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Australian (ASX) Healthcare Sector Analysis

UpdatedMar 01, 2026
DataAggregated Company Financials
Companies127
  • 7D-1.6%
  • 3M-18.4%
  • 1Y-30.2%
  • YTD-13.7%

Over the last 7 days, the Healthcare industry has dropped 1.6%, driven by a pullback from CSL of 4.2%. Meanwhile, Ramsay Health Care actually outperformed within the industry, gaining 12% in the last week. The industry has fallen 30% in the last year. Earnings are forecast to grow by 24% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 01 Mar 2026AU$186.0bAU$77.8bAU$2.2b29x86x2.4x
Tue, 27 Jan 2026AU$216.3bAU$73.0bAU$4.4b32.8x49.6x3x
Thu, 25 Dec 2025AU$214.8bAU$73.8bAU$4.5b33.3x47.8x2.9x
Sat, 22 Nov 2025AU$218.1bAU$75.0bAU$4.7b31.7x46.6x2.9x
Mon, 20 Oct 2025AU$245.5bAU$74.9bAU$4.6b30.9x53.1x3.3x
Wed, 17 Sep 2025AU$238.6bAU$74.2bAU$4.5b32.1x52.7x3.2x
Fri, 15 Aug 2025AU$274.5bAU$70.2bAU$4.8b31.1x57.1x3.9x
Sun, 13 Jul 2025AU$258.9bAU$71.5bAU$4.2b27.9x61.1x3.6x
Tue, 10 Jun 2025AU$255.5bAU$71.7bAU$4.3b26.2x59.9x3.6x
Thu, 08 May 2025AU$251.2bAU$70.3bAU$4.8b27.7x51.8x3.6x
Sat, 05 Apr 2025AU$246.8bAU$71.8bAU$5.1b27.4x48.7x3.4x
Mon, 03 Mar 2025AU$263.9bAU$71.5bAU$4.9b28.5x53.5x3.7x
Wed, 29 Jan 2025AU$247.6bAU$68.8bAU$3.4b26.4x73.6x3.6x
Fri, 27 Dec 2024AU$244.3bAU$68.9bAU$3.4b25.9x72.8x3.5x
Sun, 24 Nov 2024AU$239.0bAU$68.0bAU$3.2b26.3x74.6x3.5x
Tue, 22 Oct 2024AU$249.1bAU$67.3bAU$3.1b25.5x80.3x3.7x
Thu, 19 Sep 2024AU$239.0bAU$66.8bAU$3.1b27.6x78.1x3.6x
Sat, 17 Aug 2024AU$241.7bAU$63.9bAU$2.9b30.7x83.2x3.8x
Mon, 15 Jul 2024AU$242.6bAU$62.3bAU$2.6b33.4x95x3.9x
Wed, 12 Jun 2024AU$231.4bAU$63.2bAU$2.7b30x86.9x3.7x
Fri, 10 May 2024AU$223.2bAU$61.3bAU$2.6b26.9x84.4x3.6x
Sun, 07 Apr 2024AU$223.8bAU$61.3bAU$2.6b27.1x85.1x3.6x
Tue, 05 Mar 2024AU$221.3bAU$61.8bAU$2.7b25.7x83.1x3.6x
Thu, 01 Feb 2024AU$233.5bAU$60.5bAU$2.9b25.1x81.9x3.9x
Sat, 30 Dec 2023AU$226.0bAU$59.7bAU$2.7b24.9x82.7x3.8x
Mon, 27 Nov 2023AU$202.1bAU$60.4bAU$2.9b24.9x70.4x3.3x
Wed, 25 Oct 2023AU$189.2bAU$61.3bAU$3.0b24.6x63.2x3.1x
Fri, 22 Sep 2023AU$201.9bAU$61.1bAU$2.9b24.9x69.3x3.3x
Sun, 20 Aug 2023AU$212.8bAU$60.6bAU$2.9b28.2x74.7x3.5x
Tue, 18 Jul 2023AU$209.4bAU$57.3bAU$2.8b27.1x74x3.7x
Thu, 15 Jun 2023AU$221.7bAU$57.4bAU$2.8b25.7x78x3.9x
Sat, 13 May 2023AU$232.8bAU$57.2bAU$2.9b27.7x81.1x4.1x
Mon, 10 Apr 2023AU$230.6bAU$57.2bAU$2.9b26.6x80.2x4x
Wed, 08 Mar 2023AU$223.9bAU$56.9bAU$2.9b26.3x78.5x3.9x
Price to Earnings Ratio

78.5x


Total Market Cap: AU$223.9bTotal Earnings: AU$2.9bTotal Revenue: AU$56.9bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Healthcare Sector Price to Earnings3Y Average 70x202420252026
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 83.0x which is higher than its 3-year average PE of 70.0x.
  • The 3-year average PS ratio of 3.5x is higher than the industry's current PS ratio of 2.5x.
Past Earnings Growth
  • The earnings for companies in the Healthcare industry have declined 7.7% per year over the last three years.
  • Meanwhile revenues for these companies have grown 9.3% 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 Market1.40%
Healthcare-1.63%
Healthtech2.81%
Life Sciences1.64%
Healthcare Services0.38%
Pharma-0.39%
Medical Equipment-0.91%
Biotech-4.17%
Industry PE
  • Investors are most optimistic about the Medical Equipment industry which is trading above its 3-year average PE ratio of 202x.
    • Analysts expect its future annual earnings growth (19.2%) to be largely in line with prior year's earnings growth.
Forecasted Growth
  • Analysts are most optimistic on the Life Sciences industry, expecting annual earnings growth of 45% over the next 5 years.
  • However this is lower than its past earnings growth rate of 124% per year.
  • In contrast, the Healthtech industry is expected to see its earnings grow by 12% 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$43.0711.5%
+AU$1.0b		25.2%PE36.3x
PME Pro MedicusAU$130.002.8%
+AU$364.6m		-48.7%PE57.9x
SHL Sonic HealthcareAU$23.832.0%
+AU$227.3m		-13.2%PE21.8x
REG Regis HealthcareAU$6.957.9%
+AU$154.2m		5.3%PE55.3x
AVR Anteris Technologies GlobalAU$8.809.7%
+AU$75.8m		-21.0%PS318.3x

Latest News

RHC
AU$43.07
Ramsay Health Care
7D
11.5%
1Y
25.2%
CU6
AU$3.61
Clarity Pharmaceuticals
7D
2.8%
1Y
1.4%
SIG
AU$2.84
Sigma Healthcare
7D
-3.4%
1Y
-3.4%
AVR
AU$8.80
Anteris Technologies Global
7D
9.7%
1Y
-21.0%
MSB
AU$2.24
Mesoblast
7D
-7.1%
1Y
-11.1%
SHL
AU$23.83
Sonic Healthcare
7D
2.0%
1Y
-13.2%

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).
CUV
AU$10.01
Clinuvel Pharmaceuticals
7D
-14.2%
1Y
-12.9%

CUV: Higher Margin Outlook Will Support Future Upside Potential

Analysts have reduced their price target on Clinuvel Pharmaceuticals from A$14.00 to A$13.00, citing updated assumptions for discount rate, revenue growth, profit margin and future P/E, which modestly shift the valuation mix while keeping the overall story intact. Valuation Changes Fair Value: Trimmed from A$14.00 to A$13.00, a modest reduction in the central valuation estimate.
NAN
AU$3.42
Nanosonics
7D
-8.6%
1Y
-27.2%
PGC
AU$0.19
Paragon Care
7D
-9.5%
1Y
-63.5%

PGC: Exit From Ramsay Pharmacy Business Will Unlock Future Value

Narrative Update on Paragon Care Analysts have trimmed their fair value estimate for Paragon Care from A$0.49 to A$0.40 as they now apply a slightly higher discount rate and assume more moderate revenue growth, profit margins and a lower future P/E multiple. What's in the News Paragon Care confirmed earnings guidance for full year 2026, with revenue expected in the range of $3.6b to $3.7b (company guidance).
PME
AU$130.00
Pro Medicus
7D
2.8%
1Y
-48.7%
REG
AU$6.95
Regis Healthcare
7D
7.9%
1Y
5.3%

REG: RAD Retention And Acquisitions Will Support Future Earnings Upside

Analysts have raised their fair value estimate for Regis Healthcare to A$8.32 from A$7.98, reflecting updated assumptions on revenue growth, profit margins, the discount rate and future P/E expectations. What's in the News Regis Healthcare states it will look for acquisition opportunities, supported by what it describes as substantial operating cash flow from its core business and a strong balance sheet with undrawn debt capacity (Key Developments).
CSL
AU$146.76
CSL
7D
-4.2%
1Y
-43.7%

CSL: Execution On Gene Therapy And Leadership Transition Will Support Share Recovery

Analysts have trimmed their CSL fair value estimate to A$210.90 from A$228.58 as updated assumptions on discount rate, revenue growth, profit margins and future P/E feed through into a lower overall price target. Analyst Commentary Recent research views on CSL have been mixed, with some analysts turning more cautious while others have taken a more constructive stance at different points.
ANN
AU$32.46
Ansell
7D
-2.5%
1Y
-7.0%

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.
TLX
AU$10.00
Telix Pharmaceuticals
7D
-4.1%
1Y
-64.9%
RAC
AU$2.47
Racura Oncology
7D
11.3%
1Y
116.7%
4DX
AU$4.00
4DMedical
7D
3.1%
1Y
939.0%

4DX: Equity Raise And New CFO Will Likely Fail To Support Multiple

Analysts have raised their price target on 4DMedical to A$3.40, reflecting adjustments to their fair value estimate, discount rate, expected revenue growth, profit margin and future P/E assumptions. What's in the News 4DMedical completed a follow on equity offering of A$79.063503 million, issuing 20,806,185 ordinary shares at A$3.80 per share with a A$0.19 discount per security (Key Developments).