Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Australian (ASX) Healthcare Sector Analysis

UpdatedJun 01, 2026
DataAggregated Company Financials
Companies130
  • 7D0.2%
  • 3M-17.8%
  • 1Y-42.8%
  • YTD-29.8%

Last week, the Healthcare industry hasn't moved much but Pro Medicus is up 14% in that time. As for the longer term, the industry has declined 43% in the last year. Looking forward, earnings are forecast to grow by 25% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 01 Jun 2026AU$150.8bAU$77.6bAU$1.8b24.6x84.1x1.9x
Wed, 29 Apr 2026AU$163.4bAU$77.7bAU$1.9b23.5x84.2x2.1x
Fri, 27 Mar 2026AU$172.7bAU$78.6bAU$2.0b24.8x86.5x2.2x
Sun, 22 Feb 2026AU$189.4bAU$73.0bAU$2.2b24.7x88x2.6x
Tue, 20 Jan 2026AU$213.0bAU$73.8bAU$4.5b32x47.4x2.9x
Thu, 18 Dec 2025AU$213.0bAU$74.2bAU$4.6b32.7x46.8x2.9x
Sat, 15 Nov 2025AU$219.7bAU$74.7bAU$4.6b32.3x47.7x2.9x
Mon, 13 Oct 2025AU$243.6bAU$75.0bAU$4.6b30.2x52.6x3.2x
Wed, 10 Sep 2025AU$241.2bAU$74.5bAU$4.6b32.2x52.9x3.2x
Fri, 08 Aug 2025AU$273.5bAU$70.1bAU$4.8b37.5x57x3.9x
Sun, 06 Jul 2025AU$261.4bAU$71.6bAU$4.2b28x61.6x3.7x
Tue, 03 Jun 2025AU$258.4bAU$71.9bAU$4.3b26.2x60.2x3.6x
Thu, 01 May 2025AU$254.3bAU$70.7bAU$4.9b28.3x51.9x3.6x
Sat, 29 Mar 2025AU$252.0bAU$71.1bAU$4.9b28.3x51.3x3.5x
Mon, 24 Feb 2025AU$270.0bAU$66.5bAU$4.2b29x63.6x4.1x
Wed, 22 Jan 2025AU$245.6bAU$68.9bAU$3.4b26.2x72.6x3.6x
Fri, 20 Dec 2024AU$243.8bAU$68.8bAU$3.3b25.8x72.8x3.5x
Sun, 17 Nov 2024AU$237.5bAU$68.2bAU$3.2b24.3x73.4x3.5x
Tue, 15 Oct 2024AU$245.1bAU$67.0bAU$3.1b26.3x80.1x3.7x
Thu, 12 Sep 2024AU$238.4bAU$67.2bAU$3.1b26.4x76.3x3.5x
Sat, 10 Aug 2024AU$241.2bAU$63.1bAU$2.7b29x90.6x3.8x
Mon, 08 Jul 2024AU$237.2bAU$62.4bAU$2.6b33.1x92.3x3.8x
Wed, 05 Jun 2024AU$224.8bAU$61.1bAU$2.6b28x86.1x3.7x
Fri, 03 May 2024AU$220.5bAU$61.4bAU$2.7b26.9x83.2x3.6x
Sun, 31 Mar 2024AU$228.9bAU$61.6bAU$2.7b27.2x86x3.7x
Tue, 27 Feb 2024AU$224.8bAU$60.4bAU$3.3b25.7x68.1x3.7x
Thu, 25 Jan 2024AU$227.3bAU$60.4bAU$2.8b25.3x80x3.8x
Sat, 23 Dec 2023AU$222.3bAU$59.7bAU$2.7b24.9x81.5x3.7x
Mon, 20 Nov 2023AU$203.5bAU$60.7bAU$2.9b24.5x70x3.4x
Wed, 18 Oct 2023AU$194.7bAU$61.5bAU$3.0b24.9x65.4x3.2x
Fri, 15 Sep 2023AU$208.3bAU$61.2bAU$2.9b25.9x72.3x3.4x
Sun, 13 Aug 2023AU$210.4bAU$58.3bAU$3.0b25.9x70.9x3.6x
Tue, 11 Jul 2023AU$208.0bAU$57.8bAU$2.9b27.6x71.7x3.6x
Thu, 08 Jun 2023AU$232.6bAU$57.6bAU$2.9b25.9x80.8x4x
Price to Earnings Ratio

80.8x


Total Market Cap: AU$232.6bTotal Earnings: AU$2.9bTotal Revenue: AU$57.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Healthcare Sector Price to Earnings3Y Average 70.6x202420252026
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 84.1x which is higher than its 3-year average PE of 70.6x.
  • The 3-year average PS ratio of 3.4x is higher than the industry's current PS ratio of 1.9x.
Past Earnings Growth
  • The earnings for companies in the Healthcare industry have declined 15% per year over the last three years.
  • Meanwhile revenues for these companies have grown 10% 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 Market0.98%
Healthcare0.17%
Life Sciences5.74%
Healthtech3.00%
Healthcare Services1.93%
Medical Equipment1.93%
Pharma0.38%
Biotech-2.69%
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 5.3%, 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 49% 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 5.3% 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
PME Pro MedicusAU$144.4613.7%
+AU$1.8b		-48.7%PE64.3x
SIG Sigma HealthcareAU$2.922.5%
+AU$805.2m		-3.3%PE56x
4DX 4DMedicalAU$4.0918.2%
+AU$373.4m		1,198.4%PS417.2x
COH CochlearAU$101.074.2%
+AU$263.6m		-62.8%PE19.1x
SHL Sonic HealthcareAU$19.251.7%
+AU$163.0m		-27.9%PE17.6x

Latest News

4DX
AU$4.09
4DMedical
7D
18.2%
1Y
1,198.4%
PME
AU$144.46
Pro Medicus
7D
13.7%
1Y
-48.7%
TLX
AU$13.02
Telix Pharmaceuticals
7D
-3.1%
1Y
-50.0%
SHL
AU$19.25
Sonic Healthcare
7D
1.7%
1Y
-27.9%
CSL
AU$94.20
CSL
7D
-4.3%
1Y
-62.0%
Narrative Update • May 27

CSL: U.S. Capacity Expansion Will Support Long Term Earnings Power

Analysts have revised CSL's fair value estimate down from A$195.41 to A$146.21. This reflects updated views on slightly higher discount rates, more moderate revenue growth, softer profit margins and a lower assumed future P/E multiple.
PNV
AU$1.17
PolyNovo
7D
-8.3%
1Y
-7.5%
NEU
AU$14.21
Neuren Pharmaceuticals
7D
-2.0%
1Y
4.7%
AVR
AU$11.50
Anteris Technologies Global
7D
-14.0%
1Y
78.3%
RHC
AU$36.54
Ramsay Health Care
7D
-3.7%
1Y
-3.3%
Narrative Update • May 14

RHC: Dividend Outlook And Possible UK Exit Will Shape Future Returns

Analysts have reduced their fair value estimate for Ramsay Health Care from A$35.60 to A$33.54, following updated assumptions for the discount rate, revenue growth, profit margin and future P/E. What's in the News Ramsay Health Care declared a fully franked ordinary dividend of A$3.3608 per share for the six months ending October 19, 2026, payable on October 20, 2026, with an ex date of September 29, 2026 and a record date of September 30, 2026 (Key Developments).
IDX
AU$2.18
Integral Diagnostics
7D
4.8%
1Y
-10.7%
Narrative Update • May 11

IDX: New Leadership And New Clinics Will Support Future Upside

Analysts have trimmed their price target for Integral Diagnostics to A$3.11 from A$3.12 as they factor in a slightly higher discount rate and marginally softer profit margin expectations, while keeping revenue growth assumptions and future P/E largely unchanged. What's in the News New Managing Director and CEO Jason Martinez is scheduled to commence on 6 August 2026, with current Managing Director and CEO Dr Ian Kadish staying on until then to support a smooth leadership transition (Key Developments).
COH
AU$101.07
Cochlear
7D
4.2%
1Y
-62.8%
Narrative Update • May 09

COH: Steadier Growth Assumptions Will Support Future Upside If Execution Holds

The updated analyst price target for Cochlear has shifted from A$239.95 to A$126.08 as analysts incorporate more moderate assumptions for revenue growth, profit margins and future P/E. This reflects mixed recent research views from Citi and Morgan Stanley.
NAN
AU$3.26
Nanosonics
7D
5.5%
1Y
-26.9%
Narrative Update • May 07

NAN: Premier Agreement And Stable Outlook Will Support Future Upside Potential

Analysts have modestly revised their view on Nanosonics, updating its A$ fair value to reflect slightly different assumptions around discount rate, revenue growth, profit margin and future P/E, which in turn leads to a small change in the overall price target rationale. What's in the News Nanosonics Inc.
CU6
AU$2.36
Clarity Pharmaceuticals
7D
-12.9%
1Y
24.5%
ANN
AU$27.75
Ansell
7D
3.6%
1Y
-11.3%
Narrative Update • Mar 28

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).
AHC
AU$0.26
Austco Healthcare
7D
-21.2%
1Y
-16.1%
SIG
AU$2.92
Sigma Healthcare
7D
2.5%
1Y
-3.3%