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Australian (ASX) Healthcare Sector Analysis

UpdatedFeb 21, 2026
DataAggregated Company Financials
Companies125
  • 7D2.3%
  • 3M-13.4%
  • 1Y-30.6%
  • YTD-12.2%

The Healthcare industry has stayed flat over the last week. Unfortunately though, the industry is down 31% over the past 12 months. 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
Sat, 21 Feb 2026AU$189.4bAU$73.2bAU$2.2b24.5x87.3x2.6x
Mon, 19 Jan 2026AU$215.0bAU$73.9bAU$4.5b31.9x47.7x2.9x
Wed, 17 Dec 2025AU$216.5bAU$74.1bAU$4.5b32.7x47.7x2.9x
Fri, 14 Nov 2025AU$222.7bAU$74.5bAU$4.6b32.9x48.7x3x
Sun, 12 Oct 2025AU$243.6bAU$75.0bAU$4.6b30.2x52.6x3.2x
Tue, 09 Sep 2025AU$243.8bAU$74.6bAU$4.6b32.2x53.3x3.3x
Thu, 07 Aug 2025AU$276.1bAU$70.2bAU$4.8b38.3x57.4x3.9x
Sat, 05 Jul 2025AU$261.4bAU$71.6bAU$4.2b28x61.6x3.7x
Mon, 02 Jun 2025AU$259.8bAU$72.0bAU$4.3b26.3x60.2x3.6x
Wed, 30 Apr 2025AU$250.6bAU$70.7bAU$4.9b27.7x51.2x3.5x
Fri, 28 Mar 2025AU$255.8bAU$71.1bAU$4.9b28.3x52x3.6x
Sun, 23 Feb 2025AU$270.2bAU$66.5bAU$4.2b29x63.6x4.1x
Tue, 21 Jan 2025AU$245.4bAU$69.0bAU$3.4b26.2x72.4x3.6x
Thu, 19 Dec 2024AU$246.8bAU$68.5bAU$3.3b26.2x74.1x3.6x
Sat, 16 Nov 2024AU$236.7bAU$68.1bAU$3.2b24.3x73.5x3.5x
Mon, 14 Oct 2024AU$245.1bAU$67.0bAU$3.1b26.3x80.1x3.7x
Wed, 11 Sep 2024AU$239.6bAU$67.2bAU$3.1b26.4x76.7x3.6x
Fri, 09 Aug 2024AU$238.2bAU$63.1bAU$2.7b28.7x89.1x3.8x
Sun, 07 Jul 2024AU$237.2bAU$62.4bAU$2.6b33.1x92.3x3.8x
Tue, 04 Jun 2024AU$225.2bAU$61.0bAU$2.6b28.3x85.2x3.7x
Thu, 02 May 2024AU$220.0bAU$61.6bAU$2.7b27.3x81.9x3.6x
Sat, 30 Mar 2024AU$228.9bAU$61.6bAU$2.7b27.2x85.9x3.7x
Mon, 26 Feb 2024AU$224.2bAU$61.0bAU$3.2b27.2x69.6x3.7x
Wed, 24 Jan 2024AU$229.0bAU$60.5bAU$2.9b25x80.3x3.8x
Fri, 22 Dec 2023AU$222.0bAU$59.9bAU$2.8b24.9x79.7x3.7x
Sun, 19 Nov 2023AU$203.5bAU$60.7bAU$2.9b24.5x70x3.4x
Tue, 17 Oct 2023AU$194.7bAU$61.5bAU$3.0b24.9x65.4x3.2x
Thu, 14 Sep 2023AU$209.2bAU$61.2bAU$2.9b26.4x72.3x3.4x
Sat, 12 Aug 2023AU$210.4bAU$58.2bAU$3.0b25.9x71.2x3.6x
Mon, 10 Jul 2023AU$209.6bAU$57.7bAU$2.9b28.3x72.7x3.6x
Wed, 07 Jun 2023AU$231.3bAU$57.8bAU$2.9b25.9x79.8x4x
Fri, 05 May 2023AU$229.4bAU$57.2bAU$2.9b28x79.9x4x
Sun, 02 Apr 2023AU$222.7bAU$57.2bAU$2.9b27.6x77.8x3.9x
Tue, 28 Feb 2023AU$225.2bAU$57.2bAU$3.1b23.4x71.7x3.9x
Price to Earnings Ratio

71.7x


Total Market Cap: AU$225.2bTotal Earnings: AU$3.1bTotal Revenue: AU$57.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Healthcare Sector Price to Earnings3Y Average 69.9x202420252026
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 87.3x which is higher than its 3-year average PE of 69.9x.
  • The 3-year average PS ratio of 3.6x is higher than the industry's current PS ratio of 2.6x.
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 8.5% 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 Market1.87%
Healthcare2.29%
Healthtech6.70%
Pharma2.83%
Biotech2.71%
Medical Equipment1.62%
Healthcare Services0.75%
Life Sciences-3.04%
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 11.4%, which is lower than the prior year's growth of 92.7% per year.
Forecasted Growth
  • Analysts are most optimistic on the Life Sciences industry, expecting annual earnings growth of 46% over the next 5 years.
  • This is better than its past earnings growth rate of 2.4% per year.
  • In contrast, the Healthtech industry is expected to see its earnings grow by 11% 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$153.272.2%
+AU$1.5b		-40.7%PE37.3x
SHL Sonic HealthcareAU$23.3710.2%
+AU$1.1b		-14.6%PE21.4x
PME Pro MedicusAU$126.517.0%
+AU$866.1m		-55.7%PE56.3x
TLX Telix PharmaceuticalsAU$10.4319.1%
+AU$565.7m		-65.4%PS3.1x
RHC Ramsay Health CareAU$38.624.6%
+AU$388.6m		12.5%PE1305.9x

Latest News

TLX
AU$10.43
Telix Pharmaceuticals
7D
19.1%
1Y
-65.4%
SHL
AU$23.37
Sonic Healthcare
7D
10.2%
1Y
-14.6%
COH
AU$198.76
Cochlear
7D
-0.2%
1Y
-26.1%

COH: Reset Expectations And Product Adoption Will Support Future Upside Potential

Analysts have trimmed their Cochlear price target from A$301.76 to A$250.59 as they factor in slightly lower revenue growth assumptions, a marginally higher discount rate, modestly softer profit margin expectations and a reduced future P/E multiple, as highlighted in recent Street research, including the latest upgrade at RBC Capital. Analyst Commentary Recent Street commentary around Cochlear focuses on how current expectations stack up against its A$250.59 target price and what needs to go right, or wrong, for that valuation to hold.
NYR
AU$0.58
Nyrada
7D
-26.6%
1Y
480.0%
HLS
AU$0.69
Healius
7D
-11.0%
1Y
-47.1%
ANN
AU$33.29
Ansell
7D
6.4%
1Y
-6.8%
PME
AU$126.51
Pro Medicus
7D
7.0%
1Y
-55.7%
RHC
AU$38.62
Ramsay Health Care
7D
4.6%
1Y
12.5%

RHC: Higher Discount Rate And Lower P/E Will Shape Measured Outlook

Analysts have reduced their A$ price target for Ramsay Health Care to A$33.97. This reflects updated assumptions for the discount rate, revenue growth, profit margins and future P/E, which have also driven at least one recent downgrade in Street research.
BOT
AU$0.06
Botanix Pharmaceuticals
7D
-46.7%
1Y
-88.3%
ACL
AU$2.26
Australian Clinical Labs
7D
-6.6%
1Y
-39.1%
CSL
AU$153.27
CSL
7D
2.2%
1Y
-40.7%

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Feb 17
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ONE
AU$0.26
Oneview Healthcare
7D
-15.0%
1Y
-25.0%

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Feb 16
Oneview Healthcare PLC (ASX:ONE) May Have Run Too Fast Too Soon With Recent 27% Price Plummet
CU6
AU$3.51
Clarity Pharmaceuticals
7D
22.7%
1Y
0.3%
4DX
AU$3.88
4DMedical
7D
10.2%
1Y
781.8%

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).
EBR
AU$0.78
EBR Systems
7D
-4.3%
1Y
-51.9%
SIG
AU$2.94
Sigma Healthcare
7D
-3.0%
1Y
-1.7%

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