Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Australian (ASX) Healthcare Sector Analysis

UpdatedSep 20, 2026
DataAggregated Company Financials
Companies128
  • 7D3.3%
  • 3M20.7%
  • 1Y-16.2%
  • YTD-7.5%

The Healthcare industry is up 3.3% in the last week, with CSL up 5.1%. In the past year, the industry is down 16%. Looking forward, earnings are forecast to grow by 30% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 20 Sep 2026AU$200.0bAU$80.6b-AU$2,969,644,501.8134.9x-67.3x2.5x
Tue, 18 Aug 2026AU$181.9bAU$77.8bAU$1.9b26.8x95.5x2.3x
Thu, 16 Jul 2026AU$173.8bAU$78.2bAU$2.0b29.1x88.8x2.2x
Sat, 13 Jun 2026AU$156.1bAU$78.1bAU$1.8b24.1x85.6x2x
Mon, 11 May 2026AU$159.4bAU$77.4bAU$1.9b26.2x82.8x2.1x
Wed, 08 Apr 2026AU$170.6bAU$78.5bAU$2.0b23.5x85.6x2.2x
Fri, 06 Mar 2026AU$180.2bAU$78.1bAU$2.0b26.8x92.1x2.3x
Sun, 01 Feb 2026AU$215.0bAU$72.8bAU$4.3b31.9x49.6x3x
Tue, 30 Dec 2025AU$215.0bAU$73.9bAU$4.5b33x47.8x2.9x
Thu, 27 Nov 2025AU$225.4bAU$74.8bAU$4.6b31.6x48.6x3x
Sat, 25 Oct 2025AU$243.8bAU$74.9bAU$4.6b30.6x52.7x3.3x
Mon, 22 Sep 2025AU$238.1bAU$74.5bAU$4.6b31.8x52.2x3.2x
Wed, 20 Aug 2025AU$252.7bAU$70.9bAU$5.2b26.5x48.2x3.6x
Fri, 18 Jul 2025AU$264.4bAU$71.9bAU$4.3b28.3x61.5x3.7x
Sun, 15 Jun 2025AU$254.7bAU$71.8bAU$4.3b25.8x59.4x3.5x
Tue, 13 May 2025AU$249.3bAU$70.7bAU$4.9b26.5x50.8x3.5x
Thu, 10 Apr 2025AU$234.4bAU$72.2bAU$5.1b24.9x45.7x3.2x
Sat, 08 Mar 2025AU$261.1bAU$71.1bAU$4.9b28.8x53.2x3.7x
Mon, 03 Feb 2025AU$253.8bAU$68.9bAU$3.4b26.8x75x3.7x
Wed, 01 Jan 2025AU$244.6bAU$68.9bAU$3.4b25.4x72.6x3.5x
Fri, 29 Nov 2024AU$248.8bAU$68.0bAU$3.2b26.9x77.6x3.7x
Sun, 27 Oct 2024AU$242.1bAU$67.6bAU$3.1b26x76.9x3.6x
Tue, 24 Sep 2024AU$238.8bAU$66.7bAU$3.0b27.2x78.4x3.6x
Thu, 22 Aug 2024AU$243.5bAU$63.6bAU$3.2b36.1x77.3x3.8x
Sat, 20 Jul 2024AU$244.6bAU$62.6bAU$2.6b33.1x94x3.9x
Mon, 17 Jun 2024AU$231.3bAU$63.1bAU$2.7b31.7x87.2x3.7x
Wed, 15 May 2024AU$225.1bAU$61.2bAU$2.6b26.3x85.8x3.7x
Fri, 12 Apr 2024AU$223.6bAU$61.5bAU$2.7b26.2x84.1x3.6x
Sun, 10 Mar 2024AU$225.8bAU$61.4bAU$2.6b25.7x86.5x3.7x
Tue, 06 Feb 2024AU$231.4bAU$59.3bAU$3.1b25x75.7x3.9x
Thu, 04 Jan 2024AU$224.2bAU$60.0bAU$2.8b24.8x80.7x3.7x
Sat, 02 Dec 2023AU$206.4bAU$60.3bAU$2.9b24.8x72.3x3.4x
Mon, 30 Oct 2023AU$186.6bAU$61.3bAU$3.0b24.3x62.1x3x
Wed, 27 Sep 2023AU$202.5bAU$61.1bAU$2.9b24.2x69.4x3.3x
Price to Earnings Ratio

69.4x


Total Market Cap: AU$202.5bTotal Earnings: AU$2.9bTotal Revenue: AU$61.1bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Healthcare Sector Price to Earnings3Y Average 67.5x202420252026
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 3-year average PS ratio of 3.2x is higher than the industry's current PS ratio of 2.5x.
Past Earnings Growth
  • Total earnings for the Healthcare industry have declined over the last three years, with the industry now making a loss overall.
  • Meanwhile revenues have grown 9.6% 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 Market0.003%
Healthcare3.25%
Healthtech6.08%
Biotech5.46%
Life Sciences2.53%
Pharma1.77%
Medical Equipment0.84%
Healthcare Services-0.57%
Industry PE
  • Investors are most optimistic about the Healthcare Services industry even though it's trading below its 3-year average PE ratio of 171x.
    • Analysts are expecting annual earnings growth of 13.8%, which is lower than the prior year's growth of 18.4% per year.
Forecasted Growth
  • Analysts are most optimistic on the Pharma industry, expecting annual earnings growth of 46% over the next 5 years.
  • This is better than its past earnings growth rate of 20% per year.
  • In contrast, the Healthcare Services 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
CSL CSLAU$175.595.1%
+AU$4.1b		-11.5%PS3.8x
TLX Telix PharmaceuticalsAU$17.8513.9%
+AU$740.7m		22.8%PE129x
4DX 4DMedicalAU$4.3128.3%
+AU$569.7m		158.9%PS366x
PME Pro MedicusAU$169.573.2%
+AU$545.3m		-45.9%PE66.8x
RHC Ramsay Health CareAU$55.393.4%
+AU$423.6m		68.0%PE40.7x

Latest News

SIG
AU$2.55
Sigma Healthcare
7D
-3.0%
1Y
-15.6%
Narrative Update • Sep 18

SIG: Dividend Outlook And Margins Will Shape A Measured Return Profile

Analysts have maintained Sigma Healthcare's fair value at A$2.60, supported by updated assumptions that now factor in revenue growth of 7.64%, an 8.29% profit margin and a forward P/E of 32.86x. What's in the News for Sigma Healthcare Sigma Healthcare announced an ordinary fully franked dividend of A$0.02 per share for the six months ended 30 June 2026, according to company key developments.
CSL
AU$175.59
CSL
7D
5.1%
1Y
-11.5%
Narrative Update • Sep 17

CSL: Vaccine And Pipeline Progress Will Support Future Rebound Case

Analysts have lifted the CSL fair value estimate by about A$21 to A$209.24, reflecting updated assumptions for earnings growth, profit margins and an "undemanding" valuation that has supported a higher price target for the stock. Analyst Commentary on CSL Recent commentary on CSL points to a more constructive tone among bullish analysts.
COH
AU$133.90
Cochlear
7D
-0.2%
1Y
-54.3%
Narrative Update • Sep 17

COH: Core Franchise Strength And Execution Risks Will Shape Future Upside

The analyst price target for Cochlear has shifted from about A$124 to roughly A$140. This reflects updated views on fair value, discount rate, revenue growth, profit margin and future P/E that draw on a mix of recent upgrades and downgrades from analysts.
SHL
AU$19.24
Sonic Healthcare
7D
1.3%
1Y
-14.2%
Narrative Update • Sep 17

SHL: Higher Discount Rate And P/E Re-Rating Will Shape Returns

Analysts have lifted their price target for Sonic Healthcare from A$18.00 to A$19.60, as updated assumptions for discount rates, revenue growth, profit margins and future P/E multiples have led to a higher assessed fair value. What’s in the News for Sonic Healthcare No recent Sonic Healthcare specific news items were identified in the provided sources as at 17 September 2026.
RHC
AU$55.39
Ramsay Health Care
7D
3.4%
1Y
68.0%
Narrative Update • Sep 17

RHC: Rising Dividend And De Merger Upside Will Mask Overvaluation

Analysts have lifted their fair value estimate for Ramsay Health Care from the equivalent of about A$33.54 per share to around A$44.44, citing stronger expected Australian growth and potential value from the recent de merger as key supports for the higher price targets, including an increase at one firm from A$52 to A$68. What’s in the News for Ramsay Health Care Ramsay Health Care declared an ordinary fully franked dividend of A$0.485 per share for the six months ended 30 June 2026.
IMM
AU$0.038
Immutep
7D
-32.1%
1Y
-84.8%
TLX
AU$17.85
Telix Pharmaceuticals
7D
13.9%
1Y
22.8%
MSB
AU$2.11
Mesoblast
7D
-1.9%
1Y
-12.4%
ANN
AU$42.31
Ansell
7D
2.3%
1Y
24.7%
4DX
AU$4.31
4DMedical
7D
28.3%
1Y
158.9%
PNV
AU$0.95
PolyNovo
7D
-4.0%
1Y
-39.5%
PME
AU$169.57
Pro Medicus
7D
3.2%
1Y
-45.9%
Narrative Update • Sep 04

PME: Rising FY26 Cash Returns Will Support Optimistic US Market Share Hopes

Analysts have lifted their price target for Pro Medicus to A$202.47 from A$190.74, reflecting updated assumptions for slightly higher revenue growth and a lower future P/E. They also note that current market pricing already appears to bake in very optimistic long term US PACS market share gains.
PYC
AU$2.67
PYC Therapeutics
7D
16.1%
1Y
198.3%
HLS
AU$0.38
Healius
7D
-11.6%
1Y
-51.3%
TTX
AU$6.60
Tetratherix
7D
-4.9%
1Y
43.5%
VFY
AU$3.38
Vitrafy Life Sciences
7D
-4.8%
1Y
141.4%