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Australian (ASX) Financials Sector Analysis

UpdatedApr 04, 2026
DataAggregated Company Financials
Companies132
  • 7D-0.3%
  • 3M0.4%
  • 1Y14.5%
  • YTD0.4%

Over the last 7 days, the Financials industry has remained flat. As for the the longer term, the industry is up 14% over the past 12 months. As for the next few years, earnings are expected to grow by 4.8% per annum.

Sector Valuation and Performance

Has the Australian Financials Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 05 Apr 2026AU$953.6bAU$220.1bAU$48.6b15.7x19.6x4.3x
Tue, 03 Mar 2026AU$1.0tAU$217.7bAU$46.5b16.6x21.7x4.6x
Thu, 29 Jan 2026AU$931.7bAU$220.9bAU$46.4b18.6x20.1x4.2x
Sat, 27 Dec 2025AU$948.9bAU$222.5bAU$46.6b19.1x20.4x4.3x
Mon, 24 Nov 2025AU$912.1bAU$224.0bAU$46.8b18.7x19.5x4.1x
Wed, 22 Oct 2025AU$860.7bAU$200.3bAU$40.8b19.5x21.1x4.3x
Fri, 19 Sep 2025AU$962.0bAU$221.3bAU$48.1b19.6x20x4.3x
Sun, 17 Aug 2025AU$957.1bAU$222.5bAU$47.3b17.1x20.2x4.3x
Tue, 15 Jul 2025AU$952.1bAU$220.1bAU$46.6b16.3x20.4x4.3x
Thu, 12 Jun 2025AU$951.3bAU$220.5bAU$46.6b16.5x20.4x4.3x
Sat, 10 May 2025AU$894.2bAU$221.1bAU$46.8b15.5x19.1x4x
Mon, 07 Apr 2025AU$828.9bAU$222.0bAU$46.9b13.8x17.7x3.7x
Wed, 05 Mar 2025AU$879.1bAU$220.6bAU$46.8b14.6x18.8x4x
Fri, 31 Jan 2025AU$927.1bAU$216.3bAU$44.1b17.6x21x4.3x
Sun, 29 Dec 2024AU$890.6bAU$216.4bAU$44.0b18.5x20.2x4.1x
Tue, 26 Nov 2024AU$919.9bAU$214.6bAU$43.8b17.9x21x4.3x
Thu, 24 Oct 2024AU$865.8bAU$212.4bAU$43.7b17.5x19.8x4.1x
Sat, 21 Sep 2024AU$873.4bAU$211.9bAU$43.7b17.8x20x4.1x
Mon, 19 Aug 2024AU$825.3bAU$211.5bAU$44.4b18.5x18.6x3.9x
Wed, 17 Jul 2024AU$809.6bAU$209.8bAU$44.0b18.3x18.4x3.9x
Fri, 14 Jun 2024AU$771.6bAU$210.2bAU$44.2b17.5x17.5x3.7x
Sun, 12 May 2024AU$752.4bAU$210.5bAU$44.2b17.7x17x3.6x
Tue, 09 Apr 2024AU$756.8bAU$218.9bAU$45.9b17.6x16.5x3.5x
Thu, 07 Mar 2024AU$754.6bAU$219.4bAU$46.1b17.7x16.4x3.4x
Sat, 03 Feb 2024AU$725.8bAU$198.8bAU$45.6b17.5x15.9x3.7x
Mon, 01 Jan 2024AU$694.0bAU$197.8bAU$45.5b16.8x15.3x3.5x
Wed, 29 Nov 2023AU$649.8bAU$198.6bAU$45.5b16.7x14.3x3.3x
Fri, 27 Oct 2023AU$629.9bAU$198.1bAU$45.5b15.9x13.9x3.2x
Sun, 24 Sep 2023AU$652.3bAU$198.3bAU$45.9b16.4x14.2x3.3x
Tue, 22 Aug 2023AU$643.5bAU$195.5bAU$45.5b16.9x14.1x3.3x
Thu, 20 Jul 2023AU$666.7bAU$186.6bAU$44.5b18.6x15x3.6x
Sat, 17 Jun 2023AU$637.7bAU$186.3bAU$44.5b17x14.3x3.4x
Mon, 15 May 2023AU$627.8bAU$185.1bAU$43.5b17.3x14.4x3.4x
Wed, 12 Apr 2023AU$636.3bAU$182.2bAU$42.3b17.3x15x3.5x
Price to Earnings Ratio

15x


Total Market Cap: AU$636.3bTotal Earnings: AU$42.3bTotal Revenue: AU$182.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Financials Sector Price to Earnings3Y Average 18x202420252026
Current Industry PE
  • Investors are relatively neutral on the Australian Financials industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 17.9x.
  • The 3-year average PS ratio of 3.9x is lower than the industry's current PS ratio of 4.3x.
Past Earnings Growth
  • The earnings for companies in the Financials industry have grown 4.7% per year over the last three years.
  • Revenues for these companies have grown 6.5% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the Australian Financials sector?

AU Market0.63%
Financials-0.29%
Diversified Financial2.24%
Capital Markets1.43%
Mortgage Finance0%0
Mortgage REITs0%0
Consumer Finance-0.46%
Insurance-0.55%
Banks-0.73%
Industry PE
  • Investors are most optimistic about the Banks industry which is trading above its 3-year average PE ratio of 17.3x.
    • Analysts are expecting annual earnings growth of 4.5%, which is higher than its past year's earnings decline of 1.0% per year.
  • Investors are most pessimistic about the Diversified Financial industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average.
Forecasted Growth
  • Analysts are most optimistic on the Consumer Finance industry, expecting annual earnings growth of 16% over the next 5 years.
  • However this is lower than its past earnings growth rate of 36% per year.
  • In contrast, the Diversified Financial industry is expected to see its earnings decline by 24% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
MQG Macquarie GroupAU$205.592.1%
+AU$1.5b		18.2%PE20.7x
QBE QBE Insurance GroupAU$21.551.5%
+AU$465.2m		4.0%PE10.4x
ANZ ANZ Group HoldingsAU$36.630.4%
+AU$421.4m		30.0%PB1.6x
ASX ASXAU$52.774.3%
+AU$421.2m		-16.9%PE19.6x
SOL WHSP HoldingsAU$41.342.7%
+AU$409.7m		20.2%PE6.7x

Latest News

HUB
AU$79.34
HUB24
7D
-2.2%
1Y
34.6%

HUB: Fully Franked Interim Dividend Outlook Will Support Stronger Future Upside

Analysts have slightly reduced their HUB24 fair value estimate, lowering the price target from A$108.90 to A$107.51. This change reflects updated assumptions for the discount rate, revenue growth, profit margin and future P/E.
MQG
AU$205.59
Macquarie Group
7D
2.1%
1Y
18.2%
NAB
AU$41.80
National Australia Bank
7D
-0.5%
1Y
24.0%

NAB: Future Earnings Multiple Will Reflect Improved Margin And Revenue Assumptions

Analysts now set their fair value estimate for National Australia Bank at A$50.64, up from A$46.31, reflecting updated views on discount rates, revenue growth, profit margins and future P/E assumptions, even as some firms have recently issued downgrades. Analyst Commentary Recent broker moves on National Australia Bank send a mixed message, with some high profile downgrades from firms like JPMorgan and Morgan Stanley sitting alongside a higher fair value estimate of A$50.64.
HMC
AU$2.52
HMC Capital
7D
11.0%
1Y
-52.7%

HMC: Selective Auto Exposure And Lower P/E Expectations May Support Future Rebound

Analysts have trimmed their fair value estimate for HMC Capital, cutting the target by about A$0.10 per share. They have adjusted discount rate assumptions and expected future P/E multiples in light of sector headwinds and a more cautious stance on auto related exposures.
SUN
AU$15.80
Suncorp Group
7D
-3.8%
1Y
-17.5%

SUN: Future Upside Will Hinge On Earnings Delivery And Dividend Support

Analysts have made a small downward adjustment to Suncorp Group's assessed fair value to about A$18.18 per share, citing a minor refinement in profit margin and forward P/E assumptions, while also pointing to recent research that highlights what is viewed as a compelling valuation at current share levels. Analyst Commentary Recent commentary from Goldman Sachs, alongside the updated fair value of about A$18.18 per share, gives you a clearer view of how the market is framing Suncorp Group at current prices.
JDO
AU$1.33
Judo Capital Holdings
7D
-8.0%
1Y
-19.1%

JDO: Future Returns Will Rely On Steady Earnings And Higher P E Assumptions

Analysts have lifted their fair value estimate for Judo Capital Holdings from about A$1.69 to around A$1.73 per share, reflecting updated views on discount rates, revenue growth, profit margins, and future P/E assumptions. Valuation Changes Fair Value: The fair value estimate has moved from A$1.69 to around A$1.73 per share, a small upward adjustment.
QBE
AU$21.55
QBE Insurance Group
7D
1.5%
1Y
4.0%
WBC
AU$39.85
Westpac Banking
7D
-2.2%
1Y
28.6%

WBC: Refined Discount Rate And P/E Assumptions Will Constrain Future Upside

Analysts have nudged their Westpac Banking price target slightly lower to A$35.27 from A$35.33, citing small refinements to the discount rate, revenue growth, profit margin and future P/E assumptions. Analyst Commentary Bullish Takeaways Bullish analysts view the modest cut to the A$35.27 target as a technical clean up after updating discount rate and P/E inputs, rather than a shift in conviction on Westpac Banking's core franchise.
AFI
AU$6.56
Australian Foundation Investment
7D
-1.2%
1Y
-7.3%
SOL
AU$41.34
WHSP Holdings
7D
2.7%
1Y
20.2%

SOL: Fair Value View Will Balance Lower Margins With Higher Future P/E

Analysts have lifted their fair value estimate for WHSP Holdings from A$39.08 to A$40.83, citing adjustments to discount rates, revenue growth assumptions, profit margins, and a higher future P/E as key drivers of the new price target. Valuation Changes Fair Value: Revised from A$39.08 to A$40.83, a modest uplift in the central valuation estimate.
ANZ
AU$36.63
ANZ Group Holdings
7D
0.4%
1Y
30.0%

ANZ: Mixed Broker Views And Payments JV Outcome Will Shape Forward Fairness

The analyst price target for ANZ Group Holdings has shifted slightly lower to around A$37.07. Analysts point to modest adjustments to revenue growth assumptions and the forward P/E multiple, partly offset by a slightly higher profit margin outlook and recent mixed broker views, including a downgrade to Neutral at A$38.14.
IAG
AU$7.28
Insurance Australia Group
7D
-2.0%
1Y
-5.7%

IAG: Share Buyback And Margin Discipline Will Shape Balanced Return Outlook

Analysts have trimmed their price target on Insurance Australia Group to about A$8.05 from roughly A$8.23, citing slightly lower profit margin expectations and a marginally lower future P/E multiple, while keeping other key assumptions broadly unchanged. Analyst Commentary Bullish Takeaways Bullish analysts see the trimmed price target as still implying some room for upside relative to current levels, even with slightly lower margin assumptions and a reduced P/E multiple.
CBA
AU$172.80
Commonwealth Bank of Australia
7D
-0.5%
1Y
12.2%

CBA: Margin And Pricing Risks Will Limit Premium Multiple Sustainability

Analysts have raised the Commonwealth Bank of Australia fair value estimate from A$139.60 to A$143.07, citing updated assumptions for revenue growth, profit margins, discount rate and future P/E. These updates align with recent sector research trends on pricing, margin durability and selective positioning in financials.
ASX
AU$52.77
ASX
7D
4.3%
1Y
-16.9%

ASX: Neutral Upgrades And Revenue Trends Will Support Future Repricing

Analysts have slightly reduced their ASX 12 month price target to around A$58.46 from about A$58.93, citing updated assumptions for the discount rate, revenue growth, profit margin and future P/E multiples following recent upgrades from major brokers. Analyst Commentary Bullish Takeaways Bullish analysts point to recent upgrades, including moves to Neutral and above, as a sign that execution on activity and pricing is broadly matching prior expectations rather than falling short.
GQG
AU$1.79
GQG Partners
7D
6.6%
1Y
-5.3%

GQG: Dividend Strength And Execution Improvements Will Offset Fund Flow Headwinds

Analysts have trimmed their price target on GQG Partners to A$1.85, reflecting concerns about accelerating fund outflows and recent fund performance. Analyst Commentary Recent research has turned more cautious on GQG Partners, with the price target set at A$1.85 and the rating moved to Neutral.
L1G
AU$1.04
L1 Group
7D
4.0%
1Y
n/a