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Australian (ASX) Healthcare Sector Analysis

UpdatedJan 10, 2026
DataAggregated Company Financials
Companies125
  • 7D-0.1%
  • 3M-11.9%
  • 1Y-26.8%
  • YTD-0.1%

In the last week, the Healthcare industry is flat overall, with Pro Medicus standing out by going down 5.6%. Unfortunately though, the industry is down 27% over the past 12 months. Looking forward, earnings are forecast to grow by 17% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 10 Jan 2026AU$214.3bAU$73.9bAU$4.5b31.4x47.5x2.9x
Mon, 08 Dec 2025AU$222.8bAU$74.2bAU$4.3b33.5x52.2x3x
Wed, 05 Nov 2025AU$222.4bAU$74.9bAU$4.6b32.9x48.1x3x
Fri, 03 Oct 2025AU$240.5bAU$74.5bAU$4.6b30.5x52.8x3.2x
Sun, 31 Aug 2025AU$244.2bAU$74.2bAU$4.6b31.6x53.2x3.3x
Tue, 29 Jul 2025AU$277.4bAU$71.7bAU$4.3b31.1x65x3.9x
Thu, 26 Jun 2025AU$253.8bAU$71.8bAU$4.3b25.2x59.3x3.5x
Sat, 24 May 2025AU$257.4bAU$71.9bAU$4.3b27.3x60x3.6x
Mon, 21 Apr 2025AU$242.4bAU$70.8bAU$4.9b26.9x49.4x3.4x
Wed, 19 Mar 2025AU$253.1bAU$70.8bAU$4.9b27.8x51.9x3.6x
Fri, 14 Feb 2025AU$239.5bAU$66.3bAU$3.6b28x66.6x3.6x
Sun, 12 Jan 2025AU$250.1bAU$69.2bAU$3.4b26.3x73.2x3.6x
Tue, 10 Dec 2024AU$249.3bAU$68.2bAU$3.2b26.9x77x3.7x
Thu, 07 Nov 2024AU$239.6bAU$67.8bAU$3.2b25.6x75.5x3.5x
Sat, 05 Oct 2024AU$241.0bAU$66.7bAU$3.0b30.4x79.8x3.6x
Mon, 02 Sep 2024AU$243.4bAU$66.1bAU$3.2b25.6x75.8x3.7x
Wed, 31 Jul 2024AU$244.9bAU$63.2bAU$2.7b28.9x91.2x3.9x
Fri, 28 Jun 2024AU$236.1bAU$62.7bAU$2.6b32.1x90.1x3.8x
Sun, 26 May 2024AU$223.7bAU$61.1bAU$2.6b27.5x85.4x3.7x
Tue, 23 Apr 2024AU$215.4bAU$61.9bAU$2.7b25.9x78.8x3.5x
Thu, 21 Mar 2024AU$220.2bAU$61.8bAU$2.7b26.1x82.4x3.6x
Sat, 17 Feb 2024AU$223.4bAU$60.5bAU$3.5b25.8x64.1x3.7x
Mon, 15 Jan 2024AU$226.9bAU$60.1bAU$2.8b24.5x81x3.8x
Wed, 13 Dec 2023AU$212.7bAU$60.4bAU$2.9b24.9x74.2x3.5x
Fri, 10 Nov 2023AU$200.4bAU$61.1bAU$3.0b24.4x67.5x3.3x
Sun, 08 Oct 2023AU$198.7bAU$61.2bAU$2.9b24.9x67.8x3.2x
Tue, 05 Sep 2023AU$209.8bAU$61.1bAU$2.8b26.3x74.3x3.4x
Thu, 03 Aug 2023AU$212.9bAU$58.0bAU$2.9b26.6x72.6x3.7x
Sat, 01 Jul 2023AU$216.5bAU$57.9bAU$2.9b27x74.4x3.7x
Mon, 29 May 2023AU$229.6bAU$58.2bAU$3.0b27.8x77.8x3.9x
Wed, 26 Apr 2023AU$233.8bAU$57.4bAU$2.9b27.5x80.7x4.1x
Fri, 24 Mar 2023AU$220.3bAU$56.9bAU$2.8b24.9x77.5x3.9x
Sun, 19 Feb 2023AU$226.3bAU$56.2bAU$3.3b24.9x68.2x4x
Tue, 17 Jan 2023AU$220.2bAU$55.1bAU$4.0b25.2x55.5x4x
Price to Earnings Ratio

55.5x


Total Market Cap: AU$220.2bTotal Earnings: AU$4.0bTotal Revenue: AU$55.1bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Healthcare Sector Price to Earnings3Y Average 70x202420252026
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 industry is trading at a PE ratio of 47.7x which is lower than its 3-year average PE of 70.0x.
  • The 3-year average PS ratio of 3.6x is higher than the industry's current PS ratio of 2.9x.
Past Earnings Growth
  • The earnings for companies in the Healthcare industry have grown 4.3% per year over the last three years.
  • Revenues for these companies have grown 10% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the Australian Healthcare sector?

AU Market0.16%
Healthcare-0.13%
Biotech1.52%
Pharma1.21%
Medical Equipment-0.22%
Healthcare Services-0.59%
Life Sciences-2.45%
Healthtech-4.95%
Industry PE
  • Investors are most optimistic about the Healthtech industry which is trading above its 3-year average PE ratio of 2kx.
    • Analysts are expecting annual earnings growth of 25.2%, which is lower than the prior year's growth of 62.7% per year.
Forecasted Growth
  • Analysts are most optimistic on the Life Sciences industry, expecting annual earnings growth of 71% over the next 5 years.
  • This is better than its past earnings growth rate of 2.4% per year.
  • In contrast, the Biotech industry is expected to see its earnings grow by 13% 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$174.291.4%
+AU$1.1b		-38.9%PE18.7x
MSB MesoblastAU$3.0710.8%
+AU$384.9m		9.3%PS153.1x
RHC Ramsay Health CareAU$35.352.2%
+AU$174.7m		4.7%PE1195.3x
COH CochlearAU$263.240.9%
+AU$145.8m		-12.6%PE44.3x
NAN NanosonicsAU$4.145.6%
+AU$66.7m		33.1%PE60.7x

Latest News

AYA
AU$4.55
Artrya
7D
-10.3%
1Y
540.8%
COH
AU$263.24
Cochlear
7D
0.9%
1Y
-12.6%
SLD
AU$1.19
Saluda Medical
7D
-16.8%
1Y
n/a
PGC
AU$0.24
Paragon Care
7D
11.4%
1Y
-47.9%
RHC
AU$35.35
Ramsay Health Care
7D
2.2%
1Y
4.7%

RHC: Future CFO Appointment Will Steady Margins While Valuation Appears Balanced

Analysts have slightly reduced their price target for Ramsay Health Care from A$34.50 to A$33.97. The change reflects updated assumptions around discount rates, revenue growth, profit margins and future P/E expectations.
4DX
AU$4.62
4DMedical
7D
1.8%
1Y
833.3%

4DX: Commercial Momentum And New CFO Will Likely Fail To Justify High Multiple

Analysts have left their price target for 4DMedical broadly unchanged at A$2.30. This reflects only minor tweaks to assumptions such as discount rate, revenue growth, profit margin and future P/E rather than a shift in their overall view on the stock.
MSB
AU$3.07
Mesoblast
7D
10.8%
1Y
9.3%
ANN
AU$33.49
Ansell
7D
-4.9%
1Y
-1.2%
HLS
AU$0.97
Healius
7D
7.1%
1Y
-32.5%
TLX
AU$11.24
Telix Pharmaceuticals
7D
-1.1%
1Y
-53.1%

The Market Doesn't Like What It Sees From Telix Pharmaceuticals Limited's (ASX:TLX) Revenues Yet As Shares Tumble 26%

Dec 31
The Market Doesn't Like What It Sees From Telix Pharmaceuticals Limited's (ASX:TLX) Revenues Yet As Shares Tumble 26%
ONE
AU$0.36
Oneview Healthcare
7D
-7.6%
1Y
28.1%

ONE: Future Profitability Headwinds Will Likely Weigh On Share Price

Analysts have lowered their price target on Oneview Healthcare from approximately $0.34 to $0.25 per share, citing tempered expectations for revenue growth and profit margins, despite a higher anticipated future price to earnings multiple and slightly increased discount rate assumptions. What's in the News Announced a new partnership with Peterson Health to deploy the Care Experience Platform across all inpatient rooms, including 22" bedside touch screens and 43" digital whiteboards integrated with Meditech Expanse, supporting real time clinical information and patient engagement tools (Client Announcements).
NAN
AU$4.14
Nanosonics
7D
5.6%
1Y
33.1%

NAN: Share Buyback And Modest Margin Outlook Will Shape Future Performance

Analysts have nudged their price target on Nanosonics slightly higher to reflect modestly improved assumptions for revenue growth, profit margins and fair value, partly offset by a marginally higher discount rate and a slightly lower future P/E multiple. What's in the News Nanosonics Limited (ASX:NAN) has announced a share repurchase program of up to $20 million, valid until November 4, 2026 (company announcement) The Board of Directors has formally authorized the new share buyback plan as of November 5, 2025 (company announcement) Valuation Changes Fair Value has risen slightly, with the analyst estimate moving from 3.9 to 4.0 times long term earnings assumptions.
ACW
AU$0.059
Actinogen Medical
7D
-10.6%
1Y
136.0%
CSL
AU$174.29
CSL
7D
1.4%
1Y
-38.9%

CSL: Shares Will Recover As Seqirus Drag Fades After AGM Downgrade

Analysts have nudged down their price target on CSL by A$5 to reflect slightly softer long term revenue growth assumptions and a modestly higher discount rate, even as they highlight resilient margins and view the recent selloff as an opportunity to re engage with the shares. Analyst Commentary Recent commentary around CSL reflects a more constructive stance on the stock despite near term earnings noise, with valuation support emerging after the sharp pullback.
SIG
AU$2.89
Sigma Healthcare
7D
-1.7%
1Y
n/a
PME
AU$210.21
Pro Medicus
7D
-5.6%
1Y
-21.7%

Does Pro Medicus (ASX:PME) Deserve A Spot On Your Watchlist?

Oct 08
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