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Australian (ASX) Healthcare Sector Analysis

UpdatedDec 26, 2025
DataAggregated Company Financials
Companies125
  • 7D1.3%
  • 3M-7.1%
  • 1Y-25.5%
  • YTD-22.1%

Last week, the Healthcare industry hasn't moved much but Pro Medicus is up 5.0% in that time. As for the longer term, the industry has declined 25% in the last year. Looking forward, earnings are forecast to grow by 18% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 26 Dec 2025AU$214.8bAU$73.8bAU$4.5b33.3x47.8x2.9x
Sun, 23 Nov 2025AU$218.1bAU$74.9bAU$4.7b31.7x46.8x2.9x
Tue, 21 Oct 2025AU$245.5bAU$75.0bAU$4.6b31.3x53.1x3.3x
Thu, 18 Sep 2025AU$236.5bAU$74.2bAU$4.5b31.8x52.3x3.2x
Sat, 16 Aug 2025AU$274.8bAU$70.3bAU$4.8b31x56.8x3.9x
Mon, 14 Jul 2025AU$258.9bAU$71.5bAU$4.2b27.9x61.1x3.6x
Wed, 11 Jun 2025AU$258.2bAU$71.8bAU$4.3b26.2x60.4x3.6x
Fri, 09 May 2025AU$251.7bAU$70.6bAU$4.9b27.1x51.5x3.6x
Sun, 06 Apr 2025AU$246.8bAU$72.3bAU$5.1b27x48x3.4x
Tue, 04 Mar 2025AU$265.7bAU$71.4bAU$4.9b28.7x53.9x3.7x
Thu, 30 Jan 2025AU$250.8bAU$68.9bAU$3.4b26.9x74.3x3.6x
Sat, 28 Dec 2024AU$246.3bAU$68.9bAU$3.4b25.8x73.1x3.6x
Mon, 25 Nov 2024AU$239.0bAU$68.0bAU$3.2b26.3x74.6x3.5x
Wed, 23 Oct 2024AU$242.8bAU$67.3bAU$3.1b25.1x78.3x3.6x
Fri, 20 Sep 2024AU$238.6bAU$66.6bAU$3.0b27.3x78.7x3.6x
Sun, 18 Aug 2024AU$241.7bAU$63.7bAU$2.9b30.7x83.8x3.8x
Tue, 16 Jul 2024AU$244.1bAU$62.3bAU$2.6b33.3x95.5x3.9x
Thu, 13 Jun 2024AU$229.2bAU$63.1bAU$2.7b30.7x86.4x3.6x
Sat, 11 May 2024AU$223.2bAU$61.2bAU$2.6b26.3x84.9x3.6x
Mon, 08 Apr 2024AU$223.8bAU$61.3bAU$2.6b27.1x85.1x3.6x
Wed, 06 Mar 2024AU$223.3bAU$61.9bAU$2.7b25.8x83.8x3.6x
Fri, 02 Feb 2024AU$230.5bAU$60.7bAU$2.9b25.3x80x3.8x
Sun, 31 Dec 2023AU$226.0bAU$59.7bAU$2.7b24.9x83x3.8x
Tue, 28 Nov 2023AU$201.2bAU$60.4bAU$2.9b25.1x70.3x3.3x
Thu, 26 Oct 2023AU$188.2bAU$61.3bAU$3.0b24.4x62.6x3.1x
Sat, 23 Sep 2023AU$200.0bAU$61.0bAU$2.9b24.9x69.1x3.3x
Mon, 21 Aug 2023AU$212.8bAU$60.6bAU$2.9b28.2x74.7x3.5x
Wed, 19 Jul 2023AU$211.5bAU$57.3bAU$2.8b26.3x74.8x3.7x
Fri, 16 Jun 2023AU$217.6bAU$57.3bAU$2.8b25.7x76.8x3.8x
Sun, 14 May 2023AU$232.8bAU$57.3bAU$2.9b27.7x80.6x4.1x
Tue, 11 Apr 2023AU$230.6bAU$57.3bAU$2.9b26.6x79.9x4x
Thu, 09 Mar 2023AU$226.2bAU$57.3bAU$2.9b26.4x78.1x3.9x
Sat, 04 Feb 2023AU$234.6bAU$54.9bAU$3.9b24.9x60.3x4.3x
Mon, 02 Jan 2023AU$216.9bAU$55.6bAU$4.0b25.5x53.7x3.9x
Price to Earnings Ratio

53.7x


Total Market Cap: AU$216.9bTotal Earnings: AU$4.0bTotal Revenue: AU$55.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Healthcare Sector Price to Earnings3Y Average 70x20242025
Current Industry PE
  • Investors are pessimistic on the Australian Healthcare industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 47.8x which is lower than its 3-year average PE of 70.0x.
  • The 3-year average PS ratio of 3.6x is higher than the industry's current PS ratio of 2.9x.
Past Earnings Growth
  • The earnings for companies in the Healthcare industry have grown 3.6% per year over the last three years.
  • Revenues for these companies have grown 9.9% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the Australian Healthcare sector?

AU Market2.32%
Healthcare1.28%
Healthtech7.05%
Pharma2.80%
Healthcare Services1.84%
Medical Equipment1.74%
Life Sciences0.61%
Biotech-0.82%
Industry PE
  • Investors are most optimistic about the Healthtech industry which is trading above its 3-year average PE ratio of 2kx.
    • Analysts are expecting annual earnings growth of 24.8%, which is lower than the prior year's growth of 62.7% per year.
Forecasted Growth
  • Analysts are most optimistic on the Life Sciences industry, expecting annual earnings growth of 70% over the next 5 years.
  • This is better than its past earnings growth rate of 2.4% per year.
  • In contrast, the Biotech industry is expected to see its earnings grow by 14% 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$225.685.0%
+AU$1.1b		-9.8%PE204.6x
SIG Sigma HealthcareAU$2.982.8%
+AU$920.1m		n/aPE64.7x
4DX 4DMedicalAU$3.8332.5%
+AU$485.1m		760.7%PS337.7x
RHC Ramsay Health CareAU$35.193.2%
+AU$250.6m		1.3%PE1189.9x
COH CochlearAU$261.971.4%
+AU$239.4m		-11.7%PE44.1x

Latest News

PGC
AU$0.21
Paragon Care
7D
-4.4%
1Y
-57.0%
PTX
AU$0.08
Prescient Therapeutics
7D
-23.8%
1Y
63.3%
NUZ
AU$0.085
Neurizon Therapeutics
7D
-22.7%
1Y
-48.5%
4DX
AU$3.83
4DMedical
7D
32.5%
1Y
760.7%

4DX: Elevated Future Multiple Will Likely Constrain Long Term Share Returns

Analysts have modestly lifted their price target for 4DMedical to 2.30 dollars from 2.30 dollars. This reflects slightly improved profit margin expectations and a marginally lower perceived risk profile that together support a richer, though still elevated, future earnings multiple.
CSL
AU$171.48
CSL
7D
-1.4%
1Y
-38.9%

CSL: Shares Will Recover As Seqirus Drag Fades After AGM Downgrade

Analysts have nudged down their price target on CSL by A$5 to reflect slightly softer long term revenue growth assumptions and a modestly higher discount rate, even as they highlight resilient margins and view the recent selloff as an opportunity to re engage with the shares. Analyst Commentary Recent commentary around CSL reflects a more constructive stance on the stock despite near term earnings noise, with valuation support emerging after the sharp pullback.
SIG
AU$2.98
Sigma Healthcare
7D
2.8%
1Y
n/a
RHC
AU$35.19
Ramsay Health Care
7D
3.2%
1Y
1.3%

RHC: Future CFO Appointment Will Shape Margins And Earnings Profile

Narrative Update: Ramsay Health Care Analysts have modestly increased their price target for Ramsay Health Care to A$34.50 from A$32.80, citing slightly stronger expectations for revenue growth, profit margins and long term earnings multiples, despite a marginally higher discount rate. What's in the News Ramsay Health Care appointed Anthony Neilson as Group Chief Financial Officer, with commencement scheduled for 24 November 2025 in Sydney (Key Developments).
ACL
AU$2.69
Australian Clinical Labs
7D
-4.3%
1Y
-22.5%

ACL: Share Buyback And Cyber Penalty Resolution Will Support Stronger Outlook

Narrative Update on Australian Clinical Labs Analysts have trimmed their price target on Australian Clinical Labs from approximately A$4.73 to around A$3.85. This reflects slightly higher perceived risk, more moderate valuation multiples, and only modest upgrades to long term growth and margin assumptions.
MSB
AU$2.90
Mesoblast
7D
3.6%
1Y
13.7%
NAN
AU$3.98
Nanosonics
7D
-2.5%
1Y
29.2%

NAN: Share Buyback Will Signal Confidence Despite Higher Required Returns

Analysts have trimmed their price target for Nanosonics from A$6.18 to A$5.43. This reflects a higher required discount rate and lower expected valuation multiples, even as they modestly upgrade assumptions for revenue growth and profit margins.
PYC
AU$1.70
PYC Therapeutics
7D
14.5%
1Y
21.4%
MVF
AU$0.73
Monash IVF Group
7D
-9.8%
1Y
-40.7%
COH
AU$261.97
Cochlear
7D
1.4%
1Y
-11.7%

Risks To Shareholder Returns Are Elevated At These Prices For Cochlear Limited (ASX:COH)

Nov 18
Risks To Shareholder Returns Are Elevated At These Prices For Cochlear Limited (ASX:COH)
AYA
AU$4.64
Artrya
7D
24.7%
1Y
856.7%
REG
AU$7.02
Regis Healthcare
7D
-3.4%
1Y
13.0%
PME
AU$225.68
Pro Medicus
7D
5.0%
1Y
-9.8%

Does Pro Medicus (ASX:PME) Deserve A Spot On Your Watchlist?

Oct 08
Does Pro Medicus (ASX:PME) Deserve A Spot On Your Watchlist?