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Australian (ASX) Healthcare Sector Analysis

UpdatedJul 13, 2026
DataAggregated Company Financials
Companies129
  • 7D-0.9%
  • 3M0.4%
  • 1Y-33.6%
  • YTD-19.2%

The Healthcare is pretty flat in the last 7 days, but Sigma Healthcare has stood out, gaining 3.5%. Unfortunately though, the industry is down 34% over the past 12 months. 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
Mon, 13 Jul 2026AU$172.5bAU$78.3bAU$2.0b27.9x87.8x2.2x
Wed, 10 Jun 2026AU$155.1bAU$78.1bAU$1.8b24x85.1x2x
Fri, 08 May 2026AU$161.8bAU$77.3bAU$1.9b23.9x84.4x2.1x
Sun, 05 Apr 2026AU$169.7bAU$78.7bAU$2.0b24.5x84.8x2.2x
Tue, 03 Mar 2026AU$183.8bAU$77.8bAU$2.1b33.5x88.6x2.4x
Thu, 29 Jan 2026AU$215.9bAU$72.6bAU$4.3b32.7x50.1x3x
Sat, 27 Dec 2025AU$214.8bAU$73.8bAU$4.5b33.3x47.8x2.9x
Mon, 24 Nov 2025AU$218.1bAU$74.9bAU$4.7b31.7x46.8x2.9x
Wed, 22 Oct 2025AU$247.6bAU$74.9bAU$4.6b30.8x53.6x3.3x
Fri, 19 Sep 2025AU$235.2bAU$74.3bAU$4.5b31.5x51.9x3.2x
Sun, 17 Aug 2025AU$274.8bAU$70.3bAU$4.8b31x56.8x3.9x
Tue, 15 Jul 2025AU$258.3bAU$71.5bAU$4.2b28x60.9x3.6x
Thu, 12 Jun 2025AU$255.9bAU$71.8bAU$4.3b26.3x59.8x3.6x
Sat, 10 May 2025AU$252.4bAU$70.7bAU$4.9b27x51.6x3.6x
Mon, 07 Apr 2025AU$246.8bAU$72.3bAU$5.1b27x48x3.4x
Wed, 05 Mar 2025AU$265.3bAU$71.4bAU$5.0b29.1x53.6x3.7x
Fri, 31 Jan 2025AU$252.3bAU$68.9bAU$3.4b26.7x74.7x3.7x
Sun, 29 Dec 2024AU$246.3bAU$68.9bAU$3.4b25.8x73.1x3.6x
Tue, 26 Nov 2024AU$242.4bAU$68.0bAU$3.2b26.3x75.7x3.6x
Thu, 24 Oct 2024AU$241.5bAU$67.4bAU$3.1b25.5x77.4x3.6x
Sat, 21 Sep 2024AU$238.8bAU$66.7bAU$3.0b27.2x78.4x3.6x
Mon, 19 Aug 2024AU$241.7bAU$63.7bAU$2.9b30.7x83.8x3.8x
Wed, 17 Jul 2024AU$243.7bAU$62.5bAU$2.6b32.8x94.6x3.9x
Fri, 14 Jun 2024AU$231.0bAU$63.0bAU$2.6b31.4x87.7x3.7x
Sun, 12 May 2024AU$223.9bAU$61.2bAU$2.6b26.3x85.2x3.7x
Tue, 09 Apr 2024AU$225.2bAU$61.3bAU$2.6b27.4x85.8x3.7x
Thu, 07 Mar 2024AU$223.2bAU$61.7bAU$2.6b25.7x84.3x3.6x
Sat, 03 Feb 2024AU$233.4bAU$60.4bAU$2.8b25.6x82.3x3.9x
Mon, 01 Jan 2024AU$226.0bAU$59.7bAU$2.7b24.9x83x3.8x
Wed, 29 Nov 2023AU$202.2bAU$60.3bAU$2.9b24.9x70.8x3.4x
Fri, 27 Oct 2023AU$186.5bAU$61.5bAU$3.0b23.9x61.7x3x
Sun, 24 Sep 2023AU$200.0bAU$61.0bAU$2.9b24.9x69.1x3.3x
Tue, 22 Aug 2023AU$212.8bAU$60.6bAU$2.9b27.9x74.7x3.5x
Thu, 20 Jul 2023AU$212.2bAU$57.4bAU$2.9b27.1x74.5x3.7x
Price to Earnings Ratio

74.5x


Total Market Cap: AU$212.2bTotal Earnings: AU$2.9bTotal Revenue: AU$57.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Healthcare Sector Price to Earnings3Y Average 70.9x202420252026
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 87.8x which is higher than its 3-year average PE of 70.9x.
  • The 3-year average PS ratio of 3.3x is higher than the industry's current PS ratio of 2.2x.
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-0.42%
Healthcare-0.86%
Pharma1.55%
Biotech0.82%
Healthcare Services-0.52%
Life Sciences-2.62%
Medical Equipment-2.92%
Healthtech-5.66%
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 5.3%, 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 46% 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 5.3% 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
SIG Sigma HealthcareAU$2.923.5%
+AU$1.2b		3.9%PE56x
MSB MesoblastAU$2.3513.0%
+AU$349.9m		40.7%PS32.3x
TTX TetratherixAU$6.6012.2%
+AU$38.2m		100.0%PS175.3x
ILA Island PharmaceuticalsAU$0.4828.0%
+AU$31.1m		220.0%PS2259.9x
ACW Actinogen MedicalAU$0.04418.9%
+AU$25.6m		83.3%PS21.9x

Latest News

COH
AU$121.30
Cochlear
7D
-5.1%
1Y
-59.7%
MSB
AU$2.35
Mesoblast
7D
13.0%
1Y
40.7%
TLX
AU$15.99
Telix Pharmaceuticals
7D
-8.0%
1Y
-31.8%
Narrative Update • Jul 10

TLX: Future Clinical Decisions And Deal Flow Will Balance Execution Risks

Analysts have nudged their fair value estimate for Telix Pharmaceuticals higher from A$17.00 to A$18.00, citing updated assumptions around revenue growth, profit margins, and long term P/E expectations in light of recent research that includes a slightly revised Citi target and fresh Overweight coverage from JPMorgan. Analyst Commentary on Telix Pharmaceuticals Recent research on Telix Pharmaceuticals presents a mixed picture, with some investors focused on potential clinical and regulatory catalysts and others weighing execution risks, timing of guidance changes, and how much future growth is already reflected in current valuations.
PME
AU$198.98
Pro Medicus
7D
-6.9%
1Y
-37.2%
Narrative Update • Jul 10

PME: Elevated Market Share Expectations Will Pressure Future Share Returns

Pro Medicus' analyst price target has been revised to A$192.60 from A$147.00, with analysts pointing to updated assumptions around long term market share in the US PACS segment and a reassessment of how much growth is already reflected in the current share price. What's in the News for Pro Medicus Pro Medicus has drawn renewed attention after a 33.15% share price decline over the past year, with recent commentary highlighting a valuation reset as a key factor in shifting sentiment.
CSL
AU$121.34
CSL
7D
-2.3%
1Y
-49.8%
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.
ILA
AU$0.48
Island Pharmaceuticals
7D
28.0%
1Y
220.0%
SIG
AU$2.92
Sigma Healthcare
7D
3.5%
1Y
3.9%
SHL
AU$20.93
Sonic Healthcare
7D
-2.8%
1Y
-23.2%
Narrative Update • Jul 02

SHL: Higher Discount Rate Will Pressure Future Earnings Multiple

Analysts have reduced their price target on Sonic Healthcare from A$23.00 to A$18.00, citing updated assumptions that include a higher discount rate, more moderate revenue growth expectations, a slightly stronger profit margin profile, and a lower future P/E multiple. What’s in the News for Sonic Healthcare No major recent news items for Sonic Healthcare have been identified from the provided primary sources.
RHC
AU$42.42
Ramsay Health Care
7D
-2.9%
1Y
11.1%
4DX
AU$3.97
4DMedical
7D
-8.9%
1Y
1,554.2%
ANN
AU$31.15
Ansell
7D
-4.3%
1Y
3.7%
ACW
AU$0.044
Actinogen Medical
7D
18.9%
1Y
83.3%
PNV
AU$1.02
PolyNovo
7D
2.5%
1Y
-11.3%
Narrative Update • Jun 15

PNV: Refined Cash Flow Assumptions Will Support Steady Outlook And Balanced Upside Potential

Analysts have modestly revised their fair value outlook for PolyNovo, reflecting updated assumptions around the discount rate, revenue growth, profit margin and future P/E. Together, these factors support a slightly adjusted A$ price target and a more refined view of the stock’s long term earnings profile.
TTX
AU$6.60
Tetratherix
7D
12.2%
1Y
100.0%
OSL
AU$1.40
OncoSil Medical
7D
28.4%
1Y
27.3%
OIL
AU$0.15
Optiscan Imaging
7D
14.8%
1Y
47.6%