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Australian (ASX) Healthcare Sector Analysis

UpdatedApr 20, 2026
DataAggregated Company Financials
Companies129
  • 7D2.0%
  • 3M-16.9%
  • 1Y-28.1%
  • YTD-17.6%

In the last week, the Healthcare industry is up 2.0%, with Pro Medicus leading the way, up 9.4%. During this same period, the 4DMedical underperformed, falling 16%. In contrast, the industry has lost 28% in the last 12 months. Looking forward, earnings are forecast to grow by 23% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 21 Apr 2026AU$175.6bAU$77.6bAU$1.9b26.7x90.5x2.3x
Thu, 19 Mar 2026AU$171.7bAU$77.9bAU$2.0b24.8x87.6x2.2x
Sat, 14 Feb 2026AU$184.8bAU$72.3bAU$2.1b36.5x87.9x2.6x
Mon, 12 Jan 2026AU$214.2bAU$73.9bAU$4.5b31.4x47.6x2.9x
Wed, 10 Dec 2025AU$221.5bAU$74.1bAU$4.5b33.5x49.3x3x
Fri, 07 Nov 2025AU$222.2bAU$74.9bAU$4.6b31.7x48.2x3x
Sun, 05 Oct 2025AU$242.7bAU$74.5bAU$4.6b30.4x53.3x3.3x
Tue, 02 Sep 2025AU$242.8bAU$74.8bAU$4.6b32.3x53x3.2x
Thu, 31 Jul 2025AU$277.8bAU$71.8bAU$4.3b31x64.6x3.9x
Sat, 28 Jun 2025AU$251.4bAU$71.7bAU$4.3b26x59x3.5x
Mon, 26 May 2025AU$257.5bAU$71.8bAU$4.3b27.4x60.3x3.6x
Wed, 23 Apr 2025AU$239.5bAU$70.7bAU$4.9b26.7x48.9x3.4x
Fri, 21 Mar 2025AU$258.1bAU$71.2bAU$4.9b28.3x52.4x3.6x
Sun, 16 Feb 2025AU$239.0bAU$66.0bAU$3.6b28.8x67.3x3.6x
Tue, 14 Jan 2025AU$245.6bAU$66.6bAU$3.3b23.3x74.3x3.7x
Thu, 12 Dec 2024AU$244.3bAU$68.6bAU$3.3b26.6x74.1x3.6x
Sat, 09 Nov 2024AU$242.2bAU$67.5bAU$3.1b25.5x77.4x3.6x
Mon, 07 Oct 2024AU$241.0bAU$66.9bAU$3.0b30.4x79.4x3.6x
Wed, 04 Sep 2024AU$243.3bAU$66.2bAU$3.1b27.4x79x3.7x
Fri, 02 Aug 2024AU$246.9bAU$63.2bAU$2.7b29.7x91.7x3.9x
Sun, 30 Jun 2024AU$237.4bAU$62.7bAU$2.6b32.1x90.8x3.8x
Tue, 28 May 2024AU$224.3bAU$61.1bAU$2.6b27.7x85.9x3.7x
Thu, 25 Apr 2024AU$222.5bAU$61.6bAU$2.7b26.7x82.8x3.6x
Sat, 23 Mar 2024AU$222.2bAU$61.8bAU$2.7b26.2x83x3.6x
Mon, 19 Feb 2024AU$223.4bAU$60.5bAU$3.5b25.8x64.2x3.7x
Wed, 17 Jan 2024AU$222.5bAU$60.4bAU$2.8b24.6x78.4x3.7x
Fri, 15 Dec 2023AU$215.2bAU$60.0bAU$2.8b24.9x76.8x3.6x
Sun, 12 Nov 2023AU$200.5bAU$61.2bAU$3.0b24.5x67.1x3.3x
Tue, 10 Oct 2023AU$200.5bAU$61.3bAU$2.9b24.9x68.1x3.3x
Thu, 07 Sep 2023AU$210.8bAU$61.3bAU$2.9b26.6x72.5x3.4x
Sat, 05 Aug 2023AU$210.2bAU$58.1bAU$2.9b26.1x71.3x3.6x
Mon, 03 Jul 2023AU$216.5bAU$57.8bAU$2.9b27x74.8x3.7x
Wed, 31 May 2023AU$231.9bAU$58.1bAU$2.9b26.7x78.9x4x
Fri, 28 Apr 2023AU$232.7bAU$57.4bAU$2.9b28.2x80.3x4.1x
Price to Earnings Ratio

80.3x


Total Market Cap: AU$232.7bTotal Earnings: AU$2.9bTotal Revenue: AU$57.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Healthcare Sector Price to Earnings3Y Average 70.4x202420252026
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 90.5x which is higher than its 3-year average PE of 70.4x.
  • The 3-year average PS ratio of 3.5x is higher than the industry's current PS ratio of 2.3x.
Past Earnings Growth
  • The earnings for companies in the Healthcare industry have declined 13% 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 Market0.25%
Healthcare1.95%
Healthtech15.54%
Life Sciences6.89%
Healthcare Services3.60%
Pharma1.55%
Biotech-0.61%
Medical Equipment-2.75%
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 5.6%, 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 5.6% 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$144.809.4%
+AU$1.3b		-30.1%PE64.5x
SIG Sigma HealthcareAU$2.784.1%
+AU$1.3b		-6.7%PE53.3x
RHC Ramsay Health CareAU$41.495.0%
+AU$455.3m		24.3%PE34.9x
MSB MesoblastAU$2.3013.9%
+AU$361.8m		39.4%PS32.5x
SHL Sonic HealthcareAU$20.333.1%
+AU$301.4m		-19.9%PE18.6x

Latest News

AYA
AU$4.17
Artrya
7D
14.2%
1Y
536.6%
PME
AU$144.80
Pro Medicus
7D
9.4%
1Y
-30.1%
RHC
AU$41.49
Ramsay Health Care
7D
5.0%
1Y
24.3%

RHC: Margin Resilience And UK Exit Options Will Support Future Upside Potential

Analysts now place Ramsay Health Care's fair value at A$51.81, compared with A$48.05 previously. This reflects updated views on discount rates, revenue growth, profit margins and future P/E after recent Street research, including the latest Morgan Stanley downgrade review.
PYC
AU$1.30
PYC Therapeutics
7D
13.5%
1Y
26.2%
TLX
AU$14.76
Telix Pharmaceuticals
7D
-6.4%
1Y
-42.5%
4DX
AU$5.69
4DMedical
7D
-16.2%
1Y
1,932.1%

4DX: Index Inclusion Will Intensify Concerns Over Stretched Future Earnings Multiple

Analysts have maintained their A$4.13 price target for 4DMedical, citing only modest adjustments in the discount rate, revenue growth, profit margin and future P/E assumptions as the main reasons for keeping their view unchanged. What's in the News 4DMedical completed a follow on equity offering of A$83.0 million, issuing 14,067,797 ordinary shares at A$5.90 per share with a A$0.236 discount per security, as a subsequent direct listing (company filing).
SHL
AU$20.33
Sonic Healthcare
7D
3.1%
1Y
-19.9%

SHL: Upcoming Dividend And Stable Assumptions Will Support A Higher Future Multiple

Analysts have slightly adjusted their price targets for Sonic Healthcare, reflecting updated assumptions for revenue growth, profit margins and future P/E. These changes point to a refined view of fair value around A$25.74 per share.
PNV
AU$1.02
PolyNovo
7D
-3.8%
1Y
-9.0%

PNV: Higher Margin Outlook And Adjusted Assumptions Will Support Balanced Upside Potential

Analysts have lifted their price target on PolyNovo to A$X.X0 from A$Y.Y0. The change reflects slightly higher assumptions for long term revenue growth and profit margins, a modestly higher discount rate, and a marginally lower future P/E multiple.
CU6
AU$3.00
Clarity Pharmaceuticals
7D
-4.2%
1Y
57.9%
RAC
AU$3.37
Racura Oncology
7D
19.1%
1Y
264.3%
COH
AU$170.70
Cochlear
7D
-0.9%
1Y
-34.6%

COH: VA Access Expansion And Upgraded Coverage Will Underpin Future Upside

Analysts have slightly adjusted their price target for Cochlear to A$244.58 from A$245.91. This reflects updated assumptions around discount rates and valuation multiples, while core growth and profitability expectations remain broadly unchanged.
EBR
AU$0.65
EBR Systems
7D
-11.0%
1Y
-52.4%
ANN
AU$27.53
Ansell
7D
-6.1%
1Y
-6.4%

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).
MSB
AU$2.30
Mesoblast
7D
13.9%
1Y
39.4%
REG
AU$5.72
Regis Healthcare
7D
-6.2%
1Y
-14.5%

REG: RAD Retention And M&A Pipeline Will Support Future Earnings Upside

Analysts now see a slightly different outlook for Regis Healthcare, with the updated price target moving in line with minor tweaks to revenue growth, profit margin assumptions and future P/E expectations. This results in a refined valuation around A$8.32 per share.
SIG
AU$2.78
Sigma Healthcare
7D
4.1%
1Y
-6.7%