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Australian (ASX) Healthcare Sector Analysis

UpdatedApr 24, 2026
DataAggregated Company Financials
Companies129
  • 7D-5.7%
  • 3M-22.8%
  • 1Y-33.3%
  • YTD-22.3%

Over the last 7 days, the Healthcare industry has dropped 4.9%, driven by declines in Cochlear and CSL of 44% and 6.2%, respectively. However, the industry is down 33% over the past year. 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
Fri, 24 Apr 2026AU$165.4bAU$77.8bAU$1.9b23.5x84.9x2.1x
Sun, 22 Mar 2026AU$170.9bAU$78.2bAU$2.0b25.4x86.7x2.2x
Tue, 17 Feb 2026AU$186.5bAU$72.0bAU$2.1b31.1x86.9x2.6x
Thu, 15 Jan 2026AU$214.1bAU$73.9bAU$4.5b31.7x47.5x2.9x
Sat, 13 Dec 2025AU$221.1bAU$74.0bAU$4.5b33.6x49.4x3x
Mon, 10 Nov 2025AU$221.3bAU$74.8bAU$4.6b32x47.9x3x
Wed, 08 Oct 2025AU$238.9bAU$74.5bAU$4.6b30.5x52.4x3.2x
Fri, 05 Sep 2025AU$241.1bAU$74.9bAU$4.6b32x52.2x3.2x
Sun, 03 Aug 2025AU$271.8bAU$70.4bAU$4.9b37.6x55.7x3.9x
Tue, 01 Jul 2025AU$255.5bAU$71.7bAU$4.3b26.2x60x3.6x
Thu, 29 May 2025AU$260.2bAU$72.0bAU$4.3b27.1x60.5x3.6x
Sat, 26 Apr 2025AU$246.5bAU$70.7bAU$4.9b27.3x50.3x3.5x
Mon, 24 Mar 2025AU$255.5bAU$71.2bAU$4.9b28.1x51.9x3.6x
Wed, 19 Feb 2025AU$241.1bAU$66.0bAU$3.6b29.6x67.9x3.7x
Fri, 17 Jan 2025AU$244.4bAU$69.0bAU$3.4b26.1x72x3.5x
Sun, 15 Dec 2024AU$242.8bAU$68.3bAU$3.3b26.3x73.5x3.6x
Tue, 12 Nov 2024AU$243.5bAU$67.7bAU$3.2b25.6x77.1x3.6x
Thu, 10 Oct 2024AU$244.9bAU$67.1bAU$3.1b27.4x79.7x3.6x
Sat, 07 Sep 2024AU$240.5bAU$67.0bAU$3.1b26.2x78.4x3.6x
Mon, 05 Aug 2024AU$242.8bAU$63.3bAU$2.7b29.6x90.2x3.8x
Wed, 03 Jul 2024AU$232.8bAU$62.8bAU$2.6b32.1x88.7x3.7x
Fri, 31 May 2024AU$221.9bAU$61.1bAU$2.6b28.4x83.9x3.6x
Sun, 28 Apr 2024AU$219.4bAU$61.5bAU$2.7b27.3x82.3x3.6x
Tue, 26 Mar 2024AU$222.2bAU$61.7bAU$2.7b26x83.2x3.6x
Thu, 22 Feb 2024AU$222.7bAU$60.8bAU$3.2b27.5x69.8x3.7x
Sat, 20 Jan 2024AU$225.7bAU$60.4bAU$2.8b24.9x79.5x3.7x
Mon, 18 Dec 2023AU$218.9bAU$60.0bAU$2.8b24.8x77.9x3.6x
Wed, 15 Nov 2023AU$200.8bAU$61.2bAU$3.0b24.4x67.3x3.3x
Fri, 13 Oct 2023AU$193.7bAU$61.1bAU$2.9b24.9x66.3x3.2x
Sun, 10 Sep 2023AU$210.4bAU$61.4bAU$2.9b25.8x72.1x3.4x
Tue, 08 Aug 2023AU$208.5bAU$58.1bAU$2.9b26.1x70.8x3.6x
Thu, 06 Jul 2023AU$214.9bAU$57.8bAU$2.9b29.5x74.3x3.7x
Sat, 03 Jun 2023AU$231.9bAU$57.9bAU$2.9b26.1x79.7x4x
Mon, 01 May 2023AU$230.5bAU$57.4bAU$2.9b29.2x79.5x4x
Price to Earnings Ratio

79.5x


Total Market Cap: AU$230.5bTotal Earnings: AU$2.9bTotal Revenue: AU$57.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Healthcare Sector Price to Earnings3Y Average 70.5x202420252026
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 85.5x which is higher than its 3-year average PE of 70.5x.
  • The 3-year average PS ratio of 3.5x is higher than the industry's current PS ratio of 2.1x.
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-1.56%
Healthcare-5.74%
Life Sciences3.57%
Healthcare Services0.32%
Pharma-2.82%
Healthtech-4.77%
Biotech-5.59%
Medical Equipment-25.53%
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 5.6%, 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 5.6% 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
SIG Sigma HealthcareAU$2.812.6%
+AU$805.2m		-6.6%PE53.9x
REG Regis HealthcareAU$7.0316.6%
+AU$302.4m		4.1%PE55.9x
PYC PYC TherapeuticsAU$1.294.9%
+AU$59.0m		15.7%PS61.7x
IMR Imricor Medical SystemsAU$2.057.0%
+AU$43.3m		27.7%PS1606x
NAN NanosonicsAU$3.602.3%
+AU$23.9m		-21.6%PE52.4x

Latest News

COH
AU$95.00
Cochlear
7D
-44.0%
1Y
-64.1%
REG
AU$7.03
Regis Healthcare
7D
16.6%
1Y
4.1%
4DX
AU$5.27
4DMedical
7D
-17.7%
1Y
1,782.1%
CSL
AU$129.00
CSL
7D
-6.2%
1Y
-46.7%

CSL: Manufacturing Expansion And CEO Transition Will Support Long Term Share Rebound

The CSL analyst price target has been trimmed by about A$9, as analysts now factor in slightly lower revenue growth, a modestly softer profit margin outlook, a marginally higher discount rate and a small reset in assumed future P/E multiples. Analyst Commentary Recent Street research on CSL and peers points to a mixed but useful read on how analysts are thinking about valuation, execution risk and growth expectations.
NAN
AU$3.60
Nanosonics
7D
2.3%
1Y
-21.6%

NAN: Premier Agreement Will Support Future Upside Potential

Analysts have kept their fair value estimate for Nanosonics broadly unchanged at A$4.30, making small adjustments to the discount rate, profit margin assumptions and future P/E input. These changes have led to only a marginal shift in the implied price target rather than a major reset in expectations.
TLX
AU$14.43
Telix Pharmaceuticals
7D
-3.8%
1Y
-49.5%
SHL
AU$20.19
Sonic Healthcare
7D
-1.7%
1Y
-20.8%

Sonic Healthcare Is Priced for Yesterday. Its AI Is Built for Tomorrow.

Sonic Healthcare stands as the world’s third-largest medical diagnostics company, operating an extensive network of pathology labs, radiology centers, and primary care medical practices across Australia, the US, Germany, Switzerland, and the UK. Founded in 1987, the company has spent over three decades executing a disciplined acquisition strategy to become a cornerstone of global healthcare infrastructure.
PME
AU$141.63
Pro Medicus
7D
-4.9%
1Y
-32.8%
RHC
AU$39.49
Ramsay Health Care
7D
-6.6%
1Y
18.9%

RHC: Margin Resilience And UK Exit Options Will Support Future Upside Potential

Analysts now place Ramsay Health Care's fair value at A$51.81, compared with A$48.05 previously. This reflects updated views on discount rates, revenue growth, profit margins and future P/E after recent Street research, including the latest Morgan Stanley downgrade review.
PYC
AU$1.29
PYC Therapeutics
7D
4.9%
1Y
15.7%
PNV
AU$1.02
PolyNovo
7D
2.0%
1Y
-12.8%

PNV: Higher Margin Outlook And Adjusted Assumptions Will Support Balanced Upside Potential

Analysts have lifted their price target on PolyNovo to A$X.X0 from A$Y.Y0. The change reflects slightly higher assumptions for long term revenue growth and profit margins, a modestly higher discount rate, and a marginally lower future P/E multiple.
ANN
AU$26.90
Ansell
7D
-3.0%
1Y
-8.6%

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).
IMR
AU$2.05
Imricor Medical Systems
7D
7.0%
1Y
27.7%
EMV
AU$1.82
EMVision Medical Devices
7D
15.6%
1Y
-6.9%
SIG
AU$2.81
Sigma Healthcare
7D
2.6%
1Y
-6.6%
SPL
AU$0.73
Starpharma Holdings
7D
8.1%
1Y
720.2%