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Australian (ASX) Healthcare Sector Analysis

UpdatedSep 11, 2026
DataAggregated Company Financials
Companies128
  • 7D-2.3%
  • 3M25.4%
  • 1Y-17.8%
  • YTD-9.2%

The Healthcare is pretty flat in the last 7 days, but Ramsay Health Care has stood out, gaining 3.7%. As for the longer term, the industry has declined 18% in the last year. As for the next few years, earnings are expected to grow by 30% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 11 Sep 2026AU$196.2bAU$80.3b-AU$2,931,539,664.6431x-66.9x2.4x
Sun, 09 Aug 2026AU$179.6bAU$77.9bAU$1.9b26.8x93.7x2.3x
Tue, 07 Jul 2026AU$176.8bAU$78.5bAU$2.0b26.1x89.3x2.3x
Thu, 04 Jun 2026AU$148.9bAU$77.6bAU$1.8b23.3x82.8x1.9x
Sat, 02 May 2026AU$162.5bAU$77.5bAU$1.9b26.9x84.2x2.1x
Mon, 30 Mar 2026AU$172.1bAU$78.8bAU$2.0b25.4x85.8x2.2x
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
Price to Earnings Ratio

72.4x


Total Market Cap: AU$209.1bTotal Earnings: AU$2.9bTotal Revenue: AU$61.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Healthcare Sector Price to Earnings3Y Average 68.6x202420252026
Current Industry PE
  • Investors are pessimistic on the Australian Healthcare industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The 3-year average PS ratio of 3.3x is higher than the industry's current PS ratio of 2.5x.
Past Earnings Growth
  • Total earnings for the Healthcare industry have declined over the last three years, with the industry now making a loss overall.
  • Meanwhile revenues have grown 9.5% 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-2.02%
Healthcare-2.26%
Healthcare Services-0.044%
Pharma-0.57%
Life Sciences-1.92%
Medical Equipment-2.31%
Biotech-3.33%
Healthtech-3.51%
Industry PE
  • Investors are most optimistic about the Healthcare Services industry even though it's trading below its 3-year average PE ratio of 171x.
    • Analysts are expecting annual earnings growth of 13.9%, which is lower than the prior year's growth of 18.4% per year.
Forecasted Growth
  • Analysts are most optimistic on the Pharma industry, expecting annual earnings growth of 46% over the next 5 years.
  • This is better than its past earnings growth rate of 20% per year.
  • In contrast, the Healthcare Services industry is expected to see its earnings grow by 14% 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$53.552.4%
+AU$290.1m		59.5%PE39.3x
ACW Actinogen MedicalAU$0.0613.2%
+AU$26.0m		122.2%PS17.6x
NUZ Neurizon TherapeuticsAU$0.07635.7%
+AU$15.5m		-49.3%PS3.3x
IMM ImmutepAU$0.05616.7%
+AU$11.8m		-75.7%PS4.1x
CC5 Clever Culture SystemsAU$0.01935.7%
+AU$10.9m		-44.1%PS9x

Latest News

SIG
AU$2.63
Sigma Healthcare
7D
-2.6%
1Y
-12.3%
New Narrative • Sep 10

Aging Population And Store Expansion Will Support Long Term Pharmacy Earnings Resilience

Catalysts About Sigma Healthcare Sigma Healthcare operates a large pharmacy franchise and wholesale distribution business focused on community health and medicines. What are the underlying business or industry changes driving this perspective?
NUZ
AU$0.076
Neurizon Therapeutics
7D
35.7%
1Y
-49.3%
CC5
AU$0.019
Clever Culture Systems
7D
35.7%
1Y
-44.1%
BLS
AU$1.18
BLS Pharmaceuticals
7D
3.5%
1Y
195.0%
IMM
AU$0.056
Immutep
7D
16.7%
1Y
-75.7%
PME
AU$164.35
Pro Medicus
7D
-5.5%
1Y
-44.9%
Narrative Update • Sep 04

PME: Rising FY26 Cash Returns Will Support Optimistic US Market Share Hopes

Analysts have lifted their price target for Pro Medicus to A$202.47 from A$190.74, reflecting updated assumptions for slightly higher revenue growth and a lower future P/E. They also note that current market pricing already appears to bake in very optimistic long term US PACS market share gains.
CSL
AU$167.10
CSL
7D
-4.2%
1Y
-19.6%
Narrative Update • Sep 03

CSL: Rooftop Cost Inflation And New Capacity Will Pressure Future Returns

Analysts have lifted the CSL fair value estimate from A$107.97 to A$132.73, reflecting updated assumptions for a slightly lower discount rate, more modest revenue growth, a higher profit margin profile, and a higher future P/E multiple informed by recent research on roofing demand, input cost pressures, and potential acquisition activity in the sector. Analyst Commentary Recent Street research around Carlisle Companies, or CSL, shows a mixed tone, with some firms expressing confidence in roofing demand and others highlighting risks around costs, competitive capacity, and potential acquisition activity.
TLX
AU$15.67
Telix Pharmaceuticals
7D
-4.9%
1Y
14.5%
COH
AU$134.14
Cochlear
7D
-6.0%
1Y
-55.3%
Narrative Update • Sep 03

COH: Softer Implant Volumes And Possible Investment Impairment Will Pressure Earnings

Cochlear's analyst fair value has been lifted from A$100 to A$110 as analysts factor in updated Street targets, including Citi's higher A$140 price target and recent mixed views on near term implant demand and reimbursement related volume delays. Analyst Commentary Recent Street commentary on Cochlear highlights a more balanced mix of views, with some analysts turning cautious on near term execution and growth risks despite higher published fair values and selected price target revisions.
SHL
AU$19.00
Sonic Healthcare
7D
-2.8%
1Y
-16.1%
Narrative Update • Sep 03

SHL: Slightly Higher Discount Rate Will Still Support Positive Long-Term Outlook

Analysts have trimmed their fair value estimate for Sonic Healthcare from about A$23.36 to A$22.51 as they factor in updated assumptions for discount rates, revenue growth, profit margins and future P/E multiples. What’s in the News for Sonic Healthcare No recent Sonic Healthcare specific news items were identified in the provided sources as of 1 Sep 2026.
RHC
AU$53.55
Ramsay Health Care
7D
2.4%
1Y
59.5%
Narrative Update • Sep 03

RHC: Efficiency Overhaul And Dividend Will Support Steady Future Returns

Analysts have lifted their price target for Ramsay Health Care from about A$44.00 to about A$50.90, citing updated assumptions for slightly higher long term revenue growth, modestly stronger profit margins, a lower discount rate and a higher future P/E multiple. What’s in the News for Ramsay Health Care Ramsay Health Care shares moved higher after CEO Natalie Davis led an overhaul focused on making the private hospital operator more efficient, according to recent news reports.
MSB
AU$2.15
Mesoblast
7D
-9.7%
1Y
-2.7%
PYC
AU$2.30
PYC Therapeutics
7D
-7.6%
1Y
88.5%
AVE
AU$0.022
Avecho Biotechnology
7D
4.8%
1Y
266.7%
IMC
AU$0.052
Immuron
7D
30.0%
1Y
-25.7%
ACW
AU$0.06
Actinogen Medical
7D
13.2%
1Y
122.2%