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Australian (ASX) Healthcare Sector Analysis

UpdatedAug 12, 2026
DataAggregated Company Financials
Companies130
  • 7D5.4%
  • 3M24.8%
  • 1Y-31.7%
  • YTD-13.4%

The Healthcare industry is up 5.4% in the last week, with CSL up 6.0%. During this same period, the 4DMedical underperformed, falling 13%. In contrast, the industry has lost 32% in the last 12 months. Looking forward, 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, 12 Aug 2026AU$184.9bAU$77.9bAU$1.9b26.8x96.3x2.4x
Fri, 10 Jul 2026AU$176.2bAU$78.4bAU$2.0b27.9x89.5x2.2x
Sun, 07 Jun 2026AU$153.9bAU$78.1bAU$1.8b23.8x84.5x2x
Tue, 05 May 2026AU$163.0bAU$77.6bAU$1.9b25x84.2x2.1x
Thu, 02 Apr 2026AU$173.8bAU$78.5bAU$2.0b24.6x87.4x2.2x
Sat, 28 Feb 2026AU$186.0bAU$74.3bAU$2.2b31x83x2.5x
Mon, 26 Jan 2026AU$216.3bAU$73.1bAU$4.4b32.7x49.4x3x
Wed, 24 Dec 2025AU$217.4bAU$73.9bAU$4.5b33.4x48.3x2.9x
Fri, 21 Nov 2025AU$218.5bAU$74.9bAU$4.6b31.9x47x2.9x
Sun, 19 Oct 2025AU$245.5bAU$74.9bAU$4.6b30.9x53.1x3.3x
Tue, 16 Sep 2025AU$238.6bAU$74.3bAU$4.5b32x52.7x3.2x
Thu, 14 Aug 2025AU$272.4bAU$70.0bAU$4.8b31.1x57x3.9x
Sat, 12 Jul 2025AU$259.5bAU$71.5bAU$4.2b28x61.2x3.6x
Mon, 09 Jun 2025AU$255.5bAU$71.8bAU$4.3b26.1x59.7x3.6x
Wed, 07 May 2025AU$254.9bAU$70.4bAU$4.9b28.5x52.5x3.6x
Fri, 04 Apr 2025AU$251.9bAU$70.9bAU$4.9b28.8x51.6x3.6x
Sun, 02 Mar 2025AU$263.9bAU$71.5bAU$4.9b29.7x53.6x3.7x
Tue, 28 Jan 2025AU$247.0bAU$68.6bAU$3.3b26.3x74x3.6x
Thu, 26 Dec 2024AU$244.3bAU$68.9bAU$3.4b25.9x72.7x3.5x
Sat, 23 Nov 2024AU$239.0bAU$68.0bAU$3.2b26.3x74.6x3.5x
Mon, 21 Oct 2024AU$247.4bAU$67.2bAU$3.1b27.7x80.1x3.7x
Wed, 18 Sep 2024AU$239.2bAU$66.9bAU$3.1b27.5x77.7x3.6x
Fri, 16 Aug 2024AU$239.6bAU$63.9bAU$2.9b30.2x82.3x3.7x
Sun, 14 Jul 2024AU$242.6bAU$62.3bAU$2.6b33.4x95x3.9x
Tue, 11 Jun 2024AU$231.4bAU$63.2bAU$2.7b30x86.8x3.7x
Thu, 09 May 2024AU$225.5bAU$61.4bAU$2.6b26.8x85.2x3.7x
Sat, 06 Apr 2024AU$223.8bAU$61.3bAU$2.6b27.1x85.2x3.6x
Mon, 04 Mar 2024AU$223.3bAU$61.7bAU$2.7b26.1x84x3.6x
Wed, 31 Jan 2024AU$231.0bAU$60.4bAU$2.8b25.1x81.2x3.8x
Fri, 29 Dec 2023AU$226.0bAU$59.6bAU$2.7b24.9x83.3x3.8x
Sun, 26 Nov 2023AU$202.1bAU$60.4bAU$2.9b24.9x70.4x3.3x
Tue, 24 Oct 2023AU$189.4bAU$61.5bAU$3.0b24.9x62.7x3.1x
Thu, 21 Sep 2023AU$205.1bAU$60.9bAU$2.9b24.9x71.3x3.4x
Sat, 19 Aug 2023AU$212.8bAU$60.7bAU$2.9b28.2x74.6x3.5x
Price to Earnings Ratio

74.6x


Total Market Cap: AU$212.8bTotal Earnings: AU$2.9bTotal Revenue: AU$60.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Healthcare Sector Price to Earnings3Y Average 71.3x202420252026
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 96.3x which is higher than its 3-year average PE of 71.3x.
  • The 3-year average PS ratio of 3.3x is higher than the industry's current PS ratio of 2.4x.
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 8.7% 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 Market1.31%
Healthcare5.44%
Pharma16.31%
Life Sciences8.91%
Biotech8.20%
Healthtech5.70%
Medical Equipment5.33%
Healthcare Services0.95%
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 5.2%, 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 40% 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 5.2% 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
CSL CSLAU$138.446.0%
+AU$3.7b		-48.6%PE33.5x
TLX Telix PharmaceuticalsAU$16.8814.7%
+AU$733.9m		-1.5%PS5x
COH CochlearAU$131.687.9%
+AU$633.1m		-58.0%PE24.9x
MSB MesoblastAU$2.4012.7%
+AU$351.0m		3.4%PS33.7x
RHC Ramsay Health CareAU$44.903.1%
+AU$310.4m		15.7%PE37.8x

Latest News

ACL
AU$2.32
Australian Clinical Labs
7D
-2.5%
1Y
-14.4%
PME
AU$181.67
Pro Medicus
7D
0.8%
1Y
-38.9%
Narrative Update • Aug 07

PME: Future US Market Share Assumptions Will Likely Drive Share Price Correction

Analysts have raised their price target for Pro Medicus to A$192.60 from A$147.00, citing a reassessment of long term market share assumptions in the US PACS market and the view that previous expectations for the stock's potential reach appeared too aggressive at current levels. What’s in the News for Pro Medicus Pro Medicus dropped from the S&P/ASX 50 Index, according to S&P Dow Jones Indices.
CSL
AU$138.44
CSL
7D
6.0%
1Y
-48.6%
Narrative Update • Aug 06

CSL: Roofing Cost Inflation And New Capacity Will Drive Tougher Repricing

Analysts have lifted their fair value estimate for Carlisle Companies (CSL) by about A$4 to roughly A$108 per share, citing updated assumptions on revenue growth, profit margins, and future P/E following recent price target revisions across the stock and related roofing peers. Analyst Commentary Recent research on Carlisle Companies highlights a mix of optimism about the stock's long term positioning alongside pockets of caution around execution, valuation, and industry headwinds.
NEU
AU$23.31
Neuren Pharmaceuticals
7D
7.7%
1Y
33.9%
LDX
AU$0.12
Lumos Diagnostics Holdings
7D
-11.5%
1Y
22.3%
RHC
AU$44.90
Ramsay Health Care
7D
3.1%
1Y
15.7%
Narrative Update • Jul 31

RHC: Lower Discount Rate And Higher Future P E Will Support Upside

Analysts have raised their Ramsay Health Care price target from A$51.89 to A$53.48, reflecting updated assumptions for discount rate, revenue growth, profit margins and future P/E multiples. What’s in the News for Ramsay Health Care No recent Ramsay Health Care specific news items were identified in the provided sources as at 31 Jul 2026.
MSB
AU$2.40
Mesoblast
7D
12.7%
1Y
3.4%
TLX
AU$16.88
Telix Pharmaceuticals
7D
14.7%
1Y
-1.5%
COH
AU$131.68
Cochlear
7D
7.9%
1Y
-58.0%
Narrative Update • Jul 30

COH: Softer Implant Demand Will Set Up Future Upgrade Cycle Opportunity

The analyst price target for Cochlear has been reduced from A$350.00 to A$163.37. Analysts attribute this change to softer developed market implant demand, increased uncertainty in Middle East sales, and patient deferrals that are now being treated more like discretionary healthcare decisions.
TTX
AU$7.10
Tetratherix
7D
-4.7%
1Y
75.3%
PYC
AU$2.19
PYC Therapeutics
7D
4.3%
1Y
62.2%
SPL
AU$0.69
Starpharma Holdings
7D
-13.1%
1Y
379.3%
ANN
AU$34.59
Ansell
7D
-0.2%
1Y
9.7%
Narrative Update • Jul 17

ANN: Steady Protection Demand And Margin Discipline Are Expected To Sustain Returns

Analysts have trimmed their fair value estimate for Ansell from A$36.23 to A$34.48, reflecting slightly lower assumptions for revenue growth, profit margins and future P/E multiples, partly offset by a modestly reduced discount rate. What’s in the News for Ansell Ansell has recorded a 2.32% share price gain over the past year, according to recent coverage of the stock.
REG
AU$6.13
Regis Healthcare
7D
-3.6%
1Y
-27.5%
Narrative Update • Jul 14

REG: CFO Transition And M&A Pipeline Will Support Future Earnings Upside

Analysts have trimmed their fair value estimate for Regis Healthcare from A$8.32 to A$7.79. This reflects slightly more conservative assumptions for the discount rate, revenue growth, profit margin and future P/E.
SIG
AU$2.96
Sigma Healthcare
7D
-0.7%
1Y
3.5%
4DX
AU$4.12
4DMedical
7D
-12.7%
1Y
740.8%