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Australian (ASX) Healthcare Sector Analysis

UpdatedJul 12, 2026
DataAggregated Company Financials
Companies129
  • 7D-0.9%
  • 3M0.1%
  • 1Y-33.6%
  • YTD-19.2%

In the last week, the Healthcare industry is flat overall, with Pro Medicus standing out by going down 6.0%. As for the longer term, the industry has declined 34% in the last year. Earnings are forecast to grow by 22% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 12 Jul 2026AU$172.4bAU$78.3bAU$2.0b27.9x87.8x2.2x
Tue, 09 Jun 2026AU$154.0bAU$78.1bAU$1.8b23.8x84.5x2x
Thu, 07 May 2026AU$161.8bAU$77.3bAU$1.9b23.9x84.4x2.1x
Sat, 04 Apr 2026AU$169.7bAU$78.7bAU$2.0b24.5x84.8x2.2x
Mon, 02 Mar 2026AU$183.8bAU$77.8bAU$2.1b33.5x88.6x2.4x
Wed, 28 Jan 2026AU$218.7bAU$72.9bAU$4.4b32.8x50.2x3x
Fri, 26 Dec 2025AU$214.8bAU$73.8bAU$4.5b33.3x47.8x2.9x
Sun, 23 Nov 2025AU$218.1bAU$74.9bAU$4.7b31.7x46.8x2.9x
Tue, 21 Oct 2025AU$245.5bAU$75.0bAU$4.6b31.3x53.1x3.3x
Thu, 18 Sep 2025AU$236.5bAU$74.2bAU$4.5b31.8x52.3x3.2x
Sat, 16 Aug 2025AU$274.8bAU$70.3bAU$4.8b31x56.8x3.9x
Mon, 14 Jul 2025AU$258.9bAU$71.5bAU$4.2b27.9x61.1x3.6x
Wed, 11 Jun 2025AU$258.2bAU$71.8bAU$4.3b26.2x60.4x3.6x
Fri, 09 May 2025AU$251.7bAU$70.6bAU$4.9b27.1x51.5x3.6x
Sun, 06 Apr 2025AU$246.8bAU$72.3bAU$5.1b27x48x3.4x
Tue, 04 Mar 2025AU$265.7bAU$71.4bAU$4.9b28.7x53.9x3.7x
Thu, 30 Jan 2025AU$250.8bAU$68.9bAU$3.4b26.9x74.3x3.6x
Sat, 28 Dec 2024AU$246.3bAU$68.9bAU$3.4b25.8x73.1x3.6x
Mon, 25 Nov 2024AU$239.0bAU$68.0bAU$3.2b26.3x74.6x3.5x
Wed, 23 Oct 2024AU$242.8bAU$67.3bAU$3.1b25.1x78.3x3.6x
Fri, 20 Sep 2024AU$238.6bAU$66.6bAU$3.0b27.3x78.7x3.6x
Sun, 18 Aug 2024AU$241.7bAU$63.7bAU$2.9b30.7x83.8x3.8x
Tue, 16 Jul 2024AU$244.1bAU$62.3bAU$2.6b33.3x95.5x3.9x
Thu, 13 Jun 2024AU$229.2bAU$63.1bAU$2.7b30.7x86.4x3.6x
Sat, 11 May 2024AU$223.2bAU$61.2bAU$2.6b26.3x84.9x3.6x
Mon, 08 Apr 2024AU$223.8bAU$61.3bAU$2.6b27.1x85.1x3.6x
Wed, 06 Mar 2024AU$223.3bAU$61.9bAU$2.7b25.8x83.8x3.6x
Fri, 02 Feb 2024AU$230.5bAU$60.7bAU$2.9b25.3x80x3.8x
Sun, 31 Dec 2023AU$226.0bAU$59.7bAU$2.7b24.9x83x3.8x
Tue, 28 Nov 2023AU$201.2bAU$60.4bAU$2.9b25.1x70.3x3.3x
Thu, 26 Oct 2023AU$188.2bAU$61.3bAU$3.0b24.4x62.6x3.1x
Sat, 23 Sep 2023AU$200.0bAU$61.0bAU$2.9b24.9x69.1x3.3x
Mon, 21 Aug 2023AU$212.8bAU$60.6bAU$2.9b28.2x74.7x3.5x
Wed, 19 Jul 2023AU$211.5bAU$57.3bAU$2.8b26.3x74.8x3.7x
Price to Earnings Ratio

74.8x


Total Market Cap: AU$211.5bTotal Earnings: AU$2.8bTotal Revenue: AU$57.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Healthcare Sector Price to Earnings3Y Average 70.9x202420252026
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 87.8x which is higher than its 3-year average PE of 70.9x.
  • The 3-year average PS ratio of 3.3x 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 11% 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-0.42%
Healthcare-0.86%
Pharma1.55%
Biotech0.82%
Healthcare Services-0.52%
Life Sciences-2.62%
Medical Equipment-2.92%
Healthtech-5.66%
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 5.3%, 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 46% 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 5.3% 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$122.890.9%
+AU$517.2m		-49.0%PE29.3x
SIG Sigma HealthcareAU$2.821.1%
+AU$345.1m		-1.4%PE54.1x
MSB MesoblastAU$2.248.7%
+AU$233.3m		35.3%PS30.9x
CU6 Clarity PharmaceuticalsAU$2.419.0%
+AU$74.6m		-14.2%PS85x
ACW Actinogen MedicalAU$0.04420.5%
+AU$27.4m		83.3%PS21.9x

Latest News

MSB
AU$2.24
Mesoblast
7D
8.7%
1Y
35.3%
TLX
AU$16.27
Telix Pharmaceuticals
7D
-3.6%
1Y
-32.5%
Narrative Update • Jul 10

TLX: Future Clinical Decisions And Deal Flow Will Balance Execution Risks

Analysts have nudged their fair value estimate for Telix Pharmaceuticals higher from A$17.00 to A$18.00, citing updated assumptions around revenue growth, profit margins, and long term P/E expectations in light of recent research that includes a slightly revised Citi target and fresh Overweight coverage from JPMorgan. Analyst Commentary on Telix Pharmaceuticals Recent research on Telix Pharmaceuticals presents a mixed picture, with some investors focused on potential clinical and regulatory catalysts and others weighing execution risks, timing of guidance changes, and how much future growth is already reflected in current valuations.
PME
AU$197.07
Pro Medicus
7D
-6.0%
1Y
-37.9%
Narrative Update • Jul 10

PME: Elevated Market Share Expectations Will Pressure Future Share Returns

Pro Medicus' analyst price target has been revised to A$192.60 from A$147.00, with analysts pointing to updated assumptions around long term market share in the US PACS segment and a reassessment of how much growth is already reflected in the current share price. What's in the News for Pro Medicus Pro Medicus has drawn renewed attention after a 33.15% share price decline over the past year, with recent commentary highlighting a valuation reset as a key factor in shifting sentiment.
CSL
AU$122.89
CSL
7D
0.9%
1Y
-49.0%
Narrative Update • Jul 09

CSL: Roofing Platform Repricing Will Drive Future Rebound Case

Analysts have reduced their price target on CSL to about A$196.66 from about A$289.37, citing updated assumptions around discount rates, profit margins, and future P/E expectations. Analyst Commentary Recent research around CSL highlights a split in views, with some cautious adjustments to assumptions and at least one downgrade, while other coverage of the broader roofing sector points to potential catalysts that investors may still weigh when assessing CSL.
CGS
AU$2.90
Cogstate
7D
5.8%
1Y
74.7%
Narrative Update • Jul 08

CGS: Higher Revenue And Margin Assumptions Will Support Future Upside

The analyst price target for Cogstate has been revised from A$3.18 to A$3.54. Analysts point to updated assumptions for revenue growth, profit margins and future P/E as the key drivers of this recalibration.
OCC
AU$0.84
Orthocell
7D
11.9%
1Y
-33.2%
Analysis Article • Jul 06

We're Not Very Worried About Orthocell's (ASX:OCC) Cash Burn Rate

There's no doubt that money can be made by owning shares of unprofitable businesses. For example, although...
SIG
AU$2.82
Sigma Healthcare
7D
1.1%
1Y
-1.4%
COH
AU$121.62
Cochlear
7D
-2.7%
1Y
-59.9%
Narrative Update • Jul 02

COH: Hospital Bottlenecks And Weaker Referrals Will Pressure Earnings Expectations

The analyst price target for Cochlear has been revised from A$210 to A$95, reflecting updated expectations for revenue growth, profit margins, the discount rate and future P/E as outlined in recent Street research from multiple analysts. Analyst Commentary Recent Street research on Cochlear highlights a more cautious tone despite mixed rating actions, with several bearish analysts questioning how well the current share price lines up with the revised A$95 target and the company’s execution risks.
RHC
AU$41.95
Ramsay Health Care
7D
-5.0%
1Y
10.7%
AYA
AU$5.77
Artrya
7D
-8.0%
1Y
479.9%
4DX
AU$3.96
4DMedical
7D
-6.8%
1Y
1,585.1%
ANN
AU$31.27
Ansell
7D
-3.7%
1Y
3.8%
ACW
AU$0.044
Actinogen Medical
7D
20.5%
1Y
83.3%
PNV
AU$1.02
PolyNovo
7D
3.6%
1Y
-11.0%
Narrative Update • Jun 15

PNV: Refined Cash Flow Assumptions Will Support Steady Outlook And Balanced Upside Potential

Analysts have modestly revised their fair value outlook for PolyNovo, reflecting updated assumptions around the discount rate, revenue growth, profit margin and future P/E. Together, these factors support a slightly adjusted A$ price target and a more refined view of the stock’s long term earnings profile.
REG
AU$6.32
Regis Healthcare
7D
-6.0%
1Y
-12.5%
CU6
AU$2.41
Clarity Pharmaceuticals
7D
9.0%
1Y
-14.2%