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Australian (ASX) Market Analysis & Valuation

UpdatedJul 17, 2026
DataAggregated Company Financials
Companies1567
  • 7D0.8%
  • 3M-1.3%
  • 1Y1.5%
  • YTD-0.08%

In the last week, the market has been flat, with a notable exception in the Consumer Staples sector dropping 3.0%. In line with that, the market has also been flat over the past year. Looking forward, earnings are forecast to grow by 11% annually.

Trending IndustriesOil and GasGoldBiotechSoftwareRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 17 Jul 2026AU$3.0tAU$1.2tAU$114.2b17x25.9x2.5x
Sun, 14 Jun 2026AU$2.9tAU$1.2tAU$114.0b17.3x25.8x2.4x
Tue, 12 May 2026AU$2.9tAU$1.2tAU$111.9b17.3x26.1x2.4x
Thu, 09 Apr 2026AU$3.0tAU$1.2tAU$113.9b17.7x26.3x2.5x
Sat, 07 Mar 2026AU$3.0tAU$1.2tAU$111.3b19.2x26.7x2.5x
Mon, 02 Feb 2026AU$3.0tAU$1.2tAU$108.3b21.5x27.8x2.5x
Wed, 31 Dec 2025AU$3.0tAU$1.2tAU$109.7b21.6x27x2.5x
Fri, 28 Nov 2025AU$2.9tAU$1.2tAU$110.4b21.4x26.5x2.4x
Sun, 26 Oct 2025AU$2.9tAU$1.2tAU$103.6b21.8x28.2x2.5x
Tue, 23 Sep 2025AU$3.0tAU$1.2tAU$110.9b20.5x26.9x2.5x
Thu, 21 Aug 2025AU$3.0tAU$1.2tAU$104.8b18.8x28.7x2.5x
Sat, 19 Jul 2025AU$2.9tAU$1.2tAU$102.5b18.4x28.7x2.4x
Mon, 16 Jun 2025AU$2.9tAU$1.2tAU$102.7b18.1x27.8x2.4x
Wed, 14 May 2025AU$2.8tAU$1.2tAU$103.7b18x26.7x2.3x
Fri, 11 Apr 2025AU$2.6tAU$1.2tAU$105.9b16.9x24.2x2.1x
Sun, 09 Mar 2025AU$2.7tAU$1.2tAU$104.7b17.9x25.3x2.2x
Tue, 04 Feb 2025AU$2.8tAU$1.2tAU$90.9b19.3x30.6x2.4x
Thu, 02 Jan 2025AU$2.7tAU$1.2tAU$90.3b19.9x29.9x2.3x
Sat, 30 Nov 2024AU$2.8tAU$1.2tAU$88.3b19.6x31.5x2.4x
Mon, 28 Oct 2024AU$2.7tAU$1.2tAU$88.3b19.9x30.7x2.3x
Wed, 25 Sep 2024AU$2.7tAU$1.2tAU$87.6b19.5x30.7x2.3x
Fri, 23 Aug 2024AU$2.6tAU$1.1tAU$87.8b19.7x30.2x2.3x
Sun, 21 Jul 2024AU$2.6tAU$1.2tAU$91.2b19.2x29x2.3x
Tue, 18 Jun 2024AU$2.6tAU$1.2tAU$92.4b18.8x27.8x2.2x
Thu, 16 May 2024AU$2.6tAU$1.2tAU$93.0b19.7x27.8x2.2x
Sat, 13 Apr 2024AU$2.6tAU$1.2tAU$95.3b20.3x27.2x2.2x
Mon, 11 Mar 2024AU$2.6tAU$1.2tAU$96.5b19.6x27.2x2.2x
Wed, 07 Feb 2024AU$2.5tAU$1.2tAU$118.2b19x21.3x2.2x
Fri, 05 Jan 2024AU$2.5tAU$1.2tAU$115.1b18.5x21.9x2.2x
Sun, 03 Dec 2023AU$2.4tAU$1.2tAU$115.5b18x20.5x2x
Tue, 31 Oct 2023AU$2.3tAU$1.2tAU$119.5b17.3x19.1x1.9x
Thu, 28 Sep 2023AU$2.4tAU$1.2tAU$120.5b17.9x19.7x2x
Sat, 26 Aug 2023AU$2.4tAU$1.2tAU$125.3b17.1x19.2x2x
Mon, 24 Jul 2023AU$2.5tAU$1.2tAU$144.9b16.6x17x2.1x
Price to Earnings Ratio

17x


Total Market Cap: AU$2.5tTotal Earnings: AU$144.9bTotal Revenue: AU$1.2tTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Market Price to Earnings3Y Average 26.2x202420252026
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 26.2x.
Past Earnings Growth
  • The earnings for Australian listed companies have declined 7.6% 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 Market0.80%
Materials2.05%
Financials1.59%
Telecom0.91%
Consumer Discretionary0.72%
Energy0.20%
Industrials-0.33%
Real Estate-0.33%
Utilities-0.67%
Healthcare-1.12%
Tech-2.36%
Consumer Staples-3.04%
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 22.8%, which is higher than its past year's earnings growth of 10.8% 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 Tech sector, expecting annual earnings growth of 23% over the next 5 years.
  • This is better than its past earnings growth rate of 11% per year.
  • In contrast, the Financials sector is expected to see its earnings grow by 4.7% 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
CBA Commonwealth Bank of AustraliaAU$171.781.7%
+AU$4.9b		-5.9%PB3.7xFinancials
WES WesfarmersAU$92.803.5%
+AU$3.5b		9.7%PE34.4xConsumer Discretionary
WDS Woodside Energy GroupAU$30.464.9%
+AU$2.7b		24.8%PE14.9xEnergy
TLS Telstra GroupAU$5.042.9%
+AU$1.6b		1.6%PE24.6xTelecom
REA REA GroupAU$160.867.9%
+AU$1.5b		-33.0%PE36.8xTelecom
See more

Market Insights

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A strong brand today doesn't guarantee a strong brand forever. Even the most established names can see their pricing power fade over time. In an industry landscape being reshaped by new entrants, shifting tastes and disruptive technology, it's worth understanding how to tell a temporary dip from a permanent decline.
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Latest News

CBA
AU$171.78
Commonwealth Bank of Australia
7D
1.7%
1Y
-5.9%
GGP
AU$9.93
Greatland Resources
7D
-10.9%
1Y
48.9%
BHP
AU$57.54
BHP Group
7D
-1.3%
1Y
42.8%
PME
AU$187.11
Pro Medicus
7D
-5.1%
1Y
-43.0%
PLS
AU$4.33
PLS Group
7D
-6.5%
1Y
153.2%
Narrative Update • Jul 15

PLS: Lithium Rebound And Expansion Costs Will Test Elevated Future P/E

Analysts have trimmed their price target for PLS Group to A$5.51 from A$5.70, as they factor in a slightly higher discount rate, a modest adjustment to profit margin expectations, and a higher assumed future P/E multiple in their valuation work. What’s in the News for PLS Group PLS Group is a key participant in a lithium stock rebound in 2026, with its Pilgangoora project in Western Australia contributing to a 47% revenue increase and a return to profitability in the first half of 2026, according to recent news reports.
WES
AU$92.80
Wesfarmers
7D
3.5%
1Y
9.7%
Narrative Update • Jul 15

WES: Execution Discipline And Integration Plans Will Shape Future Pricing Confidence

Analysts have lifted their fair value estimate for Wesfarmers to A$89.00 from A$85.00, reflecting updated assumptions around revenue growth, profit margins and future P/E expectations, even as some research houses flag a less favourable risk reward at current valuation levels. Analyst Commentary on Wesfarmers Recent research on Wesfarmers highlights a split in views, with some investors focusing on the raised A$89.00 fair value estimate while others point to more cautious commentary around the current share price.
NST
AU$19.24
Northern Star Resources
7D
-6.1%
1Y
16.5%
Narrative Update • Jul 14

NST: Leadership Upheaval And Activist Demands Will Sustain Overvaluation Risk

Analysts have trimmed their price target for Northern Star Resources from A$15.58 to A$15.20, citing updated assumptions for revenue growth, profit margins, and a higher future P/E multiple in their valuation work. What’s in the News for Northern Star Resources Northern Star Resources has appointed Suresh Vadnagra, a Glencore executive with over 25 years of mining experience, as its next Managing Director and CEO from 5 October 2026, with CFO Ryan Gurner acting as interim CEO during the transition period.
WOW
AU$39.20
Woolworths Group
7D
-2.4%
1Y
24.4%
Narrative Update • Jul 13

WOW: New Price Gouging Laws Will Pressure Margins And Future Returns

Analysts have increased their Woolworths Group price target to A$35.59 from A$34.84, citing revised assumptions for revenue growth, discount rate, profit margin and future P/E. What’s in the News for Woolworths Group Australia is introducing new price gouging laws from July 1 that apply to major supermarkets with annual turnovers above A$30b, including Woolworths Group and Coles, with the ACCC overseeing compliance and penalties of up to the greater of A$10m, three times the benefit gained, or 10% of annual turnover.
WDS
AU$30.46
Woodside Energy Group
7D
4.9%
1Y
24.8%
Narrative Update • Jul 13

WDS: Future Cash Flows Will Rely On Executing Major LNG Projects

Analysts have lifted their price target for Woodside Energy Group to A$33.10 from A$31.69, citing updated assumptions for revenue growth, profit margins, a slightly higher discount rate, and a lower future P/E multiple. Analyst Commentary Recent research on Woodside Energy Group highlights both opportunities and risks that help explain the updated A$33.10 price target.
MQG
AU$258.41
Macquarie Group
7D
1.5%
1Y
13.6%
New Narrative • Jul 12

Macquarie Worth Banking On?

At A$219.394 per share, Macquarie Group (ASX: MQG) appears reasonably valued based on its current operating performance. Macquarie reported FY26 net profit of A$4.85 billion, an increase of 30% from FY25, while net operating income increased by 13% to A$19.48 billion.
JHX
AU$37.60
James Hardie Industries
7D
7.3%
1Y
-8.3%
Narrative Update • Jul 09

JHX: Pricing Power And Synergies Will Support Future Multiple Rerating

James Hardie Industries' analyst price target has moved from A$42.91 to A$44.43 as analysts factor in updated assumptions on fair value, margins, and growth. This is supported by recent research that highlights the company's valuation, EBITDA profile, pricing power, and potential commercial synergies despite a choppy demand backdrop.
TLS
AU$5.04
Telstra Group
7D
2.9%
1Y
1.6%
EVN
AU$10.53
Evolution Mining
7D
-9.5%
1Y
39.3%
Narrative Update • Jul 07

EVN: Copper Exposure Will Support Margin Resilience Through Gold Price Volatility

Analysts have raised the fair value estimate for Evolution Mining from A$18.70 to A$19.45, reflecting recent upgrades that highlight support for margins from the stock’s exposure to elevated copper pricing alongside gold price volatility. Analyst Commentary Recent research updates suggest a more balanced stance on Evolution Mining, with some bullish analysts pointing to the stock’s copper exposure and margin profile as key supports during periods of gold price volatility.
REA
AU$160.86
REA Group
7D
7.9%
1Y
-33.0%
Narrative Update • Jul 06

REA: Tax Reforms Pressure Listings While Future P/E Rebound Drives Rerating Potential

Analysts have trimmed their A$ price target for REA Group by about A$17.70, reflecting slightly softer assumptions for revenue growth and future P/E while leaving key profitability and discount rate inputs largely unchanged. Analyst Commentary Recent Street research on Rare Earths Americas provides some context for how analysts are thinking about companies exposed to critical minerals.
SIG
AU$2.93
Sigma Healthcare
7D
3.9%
1Y
4.3%
GMG
AU$29.41
Goodman Group
7D
-1.9%
1Y
-15.9%