Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Australian (ASX) Healthcare Sector Analysis

UpdatedJun 09, 2026
DataAggregated Company Financials
Companies131
  • 7D3.1%
  • 3M-14.4%
  • 1Y-41.3%
  • YTD-28.4%

In the last week, the Healthcare industry is up 3.1%, with CSL up 7.5%. During this same period, the PYC Therapeutics underperformed, falling 9.5%. However, the industry is down 41% over the past year. As for the next few years, earnings are expected to grow by 24% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
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
Fri, 16 Jun 2023AU$217.6bAU$57.3bAU$2.8b25.7x76.8x3.8x
Price to Earnings Ratio

76.8x


Total Market Cap: AU$217.6bTotal Earnings: AU$2.8bTotal Revenue: AU$57.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Healthcare Sector Price to Earnings3Y Average 70.6x202420252026
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 84.5x which is higher than its 3-year average PE of 70.6x.
  • The 3-year average PS ratio of 3.4x is higher than the industry's current PS ratio of 2.0x.
Past Earnings Growth
  • The earnings for companies in the Healthcare industry have declined 14% 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-1.11%
Healthcare3.09%
Life Sciences7.26%
Biotech4.79%
Healthtech3.24%
Medical Equipment2.43%
Healthcare Services1.73%
Pharma-0.86%
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 3.9%, 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 50% 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 3.9% 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$99.477.5%
+AU$3.4b		-59.3%PE24.4x
PME Pro MedicusAU$165.793.6%
+AU$596.5m		-41.5%PE73.8x
SIG Sigma HealthcareAU$2.921.7%
+AU$575.1m		-7.3%PE56x
SHL Sonic HealthcareAU$19.755.6%
+AU$513.8m		-25.9%PE18.1x
COH CochlearAU$102.646.1%
+AU$385.9m		-61.9%PE19.4x

Latest News

TLX
AU$13.39
Telix Pharmaceuticals
7D
6.0%
1Y
-48.5%
EBR
AU$0.38
EBR Systems
7D
-16.7%
1Y
-68.1%
RHC
AU$37.64
Ramsay Health Care
7D
3.9%
1Y
1.2%
Narrative Update • Jun 04

RHC: Dividend Strength And Potential UK Exit Will Support Future Upside

Analysts have trimmed their price target for Ramsay Health Care slightly to A$42.65 from A$43.04, reflecting updated assumptions around discount rates, revenue growth, profit margins and forward P/E multiples. What's in the News Ramsay Health Care Limited announced an actual fully franked ordinary dividend of A$3.36080000 per share for the six months ending October 19, 2026, payable on October 20, 2026, with an ex date of September 29, 2026 and a record date of September 30, 2026 (Key Developments).
SHL
AU$19.75
Sonic Healthcare
7D
5.6%
1Y
-25.9%
Narrative Update • Jun 04

SHL: Companion Diagnostics Partnership And Dividend Are Expected To Support Re Rating

Analysts have trimmed their price target for Sonic Healthcare by A$0.20 to reflect slightly adjusted assumptions around fair value, discount rate, revenue growth, profit margin and future P/E, while keeping the overall thesis broadly intact. What's in the News CellCarta and Sonic Healthcare USA have entered into a partnership to commercialize companion diagnostics through Sonic Healthcare's clinical laboratory network, with a focus on oncology, autoimmune disease and other precision medicine settings.
CSL
AU$99.47
CSL
7D
7.5%
1Y
-59.3%
COH
AU$102.64
Cochlear
7D
6.1%
1Y
-61.9%
Narrative Update • Jun 03

COH: Margin Resilience And Temporary Volume Weaknesses Will Support Future Upside

The analyst price target for Cochlear has eased slightly from about A$126.08 to A$124.60, as analysts factor in more moderate revenue growth expectations alongside marginally stronger profit margins and a slightly lower assumed future P/E, following mixed recent research views. Analyst Commentary Bullish Takeaways Bullish analysts see room for upside if Cochlear can deliver on revenue expectations while maintaining the marginally stronger profit margins now being reflected in models.
PME
AU$165.79
Pro Medicus
7D
3.6%
1Y
-41.5%
PNV
AU$1.04
PolyNovo
7D
-5.9%
1Y
-22.7%
Narrative Update • Jun 01

PNV: Higher Discount Rate And P/E Framework Will Support Future Upside Potential

Analysts have trimmed their price target for PolyNovo to A$1.70 from A$1.98, reflecting updated views on the stock's fair value, discount rate, expected revenue growth, profit margins and future P/E assumptions. What's in the News Analysts updated their valuation work on PolyNovo, which led to a revision of the price target to A$1.70.
TTX
AU$5.95
Tetratherix
7D
-12.4%
1Y
n/a
NEU
AU$13.43
Neuren Pharmaceuticals
7D
-2.4%
1Y
-4.0%
IDX
AU$2.00
Integral Diagnostics
7D
-5.9%
1Y
-12.9%
Narrative Update • May 11

IDX: New Leadership And New Clinics Will Support Future Upside

Analysts have trimmed their price target for Integral Diagnostics to A$3.11 from A$3.12 as they factor in a slightly higher discount rate and marginally softer profit margin expectations, while keeping revenue growth assumptions and future P/E largely unchanged. What's in the News New Managing Director and CEO Jason Martinez is scheduled to commence on 6 August 2026, with current Managing Director and CEO Dr Ian Kadish staying on until then to support a smooth leadership transition (Key Developments).
REG
AU$6.16
Regis Healthcare
7D
-2.2%
1Y
-18.3%
CU6
AU$2.15
Clarity Pharmaceuticals
7D
-8.9%
1Y
-10.0%
PYC
AU$1.20
PYC Therapeutics
7D
-9.5%
1Y
-0.8%
ANN
AU$28.38
Ansell
7D
4.2%
1Y
-9.0%
Narrative Update • Mar 28

ANN: Sustainable Chemical Protection And Capital Returns Will Support Future Upside Potential

Analysts have nudged their fair value estimate for Ansell slightly lower, trimming the price target from about A$36.47 to A$36.23 as they refresh assumptions around discount rates, long term revenue growth, profit margins and the future P/E multiple. What's in the News Announced an interim dividend of US$0.266 per share for the six months ended December 31, 2025, with an ex date of February 23, 2026, record date of February 24, 2026, and payment date of March 13, 2026 (Key Developments).
SIG
AU$2.92
Sigma Healthcare
7D
1.7%
1Y
-7.3%