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

Australian (ASX) Market Analysis & Valuation

UpdatedJan 23, 2026
DataAggregated Company Financials
Companies1549
  • 7D-0.1%
  • 3M-1.8%
  • 1Y6.0%
  • YTD1.5%

Over the last 7 days, the market has remained flat, although notably the Utilities sector gained 5.1% in that time. Meanwhile, the market is actually up 6.0% over the past year. As for the next few years, earnings are expected to grow by 13% 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
Sat, 24 Jan 2026AU$3.0tAU$1.2tAU$109.1b21.8x27.7x2.5x
Mon, 22 Dec 2025AU$2.9tAU$1.2tAU$109.9b21.5x26.6x2.4x
Wed, 19 Nov 2025AU$2.9tAU$1.2tAU$110.1b20.6x26x2.4x
Fri, 17 Oct 2025AU$3.1tAU$1.2tAU$110.7b21.7x27.8x2.6x
Sun, 14 Sep 2025AU$3.0tAU$1.2tAU$110.8b20.4x27x2.5x
Tue, 12 Aug 2025AU$3.0tAU$1.2tAU$104.0b19x28.7x2.5x
Thu, 10 Jul 2025AU$2.9tAU$1.2tAU$102.5b18.4x28x2.4x
Sat, 07 Jun 2025AU$2.8tAU$1.2tAU$102.6b17.9x27.7x2.3x
Mon, 05 May 2025AU$2.7tAU$1.2tAU$100.2b17.6x27.4x2.3x
Wed, 02 Apr 2025AU$2.6tAU$1.2tAU$105.3b17.7x25x2.2x
Fri, 28 Feb 2025AU$2.8tAU$1.2tAU$104.5b18.5x26.5x2.3x
Sun, 26 Jan 2025AU$2.8tAU$1.2tAU$89.5b19.3x31x2.4x
Tue, 24 Dec 2024AU$2.7tAU$1.2tAU$89.9b20.2x30.2x2.3x
Thu, 21 Nov 2024AU$2.7tAU$1.2tAU$88.3b19.7x31.1x2.4x
Sat, 19 Oct 2024AU$2.7tAU$1.2tAU$87.8b19.7x31.2x2.4x
Mon, 16 Sep 2024AU$2.7tAU$1.2tAU$88.1b19.7x30.3x2.3x
Wed, 14 Aug 2024AU$2.6tAU$1.2tAU$92.4b19.1x27.9x2.2x
Fri, 12 Jul 2024AU$2.6tAU$1.1tAU$90.9b19.2x28.8x2.3x
Sun, 09 Jun 2024AU$2.6tAU$1.2tAU$92.5b19.2x28.3x2.3x
Tue, 07 May 2024AU$2.6tAU$1.2tAU$93.7b19.5x27.4x2.2x
Thu, 04 Apr 2024AU$2.6tAU$1.2tAU$95.3b20.1x27.3x2.2x
Sat, 02 Mar 2024AU$2.6tAU$1.2tAU$96.8b19.8x26.8x2.2x
Mon, 29 Jan 2024AU$2.5tAU$1.2tAU$115.7b18.9x21.8x2.2x
Wed, 27 Dec 2023AU$2.5tAU$1.2tAU$114.7b18.7x22x2.2x
Fri, 24 Nov 2023AU$2.4tAU$1.2tAU$116.4b17.7x20.2x2x
Sun, 22 Oct 2023AU$2.3tAU$1.2tAU$120.0b17.6x19.4x2x
Tue, 19 Sep 2023AU$2.4tAU$1.2tAU$120.2b18.1x20.3x2.1x
Thu, 17 Aug 2023AU$2.4tAU$1.2tAU$141.5b16.7x17.1x2.1x
Sat, 15 Jul 2023AU$2.5tAU$1.2tAU$143.5b16.5x17.1x2.1x
Mon, 12 Jun 2023AU$2.4tAU$1.2tAU$144.8b16x16.5x2.1x
Wed, 10 May 2023AU$2.4tAU$1.2tAU$144.8b16.2x16.8x2.1x
Fri, 07 Apr 2023AU$2.4tAU$1.2tAU$144.5b15.9x16.7x2.1x
Sun, 05 Mar 2023AU$2.4tAU$1.2tAU$143.7b16.4x17x2.1x
Tue, 31 Jan 2023AU$2.5tAU$1.1tAU$145.8b16.3x17.3x2.3x
Price to Earnings Ratio

17.3x


Total Market Cap: AU$2.5tTotal Earnings: AU$145.8bTotal Revenue: AU$1.1tTotal Market Cap vs Earnings and Revenue0%0%0%
Australian Market Price to Earnings3Y Average 24.7x202420252026
Current Market PE
  • Investors are optimistic on the Australian market, and appear confident in strong long term growth rates.
  • The market is trading at a PE ratio of 27.7x which is higher than its 3-year average PE of 24.7x.
Past Earnings Growth
  • The earnings for Australian listed companies have declined 9.2% per year over the last three years.
  • Meanwhile revenues for these companies have grown 3.4% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Sector Trends

Which sectors have driven the changes within the Australian Market?

AU Market-0.11%
Utilities5.10%
Energy3.56%
Consumer Staples1.35%
Healthcare0.064%
Materials-0.074%
Industrials-0.18%
Consumer Discretionary-0.24%
Financials-0.39%
Real Estate-0.45%
Telecom-1.40%
Tech-2.91%
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 22.0%, which is higher than its past year's earnings growth of 15.6% per year.
  • The Energy sector is the least preferred by investors for future growth. Although, investor sentiment seems to have improved given that it's trading above its 3-year average of 12.8x.
Forecasted Growth
  • Analysts are most optimistic on the Tech sector, expecting annual earnings growth of 22% over the next 5 years.
  • This is better than its past earnings growth rate of 16% per year.
  • In contrast, the Financials sector is expected to see its earnings grow by 5.7% 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
EVN Evolution MiningAU$14.8613.3%
+AU$3.5b		167.3%PE32.6xMaterials
CSL CSLAU$179.622.3%
+AU$2.0b		-34.0%PE19.8xHealthcare
SIG Sigma HealthcareAU$3.065.5%
+AU$1.8b		n/aPE66.4xHealthcare
LYC Lynas Rare EarthsAU$16.868.9%
+AU$1.4b		158.6%PE2123.9xMaterials
ORG Origin EnergyAU$11.737.2%
+AU$1.4b		3.3%PE13.6xUtilities
See more

Market Insights

Header cover image
How to invest when commodity prices get messy ⚖️
Richard Bowman avatar
Richard Bowman
|
|
From miners to energy, 2026 may reward structure and margins over spot price bets.
Continue reading
Why Didn’t Oil React to Venezuela? 🇻🇪
Last Week

Why Didn’t Oil React to Venezuela? 🇻🇪

Latest News

WTC
AU$61.89
WiseTech Global
7D
-7.7%
1Y
-48.5%
360
AU$33.79
Life360
7D
15.6%
1Y
35.5%
ANZ
AU$36.21
ANZ Group Holdings
7D
-3.5%
1Y
20.0%
EVN
AU$14.86
Evolution Mining
7D
13.3%
1Y
167.3%
BHP
AU$48.43
BHP Group
7D
-1.1%
1Y
23.2%

BHP: Commodity Cycles Legal Risks And Copper Exposure Will Shape Future Performance

Analysts have lifted their fair value estimate for BHP Group from $44.58 to $49.00, citing updated assumptions for revenue growth, profit margins and future P/E that align with the recent price target increase of 100 GBp reported in Street research. Analyst Commentary Recent Street research on BHP Group has focused on aligning price targets and fair value estimates with updated assumptions for revenue, margins and future P/E multiples, with JPMorgan lifting its price target by 100 GBp. Bullish Takeaways Bullish analysts see the higher price target and fair value estimate as consistent with updated revenue and margin assumptions, which they view as better reflecting BHP Group's current earnings power.
NST
AU$27.60
Northern Star Resources
7D
2.9%
1Y
60.7%

NST: Softer Production Guidance Will Likely Undermine Elevated Gold Price Optimism

Analysts have lifted their price target for Northern Star Resources to A$17.43 from A$17.06 as they incorporate updated assumptions for revenue growth of 14.50%, profit margins of 23.84% and a future P/E of 16.64x. What's in the News Northern Star Resources revised its production guidance for fiscal 2026, now targeting 1,600 to 1,700 koz of output, compared with the previous range of 1,700 to 1,850 koz (Key Developments).
LYC
AU$16.86
Lynas Rare Earths
7D
8.9%
1Y
158.6%

LYC: Full Operations And Offtake Ramp Will Test Stretch Rare Earth Expectations

Analysts have nudged their Lynas Rare Earths price targets higher into the mid A$16 to high A$17 range, pointing to fresh Buy ratings, an Outperform initiation, and a slightly adjusted discount rate alongside updated assumptions for revenue growth, margins, and future P/E as full operations and new offtake agreements come through. Analyst Commentary Recent research on Lynas Rare Earths has leaned positive, with several firms either initiating or upgrading ratings while setting price targets in the mid A$16 to high A$17 range.
ORG
AU$11.73
Origin Energy
7D
7.2%
1Y
3.3%

ORG: Slower Revenue Assumptions And Stable Margins Will Support Fair Value Outlook

Analysts have trimmed their price target for Origin Energy slightly from A$12.15 to A$12.03 as they now assume slower revenue growth, broadly similar profit margins, and a slightly lower future P/E multiple. Valuation Changes Fair value estimate reduced slightly from A$12.15 to A$12.03.
PLS
AU$5.08
PLS Group
7D
8.5%
1Y
119.9%

PLS: Rich Multiple Will Likely Outweigh Stronger Margins Going Forward

Analysts have raised their price target on PLS Group from A$2.10 to A$2.40, citing updated assumptions based on higher expected revenue, an improved profit margin profile and a lower future P/E estimate in their models. What's in the News PLS Group is the new corporate name for Pilbara Minerals Limited, following an official change on November 25, 2025.
PME
AU$180.92
Pro Medicus
7D
-10.8%
1Y
-33.5%
SIG
AU$3.06
Sigma Healthcare
7D
5.5%
1Y
n/a

With Sigma Healthcare Limited (ASX:SIG) It Looks Like You'll Get What You Pay For

Jan 17
With Sigma Healthcare Limited (ASX:SIG) It Looks Like You'll Get What You Pay For
LNW
AU$163.00
Light & Wonder
7D
-9.7%
1Y
15.9%
CSL
AU$179.62
CSL
7D
2.3%
1Y
-34.0%

CSL: Shares Will Recover As Seqirus Reset And Demerger Deferral Settle

Analysts have trimmed their CSL price target slightly, with fair value moving from about A$236.57 to A$232.45, as they factor in softer Seqirus vaccination trends and the deferred vaccine demerger, while still seeing the recent share pullback as an opportunity to re-engage with the stock. Analyst Commentary Recent research on CSL focuses heavily on the updated outlook for Seqirus, the indefinitely deferred vaccine demerger, and where the current share price sits relative to revised fair value estimates.
CBA
AU$149.48
Commonwealth Bank of Australia
7D
-3.1%
1Y
-5.8%

CBA: Premium P E And Margin Risks Will Likely Restrain Future Returns

Analysts have modestly revised their price target for Commonwealth Bank of Australia, reflecting slightly adjusted assumptions for discount rate, revenue growth, profit margin and future P/E, while keeping fair value broadly unchanged. Analyst Commentary While the recent price target update for Commonwealth Bank of Australia leaves fair value broadly unchanged, it sits against a backdrop of mixed sentiment in global financials research, particularly among insurers.
FMG
AU$21.51
Fortescue
7D
-5.7%
1Y
14.4%

FMG: Dividend Payout Will Continue To Worsen Emerging Earnings Risk Profile

Analysts have nudged their price target for Fortescue slightly higher to A$19.33 from A$19.18, reflecting small adjustments to assumptions on discount rate, revenue growth, profit margin and future P/E expectations. Valuation Changes Fair Value: updated slightly from A$19.18 to A$19.33 per share.
WBC
AU$38.74
Westpac Banking
7D
-1.1%
1Y
17.3%