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Australian (ASX) Healthcare Sector Analysis

UpdatedMay 20, 2026
DataAggregated Company Financials
Companies130
  • 7D-0.06%
  • 3M-20.1%
  • 1Y-42.7%
  • YTD-30.6%

Over the last 7 days, the Healthcare industry has dropped 3.0%, driven by Cochlear declining 5.6%. However, the industry is down 43% over the past year. Looking forward, earnings are forecast to grow by 26% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 20 May 2026AU$149.1bAU$77.8bAU$1.8b22.3x82.4x1.9x
Fri, 17 Apr 2026AU$175.5bAU$77.7bAU$1.9b26.7x90.4x2.3x
Sun, 15 Mar 2026AU$174.0bAU$78.3bAU$2.0b24.8x87.7x2.2x
Tue, 10 Feb 2026AU$209.6bAU$72.5bAU$4.3b31.8x48.6x2.9x
Thu, 08 Jan 2026AU$211.7bAU$73.7bAU$4.5b33.6x47.3x2.9x
Sat, 06 Dec 2025AU$222.5bAU$74.1bAU$4.5b33.6x49.5x3x
Mon, 03 Nov 2025AU$225.2bAU$74.8bAU$4.6b33.7x49.1x3x
Wed, 01 Oct 2025AU$233.9bAU$74.5bAU$4.6b29.8x51.4x3.1x
Fri, 29 Aug 2025AU$244.5bAU$74.3bAU$4.6b27.4x53.4x3.3x
Sun, 27 Jul 2025AU$275.2bAU$71.5bAU$4.2b31x64.9x3.8x
Tue, 24 Jun 2025AU$254.1bAU$72.3bAU$4.4b24.6x58.3x3.5x
Thu, 22 May 2025AU$258.0bAU$72.0bAU$4.3b27.4x60x3.6x
Sat, 19 Apr 2025AU$242.4bAU$70.8bAU$4.9b26.9x49.4x3.4x
Mon, 17 Mar 2025AU$252.2bAU$71.0bAU$4.9b27.9x51.5x3.6x
Wed, 12 Feb 2025AU$242.0bAU$66.2bAU$3.6b28.4x67.7x3.7x
Fri, 10 Jan 2025AU$251.4bAU$69.0bAU$3.4b26.4x74.4x3.6x
Sun, 08 Dec 2024AU$249.1bAU$68.4bAU$3.3b26.8x76.2x3.6x
Tue, 05 Nov 2024AU$238.9bAU$67.6bAU$3.1b25.2x76x3.5x
Thu, 03 Oct 2024AU$240.8bAU$66.5bAU$3.0b28.8x80.6x3.6x
Sat, 31 Aug 2024AU$243.8bAU$66.1bAU$3.2b26x76x3.7x
Mon, 29 Jul 2024AU$244.4bAU$63.1bAU$2.7b32.1x91.2x3.9x
Wed, 26 Jun 2024AU$236.8bAU$62.7bAU$2.6b33.2x90.3x3.8x
Fri, 24 May 2024AU$224.8bAU$61.1bAU$2.6b27.7x86x3.7x
Sun, 21 Apr 2024AU$215.4bAU$61.9bAU$2.7b25.9x78.8x3.5x
Tue, 19 Mar 2024AU$221.5bAU$61.6bAU$2.6b26x83.8x3.6x
Thu, 15 Feb 2024AU$223.6bAU$60.7bAU$3.5b25.7x63.9x3.7x
Sat, 13 Jan 2024AU$226.9bAU$60.1bAU$2.8b24.5x81.1x3.8x
Mon, 11 Dec 2023AU$210.2bAU$60.5bAU$2.9b24.8x73.2x3.5x
Wed, 08 Nov 2023AU$196.8bAU$61.0bAU$3.0b24.4x66.6x3.2x
Fri, 06 Oct 2023AU$197.5bAU$61.4bAU$3.0b24.9x65.9x3.2x
Sun, 03 Sep 2023AU$210.8bAU$61.2bAU$2.8b27x74.7x3.4x
Tue, 01 Aug 2023AU$213.8bAU$57.6bAU$2.9b26.5x74.4x3.7x
Thu, 29 Jun 2023AU$215.8bAU$57.8bAU$2.9b27.5x74.3x3.7x
Sat, 27 May 2023AU$229.6bAU$58.1bAU$2.9b27.8x78x3.9x
Price to Earnings Ratio

78x


Total Market Cap: AU$229.6bTotal Earnings: AU$2.9bTotal Revenue: AU$58.1bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Healthcare Sector Price to Earnings3Y Average 70.5x202420252026
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 81.3x which is higher than its 3-year average PE of 70.5x.
  • The 3-year average PS ratio of 3.4x is higher than the industry's current PS ratio of 1.9x.
Past Earnings Growth
  • The earnings for companies in the Healthcare industry have declined 15% per year over the last three years.
  • Meanwhile revenues for these companies have grown 10% 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-0.86%
Healthcare-0.062%
Healthtech3.18%
Biotech-0.065%
Healthcare Services-0.28%
Medical Equipment-1.09%
Pharma-3.90%
Life Sciences-8.54%
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 5.8%, which is lower than the prior year's growth of 92.7% per year.
Forecasted Growth
  • Analysts are most optimistic on the Pharma industry, expecting annual earnings growth of 48% over the next 5 years.
  • This is better than its past earnings decline of 60% per year.
  • In contrast, the Healthtech industry is expected to see its earnings grow by 5.8% 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
RHC Ramsay Health CareAU$38.294.4%
+AU$372.5m		6.1%PE32.2x
PME Pro MedicusAU$128.702.5%
+AU$334.3m		-54.5%PE57.3x
AVR Anteris Technologies GlobalAU$11.0519.1%
+AU$172.3m		84.2%PS413x
TTX TetratherixAU$6.1523.5%
+AU$59.4m		n/aPS156.3x
ILA Island PharmaceuticalsAU$0.4027.0%
+AU$25.2m		90.5%PS1883.3x

Latest News

PME
AU$128.70
Pro Medicus
7D
2.5%
1Y
-54.5%
AVR
AU$11.05
Anteris Technologies Global
7D
19.1%
1Y
84.2%
RHC
AU$38.29
Ramsay Health Care
7D
4.4%
1Y
6.1%
Narrative Update • May 14

RHC: Dividend Outlook And Possible UK Exit Will Shape Future Returns

Analysts have reduced their fair value estimate for Ramsay Health Care from A$35.60 to A$33.54, following updated assumptions for the discount rate, revenue growth, profit margin and future P/E. What's in the News Ramsay Health Care declared a fully franked ordinary dividend of A$3.3608 per share for the six months ending October 19, 2026, payable on October 20, 2026, with an ex date of September 29, 2026 and a record date of September 30, 2026 (Key Developments).
TLX
AU$14.00
Telix Pharmaceuticals
7D
-3.6%
1Y
-45.5%
CSL
AU$98.47
CSL
7D
-0.3%
1Y
-59.8%
SHL
AU$18.44
Sonic Healthcare
7D
-2.4%
1Y
-31.3%
Narrative Update • May 12

SHL: Upcoming A$0.45 Dividend Will Support Future Re Rating

Analysts have nudged their price target for Sonic Healthcare slightly lower to about A$24.98 from around A$25.26. The revision reflects updated assumptions for a higher discount rate, a modestly different revenue growth outlook, a steady profit margin profile and a slightly higher future P/E multiple.
ALC
AU$0.11
Alcidion Group
7D
11.1%
1Y
32.5%
Narrative Update • May 12

ALC: FY26 Revenue Visibility And Cash Generation Progress Will Support Higher Multiple

Analysts have maintained Alcidion Group's fair value estimate at A$0.14, while making modest adjustments to discount rate, revenue growth, and profit margin assumptions. These changes reflect refreshed sector research and updated modeling rather than a directional shift in the stock's thesis.
REG
AU$5.78
Regis Healthcare
7D
-4.6%
1Y
-26.4%
COH
AU$94.77
Cochlear
7D
-5.3%
1Y
-65.2%
Narrative Update • May 09

COH: Steadier Growth Assumptions Will Support Future Upside If Execution Holds

The updated analyst price target for Cochlear has shifted from A$239.95 to A$126.08 as analysts incorporate more moderate assumptions for revenue growth, profit margins and future P/E. This reflects mixed recent research views from Citi and Morgan Stanley.
PNV
AU$1.05
PolyNovo
7D
3.5%
1Y
-23.4%
M7T
AU$0.33
Mach7 Technologies
7D
22.6%
1Y
-14.5%
TTX
AU$6.15
Tetratherix
7D
23.5%
1Y
n/a
CU6
AU$2.52
Clarity Pharmaceuticals
7D
-11.6%
1Y
8.6%
PYC
AU$1.29
PYC Therapeutics
7D
-10.4%
1Y
5.7%
ILA
AU$0.40
Island Pharmaceuticals
7D
27.0%
1Y
90.5%
SIG
AU$2.84
Sigma Healthcare
7D
-0.7%
1Y
-7.5%