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Australian (ASX) Healthcare Sector Analysis

UpdatedJul 23, 2026
DataAggregated Company Financials
Companies130
  • 7D-3.9%
  • 3M0.8%
  • 1Y-39.2%
  • YTD-21.7%

Over the last 7 days, the Healthcare industry has dropped 3.9%, driven by declines in Pro Medicus and CSL of 10.0% and 3.1%, respectively. The industry has fallen 39% in the last year. Looking forward, earnings are forecast to grow by 22% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 23 Jul 2026AU$167.0bAU$78.2bAU$2.0b26.8x85.5x2.1x
Sat, 20 Jun 2026AU$162.8bAU$78.2bAU$2.0b25.6x82.9x2.1x
Mon, 18 May 2026AU$149.0bAU$77.7bAU$1.8b23.9x82.7x1.9x
Wed, 15 Apr 2026AU$172.6bAU$77.8bAU$2.0b25.7x88.5x2.2x
Fri, 13 Mar 2026AU$175.4bAU$77.8bAU$2.0b24.8x89.9x2.3x
Sun, 08 Feb 2026AU$208.1bAU$72.6bAU$4.3b31.1x48.1x2.9x
Tue, 06 Jan 2026AU$213.3bAU$73.9bAU$4.5b33.4x47.3x2.9x
Thu, 04 Dec 2025AU$222.0bAU$74.3bAU$4.5b33.8x49.1x3x
Sat, 01 Nov 2025AU$225.2bAU$74.8bAU$4.6b33.7x49x3x
Mon, 29 Sep 2025AU$231.5bAU$74.7bAU$4.6b29.5x50.4x3.1x
Wed, 27 Aug 2025AU$245.5bAU$71.5bAU$4.7b31.9x52.5x3.4x
Fri, 25 Jul 2025AU$276.4bAU$71.4bAU$4.2b31.4x65.6x3.9x
Sun, 22 Jun 2025AU$255.3bAU$71.9bAU$4.3b25.3x59.5x3.6x
Tue, 20 May 2025AU$254.2bAU$72.0bAU$4.3b27x59.1x3.5x
Thu, 17 Apr 2025AU$243.1bAU$70.8bAU$4.9b27.2x49.5x3.4x
Sat, 15 Mar 2025AU$252.2bAU$71.1bAU$4.9b27.8x51.3x3.5x
Mon, 10 Feb 2025AU$248.1bAU$65.2bAU$3.4b30.2x74x3.8x
Wed, 08 Jan 2025AU$249.7bAU$68.7bAU$3.3b26.5x75x3.6x
Fri, 06 Dec 2024AU$250.0bAU$68.3bAU$3.2b27.1x77.2x3.7x
Sun, 03 Nov 2024AU$236.2bAU$67.8bAU$3.2b25.2x74.4x3.5x
Tue, 01 Oct 2024AU$238.0bAU$66.5bAU$3.0b28.9x79.9x3.6x
Thu, 29 Aug 2024AU$243.6bAU$65.2bAU$3.1b35.4x78x3.7x
Sat, 27 Jul 2024AU$244.4bAU$63.1bAU$2.7b32.1x91.4x3.9x
Mon, 24 Jun 2024AU$236.1bAU$62.8bAU$2.6b33.5x89.8x3.8x
Wed, 22 May 2024AU$222.0bAU$61.0bAU$2.6b27.9x85.7x3.6x
Fri, 19 Apr 2024AU$216.9bAU$61.9bAU$2.7b25.9x79.8x3.5x
Sun, 17 Mar 2024AU$221.8bAU$61.6bAU$2.6b26x83.7x3.6x
Tue, 13 Feb 2024AU$228.3bAU$59.2bAU$3.0b25.8x75x3.9x
Thu, 11 Jan 2024AU$227.2bAU$60.0bAU$2.8b24.5x81.5x3.8x
Sat, 09 Dec 2023AU$210.2bAU$60.4bAU$2.9b24.8x73.5x3.5x
Mon, 06 Nov 2023AU$193.6bAU$60.7bAU$2.9b24.4x66.6x3.2x
Wed, 04 Oct 2023AU$197.9bAU$61.3bAU$2.9b24.9x67.3x3.2x
Fri, 01 Sep 2023AU$214.0bAU$61.3bAU$2.6b27.8x83.7x3.5x
Sun, 30 Jul 2023AU$212.6bAU$57.8bAU$2.9b27.5x73.4x3.7x
Price to Earnings Ratio

73.4x


Total Market Cap: AU$212.6bTotal Earnings: AU$2.9bTotal Revenue: AU$57.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Healthcare Sector Price to Earnings3Y Average 71x202420252026
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 85.5x which is higher than its 3-year average PE of 71.0x.
  • The 3-year average PS ratio of 3.3x is higher than the industry's current PS ratio of 2.1x.
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-0.32%
Healthcare-3.93%
Healthcare Services-1.64%
Pharma-2.48%
Biotech-3.71%
Medical Equipment-5.69%
Life Sciences-7.99%
Healthtech-9.53%
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 5.5%, 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 42% 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 5.5% 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
IMR Imricor Medical SystemsAU$1.8811.9%
+AU$70.7m		45.7%PS1594.8x
ANN AnsellAU$32.231.0%
+AU$44.4m		3.8%PE23.2x
CU6 Clarity PharmaceuticalsAU$2.564.5%
+AU$41.0m		-40.6%PS90.3x
AYA ArtryaAU$5.754.4%
+AU$38.4m		461.0%PS31684.4x
REG Regis HealthcareAU$6.111.8%
+AU$33.3m		-20.8%PE48.6x

Latest News

MSB
AU$2.34
Mesoblast
7D
-9.7%
1Y
-2.1%
TLX
AU$14.86
Telix Pharmaceuticals
7D
-7.3%
1Y
-30.3%
SHL
AU$20.80
Sonic Healthcare
7D
-3.2%
1Y
-25.6%
New Narrative • Jul 22

Sonic Healthcare is poised for large upside as margins recover

Sonic Healthcare (ASX: SHL) is a stock the market currently seems to be pricing for permanent disappointment rather than temporary difficulty. Shares have fallen 23.3% over the past year to A$21.12, sitting below even the lowest analyst target of A$18.
ANN
AU$32.02
Ansell
7D
0.8%
1Y
4.3%
Narrative Update • Jul 17

ANN: Steady Protection Demand And Margin Discipline Are Expected To Sustain Returns

Analysts have trimmed their fair value estimate for Ansell from A$36.23 to A$34.48, reflecting slightly lower assumptions for revenue growth, profit margins and future P/E multiples, partly offset by a modestly reduced discount rate. What’s in the News for Ansell Ansell has recorded a 2.32% share price gain over the past year, according to recent coverage of the stock.
PME
AU$173.45
Pro Medicus
7D
-10.0%
1Y
-46.5%
COH
AU$112.19
Cochlear
7D
-9.5%
1Y
-63.9%
Narrative Update • Jul 16

COH: Profit Downgrade And Softer Implant Demand Will Pressure Earnings Expectations

The analyst fair value estimate for Cochlear has increased from A$95 to A$100, reflecting updated assumptions related to discount rates, modest adjustments to long-term revenue growth and profit margins, and a slightly higher future P/E multiple cited by analysts in recent research. Analyst Commentary Recent research on Cochlear points to a more mixed setup, with some analysts highlighting risks that could limit upside from current levels.
REG
AU$6.08
Regis Healthcare
7D
2.7%
1Y
-18.9%
Narrative Update • Jul 14

REG: CFO Transition And M&A Pipeline Will Support Future Earnings Upside

Analysts have trimmed their fair value estimate for Regis Healthcare from A$8.32 to A$7.79. This reflects slightly more conservative assumptions for the discount rate, revenue growth, profit margin and future P/E.
PAR
AU$0.17
Paradigm Biopharmaceuticals
7D
9.4%
1Y
-59.3%
IMR
AU$1.70
Imricor Medical Systems
7D
1.8%
1Y
26.9%
Narrative Update • Jul 10

IMR: Equity Raise And New Cardiac Platform Will Drive Future Upside

Analysts have revised their price target for Imricor Medical Systems to A$3.60 from A$2.70, reflecting updated assumptions around revenue growth, profitability and a lower future P/E multiple. What’s in the News for Imricor Medical Systems Imricor Medical Systems completed a follow on equity offering of A$60.000001 million through CHESS Depositary Interests, issuing 32,432,433 securities at A$1.85 each, at a discount of A$0.074 per security.
CSL
AU$117.94
CSL
7D
-3.1%
1Y
-55.6%
Narrative Update • Jul 09

CSL: Roofing Platform Repricing Will Drive Future Rebound Case

Analysts have reduced their price target on CSL to about A$196.66 from about A$289.37, citing updated assumptions around discount rates, profit margins, and future P/E expectations. Analyst Commentary Recent research around CSL highlights a split in views, with some cautious adjustments to assumptions and at least one downgrade, while other coverage of the broader roofing sector points to potential catalysts that investors may still weigh when assessing CSL.
SIG
AU$2.89
Sigma Healthcare
7D
-1.4%
1Y
1.0%
4DX
AU$3.39
4DMedical
7D
-13.1%
1Y
1,256.0%
DXB
AU$0.25
Dimerix
7D
4.2%
1Y
-53.7%
ACL
AU$2.33
Australian Clinical Labs
7D
2.6%
1Y
-17.4%
EYE
AU$0.14
Nova Eye Medical
7D
22.7%
1Y
-8.5%
NXN
AU$0.29
Nexsen
7D
9.3%
1Y
n/a
Analysis Article • Apr 27

We're Hopeful That Nexsen (ASX:NXN) Will Use Its Cash Wisely

Even when a business is losing money, it's possible for shareholders to make money if they buy a good business at the...