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Australian (ASX) Healthcare Sector Analysis

UpdatedMar 14, 2026
DataAggregated Company Financials
Companies129
  • 7D-4.4%
  • 3M-21.1%
  • 1Y-31.6%
  • YTD-18.3%

Over the last 7 days, the Healthcare industry has dropped 4.4%, driven by pullbacks in CSL and Sigma Healthcare of 3.6% and 7.4%, respectively. On the other hand Telix Pharmaceuticals is actually up 5.0%. Overall the industry is down 32% in 12 months. As for the next few years, earnings are expected to grow by 23% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 14 Mar 2026AU$174.0bAU$78.1bAU$2.0b24.8x88.3x2.2x
Mon, 09 Feb 2026AU$208.1bAU$72.6bAU$4.3b31.1x48.1x2.9x
Wed, 07 Jan 2026AU$209.6bAU$73.8bAU$4.5b33.2x46.7x2.8x
Fri, 05 Dec 2025AU$222.5bAU$74.2bAU$4.5b33.8x49.3x3x
Sun, 02 Nov 2025AU$225.2bAU$74.8bAU$4.6b33.7x49.1x3x
Tue, 30 Sep 2025AU$233.9bAU$74.7bAU$4.6b29.6x51x3.1x
Thu, 28 Aug 2025AU$248.8bAU$71.8bAU$4.6b30.6x53.7x3.5x
Sat, 26 Jul 2025AU$275.2bAU$71.5bAU$4.2b31x64.9x3.8x
Mon, 23 Jun 2025AU$255.3bAU$72.0bAU$4.3b25.2x59.2x3.5x
Wed, 21 May 2025AU$256.6bAU$72.1bAU$4.3b27.1x59.4x3.6x
Fri, 18 Apr 2025AU$242.4bAU$70.9bAU$4.9b26.8x49.2x3.4x
Sun, 16 Mar 2025AU$252.2bAU$71.0bAU$4.9b27.9x51.5x3.6x
Tue, 11 Feb 2025AU$248.7bAU$65.5bAU$3.4b30.4x73x3.8x
Thu, 09 Jan 2025AU$251.4bAU$69.0bAU$3.4b26.5x74.4x3.6x
Sat, 07 Dec 2024AU$249.1bAU$68.3bAU$3.3b26.8x76.6x3.6x
Mon, 04 Nov 2024AU$236.2bAU$67.8bAU$3.2b25.2x74.4x3.5x
Wed, 02 Oct 2024AU$240.8bAU$66.5bAU$3.0b28.8x80.6x3.6x
Fri, 30 Aug 2024AU$243.6bAU$65.1bAU$3.1b36x77.7x3.7x
Sun, 28 Jul 2024AU$244.4bAU$63.1bAU$2.7b32.1x91.2x3.9x
Tue, 25 Jun 2024AU$234.8bAU$62.8bAU$2.6b33.7x89.5x3.7x
Thu, 23 May 2024AU$221.8bAU$61.0bAU$2.6b27.3x85.3x3.6x
Sat, 20 Apr 2024AU$216.9bAU$61.9bAU$2.7b25.9x79.8x3.5x
Mon, 18 Mar 2024AU$221.8bAU$61.6bAU$2.6b26x83.7x3.6x
Wed, 14 Feb 2024AU$224.5bAU$60.5bAU$3.5b25.6x64.7x3.7x
Fri, 12 Jan 2024AU$227.4bAU$60.1bAU$2.8b24.5x81.5x3.8x
Sun, 10 Dec 2023AU$210.2bAU$60.5bAU$2.9b24.8x73.2x3.5x
Tue, 07 Nov 2023AU$196.1bAU$60.7bAU$2.9b24.4x67.4x3.2x
Thu, 05 Oct 2023AU$197.5bAU$61.4bAU$3.0b24.9x66x3.2x
Sat, 02 Sep 2023AU$210.8bAU$61.1bAU$2.8b27x75.1x3.5x
Mon, 31 Jul 2023AU$212.6bAU$57.8bAU$2.9b27.5x73.4x3.7x
Wed, 28 Jun 2023AU$215.8bAU$57.7bAU$2.9b26x74.9x3.7x
Fri, 26 May 2023AU$230.4bAU$58.0bAU$2.9b27.3x78.8x4x
Sun, 23 Apr 2023AU$231.9bAU$57.2bAU$2.9b27.1x80.9x4.1x
Tue, 21 Mar 2023AU$218.9bAU$57.0bAU$2.9b24.9x76.7x3.8x
Price to Earnings Ratio

76.7x


Total Market Cap: AU$218.9bTotal Earnings: AU$2.9bTotal Revenue: AU$57.0bTotal 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 88.3x 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 2.2x.
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-2.66%
Healthcare-4.35%
Healthtech-0.11%
Pharma-0.93%
Medical Equipment-2.41%
Biotech-4.07%
Life Sciences-4.51%
Healthcare Services-6.81%
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 53% 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
TLX Telix PharmaceuticalsAU$11.295.0%
+AU$183.0m		-58.6%PS3.4x
CU6 Clarity PharmaceuticalsAU$3.837.0%
+AU$93.9m		45.6%PS134.8x
PME Pro MedicusAU$133.000.2%
+AU$31.3m		-43.2%PE59.2x
EBR EBR SystemsAU$0.746.5%
+AU$20.3m		-53.8%PS344.4x
AHC Austco HealthcareAU$0.3913.2%
+AU$16.9m		48.1%PE18.6x

Latest News

IMM
AU$0.045
Immutep
7D
-88.6%
1Y
-84.2%
SHL
AU$21.20
Sonic Healthcare
7D
-7.0%
1Y
-16.1%

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

Analysts have trimmed their price target for Sonic Healthcare slightly to A$26.03 from A$26.15. This reflects modestly softer assumptions for revenue growth, profit margins and future P/E multiples, while keeping the discount rate unchanged.
MSB
AU$2.11
Mesoblast
7D
-8.3%
1Y
1.9%
COH
AU$174.42
Cochlear
7D
-3.1%
1Y
-33.5%
AHC
AU$0.39
Austco Healthcare
7D
13.2%
1Y
48.1%
REG
AU$6.20
Regis Healthcare
7D
-8.6%
1Y
-1.6%

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.
CU6
AU$3.83
Clarity Pharmaceuticals
7D
7.0%
1Y
45.6%
CSL
AU$141.03
CSL
7D
-3.6%
1Y
-43.6%

CSL: Manufacturing Expansion And Leadership Transition Will Support Future Share Recovery

Analysts have trimmed their CSL price target by about A$6 to reflect slightly lower long term fair value estimates, modestly higher discount rates and more conservative assumptions for revenue growth and profit margins, partially offset by a higher future P/E multiple. Analyst Commentary Recent Street research around CSL points to a mixed setup, with some firms taking a more constructive stance and others turning cautious.
PME
AU$133.00
Pro Medicus
7D
0.2%
1Y
-43.2%
TLX
AU$11.29
Telix Pharmaceuticals
7D
5.0%
1Y
-58.6%
ATH
AU$0.008
Alterity Therapeutics
7D
14.3%
1Y
-20.0%
RHC
AU$42.23
Ramsay Health Care
7D
-5.1%
1Y
26.4%

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.
SIG
AU$2.64
Sigma Healthcare
7D
-7.4%
1Y
-8.3%
TTX
AU$4.16
Tetratherix
7D
7.2%
1Y
n/a
NUZ
AU$0.096
Neurizon Therapeutics
7D
17.1%
1Y
-12.7%
EBR
AU$0.74
EBR Systems
7D
6.5%
1Y
-53.8%