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Australian (ASX) Healthcare Sector Analysis

UpdatedFeb 16, 2026
DataAggregated Company Financials
Companies126
  • 7D-11.3%
  • 3M-16.1%
  • 1Y-32.1%
  • YTD-14.2%

Over the last 7 days, the Healthcare industry has dropped 11%, driven by CSL declining 16%. Overall the industry is down 32% in 12 months. Looking forward, earnings are forecast to grow by 24% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 17 Feb 2026AU$184.9bAU$72.2bAU$2.1b33.8x88x2.6x
Thu, 15 Jan 2026AU$214.1bAU$73.9bAU$4.5b31.7x47.5x2.9x
Sat, 13 Dec 2025AU$221.1bAU$74.0bAU$4.5b33.6x49.4x3x
Mon, 10 Nov 2025AU$221.3bAU$74.8bAU$4.6b32x47.9x3x
Wed, 08 Oct 2025AU$238.9bAU$74.5bAU$4.6b30.5x52.4x3.2x
Fri, 05 Sep 2025AU$241.1bAU$74.9bAU$4.6b32x52.2x3.2x
Sun, 03 Aug 2025AU$271.8bAU$70.4bAU$4.9b37.6x55.7x3.9x
Tue, 01 Jul 2025AU$255.5bAU$71.7bAU$4.3b26.2x60x3.6x
Thu, 29 May 2025AU$260.2bAU$72.0bAU$4.3b27.1x60.5x3.6x
Sat, 26 Apr 2025AU$246.5bAU$70.7bAU$4.9b27.3x50.3x3.5x
Mon, 24 Mar 2025AU$255.5bAU$71.2bAU$4.9b28.1x51.9x3.6x
Wed, 19 Feb 2025AU$241.1bAU$66.0bAU$3.6b29.6x67.9x3.7x
Fri, 17 Jan 2025AU$244.4bAU$69.0bAU$3.4b26.1x72x3.5x
Sun, 15 Dec 2024AU$242.8bAU$68.3bAU$3.3b26.3x73.5x3.6x
Tue, 12 Nov 2024AU$243.5bAU$67.7bAU$3.2b25.6x77.1x3.6x
Thu, 10 Oct 2024AU$244.9bAU$67.1bAU$3.1b27.4x79.7x3.6x
Sat, 07 Sep 2024AU$240.5bAU$67.0bAU$3.1b26.2x78.4x3.6x
Mon, 05 Aug 2024AU$242.8bAU$63.3bAU$2.7b29.6x90.2x3.8x
Wed, 03 Jul 2024AU$232.8bAU$62.8bAU$2.6b32.1x88.7x3.7x
Fri, 31 May 2024AU$221.9bAU$61.1bAU$2.6b28.4x83.9x3.6x
Sun, 28 Apr 2024AU$219.4bAU$61.5bAU$2.7b27.3x82.3x3.6x
Tue, 26 Mar 2024AU$222.2bAU$61.7bAU$2.7b26x83.2x3.6x
Thu, 22 Feb 2024AU$222.7bAU$60.8bAU$3.2b27.5x69.8x3.7x
Sat, 20 Jan 2024AU$225.7bAU$60.4bAU$2.8b24.9x79.5x3.7x
Mon, 18 Dec 2023AU$218.9bAU$60.0bAU$2.8b24.8x77.9x3.6x
Wed, 15 Nov 2023AU$200.8bAU$61.2bAU$3.0b24.4x67.3x3.3x
Fri, 13 Oct 2023AU$193.7bAU$61.1bAU$2.9b24.9x66.3x3.2x
Sun, 10 Sep 2023AU$210.4bAU$61.4bAU$2.9b25.8x72.1x3.4x
Tue, 08 Aug 2023AU$208.5bAU$58.1bAU$2.9b26.1x70.8x3.6x
Thu, 06 Jul 2023AU$214.9bAU$57.8bAU$2.9b29.5x74.3x3.7x
Sat, 03 Jun 2023AU$231.9bAU$57.9bAU$2.9b26.1x79.7x4x
Mon, 01 May 2023AU$230.5bAU$57.4bAU$2.9b29.2x79.5x4x
Wed, 29 Mar 2023AU$220.2bAU$57.2bAU$2.9b27.6x76.7x3.8x
Fri, 24 Feb 2023AU$226.2bAU$56.3bAU$3.2b24.5x71.5x4x
Price to Earnings Ratio

71.5x


Total Market Cap: AU$226.2bTotal Earnings: AU$3.2bTotal Revenue: AU$56.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Healthcare Sector Price to Earnings3Y Average 69.8x202420252026
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 88.0x which is higher than its 3-year average PE of 69.8x.
  • The 3-year average PS ratio of 3.6x is higher than the industry's current PS ratio of 2.6x.
Past Earnings Growth
  • The earnings for companies in the Healthcare industry have declined 13% per year over the last three years.
  • Meanwhile revenues for these companies have grown 8.6% 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 Market2.05%
Healthcare-11.27%
Pharma2.57%
Life Sciences0.73%
Healthcare Services-2.52%
Medical Equipment-12.81%
Biotech-15.24%
Healthtech-19.50%
Industry PE
  • Investors are most optimistic about the Medical Equipment industry even though it's trading below its 3-year average PE ratio of 203x.
    • Analysts are expecting annual earnings growth of 18.2%, which is lower than the prior year's growth of 24.7% per year.
Forecasted Growth
  • Analysts are most optimistic on the Life Sciences industry, expecting annual earnings growth of 48% over the next 5 years.
  • This is better than its past earnings growth rate of 2.4% per year.
  • In contrast, the Healthtech industry is expected to see its earnings grow by 11% 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
RHC Ramsay Health CareAU$37.303.1%
+AU$257.5m		6.0%PE1261.2x
CU6 Clarity PharmaceuticalsAU$3.5723.1%
+AU$249.3m		5.0%PS140.4x
4DX 4DMedicalAU$3.809.8%
+AU$195.2m		597.2%PS370.2x
PYC PYC TherapeuticsAU$1.510.7%
+AU$134.5m		17.1%PS42.8x
MSB MesoblastAU$2.422.1%
+AU$64.5m		-15.1%PS128.6x

Latest News

CU6
AU$3.57
Clarity Pharmaceuticals
7D
23.1%
1Y
5.0%
CSL
AU$152.17
CSL
7D
-15.6%
1Y
-41.1%
ANN
AU$32.48
Ansell
7D
0.9%
1Y
-9.5%
COH
AU$200.50
Cochlear
7D
-20.8%
1Y
-27.1%

Cochlear (ASX:COH) Has Affirmed Its Dividend Of A$2.15

Feb 16
Cochlear (ASX:COH) Has Affirmed Its Dividend Of A$2.15
PME
AU$116.97
Pro Medicus
7D
-27.4%
1Y
-58.6%

Cloud Imaging And AI Integration Will Reshape Long Term Earnings Power

Catalysts About Pro Medicus Pro Medicus provides cloud based enterprise imaging software that underpins radiology, cardiology and other image intensive specialties for large health systems. What are the underlying business or industry changes driving this perspective?
IMR
AU$2.06
Imricor Medical Systems
7D
7.9%
1Y
46.1%

MRI Electrophysiology Adoption And Regulatory Progress Will Support A Fair Outlook

Catalysts About Imricor Medical Systems Imricor Medical Systems develops MRI compatible electrophysiology tools and software to enable cardiac ablation procedures inside MRI suites. What are the underlying business or industry changes driving this perspective?
PYC
AU$1.51
PYC Therapeutics
7D
0.7%
1Y
17.1%
SHL
AU$21.46
Sonic Healthcare
7D
-2.4%
1Y
-26.0%

SHL: Modest Margin Support Will Sustain An Attractive Future Earnings Multiple

Analysts have trimmed their price target for Sonic Healthcare slightly, with fair value moving from A$26.84 to A$26.19, as updated assumptions around discount rate, revenue growth, profit margins and future P/E feed into a more cautious valuation framework. Valuation Changes Fair Value: revised from A$26.84 to A$26.19, a modest reduction in the assessed share valuation.
MSB
AU$2.42
Mesoblast
7D
2.1%
1Y
-15.1%
NAN
AU$3.58
Nanosonics
7D
-5.5%
1Y
3.2%

NAN: RBC Upgrade And Refined Assumptions Will Support Upside Potential

Analysts have modestly adjusted their price targets on Nanosonics to A$5.43, reflecting small tweaks to their assumptions on discount rate, revenue growth, profit margins and future P/E, supported by recent research that cites a more constructive stance on the stock. Analyst Commentary Recent research points to a more constructive tone around Nanosonics, with bullish analysts highlighting that the refreshed price targets around A$5.43 are consistent with their updated view on risk, earnings quality and execution.
SPL
AU$0.50
Starpharma Holdings
7D
25.0%
1Y
400.0%
SIG
AU$3.01
Sigma Healthcare
7D
-3.5%
1Y
-8.0%

Calculating The Fair Value Of Sigma Healthcare Limited (ASX:SIG)

Feb 05
Calculating The Fair Value Of Sigma Healthcare Limited (ASX:SIG)
HLS
AU$0.80
Healius
7D
-9.7%
1Y
-45.9%
TLX
AU$8.63
Telix Pharmaceuticals
7D
-12.5%
1Y
-68.5%
RHC
AU$37.30
Ramsay Health Care
7D
3.1%
1Y
6.0%

RHC: CFO Appointment Will Support Risk Management While Outlook Remains Measured

Analysts have trimmed their price targets on Ramsay Health Care, reflecting a modest reset based on small tweaks to discount rate, revenue growth, profit margin and forward P/E assumptions following the latest sector views. Analyst Commentary Bearish analysts are treating the latest sector views as a reason to be more cautious on Ramsay Health Care, with price target resets framed around more conservative assumptions rather than any single headline event.
4DX
AU$3.80
4DMedical
7D
9.8%
1Y
597.2%

4DX: Equity Raise Will Likely Fail To Support Elevated Earnings Multiple

Analysts have trimmed their price target on 4DMedical to A$2.73, with the adjustment tied to small updates in discount rate assumptions, revenue growth forecasts, and an improved profit margin outlook. Together, these factors feed into a slightly lower future P/E expectation.