, Dushko Bajic of First Sentier Investors noted that PME has captured only 7% of the 1,100+ integrated delivery networks (IDN) in the U.S. healthcare system: 

“They could well get to that 40% ceiling over the next 10 to 15 years, which gives it a lot of earnings growth and cashflow generation,” he says.

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RadNet is growing faster in revenue terms but has razor-thin margins due to its capital-heavy operations. The acquisition of iCAD shows its digital ambitions, but investors are still waiting on margin improvement.

For pure software exposure and execution quality, PME remains the gold standard. 

2. WiseTech Global vs. Descartes Systems – Freight tech at different speeds

WiseTech Global (ASX: WTC) delivers logistics software through its CargoWise platform, helping freight forwarders and customs agents manage global trade. Known for bold acquisitions and high reinvestment.

Descartes (TSX: DSGX / NASDAQ: DSGX) is a Canadian logistics software provider focused on trade compliance, route optimisation, and transportation management. It follows a slower, steadier M&A strategy with consistent margin discipline.

Verdict: WiseTech is the high-growth play, with deeper reinvestment in R&D and broader expansion across Asia and Europe. Descartes is described as a great Canadian growth story and a beneficiary of tariff mayhem, as it makes it easy for parties to calculate duties.

WiseTech’s recent acquisition of E2open strengthens its global logistics proposition, but execution risk remains, and the company is still shaking off a series of scandals. Descartes wins on margins and valuations, although they are still very high for both companies.

Nonetheless, WTC is winning when it comes to revenue growth and investing modestly more in R&D to improve its offering, and unlike Descartes, it’s giving a bit of cash to investors via dividends, albeit a tiny amount.

3. HUB24 vs. SS&C Technologies – Local innovator vs global fintech

HUB24 (ASX: HUB) is one of Australia’s fastest-growing investment platforms for financial advisers, offering managed portfolios, superannuation, and administration tools.

SS&C Technologies (NYSE: SSNC) is a U.S.-based financial software and services giant, with operations across fund administration, portfolio accounting, and wealth platforms.

Verdict: HUB24 is posting strong revenue and FUA growth, capturing share in the digitising advice sector — though it trades on a steep PE. SS&C is a far larger, global player, but with slower growth and a lower valuation.

In this game, FUA is everything. HUB24 reports it clearly and has grown it at 40%+ p.a. SS&C, by contrast, shows just 10.66% growth with patchy disclosure on asset mix and custody.

As the saying goes, "Aussies do it better" — and HUB24 is proving it on every key metric, although, investors need to be wary of its nosebleed valuation.

4. CAR Group vs. Auto Trader – Online classifieds with local dominance

CAR Group (ASX: CAR) is Australia’s leading online automotive marketplace with growing international exposure through South Korea, Brazil, and the U.S.

Auto Trader (LSE: AUTO) is the UK's dominant digital automotive platform, generating most of its revenue from dealer advertising and data insights.

Verdict: CAR Group has delivered stronger revenue growth and total return, supported by global expansion. But it trades at a higher valuation than Auto Trader, which is a net-cash position, highly profitable, and focuses on a single market: the UK.

Investors prioritising margin and stability may prefer Auto Trader, while CAR appeals to those seeking global optionality and the higher growth (and higher risk) that comes with international expansion.

5. REA Group vs. Zillow – Property portals with diverging models

REA Group (ASX: REA) dominates the digital property advertising space in Australia and has expanded into Asia. It monetises primarily through agent subscriptions and premium listings.

Zillow (NASDAQ: Z) is the largest property portal in the U.S., offering home search, rentals, mortgages and a recently reshaped strategy around transaction facilitation and AI tools.

Verdict: REA Group is a high-margin, consistent performer with strong monetisation - and is profitable.

Zillow, which made a loss in 2024, has a massive audience (albeit naturally given the bigger North American population) but a more complex and risk-prone business model. With recent pullbacks from its iBuying operations, Zillow is pivoting again.

REA offers steadier execution; Zillow has higher potential upside, but far more moving parts.

6. Technology One vs. Tyler Technologies – Government ERP specialists

Technology One (ASX: TNE ) builds ERP solutions for councils, universities, and utilities across Australia and New Zealand. It has transitioned to SaaS and boasts industry-leading retention.

Tyler Technologies (NYSE: TYL) is the U.S. leader in public sector software, serving law enforcement, judiciary, and municipal agencies with deep domain specialisation.

Verdict: TechnologyOne edges out Tyler Technologies on free cash flow margin, customer retention, and capital efficiency — the clearest signs of a sticky, well-loved product. It also invests more heavily in R&D, which is paying off in stronger recurring revenue and lower churn.

While Tyler has scale in the vast U.S. market, it's facing political headwinds, with Trump’s new Department of Government Efficiency casting a cloud over public sector IT spending.

Both offer recurring revenue models, but Technology One's superior execution and global ambition arguably justify its valuation premium.

7. ResMed vs. Philips – Respiratory health vs. diversified devices

ResMed (ASX: RMD / NASDAQ: RMD) is a global leader in sleep apnea treatment, with growing SaaS-enabled solutions and dominant share in the U.S. CPAP market.

Philips (AMS: PHIA) is a diversified healthtech company spanning imaging, diagnostics, and personal health. Its respiratory division has been under pressure from device recalls.

Verdict: The numbers speak for themselves — over five years, ResMed outpaces Philips on total returns, revenue growth, margins, and execution. There isn't even a competition!

Philips remains bogged down by reputational and regulatory fallout from its €1.1B CPAP recall. Its higher dividend yield is little consolation, often a sign of slower growth in this context.

For targeted exposure to respiratory health and digital monitoring, ResMed is the far cleaner story. The company also recently provided its strategy out till 2030, aiming for high single-digit revenue growth.

8. Cochlear vs. Sonova – Implant innovator vs. hearing giant

Cochlear (ASX: COH) leads the global cochlear implant market and has consistently invested in R&D and audiology networks.

Sonova (SWX: SOON) is a Swiss firm focused on hearing aids, implants, and audiology retail. It owns the Phonak brand and is more diversified across hearing categories.

Verdict: Cochlear dominates its niche with stronger margins, share, and innovation investment. Sonova, by contrast, is more diversified and trades at a lower multiple. 

Cochlear suits investors looking for category leadership in implants, while Sonova offers broader exposure to the ageing megatrend.

9. Xero vs. Intuit – Cloud accounting vs. financial software empire

Xero (ASX: XRO) is a cloud-native accounting platform popular with small businesses across Australia, New Zealand and the UK. It is admired for product design and ecosystem strength.

Intuit (NASDAQ: INTU) is a U.S. fintech heavyweight with products including QuickBooks, TurboTax, and Credit Karma. It serves individuals, SMBs, and tax professionals.

Verdict: Xero is growing slightly faster and reinvesting heavily in R&D, but it trades on a much higher PE and operates with thinner margins.

Intuit, by contrast, is a deeply entrenched player in North America. QuickBooks dominates SMB accounting, while TurboTax holds a virtual monopoly on tax filing — capturing over 90% of the market, by some estimates.

Unlike Australia, filing taxes in the U.S. and Canada is often too complex or not possible through government portals, giving Intuit strong pricing power. That power shows — last month, Intuit raised its dividend by 16%, a clear vote of confidence from management about its own growth prospects.

With scale, superior capital efficiency, and a near-monopoly in business accounting and tax software, Intuit holds an enviable position — all while trading at a more attractive valuation than Xero and delivering standout dividend growth. Xero is the challenger; Intuit remains the empire.

Final thoughts

This comparison of Australia's top growth stocks and their global twins reveals a simple truth: home-grown innovation is thriving. In areas like medical imaging, logistics, and government ERP, ASX-listed companies are world leaders.

However, scale, profitability, and valuation discipline remain key reasons to look globally. Many international peers — especially in the U.S. and Europe — offer greater diversification, more stable margins, or lower PE ratios, even when growth is similar.

The best portfolio may not pick one over the other — it blends them. Global exposure can complement local conviction. And for investors chasing structural growth, this framework of comparison can help identify not just what’s growing - but what’s growing well, and at a fair price.