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Australian (ASX) Healthcare Sector Analysis

UpdatedMar 27, 2026
DataAggregated Company Financials
Companies129
  • 7D2.7%
  • 3M-19.2%
  • 1Y-32.4%
  • YTD-18.9%

Over the last 7 days, the Healthcare industry has remained flat, although notably CSL gained 7.2%. Unfortunately though, the industry is down 34% over the past 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
Fri, 27 Mar 2026AU$172.7bAU$78.6bAU$2.0b24.8x86.5x2.2x
Sun, 22 Feb 2026AU$189.4bAU$73.0bAU$2.2b24.7x88x2.6x
Tue, 20 Jan 2026AU$213.0bAU$73.8bAU$4.5b32x47.4x2.9x
Thu, 18 Dec 2025AU$213.0bAU$74.2bAU$4.6b32.7x46.8x2.9x
Sat, 15 Nov 2025AU$219.7bAU$74.7bAU$4.6b32.3x47.7x2.9x
Mon, 13 Oct 2025AU$243.6bAU$75.0bAU$4.6b30.2x52.6x3.2x
Wed, 10 Sep 2025AU$241.2bAU$74.5bAU$4.6b32.2x52.9x3.2x
Fri, 08 Aug 2025AU$273.5bAU$70.1bAU$4.8b37.5x57x3.9x
Sun, 06 Jul 2025AU$261.4bAU$71.6bAU$4.2b28x61.6x3.7x
Tue, 03 Jun 2025AU$258.4bAU$71.9bAU$4.3b26.2x60.2x3.6x
Thu, 01 May 2025AU$254.3bAU$70.7bAU$4.9b28.3x51.9x3.6x
Sat, 29 Mar 2025AU$252.0bAU$71.1bAU$4.9b28.3x51.3x3.5x
Mon, 24 Feb 2025AU$270.0bAU$66.5bAU$4.2b29x63.6x4.1x
Wed, 22 Jan 2025AU$245.6bAU$68.9bAU$3.4b26.2x72.6x3.6x
Fri, 20 Dec 2024AU$243.8bAU$68.8bAU$3.3b25.8x72.8x3.5x
Sun, 17 Nov 2024AU$237.5bAU$68.2bAU$3.2b24.3x73.4x3.5x
Tue, 15 Oct 2024AU$245.1bAU$67.0bAU$3.1b26.3x80.1x3.7x
Thu, 12 Sep 2024AU$238.4bAU$67.2bAU$3.1b26.4x76.3x3.5x
Sat, 10 Aug 2024AU$241.2bAU$63.1bAU$2.7b29x90.6x3.8x
Mon, 08 Jul 2024AU$237.2bAU$62.4bAU$2.6b33.1x92.3x3.8x
Wed, 05 Jun 2024AU$224.8bAU$61.1bAU$2.6b28x86.1x3.7x
Fri, 03 May 2024AU$220.5bAU$61.4bAU$2.7b26.9x83.2x3.6x
Sun, 31 Mar 2024AU$228.9bAU$61.6bAU$2.7b27.2x86x3.7x
Tue, 27 Feb 2024AU$224.8bAU$60.4bAU$3.3b25.7x68.1x3.7x
Thu, 25 Jan 2024AU$227.3bAU$60.4bAU$2.8b25.3x80x3.8x
Sat, 23 Dec 2023AU$222.3bAU$59.7bAU$2.7b24.9x81.5x3.7x
Mon, 20 Nov 2023AU$203.5bAU$60.7bAU$2.9b24.5x70x3.4x
Wed, 18 Oct 2023AU$194.7bAU$61.5bAU$3.0b24.9x65.4x3.2x
Fri, 15 Sep 2023AU$208.3bAU$61.2bAU$2.9b25.9x72.3x3.4x
Sun, 13 Aug 2023AU$210.4bAU$58.3bAU$3.0b25.9x70.9x3.6x
Tue, 11 Jul 2023AU$208.0bAU$57.8bAU$2.9b27.6x71.7x3.6x
Thu, 08 Jun 2023AU$232.6bAU$57.6bAU$2.9b25.9x80.8x4x
Sat, 06 May 2023AU$229.8bAU$57.0bAU$2.8b28x80.8x4x
Mon, 03 Apr 2023AU$222.7bAU$57.2bAU$2.9b27.6x77.8x3.9x
Price to Earnings Ratio

77.8x


Total Market Cap: AU$222.7bTotal Earnings: AU$2.9bTotal Revenue: AU$57.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Healthcare Sector Price to Earnings3Y Average 70.3x202420252026
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 86.4x which is higher than its 3-year average PE of 70.3x.
  • 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 11% 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 Market0.32%
Healthcare2.66%
Biotech6.39%
Life Sciences1.26%
Pharma0.48%
Medical Equipment0.21%
Healthcare Services-0.32%
Healthtech-1.84%
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 6.6%, 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 52% 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 6.6% 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
CSL CSLAU$143.193.4%
+AU$2.2b		-43.3%PE33.9x
4DX 4DMedicalAU$6.2846.0%
+AU$1.1b		2,065.5%PS620.8x
COH CochlearAU$170.233.4%
+AU$366.9m		-36.3%PE32.2x
TLX Telix PharmaceuticalsAU$13.657.1%
+AU$305.0m		-50.7%PS4x
SHL Sonic HealthcareAU$20.632.8%
+AU$276.7m		-20.0%PE18.9x

Latest News

4DX
AU$6.28
4DMedical
7D
46.0%
1Y
2,065.5%
EBR
AU$0.64
EBR Systems
7D
-9.9%
1Y
-64.2%
IDX
AU$2.35
Integral Diagnostics
7D
-4.9%
1Y
1.7%
CSL
AU$143.19
CSL
7D
3.4%
1Y
-43.3%

CSL: Manufacturing Expansion And Horizon 2 Rollout Will Support Future Share Recovery

Narrative Update on CSL Analysts have adjusted CSL's fair value estimate from A$205.16 to A$207.81. This reflects updated views on its discount rate, revenue growth, profit margins and future P/E assumptions, alongside recent mixed rating actions on the stock.
COH
AU$170.23
Cochlear
7D
3.4%
1Y
-36.3%

COH: VA Access Expansion Will Support Future Upside Potential

Analysts have adjusted their price target on Cochlear slightly lower to A$245.91 from A$250.59, reflecting modest tweaks to assumptions around the discount rate, revenue growth, profit margins and future P/E following recent research updates. Analyst Commentary Bullish Takeaways Bullish analysts see the revised A$245.91 target as still supportive of upside potential relative to recent trading levels, suggesting the core earnings story remains intact despite the small adjustment.
PYC
AU$1.10
PYC Therapeutics
7D
-17.3%
1Y
-12.0%
RHC
AU$40.21
Ramsay Health Care
7D
1.0%
1Y
16.2%

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

Analysts have lifted their price target on Ramsay Health Care from around A$37.09 to about A$43.33, citing updated assumptions on discount rates, revenue growth, profit margins and future P/E multiples following recent research, including a downgrade from Morgan Stanley. Analyst Commentary Bullish Takeaways Bullish analysts view the lift in the consolidated price target to about A$43.33 as support for upside potential if Ramsay delivers on its revised revenue and margin assumptions.
CU6
AU$3.27
Clarity Pharmaceuticals
7D
-4.4%
1Y
47.3%
TLX
AU$13.65
Telix Pharmaceuticals
7D
7.1%
1Y
-50.7%
SHL
AU$20.63
Sonic Healthcare
7D
2.8%
1Y
-20.0%

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.
AVR
AU$7.90
Anteris Technologies Global
7D
-6.0%
1Y
6.5%
PME
AU$117.70
Pro Medicus
7D
-2.0%
1Y
-41.7%
ANN
AU$28.67
Ansell
7D
2.1%
1Y
-15.9%

ANN: Sustainable Chemical Protection And Capital Returns Will Support Future Margin And Pricing Power

Analysts have made a small upward adjustment to their Ansell valuation, with the fair value estimate nudging higher from about A$36.05 to around A$36.47. This reflects updated assumptions for the discount rate, revenue growth, profit margin and future P/E.
SIG
AU$2.62
Sigma Healthcare
7D
-5.8%
1Y
-9.3%
AYA
AU$3.21
Artrya
7D
19.8%
1Y
269.0%
RAC
AU$2.55
Racura Oncology
7D
-9.9%
1Y
121.7%