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Australian (ASX) Healthcare Sector Analysis

UpdatedFeb 25, 2026
DataAggregated Company Financials
Companies126
  • 7D-2.9%
  • 3M-19.5%
  • 1Y-33.6%
  • YTD-15.6%

Over the last 7 days, the Healthcare industry has dropped 1.2%, driven by a pullback from CSL of 4.3%. On the other hand Sonic Healthcare is actually up 6.6%. The industry has fallen 33% in the last year. Looking forward, 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
Wed, 25 Feb 2026AU$182.0bAU$73.4bAU$2.2b24.3x83.9x2.5x
Fri, 23 Jan 2026AU$214.7bAU$73.4bAU$4.4b32.5x48.4x2.9x
Sun, 21 Dec 2025AU$215.0bAU$74.2bAU$4.6b32.9x47.2x2.9x
Tue, 18 Nov 2025AU$220.0bAU$74.7bAU$4.6b32.2x47.6x2.9x
Thu, 16 Oct 2025AU$244.6bAU$74.9bAU$4.6b31.2x53.1x3.3x
Sat, 13 Sep 2025AU$239.7bAU$74.3bAU$4.5b32x52.9x3.2x
Mon, 11 Aug 2025AU$269.2bAU$70.1bAU$4.8b37.3x56.1x3.8x
Wed, 09 Jul 2025AU$262.4bAU$71.6bAU$4.3b28.3x61.6x3.7x
Fri, 06 Jun 2025AU$257.2bAU$71.8bAU$4.3b26.2x60.2x3.6x
Sun, 04 May 2025AU$260.7bAU$70.5bAU$4.9b29.1x53.6x3.7x
Tue, 01 Apr 2025AU$248.6bAU$71.3bAU$4.9b27.5x50.3x3.5x
Thu, 27 Feb 2025AU$270.5bAU$66.9bAU$4.4b29.1x60.8x4x
Sat, 25 Jan 2025AU$247.0bAU$68.5bAU$3.3b26.3x74.4x3.6x
Mon, 23 Dec 2024AU$240.8bAU$68.8bAU$3.3b25.5x72x3.5x
Wed, 20 Nov 2024AU$236.1bAU$68.0bAU$3.2b26.3x73.5x3.5x
Fri, 18 Oct 2024AU$246.2bAU$67.3bAU$3.1b26.4x79.5x3.7x
Sun, 15 Sep 2024AU$241.7bAU$67.1bAU$3.1b27x77.8x3.6x
Tue, 13 Aug 2024AU$241.8bAU$63.0bAU$2.6b29.6x91.3x3.8x
Thu, 11 Jul 2024AU$235.9bAU$62.5bAU$2.6b32.7x91.5x3.8x
Sat, 08 Jun 2024AU$231.4bAU$63.0bAU$2.6b30x88x3.7x
Mon, 06 May 2024AU$221.9bAU$61.2bAU$2.6b27.3x84.5x3.6x
Wed, 03 Apr 2024AU$227.9bAU$61.6bAU$2.7b26.9x85.3x3.7x
Fri, 01 Mar 2024AU$226.6bAU$61.4bAU$2.6b25.7x88x3.7x
Sun, 28 Jan 2024AU$228.3bAU$60.5bAU$2.8b25.3x80.1x3.8x
Tue, 26 Dec 2023AU$222.3bAU$59.7bAU$2.7b24.9x81.3x3.7x
Thu, 23 Nov 2023AU$202.9bAU$60.5bAU$2.9b24.5x70.4x3.4x
Sat, 21 Oct 2023AU$187.0bAU$61.4bAU$3.0b24.9x62x3x
Mon, 18 Sep 2023AU$209.1bAU$61.2bAU$2.9b25.3x72.4x3.4x
Wed, 16 Aug 2023AU$214.8bAU$60.9bAU$3.1b26.1x68.3x3.5x
Fri, 14 Jul 2023AU$210.4bAU$57.2bAU$2.8b27.4x74.8x3.7x
Sun, 11 Jun 2023AU$230.0bAU$57.5bAU$2.9b25.5x80.4x4x
Tue, 09 May 2023AU$230.0bAU$56.9bAU$2.8b27.7x81.4x4x
Thu, 06 Apr 2023AU$225.7bAU$57.0bAU$2.8b26.8x79.6x4x
Sat, 04 Mar 2023AU$222.5bAU$56.8bAU$2.8b28.6x79x3.9x
Price to Earnings Ratio

79x


Total Market Cap: AU$222.5bTotal Earnings: AU$2.8bTotal Revenue: AU$56.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Healthcare Sector Price to Earnings3Y Average 70x202420252026
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 85.7x which is higher than its 3-year average PE of 70.0x.
  • The 3-year average PS ratio of 3.5x is higher than the industry's current PS ratio of 2.5x.
Past Earnings Growth
  • The earnings for companies in the Healthcare industry have declined 8.5% per year over the last three years.
  • Meanwhile revenues for these companies have grown 8.7% 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 Market0.71%
Healthcare-2.88%
Healthcare Services1.05%
Life Sciences0.27%
Medical Equipment-2.58%
Pharma-3.36%
Biotech-3.88%
Healthtech-11.81%
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 12.1%, which is lower than the prior year's growth of 92.7% per year.
Forecasted Growth
  • Analysts are most optimistic on the Life Sciences industry, expecting annual earnings growth of 46% 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
SHL Sonic HealthcareAU$22.846.6%
+AU$693.3m		-19.8%PE20.9x
RHC Ramsay Health CareAU$37.852.2%
+AU$188.5m		11.1%PE1279.8x
REG Regis HealthcareAU$6.857.0%
+AU$136.1m		6.4%PE54.5x
TLX Telix PharmaceuticalsAU$9.032.1%
+AU$64.5m		-71.0%PS2.7x
AVR Anteris Technologies GlobalAU$8.455.5%
+AU$42.8m		-26.5%PS270.6x

Latest News

REG
AU$6.85
Regis Healthcare
7D
7.0%
1Y
6.4%
CSL
AU$145.00
CSL
7D
-4.3%
1Y
-44.8%

My view on CSL Limited is positive. It’s a high-quality growth stock with strong barriers to entry through its global plasma network.

One stock I find particularly compelling is CSL Limited (ASX: CSL), primarily due to its strong competitive positioning, structural growth drivers, and valuation complexity. From a fundamental perspective, CSL operates in the global plasma therapies and specialty pharmaceuticals market, where demand is relatively inelastic and supported by long-term healthcare trends.
SHL
AU$22.84
Sonic Healthcare
7D
6.6%
1Y
-19.8%
NAN
AU$3.28
Nanosonics
7D
-8.9%
1Y
-29.2%

NAN: RBC Upgrade And Refreshed Assumptions Will Support Future Upside Potential

Analysts have maintained Nanosonics' fair value estimate at A$5.43. The latest price target update is supported by refreshed assumptions for the discount rate, revenue growth, profit margin, and future P/E, following recent research that includes an upgrade highlighted by RBC Capital.
TLX
AU$9.03
Telix Pharmaceuticals
7D
2.1%
1Y
-71.0%
RAC
AU$2.34
Racura Oncology
7D
7.8%
1Y
96.6%
COH
AU$193.00
Cochlear
7D
-3.4%
1Y
-27.7%

COH: Reset Expectations And Product Adoption Will Support Future Upside Potential

Analysts have trimmed their Cochlear price target from A$301.76 to A$250.59 as they factor in slightly lower revenue growth assumptions, a marginally higher discount rate, modestly softer profit margin expectations and a reduced future P/E multiple, as highlighted in recent Street research, including the latest upgrade at RBC Capital. Analyst Commentary Recent Street commentary around Cochlear focuses on how current expectations stack up against its A$250.59 target price and what needs to go right, or wrong, for that valuation to hold.
AHC
AU$0.36
Austco Healthcare
7D
10.6%
1Y
17.7%
HLS
AU$0.67
Healius
7D
-17.8%
1Y
-47.0%
PME
AU$108.15
Pro Medicus
7D
-14.1%
1Y
-61.9%
RHC
AU$37.85
Ramsay Health Care
7D
2.2%
1Y
11.1%

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.
4DX
AU$3.60
4DMedical
7D
-4.3%
1Y
757.1%

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).
MSB
AU$2.30
Mesoblast
7D
-4.6%
1Y
-8.7%
SIG
AU$3.00
Sigma Healthcare
7D
-0.7%
1Y
0%

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

Feb 05
Calculating The Fair Value Of Sigma Healthcare Limited (ASX:SIG)
SHG
AU$0.26
Singular Health Group
7D
18.2%
1Y
-5.5%

We're Not Worried About Singular Health Group's (ASX:SHG) Cash Burn

Feb 03
We're Not Worried About Singular Health Group's (ASX:SHG) Cash Burn
AVR
AU$8.45
Anteris Technologies Global
7D
5.5%
1Y
-26.5%