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Australian (ASX) Market Analysis & Valuation

UpdatedMar 25, 2026
DataAggregated Company Financials
Companies1575
  • 7D-2.8%
  • 3M-5.4%
  • 1Y5.0%
  • YTD-5.2%

Over the last 7 days, the market has dropped 2.8%, driven by a decline of 5.7% in the Materials sector. In contrast, the Energy sector has actually gained 6.9%. As for the longer term, the market has actually risen by 5.0% in the last year. Earnings are forecast to grow by 12% annually.

Trending IndustriesOil and GasGoldBiotechSoftwareRenewable Energy

Market Valuation and Performance

Has the Australian Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 25 Mar 2026AU$2.8tAU$1.2tAU$112.4b16.9x25x2.3x
Fri, 20 Feb 2026AU$3.1tAU$1.2tAU$109.7b21x27.9x2.6x
Sun, 18 Jan 2026AU$3.0tAU$1.2tAU$109.8b22x27.7x2.5x
Tue, 16 Dec 2025AU$2.9tAU$1.2tAU$109.7b21.4x26.7x2.4x
Thu, 13 Nov 2025AU$3.0tAU$1.2tAU$110.0b20.9x27x2.5x
Sat, 11 Oct 2025AU$3.0tAU$1.2tAU$110.7b21.2x27.4x2.5x
Mon, 08 Sep 2025AU$3.0tAU$1.2tAU$111.4b20.5x26.9x2.5x
Wed, 06 Aug 2025AU$3.0tAU$1.2tAU$103.7b18.9x28.5x2.4x
Fri, 04 Jul 2025AU$2.9tAU$1.2tAU$102.2b18.5x28.2x2.4x
Sun, 01 Jun 2025AU$2.8tAU$1.2tAU$102.9b18.1x27.4x2.3x
Tue, 29 Apr 2025AU$2.7tAU$1.2tAU$104.1b17.3x25.5x2.2x
Thu, 27 Mar 2025AU$2.6tAU$1.2tAU$104.6b17.6x25.3x2.2x
Sat, 22 Feb 2025AU$2.8tAU$1.2tAU$99.0b18.9x28x2.4x
Mon, 20 Jan 2025AU$2.7tAU$1.2tAU$90.2b19.3x30.4x2.3x
Wed, 18 Dec 2024AU$2.7tAU$1.2tAU$89.3b20.4x30.7x2.3x
Fri, 15 Nov 2024AU$2.7tAU$1.2tAU$88.3b19.4x30.7x2.3x
Sun, 13 Oct 2024AU$2.7tAU$1.2tAU$87.6b19.5x31.1x2.4x
Tue, 10 Sep 2024AU$2.6tAU$1.2tAU$88.2b19.1x29.8x2.3x
Thu, 08 Aug 2024AU$2.5tAU$1.2tAU$92.0b18.7x27.5x2.2x
Sat, 06 Jul 2024AU$2.6tAU$1.2tAU$91.2b19.1x28.5x2.3x
Mon, 03 Jun 2024AU$2.6tAU$1.2tAU$92.2b18.9x27.9x2.2x
Wed, 01 May 2024AU$2.6tAU$1.2tAU$91.4b19.5x28x2.2x
Fri, 29 Mar 2024AU$2.6tAU$1.2tAU$95.9b20.1x27.5x2.2x
Sun, 25 Feb 2024AU$2.6tAU$1.2tAU$104.4b19.3x24.5x2.2x
Tue, 23 Jan 2024AU$2.5tAU$1.2tAU$115.5b18.6x21.7x2.1x
Thu, 21 Dec 2023AU$2.5tAU$1.2tAU$114.9b18.7x21.9x2.2x
Sat, 18 Nov 2023AU$2.4tAU$1.2tAU$116.9b18x20.2x2x
Mon, 16 Oct 2023AU$2.4tAU$1.2tAU$120.0b17.8x19.8x2x
Wed, 13 Sep 2023AU$2.4tAU$1.2tAU$120.5b18.1x20.2x2x
Fri, 11 Aug 2023AU$2.5tAU$1.2tAU$144.8b16.8x17.1x2.1x
Sun, 09 Jul 2023AU$2.4tAU$1.2tAU$145.3b16.1x16.3x2x
Tue, 06 Jun 2023AU$2.4tAU$1.2tAU$146.2b16.1x16.5x2.1x
Thu, 04 May 2023AU$2.4tAU$1.2tAU$144.4b16.3x16.7x2.1x
Sat, 01 Apr 2023AU$2.4tAU$1.2tAU$144.6b16x16.7x2.1x
Price to Earnings Ratio

16.7x


Total Market Cap: AU$2.4tTotal Earnings: AU$144.6bTotal Revenue: AU$1.2tTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Market Price to Earnings3Y Average 25.3x202420252026
Current Market PE
  • Investors are relatively neutral on the Australian market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
  • The market is trading close to its 3-year average PE ratio of 25.3x.
Past Earnings Growth
  • The earnings for Australian listed companies have declined 8.0% per year over the last three years.
  • Meanwhile revenues have been flat.
  • This means that either the cost of doing business or the level of investment back into businesses is increasing since sales have remained steady while profits have fallen.

Sector Trends

Which sectors have driven the changes within the Australian Market?

AU Market-2.84%
Energy6.95%
Utilities4.52%
Consumer Staples1.37%
Telecom-0.73%
Consumer Discretionary-2.15%
Industrials-2.60%
Healthcare-2.73%
Real Estate-2.75%
Financials-3.27%
Tech-4.33%
Materials-5.74%
Sector PE
  • Investors favour the Tech sector the most for future growth which is trading above its 3-year average PE ratio.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 21.1%, which is higher than its past year's earnings growth of 14.0% per year.
  • The Real Estate sector is the least preferred by investors for future growth, which is trading below its 3-year average of 170x.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 23% over the next 5 years.
  • This is better than its past earnings growth rate of 19% per year.
  • In contrast, the Financials sector is expected to see its earnings grow by 5.6% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
WDS Woodside Energy GroupAU$33.626.9%
+AU$4.1b		44.6%PE16.4xEnergy
MQG Macquarie GroupAU$205.003.9%
+AU$2.8b		-0.3%PE20.7xFinancials
CSL CSLAU$140.992.2%
+AU$1.4b		-44.3%PE33.8xHealthcare
4DX 4DMedicalAU$6.2356.5%
+AU$1.3b		1,846.9%PS615.8xHealthcare
FMG FortescueAU$20.051.8%
+AU$1.1b		23.7%PE11.5xMaterials
See more

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Latest News

4DX
AU$6.23
4DMedical
7D
56.5%
1Y
1,846.9%
WBC
AU$40.38
Westpac Banking
7D
-2.8%
1Y
28.4%
EVN
AU$12.90
Evolution Mining
7D
-4.4%
1Y
87.2%

EVN: Higher Commodity Decks Will Likely Support Repriced Earnings Power

Analysts have lifted the fair value estimate for Evolution Mining from A$13.17 to A$13.91, reflecting higher price targets across the Street as they refresh commodity price decks and factor in updated views on gold and broader metals markets. Analyst Commentary Street research on Evolution Mining has shifted meaningfully in recent weeks as analysts refresh commodity price assumptions and update valuation models.
WTC
AU$39.61
WiseTech Global
7D
-11.2%
1Y
-53.6%
ORG
AU$12.31
Origin Energy
7D
4.8%
1Y
15.6%

ORG: Updated Production Guidance And Margin Assumptions Will Support Fair Value Outlook

Analysts have nudged their Origin Energy price target up slightly, from A$12.05 to A$12.15, reflecting updated assumptions around revenue growth, profit margins and future P/E expectations. What's in the News Origin Energy updated production guidance for fiscal 2026 to a range of 645 PJ to 680 PJ, compared with the previous range of 635 PJ to 680 PJ, giving a clearer view of expected output for the period (Key Developments).
CBA
AU$172.17
Commonwealth Bank of Australia
7D
-2.8%
1Y
14.6%

CBA: Margin And Pricing Risks Will Limit Premium Multiple Sustainability

Analysts have raised the Commonwealth Bank of Australia fair value estimate from A$139.60 to A$143.07, citing updated assumptions for revenue growth, profit margins, discount rate and future P/E. These updates align with recent sector research trends on pricing, margin durability and selective positioning in financials.
WES
AU$73.56
Wesfarmers
7D
-2.2%
1Y
2.1%

WES: Steady A$100 Fair Value Signals Confidence In Execution Quality

Analysts have kept Wesfarmers' fair value estimate steady at A$100.00 per share, with small tweaks to the discount rate, revenue growth assumptions, profit margin outlook and future P/E used in their models. Analyst Commentary Recent Street research for another infrastructure name, Western Midstream, highlights how analysts tend to react cautiously after quarterly updates.
NAB
AU$42.70
National Australia Bank
7D
-9.6%
1Y
25.7%

NAB: Leadership Transitions Will Shape Risk Outlook Within A Fair Valuation Range

Analysts have raised their price target for National Australia Bank from A$39.23 to A$43.01, citing updated assumptions that include adjusted discount rates, revised revenue growth and profit margin estimates, and an updated future P/E multiple. What's in the News Long serving Group Executive Shaun Dooley plans to retire from National Australia Bank by the end of 2026 after a 33 year career with the bank, including serving as Group Chief Risk Officer since 2018 and acting Group Chief Financial Officer since March 2025 (Key Developments).
MQG
AU$205.00
Macquarie Group
7D
3.9%
1Y
-0.3%
TCL
AU$13.83
Transurban Group
7D
-3.3%
1Y
4.6%
NST
AU$18.80
Northern Star Resources
7D
-10.3%
1Y
5.6%

NST: Higher Gold Assumptions And 2026 Output Outlook Will Support Upside Potential

Analysts now see Northern Star Resources' fair value at A$28.10, down from A$30.96. The shift reflects updated commodity price assumptions that also fed into a higher Street price target of A$35.00, supported by revised long term forecasts for gold and other key metals.
WDS
AU$33.62
Woodside Energy Group
7D
6.9%
1Y
44.6%
PLS
AU$4.92
PLS Group
7D
7.2%
1Y
167.4%

PLS: Higher Margins And Steady Output Will Support Stronger Share Pricing

Analysts have modestly revised their price target on PLS Group to A$5.80. This reflects slightly updated assumptions around discount rate, revenue growth, profit margin and future P/E, while keeping their overall valuation view broadly unchanged.
ALL
AU$46.58
Aristocrat Leisure
7D
3.8%
1Y
-31.0%

ALL: Expanded Buyback And Stable Assumptions Will Support Future Earnings Resilience

Analysts have made only marginal adjustments to their assumptions for Aristocrat Leisure, keeping the fair value estimate steady at A$67.07. They are fine tuning inputs such as the discount rate, revenue growth, profit margin and future P/E, supported by recent sector commentary that highlights more measured expectations for growth and returns.
CSL
AU$140.99
CSL
7D
2.2%
1Y
-44.3%

CSL: Manufacturing Expansion And Leadership Transition Will Support Future Share Recovery

Analysts have trimmed their CSL price target by about A$6 to reflect slightly lower long term fair value estimates, modestly higher discount rates and more conservative assumptions for revenue growth and profit margins, partially offset by a higher future P/E multiple. Analyst Commentary Recent Street research around CSL points to a mixed setup, with some firms taking a more constructive stance and others turning cautious.
FMG
AU$20.05
Fortescue
7D
1.8%
1Y
23.7%

FMG: Sector Commodity Reset Will Shape Fair Value And Dividend Outlook

Analysts have trimmed their price target on Fortescue to A$17.20 from A$18.40, reflecting updated commodity price assumptions and a view that softer revenue growth and profit margins, together with a higher future P/E and discount rate, temper the upside case for the shares. Analyst Commentary Recent research updates on Fortescue point to a more cautious stance, with analysts recalibrating their views after revising long term commodity price assumptions and sector wide expectations for Australian metals and mining names.