If I could own just one ASX share for the next decade, these 5 would make my shortlist

If I could buy just one ASX share today and hold it for the next decade, I'd want to be confident that the business could become substantially more valuable over that time.

That means looking for companies with strong competitive positions, enormous growth opportunities, and the ability to increase earnings for many years.

With that in mind, here are five ASX shares that would make my shortlist.

CSL Ltd (ASX: CSL)

CSL has experienced a difficult period, but I believe its long-term growth potential remains strong.

The biotechnology giant is a global leader in plasma-derived therapies, with growing demand for immunoglobulin treatments providing an opportunity for sustained earnings growth.

Importantly, CSL is also improving the efficiency of its plasma collection operations, which could support stronger profit margins over time.

Overall, I believe this ASX share has the foundations to return to sustainable earnings growth and reward patient shareholders.

Life360 Inc. (ASX: 360)

Life360 is another ASX share I'd happily consider owning for the next decade.

Its family safety app has become an essential service for millions of households, with monthly active users reaching 107.7 million in the September quarter.

And I believe there's enormous potential to generate more revenue from this audience. This includes through its emerging advertising business, which I think could become an increasingly important earnings driver.

For example, advertising revenue grew by 250% to US$25.4 million during the last quarter, which I think demonstrates its potential.

Pro Medicus Ltd (ASX: PME)

Pro Medicus is another ASX share with a material long-term growth opportunity.

Its Visage medical imaging software is increasingly being adopted by major hospitals and healthcare networks, especially in the United States.

In FY 2026, Pro Medicus secured 10 new contracts worth a combined minimum of $407 million. And with opportunities to expand into cardiology and digital pathology, I believe the company has plenty of room to grow.

Combined with its high profit margins and debt-free balance sheet, this arguably makes it a great long-term investment.

TechnologyOne Ltd (ASX: TNE)

Another ASX share on my shortlist is TechnologyOne.

The enterprise software company provides essential systems to universities, councils, and other large organisations.

These customers rely heavily on its technology, making its annual recurring revenue stream highly dependable. In fact, in the first half of FY 2026, annual recurring revenue increased 17% to $598 million.

But management isn't resting on its laurels. It is targeting more than $1 billion of annual recurring revenue by FY 2030. I believe this puts TechnologyOne in a position to deliver strong and sustained earnings growth.

Xero Ltd (ASX: XRO)

Finally, I'd consider Xero, which provides accounting and financial management software to small businesses.

Its latest half-year results revealed revenue growth of 46%, supported by customer growth and the acquisition of Melio.

Given its huge addressable market, particularly in the US, and high-quality platform, I believe it could have decades of growth ahead of it.

As a result, I think this ASX share could become a notably larger business by 2036.

The post If I could own just one ASX share for the next decade, these 5 would make my shortlist appeared first on The Motley Fool Australia.

Motley Fool contributor James Mickleboro has positions in CSL, Life360, Pro Medicus, Technology One, and Xero. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended CSL, Life360, and Xero. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has recommended Pro Medicus. The Motley Fool Australia has positions in and has recommended Life360 and Xero. The Motley Fool Australia has recommended CSL and Pro Medicus. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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