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Australian (ASX) Healthcare Sector Analysis

UpdatedApr 22, 2026
DataAggregated Company Financials
Companies129
  • 7D1.5%
  • 3M-16.5%
  • 1Y-27.3%
  • YTD-17.7%

Over the last 7 days, the Healthcare industry has risen 1.5%, driven by gains from Sigma Healthcare of 4.4%. Meanwhile, 4DMedical actually underperformed within the industry, shrinking 19% in the last week. In the past year, the industry is down 27%. 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
Wed, 22 Apr 2026AU$175.3bAU$77.7bAU$1.9b26.9x90.2x2.3x
Fri, 20 Mar 2026AU$168.3bAU$78.1bAU$2.0b24.2x85.3x2.2x
Sun, 15 Feb 2026AU$184.9bAU$72.2bAU$2.1b33.8x88x2.6x
Tue, 13 Jan 2026AU$215.5bAU$73.8bAU$4.5b32x48x2.9x
Thu, 11 Dec 2025AU$219.6bAU$74.1bAU$4.5b33.3x48.9x3x
Sat, 08 Nov 2025AU$221.6bAU$75.0bAU$4.6b32.9x47.9x3x
Mon, 06 Oct 2025AU$242.7bAU$74.5bAU$4.6b30.4x53.3x3.3x
Wed, 03 Sep 2025AU$240.7bAU$75.0bAU$4.6b32x52.3x3.2x
Fri, 01 Aug 2025AU$277.5bAU$70.5bAU$4.9b38.2x56.8x3.9x
Sun, 29 Jun 2025AU$251.6bAU$71.7bAU$4.3b26x59x3.5x
Tue, 27 May 2025AU$258.2bAU$71.8bAU$4.3b27.4x60.6x3.6x
Thu, 24 Apr 2025AU$245.4bAU$70.6bAU$4.9b27.1x50.2x3.5x
Sat, 22 Mar 2025AU$255.5bAU$71.1bAU$4.9b28.2x52x3.6x
Mon, 17 Feb 2025AU$239.0bAU$66.0bAU$3.6b28.8x67.3x3.6x
Wed, 15 Jan 2025AU$245.8bAU$66.5bAU$3.3b23.8x74.9x3.7x
Fri, 13 Dec 2024AU$242.9bAU$68.2bAU$3.3b26.4x74.1x3.6x
Sun, 10 Nov 2024AU$242.2bAU$67.7bAU$3.2b25.5x76.7x3.6x
Tue, 08 Oct 2024AU$241.5bAU$66.9bAU$3.0b29.5x79.3x3.6x
Thu, 05 Sep 2024AU$240.3bAU$66.3bAU$3.1b26.5x77.8x3.6x
Sat, 03 Aug 2024AU$242.8bAU$63.3bAU$2.7b29.6x90x3.8x
Mon, 01 Jul 2024AU$237.4bAU$62.7bAU$2.6b32.1x90.8x3.8x
Wed, 29 May 2024AU$224.3bAU$61.0bAU$2.6b27.9x85.3x3.7x
Fri, 26 Apr 2024AU$222.5bAU$61.6bAU$2.7b26.7x82.9x3.6x
Sun, 24 Mar 2024AU$222.2bAU$61.8bAU$2.7b26.2x83x3.6x
Tue, 20 Feb 2024AU$221.4bAU$60.5bAU$3.5b25.6x63.7x3.7x
Thu, 18 Jan 2024AU$223.3bAU$60.5bAU$2.9b24.9x78x3.7x
Sat, 16 Dec 2023AU$218.9bAU$60.0bAU$2.8b24.8x78.1x3.6x
Mon, 13 Nov 2023AU$200.5bAU$61.2bAU$3.0b24.5x67.1x3.3x
Wed, 11 Oct 2023AU$201.9bAU$61.1bAU$2.9b25x69.1x3.3x
Fri, 08 Sep 2023AU$208.9bAU$61.4bAU$2.9b25.5x71.7x3.4x
Sun, 06 Aug 2023AU$210.2bAU$58.1bAU$2.9b26.1x71.5x3.6x
Tue, 04 Jul 2023AU$216.3bAU$57.8bAU$2.9b27.6x74.7x3.7x
Thu, 01 Jun 2023AU$230.5bAU$58.3bAU$3.0b25.5x77.6x4x
Sat, 29 Apr 2023AU$230.5bAU$57.5bAU$2.9b29.2x79.1x4x
Price to Earnings Ratio

79.1x


Total Market Cap: AU$230.5bTotal Earnings: AU$2.9bTotal Revenue: AU$57.5bTotal 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 90.2x 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 2.3x.
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 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 Market0.21%
Healthcare1.54%
Life Sciences9.74%
Healthtech7.57%
Pharma4.76%
Healthcare Services3.52%
Biotech-0.18%
Medical Equipment-2.75%
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 5.8%, 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 49% 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 5.8% 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
SIG Sigma HealthcareAU$2.824.4%
+AU$1.4b		-8.1%PE54.1x
RHC Ramsay Health CareAU$41.354.3%
+AU$390.9m		26.1%PE34.8x
MSB MesoblastAU$2.3014.4%
+AU$374.7m		42.9%PS32.5x
PME Pro MedicusAU$140.582.3%
+AU$330.1m		-32.6%PE62.6x
AYA ArtryaAU$4.4916.3%
+AU$100.7m		687.7%PS24741.4x

Latest News

TLX
AU$14.32
Telix Pharmaceuticals
7D
-3.2%
1Y
-49.4%
SHL
AU$20.08
Sonic Healthcare
7D
-1.9%
1Y
-21.5%

Sonic Healthcare Is Priced for Yesterday. Its AI Is Built for Tomorrow.

Sonic Healthcare stands as the world’s third-largest medical diagnostics company, operating an extensive network of pathology labs, radiology centers, and primary care medical practices across Australia, the US, Germany, Switzerland, and the UK. Founded in 1987, the company has spent over three decades executing a disciplined acquisition strategy to become a cornerstone of global healthcare infrastructure.
OCC
AU$0.90
Orthocell
7D
-16.7%
1Y
-28.0%
AYA
AU$4.49
Artrya
7D
16.3%
1Y
687.7%
PME
AU$140.58
Pro Medicus
7D
2.3%
1Y
-32.6%
RHC
AU$41.35
Ramsay Health Care
7D
4.3%
1Y
26.1%

RHC: Margin Resilience And UK Exit Options Will Support Future Upside Potential

Analysts now place Ramsay Health Care's fair value at A$51.81, compared with A$48.05 previously. This reflects updated views on discount rates, revenue growth, profit margins and future P/E after recent Street research, including the latest Morgan Stanley downgrade review.
PYC
AU$1.29
PYC Therapeutics
7D
6.2%
1Y
24.8%
4DX
AU$5.12
4DMedical
7D
-19.1%
1Y
1,696.5%

4DX: Index Inclusion Will Intensify Concerns Over Stretched Future Earnings Multiple

Analysts have maintained their A$4.13 price target for 4DMedical, citing only modest adjustments in the discount rate, revenue growth, profit margin and future P/E assumptions as the main reasons for keeping their view unchanged. What's in the News 4DMedical completed a follow on equity offering of A$83.0 million, issuing 14,067,797 ordinary shares at A$5.90 per share with a A$0.236 discount per security, as a subsequent direct listing (company filing).
CSL
AU$137.00
CSL
7D
-0.8%
1Y
-42.1%

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.
CU6
AU$3.08
Clarity Pharmaceuticals
7D
5.8%
1Y
70.6%
NAN
AU$3.75
Nanosonics
7D
4.7%
1Y
-15.0%

NAN: RBC Upgrade And Premier Agreement Will Support Future Upside Potential

Analysts have modestly adjusted their assumptions for the discount rate, revenue growth, profit margin and future P/E in their models for Nanosonics. They have kept the fair value estimate steady at A$4.30 and anchored their view to recent research upgrades on the stock.
COH
AU$167.94
Cochlear
7D
-4.1%
1Y
-35.5%

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.
ANN
AU$27.07
Ansell
7D
-5.9%
1Y
-8.6%

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).
MSB
AU$2.30
Mesoblast
7D
14.4%
1Y
42.9%
AVR
AU$7.90
Anteris Technologies Global
7D
-6.4%
1Y
40.6%
SIG
AU$2.82
Sigma Healthcare
7D
4.4%
1Y
-8.1%