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Australian (ASX) Healthcare Sector Analysis

UpdatedApr 12, 2026
DataAggregated Company Financials
Companies129
  • 7D1.5%
  • 3M-19.0%
  • 1Y-28.0%
  • YTD-19.1%

Over the last 7 days, the Healthcare industry has risen 1.5%, driven by gains from Pro Medicus of 6.8%. In contrast, the industry has lost 28% in the last 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
Sun, 12 Apr 2026AU$172.2bAU$78.0bAU$2.0b25.4x87.9x2.2x
Tue, 10 Mar 2026AU$176.0bAU$78.2bAU$2.0b25x89x2.3x
Thu, 05 Feb 2026AU$212.6bAU$72.6bAU$4.3b32x49.2x2.9x
Sat, 03 Jan 2026AU$214.5bAU$73.9bAU$4.5b33x47.6x2.9x
Mon, 01 Dec 2025AU$227.8bAU$74.5bAU$4.6b31.9x50x3.1x
Wed, 29 Oct 2025AU$226.8bAU$74.7bAU$4.6b31.7x49.5x3x
Fri, 26 Sep 2025AU$235.3bAU$74.6bAU$4.6b30x51.5x3.2x
Sun, 24 Aug 2025AU$245.5bAU$71.0bAU$4.7b27.3x52.3x3.5x
Tue, 22 Jul 2025AU$267.7bAU$71.8bAU$4.3b29.3x62.6x3.7x
Thu, 19 Jun 2025AU$257.2bAU$71.9bAU$4.3b25.6x60x3.6x
Sat, 17 May 2025AU$255.0bAU$72.1bAU$4.3b27.2x59.1x3.5x
Mon, 14 Apr 2025AU$237.7bAU$71.1bAU$5.0b25.8x47.9x3.3x
Wed, 12 Mar 2025AU$252.1bAU$71.1bAU$4.9b27.9x51.1x3.5x
Fri, 07 Feb 2025AU$249.9bAU$65.2bAU$3.4b26.6x74.5x3.8x
Sun, 05 Jan 2025AU$247.0bAU$68.9bAU$3.4b25.9x73.3x3.6x
Tue, 03 Dec 2024AU$246.9bAU$68.0bAU$3.2b27.2x76.9x3.6x
Thu, 31 Oct 2024AU$239.9bAU$67.7bAU$3.2b25.6x75.8x3.5x
Sat, 28 Sep 2024AU$236.6bAU$66.6bAU$3.0b25.8x79x3.6x
Mon, 26 Aug 2024AU$244.4bAU$64.1bAU$3.2b36.9x76.8x3.8x
Wed, 24 Jul 2024AU$247.0bAU$62.9bAU$2.6b32x93.6x3.9x
Fri, 21 Jun 2024AU$233.7bAU$62.7bAU$2.6b33.4x89.4x3.7x
Sun, 19 May 2024AU$225.3bAU$60.9bAU$2.6b26.8x87.4x3.7x
Tue, 16 Apr 2024AU$221.6bAU$61.7bAU$2.7b26.8x82.6x3.6x
Thu, 14 Mar 2024AU$222.3bAU$61.4bAU$2.6b25.7x85x3.6x
Sat, 10 Feb 2024AU$235.0bAU$59.2bAU$3.1b26.1x77x4x
Mon, 08 Jan 2024AU$225.1bAU$60.0bAU$2.8b24.5x80.9x3.8x
Wed, 06 Dec 2023AU$206.7bAU$60.5bAU$2.9b24.8x71.8x3.4x
Fri, 03 Nov 2023AU$189.9bAU$61.0bAU$2.9b24.4x64.4x3.1x
Sun, 01 Oct 2023AU$200.1bAU$61.1bAU$2.9b24.9x68.9x3.3x
Tue, 29 Aug 2023AU$210.3bAU$61.5bAU$2.9b24.9x71.9x3.4x
Thu, 27 Jul 2023AU$210.0bAU$57.5bAU$2.9b27.3x73.6x3.7x
Sat, 24 Jun 2023AU$217.4bAU$57.7bAU$2.9b25.5x75.4x3.8x
Mon, 22 May 2023AU$231.6bAU$57.8bAU$2.9b27.7x80.3x4x
Wed, 19 Apr 2023AU$230.6bAU$57.0bAU$2.8b27.8x81x4x
Price to Earnings Ratio

81x


Total Market Cap: AU$230.6bTotal Earnings: AU$2.8bTotal Revenue: AU$57.0bTotal 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 87.9x 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 Market4.32%
Healthcare1.46%
Healthtech7.26%
Life Sciences2.49%
Pharma2.45%
Biotech0.95%
Healthcare Services0.84%
Medical Equipment0.77%
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 7.3%, 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 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 7.3% 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
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$14.64
Telix Pharmaceuticals
7D
13.1%
1Y
-44.1%
PGC
AU$0.18
Paragon Care
7D
-5.3%
1Y
-54.4%

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

Analysts have lifted Paragon Care's fair value estimate slightly from A$0.31 to A$0.315, reflecting updated assumptions around revenue growth, profit margins, and a higher future P/E multiple. What's in the News Paragon Care is being added to the S&P/ASX Emerging Companies Index, increasing its visibility among index-tracking investors and funds (Index Constituent Adds).
PME
AU$126.92
Pro Medicus
7D
6.8%
1Y
-37.4%
CSL
AU$139.19
CSL
7D
0.2%
1Y
-40.3%

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
35.9%

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COH
AU$172.10
Cochlear
7D
-0.2%
1Y
-31.3%

COH: VA Access Expansion And Upgraded Coverage Will Underpin Future Upside

Analysts have slightly adjusted their price target for Cochlear to A$244.58 from A$245.91. This reflects updated assumptions around discount rates and valuation multiples, while core growth and profitability expectations remain broadly unchanged.
4DX
AU$6.80
4DMedical
7D
20.6%
1Y
2,566.7%
RHC
AU$39.77
Ramsay Health Care
7D
2.2%
1Y
23.9%

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
198.1%

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ANN
AU$29.81
Ansell
7D
4.6%
1Y
0.4%

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$19.77
Sonic Healthcare
7D
-1.1%
1Y
-20.3%

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.
HLS
AU$0.50
Healius
7D
-3.8%
1Y
-64.3%
MSB
AU$2.12
Mesoblast
7D
-0.5%
1Y
34.6%
PAR
AU$0.23
Paradigm Biopharmaceuticals
7D
-11.5%
1Y
-20.7%
SIG
AU$2.69
Sigma Healthcare
7D
1.1%
1Y
-10.3%
AYA
AU$3.90
Artrya
7D
24.6%
1Y
555.5%