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

Australian (ASX) Market Analysis & Valuation

UpdatedJul 28, 2026
DataAggregated Company Financials
Companies1567
  • 7D1.0%
  • 3M1.5%
  • 1Y1.2%
  • YTD0.2%

In the last week, the market has stayed flat, however the Energy sector stood out, gaining 6.0%. 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
Tue, 28 Jul 2026AU$3.0tAU$1.2tAU$114.3b17.3x26x2.5x
Thu, 25 Jun 2026AU$2.9tAU$1.2tAU$114.9b17.3x25.6x2.4x
Sat, 23 May 2026AU$2.9tAU$1.2tAU$113.5b17.1x25.5x2.4x
Mon, 20 Apr 2026AU$3.0tAU$1.2tAU$113.2b17.5x26.5x2.5x
Wed, 18 Mar 2026AU$2.9tAU$1.2tAU$112.2b17.8x25.7x2.4x
Fri, 13 Feb 2026AU$3.1tAU$1.2tAU$106.2b21x28.7x2.6x
Sun, 11 Jan 2026AU$3.0tAU$1.2tAU$109.7b21.8x27.1x2.5x
Tue, 09 Dec 2025AU$2.9tAU$1.2tAU$109.5b21.3x26.7x2.4x
Thu, 06 Nov 2025AU$3.0tAU$1.2tAU$110.9b21x26.8x2.5x
Sat, 04 Oct 2025AU$3.0tAU$1.2tAU$110.4b21.2x27.5x2.5x
Mon, 01 Sep 2025AU$3.0tAU$1.2tAU$111.4b20x27.2x2.5x
Wed, 30 Jul 2025AU$2.9tAU$1.2tAU$102.8b18.9x28.5x2.4x
Fri, 27 Jun 2025AU$2.9tAU$1.2tAU$102.4b18.2x28x2.4x
Sun, 25 May 2025AU$2.8tAU$1.2tAU$102.4b18x27.3x2.3x
Tue, 22 Apr 2025AU$2.6tAU$1.2tAU$104.0b17.1x25x2.1x
Thu, 20 Mar 2025AU$2.6tAU$1.2tAU$104.6b17.6x24.9x2.1x
Sat, 15 Feb 2025AU$2.8tAU$1.2tAU$95.0b19.7x29.8x2.4x
Mon, 13 Jan 2025AU$2.7tAU$1.2tAU$90.4b19.7x30.4x2.3x
Wed, 11 Dec 2024AU$2.8tAU$1.2tAU$88.9b20.4x31.1x2.4x
Fri, 08 Nov 2024AU$2.7tAU$1.2tAU$88.5b19.4x30.7x2.3x
Sun, 06 Oct 2024AU$2.7tAU$1.2tAU$87.3b19.5x30.9x2.3x
Tue, 03 Sep 2024AU$2.7tAU$1.2tAU$87.5b19.4x30.6x2.3x
Thu, 01 Aug 2024AU$2.7tAU$1.2tAU$92.1b19.6x29.1x2.3x
Sat, 29 Jun 2024AU$2.6tAU$1.2tAU$91.9b19.1x28.2x2.2x
Mon, 27 May 2024AU$2.6tAU$1.2tAU$91.9b18.9x27.9x2.2x
Wed, 24 Apr 2024AU$2.6tAU$1.2tAU$95.7b19.7x26.8x2.2x
Fri, 22 Mar 2024AU$2.6tAU$1.2tAU$95.6b19.6x27.2x2.2x
Sun, 18 Feb 2024AU$2.6tAU$1.2tAU$114.6b19.1x22.3x2.2x
Tue, 16 Jan 2024AU$2.5tAU$1.2tAU$114.9b18.7x21.9x2.2x
Thu, 14 Dec 2023AU$2.4tAU$1.2tAU$116.4b18.1x20.8x2.1x
Sat, 11 Nov 2023AU$2.3tAU$1.2tAU$118.5b17.6x19.7x2x
Mon, 09 Oct 2023AU$2.3tAU$1.2tAU$119.4b17.4x19.7x2x
Wed, 06 Sep 2023AU$2.5tAU$1.2tAU$120.7b18.4x20.4x2.1x
Fri, 04 Aug 2023AU$2.5tAU$1.2tAU$146.4b16.8x16.8x2.1x
Price to Earnings Ratio

16.8x


Total Market Cap: AU$2.5tTotal Earnings: AU$146.4bTotal Revenue: AU$1.2tTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Market Price to Earnings3Y Average 26.3x202420252026
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 26.3x.
Past Earnings Growth
  • The earnings for Australian listed companies have declined 7.9% 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 Market0.96%
Materials4.36%
Financials1.74%
Utilities1.43%
Energy0.78%
Consumer Staples0.55%
Real Estate-0.063%
Industrials-0.35%
Tech-1.65%
Telecom-2.94%
Consumer Discretionary-3.61%
Healthcare-4.38%
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 22.3%, 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 Healthcare sector, expecting annual earnings growth of 23% over the next 5 years.
  • This is roughly in line with its past earnings growth rate.
  • In contrast, the Financials sector is expected to see its earnings grow by 4.6% 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
BHP BHP GroupAU$60.104.4%
+AU$13.0b		49.1%PE20.9xMaterials
CBA Commonwealth Bank of AustraliaAU$176.072.8%
+AU$8.1b		0.7%PB3.8xFinancials
NAB National Australia BankAU$40.943.1%
+AU$3.9b		8.4%PB2.1xFinancials
WBC Westpac BankingAU$37.682.8%
+AU$3.5b		13.5%PB1.8xFinancials
EVN Evolution MiningAU$11.5111.6%
+AU$2.4b		58.3%PE17.6xMaterials
See more

Market Insights

Header cover image
Healthcare just hit its lowest market weight since 1994. But dig deeper into the sector, and the collapse starts to look like a costume in some ways.
Continue reading
A brand’s strength doesn’t always last

Latest News

CSL
AU$116.39
CSL
7D
-5.1%
1Y
-57.0%
EVN
AU$11.51
Evolution Mining
7D
11.6%
1Y
58.3%
TCL
AU$14.62
Transurban Group
7D
-1.1%
1Y
7.0%
New Narrative • Jul 25

Is TCL Worth the Toll?

At A$14.245 per share, Transurban Group (ASX: TCL) appears reasonably valued based on its current cash flow and distribution guidance. Transurban generated free cash of 34.8 cents per share during the first half of FY26 and maintained full-year distribution guidance of 69 cents per share.
S32
AU$4.50
South32
7D
10.3%
1Y
48.5%
New Narrative • Jul 25

S32 on Solid Ground

At A$4.167 per share, South32 (ASX: S32) appears reasonably valued based on its current operating performance. South32 reports in US dollars and recorded first-half FY26 underlying earnings of US$435 million, or approximately US 9.7 cents per share.
PME
AU$162.24
Pro Medicus
7D
-12.6%
1Y
-49.4%
Narrative Update • Jul 24

PME: Long Term US PACS Share Assumptions Will Drive Future Upside

Analysts have trimmed their fair value estimate for Pro Medicus to A$250.00 from A$300.00, citing more cautious assumptions about the company’s long term US PACS market share, even as recent Street research points to a higher near term price target. What's in the News for Pro Medicus Pro Medicus Limited continues to build its position as a healthcare informatics company, supported by rapid organic growth, strong cash conversion and a debt free balance sheet.
REA
AU$156.19
REA Group
7D
-3.1%
1Y
-33.8%
LYC
AU$14.87
Lynas Rare Earths
7D
-4.8%
1Y
37.6%
BHP
AU$60.10
BHP Group
7D
4.4%
1Y
49.1%
Narrative Update • Jul 20

BHP: Potash Overruns And Impairment Will Restrain Future Project Returns

The analyst fair value estimate for BHP Group has been raised from A$40.94 to A$43.59 as analysts recalibrate their models following a series of mixed price target revisions that reflect updated views on project capex, impairment charges, and sector risk. Analyst Commentary Recent research on BHP Group shows a mix of cautious and supportive views, with several firms adjusting price targets and ratings as new information on project spending, impairments, and macro risks has emerged.
CBA
AU$176.07
Commonwealth Bank of Australia
7D
2.8%
1Y
0.7%
WES
AU$87.40
Wesfarmers
7D
-6.0%
1Y
5.4%
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$20.36
Northern Star Resources
7D
6.9%
1Y
27.9%
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.
ANZ
AU$36.89
ANZ Group Holdings
7D
2.1%
1Y
21.7%
New Narrative • Jul 11

Is ANZ Holding Your Interest?

At A$32.162 per share, ANZ (ASX: ANZ) appears reasonably valued based on its current operating performance. Cash earnings per share were 126.1 cents for the six months to 31 March 2026; annualising this figure implies approximately 252 cents per share and a price-to-earnings multiple of around 12.8 times.
TLS
AU$4.93
Telstra Group
7D
-2.8%
1Y
-0.4%
SIG
AU$2.86
Sigma Healthcare
7D
-2.4%
1Y
-0.7%
WBC
AU$37.68
Westpac Banking
7D
2.8%
1Y
13.5%
NAB
AU$40.94
National Australia Bank
7D
3.1%
1Y
8.4%