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Australian (ASX) Healthcare Sector Analysis

UpdatedMar 22, 2026
DataAggregated Company Financials
Companies129
  • 7D-1.8%
  • 3M-20.1%
  • 1Y-33.7%
  • YTD-19.8%

Over the last 7 days, the Healthcare industry has dropped 1.8%, driven by pullbacks in Pro Medicus and CSL of 9.7% and 1.8%, respectively. Meanwhile, Sigma Healthcare actually outperformed within the industry, gaining 5.3% in the last week. However, the industry is down 34% over the past year. Earnings are forecast to grow by 23% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 22 Mar 2026AU$170.9bAU$78.2bAU$2.0b25.4x86.7x2.2x
Tue, 17 Feb 2026AU$186.5bAU$72.0bAU$2.1b31.1x86.9x2.6x
Thu, 15 Jan 2026AU$214.1bAU$73.9bAU$4.5b31.7x47.5x2.9x
Sat, 13 Dec 2025AU$221.1bAU$74.0bAU$4.5b33.6x49.4x3x
Mon, 10 Nov 2025AU$221.3bAU$74.8bAU$4.6b32x47.9x3x
Wed, 08 Oct 2025AU$238.9bAU$74.5bAU$4.6b30.5x52.4x3.2x
Fri, 05 Sep 2025AU$241.1bAU$74.9bAU$4.6b32x52.2x3.2x
Sun, 03 Aug 2025AU$271.8bAU$70.4bAU$4.9b37.6x55.7x3.9x
Tue, 01 Jul 2025AU$255.5bAU$71.7bAU$4.3b26.2x60x3.6x
Thu, 29 May 2025AU$260.2bAU$72.0bAU$4.3b27.1x60.5x3.6x
Sat, 26 Apr 2025AU$246.5bAU$70.7bAU$4.9b27.3x50.3x3.5x
Mon, 24 Mar 2025AU$255.5bAU$71.2bAU$4.9b28.1x51.9x3.6x
Wed, 19 Feb 2025AU$241.1bAU$66.0bAU$3.6b29.6x67.9x3.7x
Fri, 17 Jan 2025AU$244.4bAU$69.0bAU$3.4b26.1x72x3.5x
Sun, 15 Dec 2024AU$242.8bAU$68.3bAU$3.3b26.3x73.5x3.6x
Tue, 12 Nov 2024AU$243.5bAU$67.7bAU$3.2b25.6x77.1x3.6x
Thu, 10 Oct 2024AU$244.9bAU$67.1bAU$3.1b27.4x79.7x3.6x
Sat, 07 Sep 2024AU$240.5bAU$67.0bAU$3.1b26.2x78.4x3.6x
Mon, 05 Aug 2024AU$242.8bAU$63.3bAU$2.7b29.6x90.2x3.8x
Wed, 03 Jul 2024AU$232.8bAU$62.8bAU$2.6b32.1x88.7x3.7x
Fri, 31 May 2024AU$221.9bAU$61.1bAU$2.6b28.4x83.9x3.6x
Sun, 28 Apr 2024AU$219.4bAU$61.5bAU$2.7b27.3x82.3x3.6x
Tue, 26 Mar 2024AU$222.2bAU$61.7bAU$2.7b26x83.2x3.6x
Thu, 22 Feb 2024AU$222.7bAU$60.8bAU$3.2b27.5x69.8x3.7x
Sat, 20 Jan 2024AU$225.7bAU$60.4bAU$2.8b24.9x79.5x3.7x
Mon, 18 Dec 2023AU$218.9bAU$60.0bAU$2.8b24.8x77.9x3.6x
Wed, 15 Nov 2023AU$200.8bAU$61.2bAU$3.0b24.4x67.3x3.3x
Fri, 13 Oct 2023AU$193.7bAU$61.1bAU$2.9b24.9x66.3x3.2x
Sun, 10 Sep 2023AU$210.4bAU$61.4bAU$2.9b25.8x72.1x3.4x
Tue, 08 Aug 2023AU$208.5bAU$58.1bAU$2.9b26.1x70.8x3.6x
Thu, 06 Jul 2023AU$214.9bAU$57.8bAU$2.9b29.5x74.3x3.7x
Sat, 03 Jun 2023AU$231.9bAU$57.9bAU$2.9b26.1x79.7x4x
Mon, 01 May 2023AU$230.5bAU$57.4bAU$2.9b29.2x79.5x4x
Wed, 29 Mar 2023AU$220.2bAU$57.2bAU$2.9b27.6x76.7x3.8x
Price to Earnings Ratio

76.7x


Total Market Cap: AU$220.2bTotal Earnings: AU$2.9bTotal Revenue: AU$57.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Healthcare Sector Price to Earnings3Y Average 70.2x202420252026
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 87.2x which is higher than its 3-year average PE of 70.2x.
  • The 3-year average PS ratio of 3.5x is higher than the industry's current PS ratio of 2.2x.
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 11% 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-2.36%
Healthcare-1.76%
Healthcare Services0.96%
Biotech-1.04%
Medical Equipment-5.15%
Pharma-5.18%
Life Sciences-6.56%
Healthtech-9.46%
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 6.2%, 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 52% 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 6.2% 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
SIG Sigma HealthcareAU$2.785.3%
+AU$1.6b		-3.1%PE53.3x
TLX Telix PharmaceuticalsAU$12.7512.9%
+AU$494.8m		-54.4%PS3.8x
4DX 4DMedicalAU$4.305.7%
+AU$134.1m		1,046.7%PS425.1x
RAC Racura OncologyAU$2.8330.4%
+AU$120.1m		142.9%PS148x
IDX Integral DiagnosticsAU$2.476.5%
+AU$55.9m		4.7%PE65.6x

Latest News

PYC
AU$1.33
PYC Therapeutics
7D
-6.0%
1Y
5.6%
RHC
AU$39.81
Ramsay Health Care
7D
-5.7%
1Y
15.9%

RHC: Revised Assumptions And Dividend Outlook Will Shape Future Share Performance

Analysts have lifted their price target on Ramsay Health Care from around A$37.09 to about A$43.33, citing updated assumptions on discount rates, revenue growth, profit margins and future P/E multiples following recent research, including a downgrade from Morgan Stanley. Analyst Commentary Bullish Takeaways Bullish analysts view the lift in the consolidated price target to about A$43.33 as support for upside potential if Ramsay delivers on its revised revenue and margin assumptions.
CU6
AU$3.42
Clarity Pharmaceuticals
7D
-10.7%
1Y
23.0%
4DX
AU$4.30
4DMedical
7D
5.7%
1Y
1,046.7%

4DX: Equity Raise And New CFO Appointment Will Support Balanced Outlook

Analysts have adjusted their price target on 4DMedical to A$4.20, reflecting updated views on the discount rate, revenue growth, profit margin and a higher assumed future P/E multiple. What's in the News 4DMedical completed a follow on equity offering of A$79.063503 million through the issue of 20,806,185 ordinary shares at A$3.80 per share, reflecting a A$0.19 discount per security (Key Developments).
TTX
AU$4.82
Tetratherix
7D
15.9%
1Y
n/a
TLX
AU$12.75
Telix Pharmaceuticals
7D
12.9%
1Y
-54.4%
SHL
AU$20.07
Sonic Healthcare
7D
-5.3%
1Y
-22.4%

SHL: Upcoming Dividend And Stable Margins Will Support A Higher Future Multiple

Analysts have trimmed their price target for Sonic Healthcare slightly to A$26.03 from A$26.15. This reflects modestly softer assumptions for revenue growth, profit margins and future P/E multiples, while keeping the discount rate unchanged.
IDX
AU$2.47
Integral Diagnostics
7D
6.5%
1Y
4.7%

IDX: Merger Synergies And New Sites Will Support Future Upside

Analysts have made a small upward adjustment to their price target for Integral Diagnostics, which now sits slightly higher in A$ terms. This reflects modest tweaks to their fair value, discount rate, revenue growth assumptions, profit margin outlook and future P/E expectations.
COH
AU$164.62
Cochlear
7D
-5.6%
1Y
-39.3%
CSL
AU$138.50
CSL
7D
-1.8%
1Y
-45.5%

CSL: Manufacturing Expansion And Leadership Transition Will Support Future Share Recovery

Analysts have trimmed their CSL price target by about A$6 to reflect slightly lower long term fair value estimates, modestly higher discount rates and more conservative assumptions for revenue growth and profit margins, partially offset by a higher future P/E multiple. Analyst Commentary Recent Street research around CSL points to a mixed setup, with some firms taking a more constructive stance and others turning cautious.
PME
AU$120.06
Pro Medicus
7D
-9.7%
1Y
-46.3%
ANN
AU$28.08
Ansell
7D
-5.6%
1Y
-17.4%

ANN: Sustainable Chemical Protection And Capital Returns Will Support Future Margin And Pricing Power

Analysts have made a small upward adjustment to their Ansell valuation, with the fair value estimate nudging higher from about A$36.05 to around A$36.47. This reflects updated assumptions for the discount rate, revenue growth, profit margin and future P/E.
RCE
AU$0.54
Recce Pharmaceuticals
7D
12.6%
1Y
32.1%
SIG
AU$2.78
Sigma Healthcare
7D
5.3%
1Y
-3.1%
RAC
AU$2.83
Racura Oncology
7D
30.4%
1Y
142.9%
SPL
AU$0.47
Starpharma Holdings
7D
14.6%
1Y
379.6%