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Australian (ASX) Healthcare Sector Analysis

UpdatedMar 10, 2026
DataAggregated Company Financials
Companies129
  • 7D-3.2%
  • 3M-20.4%
  • 1Y-32.8%
  • YTD-17.4%

Over the last 7 days, the Healthcare industry has dropped 3.2%, driven by Sonic Healthcare declining 7.3%. Meanwhile, Pro Medicus actually outperformed within the industry, gaining 22% in the last week. The industry has fallen 33% 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
Tue, 10 Mar 2026AU$176.0bAU$78.2bAU$2.0b25x89x2.3x
Thu, 05 Feb 2026AU$212.6bAU$72.6bAU$4.3b32x49.2x2.9x
Sat, 03 Jan 2026AU$214.5bAU$73.9bAU$4.5b33x47.6x2.9x
Mon, 01 Dec 2025AU$227.8bAU$74.5bAU$4.6b31.9x50x3.1x
Wed, 29 Oct 2025AU$226.8bAU$74.7bAU$4.6b31.7x49.5x3x
Fri, 26 Sep 2025AU$235.3bAU$74.6bAU$4.6b30x51.5x3.2x
Sun, 24 Aug 2025AU$245.5bAU$71.0bAU$4.7b27.3x52.3x3.5x
Tue, 22 Jul 2025AU$267.7bAU$71.8bAU$4.3b29.3x62.6x3.7x
Thu, 19 Jun 2025AU$257.2bAU$71.9bAU$4.3b25.6x60x3.6x
Sat, 17 May 2025AU$255.0bAU$72.1bAU$4.3b27.2x59.1x3.5x
Mon, 14 Apr 2025AU$237.7bAU$71.1bAU$5.0b25.8x47.9x3.3x
Wed, 12 Mar 2025AU$252.1bAU$71.1bAU$4.9b27.9x51.1x3.5x
Fri, 07 Feb 2025AU$249.9bAU$65.2bAU$3.4b26.6x74.5x3.8x
Sun, 05 Jan 2025AU$247.0bAU$68.9bAU$3.4b25.9x73.3x3.6x
Tue, 03 Dec 2024AU$246.9bAU$68.0bAU$3.2b27.2x76.9x3.6x
Thu, 31 Oct 2024AU$239.9bAU$67.7bAU$3.2b25.6x75.8x3.5x
Sat, 28 Sep 2024AU$236.6bAU$66.6bAU$3.0b25.8x79x3.6x
Mon, 26 Aug 2024AU$244.4bAU$64.1bAU$3.2b36.9x76.8x3.8x
Wed, 24 Jul 2024AU$247.0bAU$62.9bAU$2.6b32x93.6x3.9x
Fri, 21 Jun 2024AU$233.7bAU$62.7bAU$2.6b33.4x89.4x3.7x
Sun, 19 May 2024AU$225.3bAU$60.9bAU$2.6b26.8x87.4x3.7x
Tue, 16 Apr 2024AU$221.6bAU$61.7bAU$2.7b26.8x82.6x3.6x
Thu, 14 Mar 2024AU$222.3bAU$61.4bAU$2.6b25.7x85x3.6x
Sat, 10 Feb 2024AU$235.0bAU$59.2bAU$3.1b26.1x77x4x
Mon, 08 Jan 2024AU$225.1bAU$60.0bAU$2.8b24.5x80.9x3.8x
Wed, 06 Dec 2023AU$206.7bAU$60.5bAU$2.9b24.8x71.8x3.4x
Fri, 03 Nov 2023AU$189.9bAU$61.0bAU$2.9b24.4x64.4x3.1x
Sun, 01 Oct 2023AU$200.1bAU$61.1bAU$2.9b24.9x68.9x3.3x
Tue, 29 Aug 2023AU$210.3bAU$61.5bAU$2.9b24.9x71.9x3.4x
Thu, 27 Jul 2023AU$210.0bAU$57.5bAU$2.9b27.3x73.6x3.7x
Sat, 24 Jun 2023AU$217.4bAU$57.7bAU$2.9b25.5x75.4x3.8x
Mon, 22 May 2023AU$231.6bAU$57.8bAU$2.9b27.7x80.3x4x
Wed, 19 Apr 2023AU$230.6bAU$57.0bAU$2.8b27.8x81x4x
Fri, 17 Mar 2023AU$222.0bAU$57.2bAU$2.9b24.9x77.3x3.9x
Price to Earnings Ratio

77.3x


Total Market Cap: AU$222.0bTotal Earnings: AU$2.9bTotal Revenue: AU$57.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Healthcare Sector Price to Earnings3Y Average 70.1x202420252026
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 89.0x which is higher than its 3-year average PE of 70.1x.
  • 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 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-6.36%
Healthcare-3.19%
Healthtech3.76%
Biotech-2.91%
Healthcare Services-3.40%
Life Sciences-6.77%
Medical Equipment-7.07%
Pharma-8.53%
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 6.3%, 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 52% 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 6.3% 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$139.6922.2%
+AU$2.7b		-39.1%PE62.2x
TLX Telix PharmaceuticalsAU$11.0011.4%
+AU$382.8m		-58.7%PS3.3x
SIG Sigma HealthcareAU$2.750.7%
+AU$230.0m		-1.8%PE52.7x
MSB MesoblastAU$2.188.5%
+AU$219.4m		9.0%PS30.7x
NAN NanosonicsAU$3.7014.2%
+AU$136.1m		-15.1%PE54.3x

Latest News

PME
AU$139.69
Pro Medicus
7D
22.2%
1Y
-39.1%
TLX
AU$11.00
Telix Pharmaceuticals
7D
11.4%
1Y
-58.7%
MSB
AU$2.18
Mesoblast
7D
8.5%
1Y
9.0%
ANN
AU$29.64
Ansell
7D
-7.0%
1Y
-13.8%

ANN: Sustainable Chemical Protection And Capital Returns Will Support Future Margin And Pricing Power

Analysts have made a small upward adjustment to their Ansell valuation, with the fair value estimate nudging higher from about A$36.05 to around A$36.47. This reflects updated assumptions for the discount rate, revenue growth, profit margin and future P/E.
CSL
AU$144.56
CSL
7D
-0.5%
1Y
-42.6%

CSL: The Dip Is the Opportunity

CSL: The Dip Is the Opportunity Most people look at CSL's stock chart right now and see a problem. Down 35% from its highs, margins cut in half, and a company in the middle of its biggest restructuring in decades.
AVR
AU$8.59
Anteris Technologies Global
7D
-5.1%
1Y
-21.9%
NAN
AU$3.70
Nanosonics
7D
14.2%
1Y
-15.1%

NAN: RBC Upgrade And Premier Agreement Will Support Long Term Upside

Analysts have trimmed their price target on Nanosonics from about A$4.75 to around A$4.30, reflecting updates to their models that now assume a slightly higher discount rate, more moderate revenue growth, a somewhat higher profit margin, and a lower future P/E multiple, consistent with recent research commentary, including the upgrade from RBC Capital. Analyst Commentary Recent Street research, including the upgrade from RBC Capital, highlights where analysts see both opportunity and risk for Nanosonics at the current valuation.
COH
AU$182.52
Cochlear
7D
-5.2%
1Y
-31.3%

COH: Steady Assumptions And New Access Channels Will Support Future Upside Potential

Analysts have reaffirmed their A$250.59 price target for Cochlear, citing recent research that supports steady assumptions around the discount rate, revenue growth, profit margins and future P/E expectations. Analyst Commentary Recent research behind the reaffirmed A$250.59 price target highlights a mix of supportive factors and watchpoints that matter for Cochlear's valuation and execution risk.
RHC
AU$42.47
Ramsay Health Care
7D
-0.3%
1Y
24.4%

RHC: Execution Risks Will Cap Upside Despite Higher Fair Value Estimate

Analysts now see fair value for Ramsay Health Care at A$35.70, up from A$33.97. This reflects updated assumptions around discount rates, revenue growth, profit margins and future P/E multiples.
IMM
AU$0.40
Immutep
7D
6.8%
1Y
43.6%
CU6
AU$3.51
Clarity Pharmaceuticals
7D
2.9%
1Y
30.0%
IDX
AU$2.37
Integral Diagnostics
7D
-2.5%
1Y
5.3%
REG
AU$6.69
Regis Healthcare
7D
-4.7%
1Y
8.1%
SIG
AU$2.75
Sigma Healthcare
7D
0.7%
1Y
-1.8%
AYA
AU$3.37
Artrya
7D
8.7%
1Y
374.6%
SHL
AU$21.92
Sonic Healthcare
7D
-7.3%
1Y
-15.8%

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).