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

Australian (ASX) Market Analysis & Valuation

UpdatedAug 23, 2026
DataAggregated Company Financials
Companies1567
  • 7D-0.6%
  • 3M4.3%
  • 1Y0.04%
  • YTD2.2%

Over the last 7 days, the market has remained flat, although notably the Healthcare sector gained 8.3% in that time. In line with that, the market has also been flat over the past year. As for the next few years, earnings are expected to grow by 12% per annum.

Trending IndustriesOil and GasGoldBiotechSoftwareRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 23 Aug 2026AU$3.0tAU$1.2tAU$110.2b17.3x27.4x2.5x
Tue, 21 Jul 2026AU$2.9tAU$1.2tAU$114.2b17x25.8x2.4x
Thu, 18 Jun 2026AU$3.0tAU$1.2tAU$114.0b17.6x26.3x2.5x
Sat, 16 May 2026AU$2.9tAU$1.2tAU$113.5b17.2x25.5x2.4x
Mon, 13 Apr 2026AU$3.0tAU$1.2tAU$113.7b17.4x26.3x2.5x
Wed, 11 Mar 2026AU$2.9tAU$1.2tAU$110.7b19.2x26.4x2.4x
Fri, 06 Feb 2026AU$3.0tAU$1.2tAU$108.4b21.1x27.8x2.5x
Sun, 04 Jan 2026AU$3.0tAU$1.2tAU$109.7b21.7x27.1x2.5x
Tue, 02 Dec 2025AU$2.9tAU$1.2tAU$110.2b21.2x26.4x2.4x
Thu, 30 Oct 2025AU$3.0tAU$1.2tAU$110.2b21.5x27.4x2.5x
Sat, 27 Sep 2025AU$3.0tAU$1.2tAU$111.2b20.9x26.7x2.5x
Mon, 25 Aug 2025AU$3.0tAU$1.2tAU$107.3b19.3x28.2x2.5x
Wed, 23 Jul 2025AU$2.9tAU$1.2tAU$102.5b19x28.5x2.4x
Fri, 20 Jun 2025AU$2.8tAU$1.2tAU$102.9b17.9x27.7x2.3x
Sun, 18 May 2025AU$2.8tAU$1.2tAU$103.0b17.9x27.1x2.3x
Tue, 15 Apr 2025AU$2.6tAU$1.2tAU$104.9b17.2x24.6x2.1x
Thu, 13 Mar 2025AU$2.6tAU$1.2tAU$104.9b17.7x24.7x2.1x
Sat, 08 Feb 2025AU$2.8tAU$1.2tAU$91.4b19.7x30.8x2.4x
Mon, 06 Jan 2025AU$2.7tAU$1.2tAU$90.1b20x30.3x2.3x
Wed, 04 Dec 2024AU$2.8tAU$1.2tAU$88.4b20.1x31.7x2.4x
Fri, 01 Nov 2024AU$2.7tAU$1.2tAU$88.5b19.6x30.5x2.3x
Sun, 29 Sep 2024AU$2.7tAU$1.2tAU$87.0b19.7x31.2x2.4x
Tue, 27 Aug 2024AU$2.7tAU$1.2tAU$86.9b19.5x30.7x2.3x
Thu, 25 Jul 2024AU$2.6tAU$1.2tAU$91.6b19.3x28.9x2.3x
Sat, 22 Jun 2024AU$2.6tAU$1.2tAU$92.1b18.8x28.2x2.2x
Mon, 20 May 2024AU$2.6tAU$1.2tAU$92.3b19.4x28.2x2.2x
Wed, 17 Apr 2024AU$2.6tAU$1.2tAU$95.8b19.9x27x2.2x
Fri, 15 Mar 2024AU$2.6tAU$1.2tAU$96.2b19.6x26.8x2.2x
Sun, 11 Feb 2024AU$2.5tAU$1.2tAU$119.1b19.1x21.4x2.2x
Tue, 09 Jan 2024AU$2.5tAU$1.2tAU$114.8b18.5x21.7x2.1x
Thu, 07 Dec 2023AU$2.4tAU$1.2tAU$116.3b18x20.6x2x
Sat, 04 Nov 2023AU$2.4tAU$1.2tAU$118.1b17.8x19.9x2x
Mon, 02 Oct 2023AU$2.4tAU$1.2tAU$119.3b18.2x20x2x
Wed, 30 Aug 2023AU$2.4tAU$1.2tAU$121.8b17.6x19.9x2x
Price to Earnings Ratio

19.9x


Total Market Cap: AU$2.4tTotal Earnings: AU$121.8bTotal Revenue: AU$1.2tTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Market Price to Earnings3Y Average 26.5x202420252026
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 26.5x.
Past Earnings Growth
  • The earnings for Australian listed companies have declined 3.3% 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-0.61%
Healthcare8.28%
Materials5.22%
Energy3.37%
Utilities1.06%
Telecom-0.98%
Industrials-2.03%
Consumer Staples-2.83%
Tech-3.37%
Real Estate-4.05%
Financials-4.76%
Consumer Discretionary-5.84%
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 23.1%, which is higher than its past year's earnings growth of 10.5% per year.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 29% over the next 5 years.
  • This is better than its past earnings growth rate of 20% per year.
  • In contrast, the Utilities industry is expected to see its earnings growth to stay flat over the next few years.

Top Stock Gainers and Losers

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

CompanyLast Price7D1YValuationSector
BHP BHP GroupAU$65.166.2%
+AU$19.5b		55.1%PE24.2xMaterials
CSL CSLAU$168.3023.3%
+AU$15.2b		-22.3%PS3.7xHealthcare
EVN Evolution MiningAU$15.3516.2%
+AU$4.3b		89.3%PE21.1xMaterials
WDS Woodside Energy GroupAU$33.783.6%
+AU$2.2b		26.9%PE16.9xEnergy
NST Northern Star ResourcesAU$23.976.4%
+AU$2.1b		32.7%PE20.5xMaterials
See more

Market Insights

Header cover image
Every new payment app was supposed to kill Visa and Mastercard. Instead, they got bigger. So what does that mean for the payment stocks on your radar?
Continue reading
Picking portfolio winners takes more than hot air

Latest News

NST
AU$23.97
Northern Star Resources
7D
6.4%
1Y
32.7%
GMD
AU$8.32
Genesis Minerals
7D
15.9%
1Y
107.0%
Narrative Update • Aug 21

GMD: Production Outlook And Higher Margins Will Support Measured Future Repricing

Analysts have lifted their price target on Genesis Minerals to A$8.60 from A$8.33, citing updated expectations for profit margins and valuation that align with recent Street research, including the A$7.80 target in the latest coverage reinstatement. What’s in the News for Genesis Minerals No recent company specific news items for Genesis Minerals are available from the referenced primary sources as of 20 Aug 2026.
GMG
AU$27.27
Goodman Group
7D
-8.1%
1Y
-19.6%
STO
AU$8.41
Santos
7D
5.3%
1Y
8.4%
Narrative Update • Aug 21

STO: Fair Outlook As Papua LNG And Alaska Oil Underpin Rebased Expectations

Analysts have raised their Santos price target by A$0.23, reflecting updated assumptions for fair value, discount rate, revenue growth, profit margin, and a lower future P/E multiple in their models. What's in the News for Santos Santos is targeting a final investment decision on the Papua LNG project in Papua New Guinea in the December quarter, following the recent completion of two multibillion dollar projects in Australia and Alaska.
PME
AU$191.60
Pro Medicus
7D
7.1%
1Y
-37.5%
Narrative Update • Aug 21

PME: US Market Share Assumptions Will Likely Trigger Future Share Price Reset

Analysts have lifted their price target for Pro Medicus to A$192.60, up from A$147, while flagging that current market pricing already reflects a very large assumed gain in US PACS market share by FY35E. What’s in the News for Pro Medicus Pro Medicus signed a 7 year A$23 million contract with St. Luke's Health System in the United States to deploy its cloud based Visage 7 Enterprise Imaging Platform across three states, including Boise, Idaho.
EVN
AU$15.35
Evolution Mining
7D
16.2%
1Y
89.3%
BHP
AU$65.16
BHP Group
7D
6.2%
1Y
55.1%
CSL
AU$168.30
CSL
7D
23.3%
1Y
-22.3%
Narrative Update • Aug 20

CSL: Roofing Restructuring And Owens Corning Optionality Will Shape Earnings Path

Analysts have lifted their fair value estimate for Carlisle (CSL) to A$163.95 from A$138.19, reflecting updated assumptions on the discount rate, slightly higher profit margins and a higher future P/E multiple. They are also factoring in recent research that adjusts expectations around roofing demand, input costs and potential Owens Corning deal scenarios.
WBC
AU$33.83
Westpac Banking
7D
-4.4%
1Y
-13.2%
MQG
AU$248.43
Macquarie Group
7D
-5.1%
1Y
11.0%
CBA
AU$157.99
Commonwealth Bank of Australia
7D
-5.5%
1Y
-8.6%
Narrative Update • Aug 18

CBA: Elevated P/E Will Confront Softer Revenue Outlook And Mortgage Headwinds

Analysts have lifted the Commonwealth Bank of Australia price target from about A$122.57 to A$125.21. This reflects updated assumptions around a slightly higher profit margin, modestly different revenue growth expectations, a small change in the discount rate and a marginally lower future P/E.
NAB
AU$38.17
National Australia Bank
7D
-7.7%
1Y
-10.1%
WES
AU$82.37
Wesfarmers
7D
-7.1%
1Y
-13.0%
New Narrative • Aug 15

Wesfarmers: From Farmers' Co-op to Retail Empire

(This article first appeared on my substack account on 9 August 2026: Wesfarmers: From Farmers' Co-op to Retail Empire ) Bunnings and Kmart have become Australian institutions: stable, solid and dominant retail businesses within their respective sectors. As such, their parent company, Wesfarmers, is the subject of today’s deep dive.
ANZ
AU$37.13
ANZ Group Holdings
7D
-4.5%
1Y
9.6%
Narrative Update • Aug 14

ANZ: Margin Execution And Deposit Momentum Will Shape Mortgage And Wealth Outlook

Analysts have raised their price target on ANZ Group Holdings to A$36.43 from A$35.55, citing updated assumptions that include a modestly different discount rate, slightly softer revenue growth expectations, a small uplift in profit margin forecasts and a higher future P/E multiple. Analyst Commentary Recent commentary around ANZ Group Holdings focuses on how updated assumptions feed into the revised A$36.43 price target.
WDS
AU$33.78
Woodside Energy Group
7D
3.6%
1Y
26.9%
Narrative Update • Aug 12

WDS: LNG Project Execution Will Constrain Future Returns Despite Portfolio Streamlining

Analysts have trimmed their A$ fair value estimate for Woodside Energy Group from about A$25.39 to A$24.77. This reflects updated views that factor in a slightly higher discount rate and the projected volume uplift from the Scarborough LNG project, alongside its potential impact on future free cash flow and shareholder returns.
ALL
AU$60.90
Aristocrat Leisure
7D
-5.4%
1Y
-14.0%