Australian (ASX) Healthcare Sector Analysis

Sector Valuation and Performance

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

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Mon, 06 Jul 2026	AU$174.1b	AU$78.5b	AU$2.0b	25.8x	88x	2.2x
Wed, 03 Jun 2026	AU$149.2b	AU$77.7b	AU$1.8b	25.4x	82.9x	1.9x
Fri, 01 May 2026	AU$161.3b	AU$77.7b	AU$1.9b	25.7x	83x	2.1x
Sun, 29 Mar 2026	AU$172.1b	AU$78.8b	AU$2.0b	25.4x	85.8x	2.2x
Tue, 24 Feb 2026	AU$184.7b	AU$73.1b	AU$2.2b	24.3x	85.7x	2.5x
Thu, 22 Jan 2026	AU$211.6b	AU$73.6b	AU$4.5b	32x	47.4x	2.9x
Sat, 20 Dec 2025	AU$215.0b	AU$74.2b	AU$4.6b	32.9x	47.2x	2.9x
Mon, 17 Nov 2025	AU$219.7b	AU$74.6b	AU$4.6b	32.4x	47.7x	2.9x
Wed, 15 Oct 2025	AU$239.8b	AU$75.2b	AU$4.7b	29.5x	51.5x	3.2x
Fri, 12 Sep 2025	AU$238.4b	AU$74.5b	AU$4.6b	31.4x	52.3x	3.2x
Sun, 10 Aug 2025	AU$269.2b	AU$70.1b	AU$4.8b	37.3x	56.1x	3.8x
Tue, 08 Jul 2025	AU$263.8b	AU$71.8b	AU$4.3b	28.4x	61.6x	3.7x
Thu, 05 Jun 2025	AU$259.5b	AU$71.9b	AU$4.3b	26.3x	60.4x	3.6x
Sat, 03 May 2025	AU$260.7b	AU$70.5b	AU$4.9b	29x	53.5x	3.7x
Mon, 31 Mar 2025	AU$252.0b	AU$71.2b	AU$4.9b	28.3x	51.2x	3.5x
Wed, 26 Feb 2025	AU$271.5b	AU$66.7b	AU$4.3b	29.4x	63.2x	4.1x
Fri, 24 Jan 2025	AU$245.0b	AU$68.7b	AU$3.4b	26.2x	73.1x	3.6x
Sun, 22 Dec 2024	AU$240.8b	AU$68.8b	AU$3.3b	25.5x	72x	3.5x
Tue, 19 Nov 2024	AU$234.4b	AU$68.2b	AU$3.2b	24.6x	72.5x	3.4x
Thu, 17 Oct 2024	AU$246.2b	AU$67.3b	AU$3.1b	25.9x	79.4x	3.7x
Sat, 14 Sep 2024	AU$241.7b	AU$67.1b	AU$3.1b	27x	77.7x	3.6x
Mon, 12 Aug 2024	AU$241.2b	AU$63.0b	AU$2.7b	29x	90.7x	3.8x
Wed, 10 Jul 2024	AU$234.7b	AU$62.5b	AU$2.6b	32.7x	91.1x	3.8x
Fri, 07 Jun 2024	AU$230.9b	AU$63.0b	AU$2.6b	29.8x	87.7x	3.7x
Sun, 05 May 2024	AU$221.9b	AU$61.2b	AU$2.6b	27.3x	84.5x	3.6x
Tue, 02 Apr 2024	AU$228.9b	AU$61.6b	AU$2.7b	27.2x	86x	3.7x
Thu, 29 Feb 2024	AU$224.5b	AU$60.5b	AU$2.7b	27.7x	83x	3.7x
Sat, 27 Jan 2024	AU$228.3b	AU$60.5b	AU$2.8b	25.3x	80.1x	3.8x
Mon, 25 Dec 2023	AU$222.3b	AU$59.7b	AU$2.7b	24.9x	81.4x	3.7x
Wed, 22 Nov 2023	AU$202.4b	AU$60.5b	AU$2.9b	24.5x	70.3x	3.3x
Fri, 20 Oct 2023	AU$189.8b	AU$61.4b	AU$3.0b	24.9x	62.9x	3.1x
Sun, 17 Sep 2023	AU$209.1b	AU$61.2b	AU$2.9b	25.3x	72.4x	3.4x
Tue, 15 Aug 2023	AU$208.5b	AU$58.1b	AU$3.0b	26.1x	70.2x	3.6x
Thu, 13 Jul 2023	AU$208.3b	AU$57.7b	AU$2.9b	27.5x	72.3x	3.6x

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 88.0x which is higher than its 3-year average PE of 70.8x.

The 3-year average PS ratio of 3.3x is higher than the industry's current PS ratio of 2.2x.

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	0.98%
Healthcare	5.62%
Pharma	21.49%
Healthtech	10.95%
Life Sciences	6.80%
Biotech	6.34%
Medical Equipment	5.20%
Healthcare Services	1.72%

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 4.3%, 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 46% 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 4.3% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

Company	Last Price	7D	1Y	Valuation
CSL CSL	AU$124.23	7.7% +AU$4.2b	-49.9%	PE29.6x
PME Pro Medicus	AU$213.77	8.3% +AU$1.7b	-31.0%	PE95.2x
COH Cochlear	AU$127.86	5.6% +AU$443.4m	-57.5%	PE24.2x
TLX Telix Pharmaceuticals	AU$17.38	7.5% +AU$410.6m	-27.7%	PS5.1x
SHL Sonic Healthcare	AU$21.54	2.7% +AU$281.6m	-20.2%	PE19.7x

WHSP Holdings Limited (ASX:SOL) and Genesis Capital cancelled the acquisition of 80.4% stake in Monash IVF Group Limited (ASX:MVF).

WHSP Holdings Limited (ASX:SOL) and Genesis Capital entered into a non-binding indicative proposal to acquire remaining 80.4% stake in Monash IVF Group Limited (ASX:MVF) for approximately AUD 250 million on November 24, 2025. A cash consideration valued at AUD 0.8 per share and will be paid by WHSP Holdings Limited and Genesis Capital. As part of consideration, an AUD 0.85 million is paid towards Performance Rights and AUD 250.61 million is paid towards common equity of Monash IVF Group Limited. The transaction is contingent upon exclusive due diligence, customary transaction documentation negotiation and execution, unanimous Monash IVF Group Limited recommendation, and final internal approval from WHSP Holdings Limited and Genesis Capital for a binding proposal and transaction documentation. The deal has been rejected by the board of Monash IVF Group Limited due to the Offer Price being at a substantial discount to comparable IVF transactions in the Australian market, the Proposal remaining conditional and requiring further due diligence and access to senior management and key employees, and uncertainty regarding the financing arrangements proposed by the Consortium. As of April 13, 2026 Monash IVF Group Limited has now received a revised, unsolicited, conditional and non-binding indicative proposal from WHSP Holdings Limited (ASX:SOL) and Genesis Capital. The indicative cash price offered to shareholders under the Proposal is AUD 0.90 per share. As part part of consideration AUD 281.93 million is paid towards common equity and AUD 1.68 million is paid towards performance rights. It should be noted that there is no certainty that the discussions with the Consortium will result in any transaction. If there are material developments in the future, Monash IVF will inform shareholders as required under its continuous disclosure obligations. The deal is conditional upon exclusive due diligence, including a 4-week period of exclusivity with no fiduciary exceptions, negotiation and execution of transaction documentation on 'customary terms', including a no material adverse change condition, unanimous recommendation of the Monash IVF Board of the Proposal and final internal approval from the relevant Consortium Members for a final binding proposal and entry into transaction documentation. Macquarie Capital Limited acted as financial advisor for Monash IVF Group Limited. Clayton Utz acted as legal advisor for Monash IVF Group Limited. WHSP Holdings Limited (ASX:SOL) and Genesis Capital cancelled the acquisition of 80.4% stake in Monash IVF Group Limited (ASX:MVF) on April 20, 2026. Monash IVF Group Limited announced that its Board has unanimously rejected the revised non-binding proposal from Genesis Capital and Soul Patts to acquire the company for AUD 0.90 per share, stating the offer undervalues the company but remains open to a higher bid. This captures the rejection, the offer price, the reason, and the fact that the door remains open for a higher offer, which are the key takeaways for our tracking purposes.

Australian (ASX) Healthcare Sector Analysis

Sector Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

Mesoblast Reaches Key Patient Milestone and Funding for Pivotal Back Pain Study

Sigma Healthcare Limited to Report Fiscal Year 2026 Results on Aug 27, 2026

SHL: Higher Discount Rate Will Pressure Future Earnings Multiple

Telix Pharmaceuticals Aligns with Fda to Advance Prostact Global Phase 3 Trial

CSL Launches Major Restructuring With Seqirus Spin-Off and CEO Search Following Profit Warnings

COH: Hospital Bottlenecks And Weaker Referrals Will Pressure Earnings Expectations

Independent Non-Executive Director recently sold AU$126k worth of stock

Now 20% undervalued

Forecast to breakeven in 2029

4DMedical Wins TGA Approval to Commercialize CT:VQ Lung Imaging Across Australia

Recce Pharmaceuticals Ltd has completed a Follow-on Equity Offering in the amount of AUD 4 million.

PME: Record Contracts And Index Removal Will Shape Future Returns

New minor risk - Share price stability

Consensus EPS estimates upgraded to AU$0.082 loss

CEO, MD & Executive Director recently sold AU$1.1m worth of stock

WHSP Holdings Limited (ASX:SOL) and Genesis Capital cancelled the acquisition of 80.4% stake in Monash IVF Group Limited (ASX:MVF).