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Australian (ASX) Healthcare Sector Analysis

UpdatedSep 15, 2026
DataAggregated Company Financials
Companies128
  • 7D-1.7%
  • 3M24.1%
  • 1Y-18.0%
  • YTD-9.3%

Over the last 7 days, the Healthcare industry has dropped 1.7%, driven by declines in CSL and Sigma Healthcare of 0.9% and 2.2%, respectively. Overall the industry is down 18% in 12 months. As for the next few years, earnings are expected to grow by 30% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 15 Sep 2026AU$196.2bAU$80.6b-AU$2,969,461,117.1530.6x-66.1x2.4x
Thu, 13 Aug 2026AU$184.3bAU$77.9bAU$1.9b27.9x96.1x2.4x
Sat, 11 Jul 2026AU$172.4bAU$78.3bAU$2.0b27.9x87.8x2.2x
Mon, 08 Jun 2026AU$153.9bAU$78.1bAU$1.8b23.8x84.5x2x
Wed, 06 May 2026AU$162.6bAU$77.7bAU$1.9b23.9x83.8x2.1x
Fri, 03 Apr 2026AU$169.7bAU$78.8bAU$2.0b24.5x84.6x2.2x
Sun, 01 Mar 2026AU$186.0bAU$77.8bAU$2.2b29x86x2.4x
Tue, 27 Jan 2026AU$216.3bAU$73.0bAU$4.4b32.8x49.6x3x
Thu, 25 Dec 2025AU$214.8bAU$73.8bAU$4.5b33.3x47.8x2.9x
Sat, 22 Nov 2025AU$218.1bAU$75.0bAU$4.7b31.7x46.6x2.9x
Mon, 20 Oct 2025AU$245.5bAU$74.9bAU$4.6b30.9x53.1x3.3x
Wed, 17 Sep 2025AU$238.6bAU$74.2bAU$4.5b32.1x52.7x3.2x
Fri, 15 Aug 2025AU$274.5bAU$70.2bAU$4.8b31.1x57.1x3.9x
Sun, 13 Jul 2025AU$258.9bAU$71.5bAU$4.2b27.9x61.1x3.6x
Tue, 10 Jun 2025AU$255.5bAU$71.7bAU$4.3b26.2x59.9x3.6x
Thu, 08 May 2025AU$251.2bAU$70.3bAU$4.8b27.7x51.8x3.6x
Sat, 05 Apr 2025AU$246.8bAU$71.8bAU$5.1b27.4x48.7x3.4x
Mon, 03 Mar 2025AU$263.9bAU$71.5bAU$4.9b28.5x53.5x3.7x
Wed, 29 Jan 2025AU$247.6bAU$68.8bAU$3.4b26.4x73.6x3.6x
Fri, 27 Dec 2024AU$244.3bAU$68.9bAU$3.4b25.9x72.8x3.5x
Sun, 24 Nov 2024AU$239.0bAU$68.0bAU$3.2b26.3x74.6x3.5x
Tue, 22 Oct 2024AU$249.1bAU$67.3bAU$3.1b25.5x80.3x3.7x
Thu, 19 Sep 2024AU$239.0bAU$66.8bAU$3.1b27.6x78.1x3.6x
Sat, 17 Aug 2024AU$241.7bAU$63.9bAU$2.9b30.7x83.2x3.8x
Mon, 15 Jul 2024AU$242.6bAU$62.3bAU$2.6b33.4x95x3.9x
Wed, 12 Jun 2024AU$231.4bAU$63.2bAU$2.7b30x86.9x3.7x
Fri, 10 May 2024AU$223.2bAU$61.3bAU$2.6b26.9x84.4x3.6x
Sun, 07 Apr 2024AU$223.8bAU$61.3bAU$2.6b27.1x85.1x3.6x
Tue, 05 Mar 2024AU$221.3bAU$61.8bAU$2.7b25.7x83.1x3.6x
Thu, 01 Feb 2024AU$233.5bAU$60.5bAU$2.9b25.1x81.9x3.9x
Sat, 30 Dec 2023AU$226.0bAU$59.7bAU$2.7b24.9x82.7x3.8x
Mon, 27 Nov 2023AU$202.1bAU$60.4bAU$2.9b24.9x70.4x3.3x
Wed, 25 Oct 2023AU$189.2bAU$61.3bAU$3.0b24.6x63.2x3.1x
Fri, 22 Sep 2023AU$201.9bAU$61.1bAU$2.9b24.9x69.3x3.3x
Price to Earnings Ratio

69.3x


Total Market Cap: AU$201.9bTotal Earnings: AU$2.9bTotal Revenue: AU$61.1bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Healthcare Sector Price to Earnings3Y Average 68.1x202420252026
Current Industry PE
  • Investors are pessimistic on the Australian Healthcare industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The 3-year average PS ratio of 3.3x is higher than the industry's current PS ratio of 2.4x.
Past Earnings Growth
  • Total earnings for the Healthcare industry have declined over the last three years, with the industry now making a loss overall.
  • Meanwhile revenues have grown 9.6% 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-2.99%
Healthcare-1.74%
Biotech-1.34%
Pharma-1.54%
Life Sciences-1.66%
Healthcare Services-1.93%
Medical Equipment-2.23%
Healthtech-2.65%
Industry PE
  • Investors are most optimistic about the Healthcare Services industry even though it's trading below its 3-year average PE ratio of 172x.
    • Analysts are expecting annual earnings growth of 13.9%, which is lower than the prior year's growth of 18.4% per year.
Forecasted Growth
  • Analysts are most optimistic on the Pharma industry, expecting annual earnings growth of 45% over the next 5 years.
  • This is better than its past earnings growth rate of 20% per year.
  • In contrast, the Healthcare Services industry is expected to see its earnings grow by 14% 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
TLX Telix PharmaceuticalsAU$17.757.6%
+AU$424.7m		25.9%PE128.2x
4DX 4DMedicalAU$3.7411.6%
+AU$233.9m		114.3%PS317.6x
RHC Ramsay Health CareAU$53.570.4%
+AU$48.3m		59.7%PE39.3x
CGS CogstateAU$3.143.0%
+AU$15.3m		61.0%PE31.9x
CUV Clinuvel PharmaceuticalsAU$8.363.6%
+AU$14.6m		-25.6%PE12.4x

Latest News

TLX
AU$17.75
Telix Pharmaceuticals
7D
7.6%
1Y
25.9%
MSB
AU$2.06
Mesoblast
7D
-10.0%
1Y
-12.0%
COH
AU$136.43
Cochlear
7D
-2.3%
1Y
-54.8%
CSL
AU$174.26
CSL
7D
-0.3%
1Y
-13.7%
ANN
AU$41.50
Ansell
7D
-1.7%
1Y
22.8%
SIG
AU$2.64
Sigma Healthcare
7D
-1.5%
1Y
-12.3%
New Narrative • Sep 10

Aging Population And Store Expansion Will Support Long Term Pharmacy Earnings Resilience

Catalysts About Sigma Healthcare Sigma Healthcare operates a large pharmacy franchise and wholesale distribution business focused on community health and medicines. What are the underlying business or industry changes driving this perspective?
NAN
AU$2.84
Nanosonics
7D
1.4%
1Y
-30.6%
Narrative Update • Sep 09

NAN: Share Buyback And 2027 Guidance Will Support Future Upside Potential

Analysts have revised their price target on Nanosonics to A$3.85 from A$4.30, citing updated views on revenue growth, profit margins, and future P/E assumptions as key drivers of the change. What’s in the News for Nanosonics Nanosonics has announced a share repurchase program that allows the company to buy back up to $40 million of its shares, with purchased shares to be cancelled as part of its capital management approach.
4DX
AU$3.74
4DMedical
7D
11.6%
1Y
114.3%
BLS
AU$1.18
BLS Pharmaceuticals
7D
4.0%
1Y
167.0%
PME
AU$165.45
Pro Medicus
7D
-2.4%
1Y
-45.0%
Narrative Update • Sep 04

PME: Rising FY26 Cash Returns Will Support Optimistic US Market Share Hopes

Analysts have lifted their price target for Pro Medicus to A$202.47 from A$190.74, reflecting updated assumptions for slightly higher revenue growth and a lower future P/E. They also note that current market pricing already appears to bake in very optimistic long term US PACS market share gains.
CUV
AU$8.36
Clinuvel Pharmaceuticals
7D
3.6%
1Y
-25.6%
Narrative Update • Sep 03

CUV: Late-Stage Vitiligo Studies And Platform Progress Will Drive Future Upside

Analysts have trimmed their price target on Clinuvel Pharmaceuticals to A$9.52 from A$13, citing lower assumed revenue growth, reduced profit margins and a higher future P/E multiple as key drivers of the change. What's in the News Clinuvel Pharmaceuticals reported progress on its VLRX-L controlled release liquid injectable peptide platform, with one candidate formulation showing a superior release profile in pre clinical studies and further optimisation and pre clinical work planned at its Singapore VALLAURIX centre, with additional studies scheduled for early first quarter 2027.
RHC
AU$53.57
Ramsay Health Care
7D
0.4%
1Y
59.7%
Narrative Update • Sep 03

RHC: Efficiency Overhaul And Dividend Will Support Steady Future Returns

Analysts have lifted their price target for Ramsay Health Care from about A$44.00 to about A$50.90, citing updated assumptions for slightly higher long term revenue growth, modestly stronger profit margins, a lower discount rate and a higher future P/E multiple. What’s in the News for Ramsay Health Care Ramsay Health Care shares moved higher after CEO Natalie Davis led an overhaul focused on making the private hospital operator more efficient, according to recent news reports.
PYC
AU$2.26
PYC Therapeutics
7D
-9.6%
1Y
86.0%
NEU
AU$20.72
Neuren Pharmaceuticals
7D
0.4%
1Y
5.7%
AYA
AU$3.26
Artrya
7D
-16.6%
1Y
38.7%
CGS
AU$3.14
Cogstate
7D
3.0%
1Y
61.0%