Sonic Healthcare Limited SKHHY

Health CareHealthcare Providers & ServicesAustralia

Last close 13.61 USD on Nov 1, 2026, −5.1% year to date

Quant rating

Quant rating C Rank 121 of 211 in Health Care

Growth B 83 of 211
Valuation A 24 of 211
Quality D 150 of 211
Revisions D 162 of 211
Momentum C 114 of 211

Wall Street consensus Hold (3.00)Average target 15.40 USD +13.2%

Historical valuation

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

Key data

Market cap: 6.8B
Enterprise value: 10.5B
52-week range: 12.58 – 17.49
3-year range: 12.58 – 21.88
Dividend yield: 5.61%
Beta (5 years): 1.00
Shares outstanding: 494M
Next earnings: Feb 16, 2027

About the company

Sonic Healthcare Limited is a global provider of medical diagnostic services. The Company's segments include Laboratory, Radiology, and Other. The Laboratory segment includes pathology/clinical laboratory services provided in Australia, New Zealand, the United Kingdom, the United States of America, Germany, Switzerland and Belgium. The Radiology segment includes diagnostic imaging services provided in Australia. The Other segment includes corporate office functions, medical center operations (IPN), occupational health services (Sonic HealthPlus), and other minor operations. The Company's Healthcare’s Australian Clinical Services division (Sonic Clinical Services) is a medical center operator (under the Independent Practitioner Network brand) and occupational health provider (under the Sonic HealthPlus brand). Sonic Clinical Services operates in partnership with approximately 2,000 general practitioners working in more than approximately 235 centers across Australia.

Growth and profitability fiscal year ends June 30

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	7,519	6,347	5,979	5,445	6,446	–
Revenue growth	18.5%	6.2%	9.8%	−15.5%	−1.8%	2.8%
EPS (basic, normalized)	1.00	0.68	0.72	0.93	2.09	–
EPS growth	45.4%	−4.7%	−22.6%	−55.6%	–	–
Gross margin	83.5%	83.8%	83.8%	84.3%	82.8%	83.7%
Net margin	5.6%	5.3%	5.7%	8.4%	15.6%	8.1%
ROE	7.3%	6.3%	6.5%	9.1%	21.4%	10.1%

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	7,519	+18.5%	1.4x	1,375	+21.6%	7.7x	1.00	+45.4%	13.7x
2027	7,696	+2.3%	1.4x	1,360	−1.1%	7.8x	0.84	−15.3%	16.1x
2028	8,050	+4.6%	1.3x	1,445	+6.3%	7.3x	0.91	+8.2%	14.9x
2029	8,419	+4.6%	1.3x	1,497	+3.6%	7.0x	0.98	+7.6%	13.9x

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	7,696	0.0%	−0.5%	−2.1%	0.84	−0.1%	−6.4%	−9.2%
2028	8,050	−0.1%	−0.9%	−2.6%	0.91	−0.4%	−8.0%	−11.3%
2029	8,419	−0.2%	−2.0%	−2.4%	0.98	−0.7%	−10.8%	−14.0%

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)	–	4,646	–	4,552	–	5,633	–	5,022	–	5,394
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	0.64	–	0.46	–	0.56	–	0.51	–	0.66
Surprise	–	–	–	–	–	–	–	–	–	–

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

Peer comparison Healthcare Providers & Services

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
SKHHY Sonic Healthcare Limited	6.8B	–	5.6%	1.16x	16.1x	14.9x	7.8x	7.3x
PACS PACS Group, Inc.	7.6B	0.48x	3.6%	6.82x	19.5x	17.5x	11.9x	10.9x
CHE Chemed Corporation	7.0B	0.45x	10.5%	8.04x	20.8x	19.3x	13.8x	12.9x
HIMS Hims & Hers Health, Inc.	6.5B	1.65x	5.5%	19.93x	−44.0x	54.5x	23.7x	17.3x
RDNT RadNet, Inc.	5.8B	3.03x	−0.9%	5.27x	154.3x	86.7x	18.3x	15.9x
SHC Sotera Health Company	5.2B	3.16x	6.7%	7.78x	18.4x	16.9x	11.0x	10.4x
Mean		1.75x	5.2%	8.17x	30.9x	35.0x	14.4x	12.4x
Median		1.65x	5.5%	7.30x	19.0x	18.4x	12.9x	11.9x

Technical analysis

1M+2.4%
3M−8.6%
1Y+2.0%
3Y−13.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Sonic Healthcare Limited, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	7,519	6,347	5,979	5,445	6,446	6,564
Cost of revenue	1,239	1,028	968	853	1,107	1,212
Gross profit	6,281	5,319	5,011	4,592	5,338	5,352
Selling, general & administrative expenses	4,027	3,397	3,214	2,842	2,954	2,968
Research & development	–	–	–	–	–	–
Depreciation/amortization	601	537	518	469	466	481
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−16.5	0	−21.6	–	2.3	0.5
Other operating expenses	958	772	712	603	428	461
Operating income	711	613	588	679	1,489	1,440
Net interest income (expense)	−141	−119	−101	−58.0	−55.1	−69.4
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	570	494	487	621	1,433	1,371
Provision for taxes	130	136	125	149	388	361
Minority interest	−19.4	−20.0	−21.8	−15.3	−37.9	−24.5
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	421	338	341	457	1,008	986
Extraordinary items	–	–	–	–	–	–
Net income	421	338	341	457	1,008	986
EBIT, normalized	700	616	575	679	1,491	1,445
EBITDA, normalized	1,302	1,153	1,093	1,148	1,957	1,926
Basic EPS, normalized	1.00	0.68	0.72	0.93	2.09	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Sonic Healthcare Limited, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	452	443	430	532	538	675
Receivables	1,069	1,016	908	681	840	816
Total inventory	174	149	139	133	149	168
Prepaid expenses	105	106	91.3	75.9	63.7	53.7
Other current assets	0	0	0	0	0	0
Total current assets	1,800	1,714	1,569	1,422	1,591	1,713
Property, plant & equipment	2,561	2,193	2,035	1,865	1,811	1,914
Goodwill	6,507	5,947	5,604	4,824	4,729	4,673
Intangibles	444	479	481	368	351	360
Long-term investments	157	152	132	117	100	81.1
Note receivable	15.4	15.7	14.8	25.2	26.4	23.7
Other long-term assets	126	61.7	49.8	53.5	52.7	53.7
Total assets	11,610	10,563	9,885	8,676	8,662	8,818
Liabilities
Accounts payable	284	294	209	171	168	169
Payable/accrued	–	–	–	–	–	–
Accrued expenses	261	244	245	228	226	227
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	514	303	441	231	236	413
Other current liabilities	757	621	654	622	808	854
Total current liabilities	1,815	1,463	1,548	1,252	1,438	1,663
Long-term debt	3,527	3,099	2,570	1,836	1,843	2,012
Minority interest	107	98.5	105	124	107	89.5
Other liabilities	392	426	383	307	254	266
Total liabilities	5,841	5,087	4,606	3,518	3,643	4,031
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	3,128	2,729	2,765	2,561	2,669	3,061
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	2,375	2,232	2,257	2,275	2,237	1,671
Treasury stock	−2.3	−4.0	−4.4	0	−4.1	−0.1
Other equity	269	520	261	321	117	55.6
Total equity	5,770	5,477	5,279	5,157	5,019	4,787
Total liabilities & shareholders' equity	11,610	10,563	9,885	8,676	8,662	8,818

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Sonic Healthcare 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	10.4	14.3	16.5	9.1	1.4	2.2
Cash from operations	972	853	714	981	1,536	1,532
Investing activities
Capital expenditures	−509	−304	−386	−331	−261	−272
Other investing cash flows	−112	−75.6	−817	−55.3	−421	−17.7
Cash from investing	−621	−380	−1,204	−387	−683	−290
Financing activities
Financing cash flow items	−14.1	−34.6	−40.0	−6.8	−10.7	−8.0
Cash dividends paid	−369	−338	−333	−320	−314	−312
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	29.2	−111	768	−281	−606	−1,146
Cash from financing	−354	−484	395	−608	−931	−1,466
Foreign exchange effects	−11.5	30.0	−7.6	25.7	−5.0	−23.8
Net change in cash	−13.9	18.9	−102	12.0	−82.7	−248
Free cash flow	463	549	328	649	1,275	1,259

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 1, 2026 after market close.