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Australian (ASX) Healthcare Services Industry Analysis

UpdatedMar 15, 2026
DataAggregated Company Financials
Companies12
  • 7D-6.8%
  • 3M-6.3%
  • 1Y-6.8%
  • YTD-5.3%

Over the last 7 days, the Healthcare Services industry has dropped 6.8%, driven by a pullback from Sigma Healthcare of 7.4%. Meanwhile, Rhythm Biosciences actually outperformed within the industry, gaining 14% in the last week. Overall the industry is down 6.8% in 12 months. Earnings are forecast to grow by 18% annually.

Industry Valuation and Performance

Has the Australian Healthcare Services Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 15 Mar 2026AU$54.8bAU$46.7bAU$908.9m35.6x60.3x1.2x
Tue, 10 Feb 2026AU$60.0bAU$41.4bAU$594.1m40.6x101x1.4x
Thu, 08 Jan 2026AU$57.1bAU$41.4bAU$594.1m43x96.1x1.4x
Sat, 06 Dec 2025AU$58.1bAU$41.4bAU$594.1m47.5x97.7x1.4x
Mon, 03 Nov 2025AU$59.4bAU$41.6bAU$596.0m56.6x99.7x1.4x
Wed, 01 Oct 2025AU$57.1bAU$41.6bAU$596.0m50.8x95.9x1.4x
Fri, 29 Aug 2025AU$61.2bAU$40.9bAU$598.9m57.5x102.2x1.5x
Sun, 27 Jul 2025AU$61.5bAU$39.5bAU$549.6m161.9x111.9x1.6x
Tue, 24 Jun 2025AU$62.4bAU$39.5bAU$549.6m150.2x113.6x1.6x
Thu, 22 May 2025AU$62.7bAU$39.5bAU$549.6m159.2x114.1x1.6x
Sat, 19 Apr 2025AU$60.2bAU$37.9bAU$1.1b133.6x54.5x1.6x
Mon, 17 Mar 2025AU$58.9bAU$37.9bAU$1.1b61.4x52.9x1.6x
Wed, 12 Feb 2025AU$33.0bAU$33.2bAU$52.3m30.7x630.5x1x
Fri, 10 Jan 2025AU$32.3bAU$36.7bAU$50.2m29.8x643x0.9x
Sun, 08 Dec 2024AU$34.2bAU$36.9bAU$35.3m30.1x966.9x0.9x
Tue, 05 Nov 2024AU$31.6bAU$36.9bAU$35.3m29.9x894.6x0.9x
Thu, 03 Oct 2024AU$32.2bAU$36.9bAU$35.6m31.5x904.3x0.9x
Sat, 31 Aug 2024AU$30.8bAU$36.1bAU$61.3m35.1x502x0.9x
Mon, 29 Jul 2024AU$30.1bAU$33.5b-AU$278,022,128.0044.6x-108.2x0.9x
Wed, 26 Jun 2024AU$30.0bAU$33.5b-AU$278,022,128.0046x-108.1x0.9x
Fri, 24 May 2024AU$29.0bAU$31.7b-AU$280,512,128.0028.7x-103.5x0.9x
Sun, 21 Apr 2024AU$29.5bAU$31.7b-AU$280,512,128.0030.8x-105.2x0.9x
Tue, 19 Mar 2024AU$31.0bAU$31.8b-AU$270,491,128.0033.1x-114.6x1x
Thu, 15 Feb 2024AU$33.1bAU$31.4bAU$615.3m24.5x53.8x1.1x
Sat, 13 Jan 2024AU$34.4bAU$32.8bAU$608.0m24.3x56.5x1x
Mon, 11 Dec 2023AU$32.7bAU$32.8bAU$608.0m24.2x53.8x1x
Wed, 08 Nov 2023AU$32.6bAU$32.8bAU$608.0m23.7x53.7x1x
Fri, 06 Oct 2023AU$33.2bAU$32.8bAU$608.0m25.3x54.6x1x
Sun, 03 Sep 2023AU$34.7bAU$33.0bAU$596.0m26x58.2x1.1x
Tue, 01 Aug 2023AU$37.7bAU$33.0bAU$1.3b26.3x28.7x1.1x
Thu, 29 Jun 2023AU$37.1bAU$33.0bAU$1.3b25.4x28.3x1.1x
Sat, 27 May 2023AU$37.0bAU$33.0bAU$1.3b25.6x28.2x1.1x
Mon, 24 Apr 2023AU$39.8bAU$32.5bAU$1.3b25.4x30.3x1.2x
Wed, 22 Mar 2023AU$38.1bAU$32.4bAU$1.3b23.5x29.3x1.2x
Price to Earnings Ratio

29.3x


Total Market Cap: AU$38.1bTotal Earnings: AU$1.3bTotal Revenue: AU$32.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Healthcare Services Industry Price to Earnings3Y Average 166.8x202420252026
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 60.3x which is lower than its 3-year average PE of 167x.
  • The industry is trading close to its 3-year average PS ratio of 1.2x.
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 13% 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 industry?

AU Market-2.66%
Healthcare-4.35%
Healthcare Services-6.81%
Healthcare Facilities-5.69%
Healthcare Services-6.47%
Healthcare Distributors-7.37%
Industry PE
  • Investors are most optimistic about the Healthcare Distributors industry even though it's trading below its 3-year average PE ratio of 4kx.
    • Analysts are expecting annual earnings growth of 17.4%, which is higher than its past year's earnings growth of 12.0% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare Facilities industry, expecting annual earnings growth of 19% over the next 5 years.
  • In contrast, the Healthcare Services industry is expected to see its earnings grow by 16% 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
RHY Rhythm BiosciencesAU$0.2113.5%
+AU$8.2m		150.0%PS41.8x

Latest News

SHL
AU$21.20
Sonic Healthcare
7D
-7.0%
1Y
-16.1%

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.
HLS
AU$0.59
Healius
7D
-5.6%
1Y
-54.9%
IDX
AU$2.32
Integral Diagnostics
7D
-1.7%
1Y
5.5%

IDX: Merger Synergies And New Sites Will Support Future Upside

Analysts have made a small upward adjustment to their price target for Integral Diagnostics, which now sits slightly higher in A$ terms. This reflects modest tweaks to their fair value, discount rate, revenue growth assumptions, profit margin outlook and future P/E expectations.
PGC
AU$0.17
Paragon Care
7D
-7.9%
1Y
-55.1%

PGC: Exit From Low Margin Contract Will Support Future Margin Upside

Analysts have trimmed their Paragon Care fair value estimate from A$0.40 to A$0.32. This reflects updated assumptions for more moderate revenue growth, a higher profit margin outlook and a lower future P/E multiple.
REG
AU$6.20
Regis Healthcare
7D
-8.6%
1Y
-1.6%

REG: RAD Retention And M&A Pipeline Will Support Future Earnings Upside

Analysts now see a slightly different outlook for Regis Healthcare, with the updated price target moving in line with minor tweaks to revenue growth, profit margin assumptions and future P/E expectations. This results in a refined valuation around A$8.32 per share.
ACL
AU$2.05
Australian Clinical Labs
7D
-6.8%
1Y
-30.5%

ACL: Dividend Timeline And Updated Assumptions Will Shape A Measured Outlook

Analysts have nudged their price target for Australian Clinical Labs higher to A$2.40, reflecting updated assumptions around revenue growth, profit margins, the discount rate and future P/E that slightly increase their view of fair value from A$2.30. What's in the News The board has declared a fully franked interim dividend of A$0.0375 per share for the six months ending 31 December 2025, indicating a cash return to shareholders for that period (Key Developments).
RHC
AU$42.23
Ramsay Health Care
7D
-5.1%
1Y
26.4%

RHC: Execution Risks Will Cap Upside Despite Higher Fair Value Estimate

Analysts now see fair value for Ramsay Health Care at A$35.70, up from A$33.97. This reflects updated assumptions around discount rates, revenue growth, profit margins and future P/E multiples.
SIG
AU$2.64
Sigma Healthcare
7D
-7.4%
1Y
-8.3%
RHY
AU$0.21
Rhythm Biosciences
7D
13.5%
1Y
150.0%