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Australian (ASX) Healthcare Sector Analysis

UpdatedMar 07, 2026
DataAggregated Company Financials
Companies130
  • 7D-1.0%
  • 3M-18.1%
  • 1Y-30.9%
  • YTD-14.6%

Over the last 7 days, the Healthcare industry has dropped 2.2%, driven by a pullback from Cochlear of 9.5%. However, the industry is down 31% 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
Sat, 07 Mar 2026AU$181.9bAU$78.2bAU$2.0b24.8x92.5x2.3x
Mon, 02 Feb 2026AU$215.0bAU$72.8bAU$4.3b31.9x49.6x3x
Wed, 31 Dec 2025AU$214.3bAU$73.8bAU$4.5b33x47.6x2.9x
Fri, 28 Nov 2025AU$227.0bAU$74.6bAU$4.6b31.9x49.2x3x
Sun, 26 Oct 2025AU$243.8bAU$74.9bAU$4.6b30.6x52.9x3.3x
Tue, 23 Sep 2025AU$238.6bAU$74.5bAU$4.6b31.8x52.3x3.2x
Thu, 21 Aug 2025AU$248.6bAU$71.1bAU$5.3b26.1x47.1x3.5x
Sat, 19 Jul 2025AU$270.7bAU$71.7bAU$4.3b29.6x63.4x3.8x
Mon, 16 Jun 2025AU$254.7bAU$71.8bAU$4.3b25.8x59.4x3.5x
Wed, 14 May 2025AU$254.2bAU$70.6bAU$4.9b27.2x52x3.6x
Fri, 11 Apr 2025AU$243.8bAU$71.6bAU$5.0b26.3x48.4x3.4x
Sun, 09 Mar 2025AU$261.1bAU$71.1bAU$4.9b28.9x53.1x3.7x
Tue, 04 Feb 2025AU$250.9bAU$69.1bAU$3.4b26.6x73.7x3.6x
Thu, 02 Jan 2025AU$244.6bAU$69.1bAU$3.4b25.4x72.2x3.5x
Sat, 30 Nov 2024AU$248.2bAU$68.0bAU$3.2b26.8x77.6x3.7x
Mon, 28 Oct 2024AU$242.2bAU$67.6bAU$3.1b26x77x3.6x
Wed, 25 Sep 2024AU$236.9bAU$66.6bAU$3.0b27.3x78.4x3.6x
Fri, 23 Aug 2024AU$243.5bAU$64.2bAU$3.2b36.7x77.1x3.8x
Sun, 21 Jul 2024AU$244.6bAU$62.7bAU$2.6b33.1x93.8x3.9x
Tue, 18 Jun 2024AU$232.2bAU$63.2bAU$2.7b32.5x87.4x3.7x
Thu, 16 May 2024AU$227.0bAU$61.1bAU$2.6b26.5x87x3.7x
Sat, 13 Apr 2024AU$223.9bAU$61.7bAU$2.7b25.8x83.6x3.6x
Mon, 11 Mar 2024AU$225.8bAU$61.4bAU$2.6b25.7x86.5x3.7x
Wed, 07 Feb 2024AU$230.6bAU$59.3bAU$3.1b25.4x75.4x3.9x
Fri, 05 Jan 2024AU$224.3bAU$60.0bAU$2.8b24.9x80.8x3.7x
Sun, 03 Dec 2023AU$206.4bAU$60.1bAU$2.8b24.8x73.1x3.4x
Tue, 31 Oct 2023AU$184.6bAU$61.2bAU$3.0b24x61.9x3x
Thu, 28 Sep 2023AU$200.9bAU$61.3bAU$2.9b24.9x68.4x3.3x
Sat, 26 Aug 2023AU$207.7bAU$61.5bAU$2.9b24.9x71.1x3.4x
Mon, 24 Jul 2023AU$212.2bAU$57.5bAU$2.9b27x74.1x3.7x
Wed, 21 Jun 2023AU$221.4bAU$57.4bAU$2.8b25.7x78x3.9x
Fri, 19 May 2023AU$230.4bAU$57.8bAU$2.9b27.7x79.8x4x
Sun, 16 Apr 2023AU$231.5bAU$57.1bAU$2.9b28.5x80.9x4.1x
Tue, 14 Mar 2023AU$218.5bAU$57.2bAU$2.9b24.9x75.9x3.8x
Price to Earnings Ratio

75.9x


Total Market Cap: AU$218.5bTotal Earnings: AU$2.9bTotal Revenue: AU$57.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Healthcare Sector Price to Earnings3Y Average 70.1x202420252026
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 92.5x which is higher than its 3-year average PE of 70.1x.
  • The 3-year average PS ratio of 3.5x is higher than the industry's current PS ratio of 2.3x.
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-3.68%
Healthcare-1.02%
Healthtech1.08%
Biotech-0.026%
Healthcare Services-0.37%
Life Sciences-2.58%
Pharma-3.37%
Medical Equipment-7.31%
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 6.3%, 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 52% 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 6.3% 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
RHC Ramsay Health CareAU$44.523.4%
+AU$333.4m		28.4%PE37.5x
PME Pro MedicusAU$132.702.1%
+AU$282.1m		-47.8%PE59.1x
TLX Telix PharmaceuticalsAU$10.757.5%
+AU$254.1m		-61.1%PS3.2x
4DX 4DMedicalAU$4.338.3%
+AU$195.7m		1,070.3%PS427.6x
SIG Sigma HealthcareAU$2.850.4%
+AU$115.0m		-1.4%PE54.7x

Latest News

PYC
AU$1.50
PYC Therapeutics
7D
-0.3%
1Y
22.0%
SDI
AU$1.27
SDI
7D
42.9%
1Y
48.8%
COH
AU$180.06
Cochlear
7D
-9.5%
1Y
-32.2%

COH: Steady Assumptions And New Access Channels Will Support Future Upside Potential

Analysts have reaffirmed their A$250.59 price target for Cochlear, citing recent research that supports steady assumptions around the discount rate, revenue growth, profit margins and future P/E expectations. Analyst Commentary Recent research behind the reaffirmed A$250.59 price target highlights a mix of supportive factors and watchpoints that matter for Cochlear's valuation and execution risk.
TLX
AU$10.75
Telix Pharmaceuticals
7D
7.5%
1Y
-61.1%
NEU
AU$12.35
Neuren Pharmaceuticals
7D
-5.4%
1Y
0.6%
4DX
AU$4.33
4DMedical
7D
8.3%
1Y
1,070.3%
RHC
AU$44.52
Ramsay Health Care
7D
3.4%
1Y
28.4%

RHC: Execution Risks Will Cap Upside Despite Higher Fair Value Estimate

Analysts now see fair value for Ramsay Health Care at A$35.70, up from A$33.97. This reflects updated assumptions around discount rates, revenue growth, profit margins and future P/E multiples.
CSL
AU$146.27
CSL
7D
-0.3%
1Y
-43.7%
IMR
AU$2.00
Imricor Medical Systems
7D
-7.0%
1Y
28.2%
MSB
AU$2.30
Mesoblast
7D
2.7%
1Y
10.0%
DXB
AU$0.41
Dimerix
7D
-14.7%
1Y
-2.4%
REG
AU$6.78
Regis Healthcare
7D
-2.4%
1Y
4.8%
PME
AU$132.70
Pro Medicus
7D
2.1%
1Y
-47.8%

Pro Medicus: The Market Is Confusing a Lumpy Quarter With a Broken Business

There's a telling anecdote about Pro Medicus that doesn't appear in any investor presentation. Radiologists at top US hospitals have started demanding it as a condition of employment — they simply won't join institutions that don't run Visage, the company's flagship imaging platform.
SIG
AU$2.85
Sigma Healthcare
7D
0.4%
1Y
-1.4%
SHL
AU$22.80
Sonic Healthcare
7D
-4.3%
1Y
-15.1%

SHL: Dividend Clarity And Steady Margins Will Support A Fair Future Multiple

Analysts have trimmed their 12 month price target for Sonic Healthcare by a small amount to A$26.15, reflecting updated assumptions for more moderate revenue growth, slightly higher profit margins and a modestly higher future P/E multiple. What's in the News Sonic Healthcare declared a dividend of A$0.45 per share for the six months ended December 31, 2025, giving investors clarity on upcoming income timing (Key Developments).
ANN
AU$30.49
Ansell
7D
-6.1%
1Y
-11.5%

ANN: Chemical Protection And Sustainability Features Will Support Future Margin And Pricing Power

Analysts have slightly reduced their Ansell price target to A$36.05 from A$36.28. The adjustment reflects updated views that incorporate a lower assumed revenue growth rate, a moderately higher discount rate, and a slightly lower future P/E multiple, partly offset by a higher expected profit margin.