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Australian (ASX) Healthcare Sector Analysis

UpdatedFeb 19, 2026
DataAggregated Company Financials
Companies125
  • 7D-8.3%
  • 3M-14.5%
  • 1Y-32.5%
  • YTD-13.1%

Over the last 7 days, the Healthcare industry has dropped 9.5%, driven by pullbacks in CSL and Pro Medicus of 6.5% and 27%, respectively. However, the industry is down 33% over the past year. Earnings are forecast to grow by 24% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 19 Feb 2026AU$187.3bAU$72.1bAU$2.2b28.6x86.9x2.6x
Sat, 17 Jan 2026AU$215.0bAU$73.8bAU$4.5b32x47.8x2.9x
Mon, 15 Dec 2025AU$220.8bAU$74.0bAU$4.5b33.5x48.8x3x
Wed, 12 Nov 2025AU$222.7bAU$74.6bAU$4.6b32.6x48.4x3x
Fri, 10 Oct 2025AU$241.6bAU$74.5bAU$4.6b30.6x53x3.2x
Sun, 07 Sep 2025AU$241.1bAU$74.7bAU$4.6b32.2x52.4x3.2x
Tue, 05 Aug 2025AU$272.2bAU$70.3bAU$4.9b37.1x56x3.9x
Thu, 03 Jul 2025AU$256.8bAU$71.5bAU$4.2b27.7x60.6x3.6x
Sat, 31 May 2025AU$259.8bAU$72.1bAU$4.3b27.1x60.2x3.6x
Mon, 28 Apr 2025AU$246.5bAU$70.7bAU$4.9b27.3x50.4x3.5x
Wed, 26 Mar 2025AU$256.9bAU$71.0bAU$4.9b28.6x52.5x3.6x
Fri, 21 Feb 2025AU$269.9bAU$66.3bAU$3.6b29.1x75.5x4.1x
Sun, 19 Jan 2025AU$244.1bAU$69.0bAU$3.4b26x71.9x3.5x
Tue, 17 Dec 2024AU$242.1bAU$68.4bAU$3.3b26.1x73.2x3.5x
Thu, 14 Nov 2024AU$241.9bAU$67.9bAU$3.2b24.9x75.8x3.6x
Sat, 12 Oct 2024AU$245.1bAU$67.1bAU$3.1b26.3x79.8x3.7x
Mon, 09 Sep 2024AU$240.4bAU$67.2bAU$3.1b26.2x77x3.6x
Wed, 07 Aug 2024AU$236.3bAU$63.4bAU$2.7b29x87.1x3.7x
Fri, 05 Jul 2024AU$235.3bAU$62.5bAU$2.6b32.2x91.1x3.8x
Sun, 02 Jun 2024AU$224.6bAU$61.0bAU$2.6b28.4x85.2x3.7x
Tue, 30 Apr 2024AU$221.9bAU$61.4bAU$2.7b27.6x83.7x3.6x
Thu, 28 Mar 2024AU$227.4bAU$61.7bAU$2.7b26.8x85.1x3.7x
Sat, 24 Feb 2024AU$224.2bAU$60.9bAU$3.2b27.2x69.3x3.7x
Mon, 22 Jan 2024AU$225.7bAU$60.4bAU$2.8b24.9x79.4x3.7x
Wed, 20 Dec 2023AU$221.2bAU$59.9bAU$2.8b24.8x79.1x3.7x
Fri, 17 Nov 2023AU$205.0bAU$60.7bAU$2.9b24.5x70.5x3.4x
Sun, 15 Oct 2023AU$194.7bAU$61.5bAU$3.0b24.9x65.4x3.2x
Tue, 12 Sep 2023AU$209.2bAU$61.2bAU$2.9b26.3x72.4x3.4x
Thu, 10 Aug 2023AU$208.6bAU$58.1bAU$3.0b26.1x70.7x3.6x
Sat, 08 Jul 2023AU$209.6bAU$57.7bAU$2.9b28.3x72.7x3.6x
Mon, 05 Jun 2023AU$231.9bAU$57.9bAU$2.9b26.1x79.5x4x
Wed, 03 May 2023AU$231.7bAU$57.4bAU$2.9b29x80.1x4x
Fri, 31 Mar 2023AU$220.4bAU$57.1bAU$2.9b27.6x77.2x3.9x
Sun, 26 Feb 2023AU$226.5bAU$57.1bAU$3.2b23.5x71.8x4x
Price to Earnings Ratio

71.8x


Total Market Cap: AU$226.5bTotal Earnings: AU$3.2bTotal Revenue: AU$57.1bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Healthcare Sector Price to Earnings3Y Average 69.9x202420252026
Current Industry PE
  • Investors are optimistic on the Australian Healthcare industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 86.9x which is higher than its 3-year average PE of 69.9x.
  • The 3-year average PS ratio of 3.6x is higher than the industry's current PS ratio of 2.6x.
Past Earnings Growth
  • The earnings for companies in the Healthcare industry have declined 12% per year over the last three years.
  • Meanwhile revenues for these companies have grown 8.0% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Trends

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

AU Market-0.51%
Healthcare-8.25%
Healthcare Services-3.48%
Pharma-4.15%
Biotech-6.34%
Life Sciences-7.48%
Medical Equipment-14.46%
Healthtech-22.74%
Industry PE
  • Investors are most optimistic about the Healthtech industry even though it's trading below its 3-year average PE ratio of 2kx.
    • Analysts are expecting annual earnings growth of 11.6%, which is lower than the prior year's growth of 112.5% per year.
Forecasted Growth
  • Analysts are most optimistic on the Life Sciences industry, expecting annual earnings growth of 47% over the next 5 years.
  • This is better than its past earnings growth rate of 2.4% per year.
  • In contrast, the Healthtech industry is expected to see its earnings grow by 12% 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
PYC PYC TherapeuticsAU$1.500.3%
+AU$540.3m		15.4%PS60.1x
ANN AnsellAU$33.513.6%
+AU$180.4m		-6.2%PE24.9x
IMR Imricor Medical SystemsAU$2.2011.7%
+AU$73.8m		42.9%PS667.1x
CU6 Clarity PharmaceuticalsAU$3.404.3%
+AU$52.1m		-0.3%PS133.7x
CGS CogstateAU$2.3711.8%
+AU$42.9m		78.9%PE28.2x

Latest News

ANN
AU$33.51
Ansell
7D
3.6%
1Y
-6.2%
PME
AU$123.00
Pro Medicus
7D
-27.4%
1Y
-58.6%
RHC
AU$36.93
Ramsay Health Care
7D
-2.8%
1Y
5.9%

RHC: Higher Discount Rate And Lower P/E Will Shape Measured Outlook

Analysts have reduced their A$ price target for Ramsay Health Care to A$33.97. This reflects updated assumptions for the discount rate, revenue growth, profit margins and future P/E, which have also driven at least one recent downgrade in Street research.
BOT
AU$0.063
Botanix Pharmaceuticals
7D
-42.7%
1Y
-87.9%
IMR
AU$2.20
Imricor Medical Systems
7D
11.7%
1Y
42.9%
CSL
AU$152.74
CSL
7D
-6.5%
1Y
-42.3%

CSL's (ASX:CSL) Soft Earnings Are Actually Better Than They Appear

Feb 17
CSL's (ASX:CSL) Soft Earnings Are Actually Better Than They Appear
CU6
AU$3.40
Clarity Pharmaceuticals
7D
4.3%
1Y
-0.3%
4DX
AU$3.74
4DMedical
7D
1.6%
1Y
580.0%

4DX: Equity Raise And New CFO Will Likely Fail To Support Multiple

Analysts have raised their price target on 4DMedical to A$3.40, reflecting adjustments to their fair value estimate, discount rate, expected revenue growth, profit margin and future P/E assumptions. What's in the News 4DMedical completed a follow on equity offering of A$79.063503 million, issuing 20,806,185 ordinary shares at A$3.80 per share with a A$0.19 discount per security (Key Developments).
COH
AU$199.94
Cochlear
7D
-18.6%
1Y
-26.5%

Cochlear (ASX:COH) Has Affirmed Its Dividend Of A$2.15

Feb 16
Cochlear (ASX:COH) Has Affirmed Its Dividend Of A$2.15
PYC
AU$1.50
PYC Therapeutics
7D
0.3%
1Y
15.4%
SHL
AU$21.24
Sonic Healthcare
7D
-3.3%
1Y
-26.4%

SHL: Modest Margin Support Will Sustain An Attractive Future Earnings Multiple

Analysts have trimmed their price target for Sonic Healthcare slightly, with fair value moving from A$26.84 to A$26.19, as updated assumptions around discount rate, revenue growth, profit margins and future P/E feed into a more cautious valuation framework. Valuation Changes Fair Value: revised from A$26.84 to A$26.19, a modest reduction in the assessed share valuation.
MSB
AU$2.44
Mesoblast
7D
-5.1%
1Y
-12.5%
CGS
AU$2.37
Cogstate
7D
11.8%
1Y
78.9%

CGS: New Buyback And Updated Earnings Guidance Will Support Future Upside

Analysts have lifted their price target on Cogstate to A$3.30 from A$3.30, reflecting updated assumptions around discount rates and a slightly higher forward P/E multiple, while keeping fair value and long term growth expectations steady. What's in the News Cogstate raised earnings guidance for the half year ended 31 December 2025, with total revenue of $26.9 million, which the company reports is up 12% compared to the previous corresponding period and above its prior guidance range of $25 million to $26 million (Corporate Guidance, Raised).
SIG
AU$2.99
Sigma Healthcare
7D
-3.5%
1Y
-1.0%

Calculating The Fair Value Of Sigma Healthcare Limited (ASX:SIG)

Feb 05
Calculating The Fair Value Of Sigma Healthcare Limited (ASX:SIG)
REG
AU$6.45
Regis Healthcare
7D
1.3%
1Y
-0.6%
EPI
AU$0.91
Epiminder
7D
14.6%
1Y
n/a