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Australian (ASX) Healthcare Sector Analysis

UpdatedApr 10, 2026
DataAggregated Company Financials
Companies129
  • 7D1.6%
  • 3M-18.8%
  • 1Y-29.7%
  • YTD-19.0%

In the last week, the Healthcare industry is up 1.6%, with Pro Medicus up 7.2%. In the past year, the industry is down 30%. Earnings are forecast to grow by 23% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 10 Apr 2026AU$172.5bAU$78.1bAU$2.0b24.4x87.5x2.2x
Sun, 08 Mar 2026AU$181.9bAU$78.2bAU$2.0b24.8x92.1x2.3x
Tue, 03 Feb 2026AU$211.8bAU$72.8bAU$4.3b31.7x48.8x2.9x
Thu, 01 Jan 2026AU$213.7bAU$73.9bAU$4.5b32.9x47.4x2.9x
Sat, 29 Nov 2025AU$227.7bAU$74.6bAU$4.6b31.9x49.8x3.1x
Mon, 27 Oct 2025AU$243.8bAU$74.9bAU$4.6b30.6x52.9x3.3x
Wed, 24 Sep 2025AU$239.1bAU$74.5bAU$4.6b31.7x52.5x3.2x
Fri, 22 Aug 2025AU$250.4bAU$71.1bAU$5.3b26.1x47.4x3.5x
Sun, 20 Jul 2025AU$270.7bAU$71.8bAU$4.3b29.5x63.3x3.8x
Tue, 17 Jun 2025AU$256.0bAU$71.7bAU$4.3b25.8x59.9x3.6x
Thu, 15 May 2025AU$252.6bAU$70.3bAU$4.8b27.4x52.2x3.6x
Sat, 12 Apr 2025AU$237.7bAU$71.4bAU$5.0b25.6x47.5x3.3x
Mon, 10 Mar 2025AU$261.1bAU$71.1bAU$4.9b28.9x53.1x3.7x
Wed, 05 Feb 2025AU$245.1bAU$65.5bAU$3.4b26.5x72.3x3.7x
Fri, 03 Jan 2025AU$244.6bAU$68.9bAU$3.4b25.7x72.6x3.5x
Sun, 01 Dec 2024AU$248.2bAU$67.9bAU$3.2b26.8x77.8x3.7x
Tue, 29 Oct 2024AU$242.1bAU$67.6bAU$3.1b26x77x3.6x
Thu, 26 Sep 2024AU$235.0bAU$66.6bAU$3.0b24.7x78.3x3.5x
Sat, 24 Aug 2024AU$244.3bAU$64.4bAU$3.2b36.9x75.5x3.8x
Mon, 22 Jul 2024AU$244.6bAU$62.7bAU$2.6b33.1x93.8x3.9x
Wed, 19 Jun 2024AU$235.6bAU$62.9bAU$2.6b33x89.1x3.7x
Fri, 17 May 2024AU$230.3bAU$61.0bAU$2.6b26.3x88.9x3.8x
Sun, 14 Apr 2024AU$223.9bAU$61.7bAU$2.7b25.8x83.6x3.6x
Tue, 12 Mar 2024AU$222.6bAU$61.4bAU$2.6b25.7x85.2x3.6x
Thu, 08 Feb 2024AU$232.6bAU$59.2bAU$3.0b25.3x76.5x3.9x
Sat, 06 Jan 2024AU$225.1bAU$60.1bAU$2.8b24.5x80.3x3.7x
Mon, 04 Dec 2023AU$206.4bAU$60.1bAU$2.8b24.8x73.1x3.4x
Wed, 01 Nov 2023AU$185.4bAU$61.2bAU$3.0b24.4x62x3x
Fri, 29 Sep 2023AU$200.5bAU$61.2bAU$2.9b24.9x68.6x3.3x
Sun, 27 Aug 2023AU$207.7bAU$61.5bAU$2.9b24.9x71.3x3.4x
Tue, 25 Jul 2023AU$212.2bAU$57.5bAU$2.9b27.4x74.3x3.7x
Thu, 22 Jun 2023AU$221.3bAU$57.4bAU$2.9b26x77.6x3.9x
Sat, 20 May 2023AU$231.6bAU$57.7bAU$2.9b27.7x80.4x4x
Mon, 17 Apr 2023AU$231.5bAU$57.1bAU$2.9b28.5x80.9x4.1x
Price to Earnings Ratio

80.9x


Total Market Cap: AU$231.5bTotal Earnings: AU$2.9bTotal Revenue: AU$57.1bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Healthcare Sector Price to Earnings3Y Average 70.4x202420252026
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 87.5x which is higher than its 3-year average PE of 70.4x.
  • 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 Market4.44%
Healthcare1.64%
Healthtech7.18%
Life Sciences1.88%
Healthcare Services1.46%
Pharma1.27%
Medical Equipment1.01%
Biotech0.94%
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 6.7%, 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 48% 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 6.7% 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$126.926.8%
+AU$844.1m		-37.4%PE56.5x
4DX 4DMedicalAU$6.8020.6%
+AU$683.7m		2,566.7%PS689.7x
TLX Telix PharmaceuticalsAU$14.6413.1%
+AU$572.7m		-44.1%PS4.4x
SIG Sigma HealthcareAU$2.691.1%
+AU$345.1m		-10.3%PE51.6x
RHC Ramsay Health CareAU$39.772.2%
+AU$195.4m		23.9%PE33.5x

Latest News

TLX
AU$13.64
Telix Pharmaceuticals
7D
5.3%
1Y
-48.7%
PME
AU$127.38
Pro Medicus
7D
7.2%
1Y
-37.6%
CSL
AU$140.23
CSL
7D
0.9%
1Y
-42.0%

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

Analysts have slightly increased CSL's fair value estimate to A$208.11, citing modest adjustments to the discount rate, revenue growth, profit margin and a higher assumed future P/E multiple as they reassess the stock following recent rating changes. Analyst Commentary Recent rating actions around CSL highlight a split in views on how much investors should pay for the stock at this stage, which feeds directly into the updated fair value estimate of A$208.11.
ARX
AU$0.53
Aroa Biosurgery
7D
-8.6%
1Y
39.5%

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4DX
AU$6.29
4DMedical
7D
11.5%
1Y
2,319.2%
RHC
AU$40.39
Ramsay Health Care
7D
3.8%
1Y
21.0%

RHC: Dividend Outlook And Tighter Assumptions Will Shape Future Share Performance

Analysts have trimmed their price target for Ramsay Health Care to about A$43.04 from about A$43.33, reflecting slightly lower revenue growth assumptions, a modestly higher discount rate, and a small adjustment to the future P/E multiple, partly offset by a slightly higher profit margin outlook. Analyst Commentary Bullish Takeaways Bullish analysts view the A$43.04 target as still supported by expectations for steady execution on revenue and profit margins, even after trimming growth assumptions.
ATX
AU$0.15
Amplia Therapeutics
7D
-35.4%
1Y
176.8%

Companies Like Amplia Therapeutics (ASX:ATX) Are In A Position To Invest In Growth

Mar 31
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ANN
AU$29.59
Ansell
7D
3.8%
1Y
-1.9%

ANN: Sustainable Chemical Protection And Capital Returns Will Support Future Upside Potential

Analysts have nudged their fair value estimate for Ansell slightly lower, trimming the price target from about A$36.47 to A$36.23 as they refresh assumptions around discount rates, long term revenue growth, profit margins and the future P/E multiple. What's in the News Announced an interim dividend of US$0.266 per share for the six months ended December 31, 2025, with an ex date of February 23, 2026, record date of February 24, 2026, and payment date of March 13, 2026 (Key Developments).
SHL
AU$19.87
Sonic Healthcare
7D
-0.6%
1Y
-21.2%

SHL: Upcoming Dividend And Conservative Assumptions Will Support A Higher Future Multiple

Analysts have nudged Sonic Healthcare's fair value estimate slightly lower, trimming their price target by about A$0.28 as small adjustments to revenue growth, profit margin assumptions and future P/E expectations feed into a more conservative valuation. What's in the News Sonic Healthcare declared a dividend of A$0.45 per share for the six months ended 31 December 2025, giving investors clarity on the upcoming income timeline.
IMR
AU$1.82
Imricor Medical Systems
7D
-2.9%
1Y
33.9%
PGC
AU$0.17
Paragon Care
7D
-7.9%
1Y
-57.3%

PGC: Ramsay Exit And Index Inclusion Will Support Future Margin Upside

Analysts have trimmed Paragon Care's fair value estimate slightly from A$0.32 to A$0.31. This reflects updated assumptions on future P/E and profitability while core discount rate and growth inputs remain broadly unchanged.
LDX
AU$0.19
Lumos Diagnostics Holdings
7D
-9.5%
1Y
804.8%
MSB
AU$2.03
Mesoblast
7D
-4.7%
1Y
17.0%
MYX
AU$2.16
Mayne Pharma Group
7D
-7.3%
1Y
-69.1%
SIG
AU$2.70
Sigma Healthcare
7D
1.5%
1Y
-10.0%
AYA
AU$3.68
Artrya
7D
17.6%
1Y
513.3%