Pro Medicus Limited PMDIY

Health CareHealthcare Equipment & SuppliesAustralia

Last close 27.53 USD on Nov 2, 2026, −16.7% year to date

Quant rating

Quant rating C Rank 102 of 211 in Health Care

Growth B 69 of 211
Valuation D 197 of 211
Quality C 96 of 211
Revisions B 69 of 211
Momentum C 100 of 211

Wall Street consensus Buy (2.14)Average target 149.63 USD +443.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 14.2B
Enterprise value: 14.0B
52-week range: 14.20 – 34.03
3-year range: 13.25 – 45.75
Dividend yield: 0.35%
Beta (5 years): –
Shares outstanding: 104M
Next earnings: Feb 10, 2027

About the company

Pro Medicus Limited is an Australia-based healthcare informatics company. It provides a full range of medical imaging software and services to hospitals, imaging centers and health care groups in Australia, North America and Europe. Its products include Visage RIS, Visage RIS/PACS, Visage 7, Visage Ease Pro and Visage Ease. Visage RIS is a radiology information systems (RIS) medical software for practicing of management, training, installation and professional services. Visage RIS capabilities include patient registration, billing, scheduling, typing, HL7 integration, financial reporting, digital dictation and voice recognition integration. Visage 7.0 is a healthcare imaging software that provides clinicians with visualization capability for rapidly viewing two-Dimensional (2-D), 3-D and 4-D medical images and picture archive and communication system (PACS)/digital imaging software that is sold directly and to original equipment manufacturers, training, installation and others.

Growth and profitability fiscal year ends June 30

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	187	145	111	84.9	64.9	–
Revenue growth	29.1%	30.9%	30.6%	30.7%	27.3%	29.7%
EPS (basic, normalized)	1.80	0.71	0.52	0.37	0.29	–
EPS growth	151.4%	37.0%	39.4%	27.3%	–	–
Gross margin	99.9%	99.9%	99.8%	99.6%	99.5%	99.7%
Net margin	98.0%	52.2%	49.8%	47.6%	47.2%	59.0%
ROE	75.0%	51.8%	50.7%	50.4%	48.5%	55.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	187	+29.1%	74.5x	145	+36.4%	96.4x	1.80	+151.4%	15.3x
2027	242	+29.4%	57.6x	186	+28.6%	75.0x	1.29	−28.2%	21.3x
2028	294	+21.4%	47.4x	232	+24.9%	60.0x	1.65	+28.0%	16.7x
2029	355	+20.8%	39.3x	283	+21.9%	49.3x	2.01	+21.5%	13.7x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	242	0.0%	+0.5%	−1.4%	1.29	0.0%	+0.3%	+2.4%
2028	294	+0.1%	+0.6%	−0.4%	1.65	+0.1%	+2.2%	+4.5%
2029	355	+0.1%	−0.9%	−4.5%	2.01	+0.1%	+1.1%	−4.4%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Healthcare Equipment & Supplies

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
PMDIY Pro Medicus Limited	14.2B	–	98.0%	44.78x	21.3x	16.7x	75.0x	60.0x
CLPBY Coloplast A/S	15.1B	2.55x	13.0%	8.12x	17.3x	17.3x	13.2x	13.2x
SOLV Solventum Corporation	14.4B	2.59x	18.7%	3.00x	11.8x	11.7x	9.0x	8.8x
GKOS Glaukos Corporation	14.1B	5.80x	−37.0%	19.68x	−3,356.9x	320.0x	676.6x	129.6x
PEN Penumbra, Inc.	12.7B	−2.44x	12.7%	8.00x	69.1x	53.2x	43.2x	34.3x
BAX Baxter International Inc.	12.5B	2.57x	−8.0%	1.93x	11.6x	11.8x	8.8x	8.8x
Mean		2.21x	16.2%	14.25x	−537.6x	71.8x	137.6x	42.4x
Median		2.57x	12.9%	8.06x	14.6x	17.0x	28.2x	23.7x

Technical analysis

1M+17.9%
3M−6.5%
1Y−22.7%
3Y−30.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Pro Medicus Limited, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	187	145	111	84.9	64.9	51.0
Cost of revenue	0.3	0.2	0.2	0.4	0.3	0.4
Gross profit	187	145	111	84.5	64.6	50.7
Selling, general & administrative expenses	37.2	31.0	25.8	20.7	14.9	12.6
Research & development	–	–	–	–	–	–
Depreciation/amortization	5.6	4.8	5.7	5.3	5.0	5.4
Interest expense (income), operating	−119	1.3	0.7	0.3	−0.8	−0.2
Unusual expense (income)	–	–	–	–	–	–
Other operating expenses	2.3	0.5	0.8	0.9	1.9	0.7
Operating income	261	107	77.7	57.4	43.5	32.1
Net interest income (expense)	–	–	–	–	–	–
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	261	107	77.7	57.4	43.5	32.1
Provision for taxes	77.6	31.6	22.5	17.0	12.9	9.0
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	184	75.8	55.2	40.4	30.7	23.1
Extraordinary items	–	–	–	–	–	–
Net income	184	75.8	55.2	40.4	30.7	23.1
EBIT, normalized	142	109	78.4	57.7	42.8	32.0
EBITDA, normalized	148	113	84.1	63.0	47.8	37.4
Basic EPS, normalized	1.80	0.71	0.52	0.37	0.29	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Pro Medicus Limited, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	173	138	102	80.3	62.5	46.3
Receivables	70.7	43.1	32.8	27.1	19.2	18.3
Total inventory	–	0.1	0	0	0.1	0
Prepaid expenses	2.4	2.5	1.3	1.0	0.9	1.0
Other current assets	1.1	1.0	1.3	0.7	0	0
Total current assets	248	184	138	109	82.7	65.7
Property, plant & equipment	1.9	1.8	1.6	1.5	1.8	2.3
Goodwill	–	–	–	–	–	–
Intangibles	15.3	13.7	13.4	14.2	15.4	15.0
Long-term investments	131	4.8	4.9	–	–	–
Note receivable	6.5	2.6	2.6	1.6	1.0	1.0
Other long-term assets	19.7	15.7	11.5	8.3	7.5	10.2
Total assets	422	223	172	135	108	94.2
Liabilities
Accounts payable	0.8	0.9	1.2	0.7	1.1	0.7
Payable/accrued	–	–	–	–	–	–
Accrued expenses	4.6	4.0	2.9	2.5	2.1	2.0
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	0.5	0.4	0.4	0.4	0.4	0.4
Other current liabilities	30.2	23.0	18.6	16.9	14.9	10.1
Total current liabilities	36.1	28.4	23.0	20.6	18.5	13.2
Long-term debt	1.0	1.1	1.0	0.8	1.2	1.5
Minority interest	–	–	–	–	–	–
Other liabilities	73.0	24.4	22.4	20.9	18.5	18.2
Total liabilities	110	53.8	46.5	42.2	38.2	32.9
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	34.3	22.9	15.8	1.3	1.4	1.5
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	278	146	110	91.7	69.4	59.5
Treasury stock	–	–	–	–	–	–
Other equity	−0.5	0.2	−0.6	−0.5	−0.6	0.3
Total equity	312	169	125	92.5	70.2	61.2
Total liabilities & shareholders' equity	422	223	172	135	108	94.2

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Pro Medicus Limited, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	–	–	–	–	–	–
Depreciation, depletion & amortization	–	–	–	–	–	–
Deferred taxes	–	–	–	–	–	–
Non-cash items	–	–	–	–	–	–
Changes in working capital	–	–	–	–	–	–
Cash from operations	88.2	73.3	54.7	41.7	42.5	29.1
Investing activities
Capital expenditures	−6.0	−4.9	−4.5	−4.3	−6.2	−5.8
Other investing cash flows	−2.5	0.5	−44.4	−0.7	−5.4	−14.6
Cash from investing	−8.5	−4.3	−48.9	−5.0	−11.7	−20.4
Financing activities
Financing cash flow items	–	–	–	–	–	–
Cash dividends paid	−44.8	−32.3	−24.4	−17.4	−13.0	−10.2
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−7.5	−5.6	−2.2	−0.9	−3.1	−0.4
Cash from financing	−52.3	−37.9	−26.6	−18.3	−16.1	−10.5
Foreign exchange effects	−0.5	0.2	0	0.1	0.2	0.8
Net change in cash	27.0	31.2	−20.8	18.4	14.9	−1.0
Free cash flow	82.2	68.4	50.2	37.4	36.3	23.4

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.