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Australian (ASX) Healthcare Sector Analysis

UpdatedMar 18, 2026
DataAggregated Company Financials
Companies129
  • 7D-3.8%
  • 3M-18.6%
  • 1Y-32.3%
  • YTD-18.9%

Over the last 7 days, the Healthcare industry has dropped 3.8%, driven by CSL declining 3.2%. On the other hand Telix Pharmaceuticals is actually up 15%. Overall the industry is down 32% in 12 months. 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
Wed, 18 Mar 2026AU$172.9bAU$78.0bAU$2.0b24.2x88x2.2x
Fri, 13 Feb 2026AU$191.4bAU$72.0bAU$2.1b37.4x90x2.7x
Sun, 11 Jan 2026AU$214.3bAU$73.9bAU$4.5b31.4x47.6x2.9x
Tue, 09 Dec 2025AU$222.5bAU$74.2bAU$4.3b33.6x52.1x3x
Thu, 06 Nov 2025AU$221.3bAU$75.0bAU$4.6b31.7x47.8x2.9x
Sat, 04 Oct 2025AU$242.8bAU$74.5bAU$4.6b30.4x53.3x3.3x
Mon, 01 Sep 2025AU$244.2bAU$74.9bAU$4.6b31.6x53.5x3.3x
Wed, 30 Jul 2025AU$278.3bAU$71.7bAU$4.3b31.2x64.9x3.9x
Fri, 27 Jun 2025AU$254.2bAU$71.7bAU$4.3b25.9x59.7x3.5x
Sun, 25 May 2025AU$257.4bAU$71.8bAU$4.3b27.4x60.3x3.6x
Tue, 22 Apr 2025AU$242.5bAU$70.6bAU$4.9b27.1x49.7x3.4x
Thu, 20 Mar 2025AU$253.9bAU$70.9bAU$4.9b27.9x51.9x3.6x
Sat, 15 Feb 2025AU$239.0bAU$66.0bAU$3.6b28.7x67.1x3.6x
Mon, 13 Jan 2025AU$250.1bAU$66.6bAU$3.3b23.7x76x3.8x
Wed, 11 Dec 2024AU$246.0bAU$68.4bAU$3.3b26.7x75.3x3.6x
Fri, 08 Nov 2024AU$239.6bAU$67.3bAU$3.1b25.5x77.2x3.6x
Sun, 06 Oct 2024AU$241.0bAU$66.9bAU$3.0b30.4x79.4x3.6x
Tue, 03 Sep 2024AU$243.3bAU$66.0bAU$3.1b26.2x79.7x3.7x
Thu, 01 Aug 2024AU$246.4bAU$63.3bAU$2.7b29.7x91x3.9x
Sat, 29 Jun 2024AU$237.3bAU$62.7bAU$2.6b32.1x90.6x3.8x
Mon, 27 May 2024AU$223.7bAU$61.1bAU$2.6b27.5x85.4x3.7x
Wed, 24 Apr 2024AU$222.8bAU$61.8bAU$2.7b25.8x82x3.6x
Fri, 22 Mar 2024AU$219.9bAU$61.5bAU$2.6b26.4x83.7x3.6x
Sun, 18 Feb 2024AU$223.4bAU$60.5bAU$3.5b25.8x64.2x3.7x
Tue, 16 Jan 2024AU$225.9bAU$60.2bAU$2.8b24.5x80.4x3.8x
Thu, 14 Dec 2023AU$215.2bAU$60.5bAU$2.9b24.9x74.6x3.6x
Sat, 11 Nov 2023AU$200.5bAU$61.3bAU$3.0b24.5x67x3.3x
Mon, 09 Oct 2023AU$198.7bAU$61.2bAU$2.9b24.9x67.8x3.2x
Wed, 06 Sep 2023AU$211.5bAU$61.4bAU$2.9b26.3x72.4x3.4x
Fri, 04 Aug 2023AU$211.9bAU$58.2bAU$3.0b26.2x71.6x3.6x
Sun, 02 Jul 2023AU$216.5bAU$57.8bAU$2.9b27x74.8x3.7x
Tue, 30 May 2023AU$231.7bAU$58.1bAU$2.9b26.8x78.8x4x
Thu, 27 Apr 2023AU$233.6bAU$57.4bAU$2.9b28.2x80.6x4.1x
Sat, 25 Mar 2023AU$220.6bAU$57.2bAU$2.9b24.9x76.7x3.9x
Price to Earnings Ratio

76.7x


Total Market Cap: AU$220.6bTotal 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 88.0x 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-1.20%
Healthcare-3.78%
Biotech-2.78%
Medical Equipment-3.65%
Healthcare Services-3.91%
Life Sciences-4.02%
Pharma-5.60%
Healthtech-7.94%
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 6.4%, 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 6.4% 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
TLX Telix PharmaceuticalsAU$12.3915.1%
+AU$552.4m		-55.3%PS3.7x
TTX TetratherixAU$4.7720.9%
+AU$41.9m		n/aPS121.2x
SPL Starpharma HoldingsAU$0.4612.2%
+AU$21.0m		360.0%PS13.3x
IDX Integral DiagnosticsAU$2.401.7%
+AU$14.9m		4.3%PE63.7x
VFY Vitrafy Life SciencesAU$1.757.1%
+AU$7.3m		28.3%PS47.6x

Latest News

4DX
AU$3.98
4DMedical
7D
-9.1%
1Y
947.4%

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$4.77
Tetratherix
7D
20.9%
1Y
n/a
TLX
AU$12.39
Telix Pharmaceuticals
7D
15.1%
1Y
-55.3%
IMM
AU$0.052
Immutep
7D
-86.8%
1Y
-83.0%
SHL
AU$20.79
Sonic Healthcare
7D
-3.3%
1Y
-18.6%

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$2.40
Integral Diagnostics
7D
1.7%
1Y
4.3%

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$172.43
Cochlear
7D
-6.0%
1Y
-36.0%
CSL
AU$138.00
CSL
7D
-3.2%
1Y
-44.9%

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.
ALC
AU$0.10
Alcidion Group
7D
5.0%
1Y
34.6%

ALC: Higher Future Multiple Will Rely On Executing FY26 Revenue Pipeline

Analysts trimmed their fair value estimate for Alcidion Group to A$0.1425 from A$0.1467, reflecting updated assumptions for slower revenue growth, lower profit margins, a slightly higher discount rate, and a higher future P/E multiple in line with recent sector research updates. Analyst Commentary Recent sector research on listed healthcare and medtech names provides some useful context for how the market is thinking about smaller health technology platforms like Alcidion Group, particularly around growth durability, product execution, and valuation support.
PME
AU$125.31
Pro Medicus
7D
-8.4%
1Y
-46.2%
RHC
AU$40.95
Ramsay Health Care
7D
-3.0%
1Y
17.7%

RHC: Execution Risks Will Cap Upside Despite Higher Fair Value Estimate

Analysts now see fair value for Ramsay Health Care at A$35.70, up from A$33.97. This reflects updated assumptions around discount rates, revenue growth, profit margins and future P/E multiples.
RCE
AU$0.47
Recce Pharmaceuticals
7D
4.4%
1Y
21.8%
SIG
AU$2.68
Sigma Healthcare
7D
-1.5%
1Y
-7.9%
SPL
AU$0.46
Starpharma Holdings
7D
12.2%
1Y
360.0%
IIQ
AU$0.36
INOVIQ
7D
12.3%
1Y
-6.4%
VFY
AU$1.75
Vitrafy Life Sciences
7D
7.1%
1Y
28.3%