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Global medical diagnostics company operating pathology/lab testing services across Australia, Europe and the US.
Global medical diagnostics company operating pathology/lab testing services across Australia, Europe and the US.
Gets paid per test, mostly by government health schemes and insurers rather than patients, with Australia, Germany, Switzerland, the UK and the US carrying the business; the payers set fees, so growth relies on test volumes and acquiring labs. It runs labs under local brands with doctor-led management.
In one line: Australia's Quest Diagnostics/LabCorp.
Moat: narrow (scale, regulatory licence, installed base). Large multi-country lab network and accreditation/licensing barriers limit new entrants.
Headquarters: Sydney, Australia · Founded: 1987 · Employees: 49,000
Size Sonic Healthcare (SHL.AX) is an Australia Health Care company (Medical/Nursing Services) with a market value of $6.87B, the 53rd largest of 316 Australia companies the cockpit tracks. Shares closed at A$20.06 on 6 Nov 2026.
Performance Over six months the shares gained 6.1%, against +29.6% for the median peer and +4.1% for the Australia market (cap-weighted) — 6th lowest of 20 in its peer set.
Growth Revenue grew 14.4% over the last twelve months (peer median +11.7%); the operating margin is 9.0% (peer median 10.5%).
Valuation It trades at 16.8× forward earnings against a peer median of 24.5× (7th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 9% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is +5 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.1 points below its cost of capital (8.1% WACC).
Next results Next results expected around 22 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | |
|---|---|---|---|---|---|
| Revenue | A$10.8B | A$10.8B | A$9.49B | A$8.65B | A$7.96B |
| Revenue growth | — | +14% | +10% | +9% | — |
| Gross profit | A$2.92B | A$2.91B | A$2.42B | A$2.05B | A$2.11B |
| EBITDA | A$1.85B | A$1.85B | A$1.60B | A$1.33B | A$1.52B |
| Net income | A$608M | A$608M | A$514M | A$511M | A$685M |
| Free cash flow | A$775M | A$775M | A$961M | A$601M | A$1.08B |
| Capital expenditure | A$736M | A$736M | A$463M | A$580M | A$497M |
| Total debt | n/a | A$5.84B | A$5.17B | A$4.52B | A$3.10B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Sonic Healthcare SHL.AX | $6.87B | +6% | +14% | 9% | 16.8× | 8.6% |
| Quest Diagnostics DGX | $28.1B | +36% | +9% | 15% | 22.0× | 6.4% |
| Labcorp LH | $29.8B | +45% | +6% | 11% | 19.0× | 13.9% |
| Australian Clinical Labs ACL.AX | $419M | +74% | -1% | 8% | 17.3× | 3.9% |
| Eurofins Scientific ERF.PA | $17.5B | +49% | +3% | 12% | 23.0× | 13.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | SHL.AX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.3% | +10.1% | 8th lowest of 21 |
| 6-month return | +6.1% | +29.6% | 6th lowest of 20 |
| Distance from 52-week high | -17.4% | -10.7% | 7th lowest of 21 |
| Revenue growth (TTM) | +14.4% | +11.7% | 10th highest of 21 |
| Operating margin | 9.0% | 10.5% | 10th lowest of 21 |
| Forward P/E | 16.8× | 24.5× | 7th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 8.6% | 12.7% | 8th least demanding of 19 |
| Growth delivered (Del g) | +3.5% | +13.3% | 4th lowest of 19 |
| Hurdle (Req g minus delivered) | +5.1 pp | -0.8 pp | 5th most demanding of 19 |
| ROIC minus cost of capital | -3.1 pp | +1.7 pp | 4th lowest of 21 |
| EV / EBITDA | 8.3× | 13.9× | 2nd cheapest of 16 |
| Net debt / EBITDA | 2.8× | 2.9× | 10th least indebted of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Sonic Healthcare SHL.AX | Australia | $6.87B | +6% | +14% | 9% | 16.8× | 8.6% | +3.5% |
| Hims & Hers Health HIMS | United States | $6.07B | -8% | +28% | 0% | 128.9× | 54.9% | +73.6% |
| RadNet RDNT | United States | $5.98B | +31% | +19% | 5% | 129.7× | 41.8% | +13.7% |
| Concentra Group Holdings Parent CON | United States | $5.38B | +75% | +14% | 17% | 24.5× | 3.9% | +7.9% |
| BillionToOne BLLN | United States | $5.38B | +54% | +90% | 11% | 144.4× | 26.8% | +90.1% |
| Lifestance Health LFST | United States | $5.26B | +79% | +20% | 5% | 62.6× | 37.8% | +30.4% |
| Option Care Health OPCH | United States | $4.74B | +54% | +4% | 6% | 15.6× | 1.5% | +13.2% |
| Ensign ENSG | United States | $10.6B | +6% | +17% | 9% | 21.1× | 12.0% | +16.5% |
| Medicover MCOV-B.ST | Sweden | $4.14B | +36% | +6% | 7% | 38.3× | 20.8% | +20.2% |
| DaVita DVA | United States | $12.0B | -4% | +6% | 15% | 11.9× | -1.1% | +3.4% |
| Aier Eye Hospital 300015.SZ | China | $12.5B | -16% | +5% | 21% | 29.5× | 11.7% | +13.4% |
| Fresenius Medical Care FME.DE | Germany | $12.6B | +14% | 0% | 11% | 10.4× | -3.6% | +1.9% |
| BrightSpring Health Services BTSG | United States | $13.4B | +22% | +23% | 4% | 28.3× | 24.2% | +18.3% |
| Dr. Lal PathLabs LALPATHLAB.NS | India | $3.50B | +26% | +17% | 24% | 51.5× | 32.2% | +11.8% |
| Encompass Health EHC | United States | $13.5B | +30% | +9% | 18% | 20.5× | 5.6% | +5.0% |
| Acadia Healthcare ACHC | United States | $3.44B | +47% | +4% | 10% | 18.7× | n/a | n/a |
| Fameglow 3774.HK | Hong Kong | $3.19B | n/a | +36% | 11% | n/a | 48.8% | +48.4% |
| Solventum SOLV | United States | $15.4B | +23% | -1% | 8% | 12.2× | n/a | n/a |
| Meinian Onehealth Healthcare 002044.SZ | China | $2.89B | -9% | -4% | 9% | 55.1× | 5.8% | +5.7% |
| Aveanna Healthcare AVAH | United States | $2.89B | +97% | +20% | 11% | 15.4× | 13.4% | +10.2% |
| Pediatrix Medical MD | United States | $2.44B | +33% | +2% | 12% | 12.9× | -4.5% | +2.0% |