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

Australian (ASX) Market Analysis & Valuation

UpdatedMar 26, 2026
DataAggregated Company Financials
Companies1573
  • 7D-1.2%
  • 3M-3.6%
  • 1Y6.3%
  • YTD-3.3%

Over the last 7 days, the market has dropped 1.2%, driven by a loss of 2.1% in the Financials sector. Meanwhile, the Energy sector has outperformed, gaining 3.5% in that time. In contrast to the last week, the market is actually up 6.3% over the past year. Looking forward, 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
Thu, 26 Mar 2026AU$2.9tAU$1.2tAU$112.4b17.4x25.5x2.4x
Sat, 21 Feb 2026AU$3.1tAU$1.2tAU$112.1b20.6x27.3x2.5x
Mon, 19 Jan 2026AU$3.0tAU$1.2tAU$109.8b22x27.7x2.5x
Wed, 17 Dec 2025AU$2.9tAU$1.2tAU$109.8b21.2x26.5x2.4x
Fri, 14 Nov 2025AU$3.0tAU$1.2tAU$109.9b21.3x26.9x2.5x
Sun, 12 Oct 2025AU$3.0tAU$1.2tAU$111.1b21.2x27.3x2.5x
Tue, 09 Sep 2025AU$3.0tAU$1.2tAU$111.2b20.6x26.9x2.5x
Thu, 07 Aug 2025AU$3.0tAU$1.2tAU$103.4b18.9x28.8x2.5x
Sat, 05 Jul 2025AU$2.9tAU$1.2tAU$102.3b18.4x28.2x2.4x
Mon, 02 Jun 2025AU$2.8tAU$1.2tAU$102.9b18.1x27.4x2.3x
Wed, 30 Apr 2025AU$2.7tAU$1.2tAU$104.1b17.3x25.8x2.2x
Fri, 28 Mar 2025AU$2.7tAU$1.2tAU$104.7b17.6x25.5x2.2x
Sun, 23 Feb 2025AU$2.8tAU$1.2tAU$99.3b18.9x27.9x2.3x
Tue, 21 Jan 2025AU$2.8tAU$1.2tAU$90.2b19.3x30.6x2.3x
Thu, 19 Dec 2024AU$2.7tAU$1.2tAU$89.5b20.3x30.7x2.3x
Sat, 16 Nov 2024AU$2.7tAU$1.2tAU$88.3b19.5x31x2.3x
Mon, 14 Oct 2024AU$2.7tAU$1.2tAU$87.5b19.5x31.1x2.4x
Wed, 11 Sep 2024AU$2.6tAU$1.2tAU$88.1b19.3x29.9x2.3x
Fri, 09 Aug 2024AU$2.5tAU$1.2tAU$91.9b18.7x27.5x2.2x
Sun, 07 Jul 2024AU$2.6tAU$1.2tAU$91.1b19.1x28.6x2.3x
Tue, 04 Jun 2024AU$2.6tAU$1.2tAU$92.2b19.5x28.1x2.2x
Thu, 02 May 2024AU$2.5tAU$1.2tAU$95.5b19.3x26.5x2.2x
Sat, 30 Mar 2024AU$2.6tAU$1.2tAU$95.4b20.1x27.6x2.2x
Mon, 26 Feb 2024AU$2.6tAU$1.2tAU$104.3b19.4x24.5x2.2x
Wed, 24 Jan 2024AU$2.5tAU$1.2tAU$115.6b18.8x21.8x2.1x
Fri, 22 Dec 2023AU$2.5tAU$1.2tAU$115.0b18.6x21.8x2.2x
Sun, 19 Nov 2023AU$2.4tAU$1.2tAU$116.7b18.1x20.2x2x
Tue, 17 Oct 2023AU$2.4tAU$1.2tAU$120.0b17.8x19.8x2x
Thu, 14 Sep 2023AU$2.4tAU$1.2tAU$120.4b18x20x2x
Sat, 12 Aug 2023AU$2.5tAU$1.2tAU$145.1b16.8x17x2.1x
Mon, 10 Jul 2023AU$2.4tAU$1.2tAU$145.3b16.1x16.3x2x
Wed, 07 Jun 2023AU$2.4tAU$1.2tAU$145.6b16.1x16.4x2.1x
Fri, 05 May 2023AU$2.4tAU$1.2tAU$144.7b16.3x16.6x2.1x
Sun, 02 Apr 2023AU$2.4tAU$1.2tAU$144.6b16x16.6x2.1x
Price to Earnings Ratio

16.6x


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 8.1% 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-1.24%
Utilities3.60%
Energy3.46%
Consumer Staples0.80%
Telecom0.024%
Healthcare-0.18%
Consumer Discretionary-0.77%
Industrials-1.39%
Materials-1.64%
Real Estate-2.06%
Financials-2.06%
Tech-3.74%
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 21.2%, 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

Market Insights

Header cover image
How to invest during crisis in the Persian Gulf
Richard Bowman avatar
Richard Bowman
It’s now been three weeks since the U.S. and Israel launched air strikes against Iran, plunging the Persian Gulf into war. We aren’t going to pretend we know what happens next. But we can map out a few scenarios, and the potential impact on the global economy and markets.
Continue reading
Why international stocks are starting to outpace the U.S.

Latest News

4DX
AU$6.28
4DMedical
7D
52.4%
1Y
1,893.7%
WBC
AU$40.46
Westpac Banking
7D
-1.6%
1Y
27.8%
CSL
AU$144.35
CSL
7D
7.2%
1Y
-42.8%

CSL: Manufacturing Expansion And Horizon 2 Rollout Will Support Future Share Recovery

Narrative Update on CSL Analysts have adjusted CSL's fair value estimate from A$205.16 to A$207.81. This reflects updated views on its discount rate, revenue growth, profit margins and future P/E assumptions, alongside recent mixed rating actions on the stock.
FMG
AU$19.85
Fortescue
7D
4.3%
1Y
22.5%

FMG: Sector Price Deck Reset Will Shape Fair Value And Payouts

Analysts have nudged their fair value estimate for Fortescue slightly lower, trimming the implied price target by around A$0.12. Updated commodity price forecasts and a more cautious stance on the Australia metals and mining sector have fed into modestly softer revenue growth assumptions and a slightly lower future P/E.
WTC
AU$38.33
WiseTech Global
7D
-7.6%
1Y
-54.2%
XRO
AU$72.40
Xero
7D
-5.9%
1Y
-54.5%
CBA
AU$173.18
Commonwealth Bank of Australia
7D
-2.4%
1Y
15.4%

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.
BHP
AU$50.23
BHP Group
7D
3.9%
1Y
26.7%

BHP: Commodity Cycles And China Recovery Will Shape Fairly Valued Outlook

Analysts have adjusted the BHP Group fair value estimate slightly higher to A$52.50. This reflects refreshed price targets that balance updated revenue and margin assumptions with mixed views on commodity exposure and valuation.
NAB
AU$42.56
National Australia Bank
7D
-8.7%
1Y
24.8%

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$205.84
Macquarie Group
7D
5.0%
1Y
1.3%
REA
AU$153.62
REA Group
7D
-3.2%
1Y
-33.1%

REA: Mixed Broker Views And Capital Returns Will Shape Market Premium

Analysts now see REA Group's fair value at A$151.14, down from A$164.17, reflecting updated assumptions for a slightly higher discount rate, more moderate revenue growth expectations, a firmer profit margin outlook, and a lower future P/E multiple, following mixed recent commentary from both upgrading and downgrading research houses. Analyst Commentary Recent research has presented a mixed picture for REA Group, with JPMorgan moving to a more constructive stance while other bearish analysts have trimmed expectations and taken a more cautious view on the stock.
WDS
AU$34.38
Woodside Energy Group
7D
2.0%
1Y
45.7%
PLS
AU$4.97
PLS Group
7D
20.3%
1Y
168.6%

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.
ANZ
AU$36.65
ANZ Group Holdings
7D
-1.0%
1Y
24.3%
ALL
AU$46.68
Aristocrat Leisure
7D
4.4%
1Y
-28.7%

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.
SCG
AU$3.37
Scentre Group
7D
-3.4%
1Y
-1.5%

SCG: Distribution Guidance And Income Visibility Will Support Fair Value

Analysts have trimmed their price target for Scentre Group to A$4.18 from A$4.33, reflecting updated assumptions for slightly softer revenue growth and margins, along with a modest adjustment to the discount rate and future P/E expectations. Analyst Commentary With the trimmed A$4.18 price target already reflecting more conservative assumptions on revenue, margins and P/E, recent Street commentary on other consumer and property related names still offers a useful read-across for how analysts are thinking about valuation and execution risk.