Pro Medicus Ltd (ASX: PME) $208.23
PME continues to deliver operationally, with the ~$22bn medical imaging software business consistently winning new contracts and holding on to existing ones, despite the volatility in its share price.
Pro Medicus (PME)
PME $203.84
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Performance
Advanced charting functionality with the ability to amend timeframes, chart type & indicator selection, powered by TradingView.
Share price activity
Displays share price activity. Volume = number of shares traded, Turnover = value of shares traded, VWAP = volume-weighted average price for the day, sourced from Morningstar.
- Last (Price)
- 203.84
- Change
- ▼ -3.47 (-1.67)
- Bid / Ask
- 203.82 - 203.86
- Volume
- 122,226
- Turnover
- 25,313,998
- Open
- 206.00
- Day Range
- 203.25 - 212.28
- VWAP
- 207.11
- Prev Close
- 207.31
- Last Trade
- 12/11 3:20pm
Key information
Displays key information on the security, sourced from Morningstar.
- Sector
- Healthcare
- Shares Issued
- 104,469,963
- NTA/Share
- 4.10
- Last Dividend
- 0.37
- Dividend Ex Date
- 7 SEP 2026
- Dividend Pay Date
- 29 SEP 2026
Current (AUD) · FY2026
Displays key financial data for the most recent fiscal year, in millions. Note - Per share data is in local currency terms irrespective of reporting currency, and may be different to the stated currency, sourced from Morningstar.
- Revenue
- 261.62
- EBITDA
- 376.52
- Profit
- 265.34
- Earnings Per Share (EPS)
- 2.54
- Dividend Per Share (DPS)
- 0.62
- Yield %
- 0.33
- Market Cap
- 21,295.16
- Price to Earnings Ratio (P/E)
- 80.37
Estimates (AUD) · FY2027
Displays consensus analyst’s estimates for key measures for the next fiscal year, sourced from Morningstar.
- Revenue
- 346.05
- EBITDA
- —
- Profit
- 190.54
- Earnings Per Share (EPS)
- 1.82
- Dividend Per Share (DPS)
- 0.93
Quantitative rating
Displays Morningstar’s Quantitative Equity Research Rating for the security: a star rating from 1 (overvalued) to 5 (undervalued) from the share price against a fair value estimated by a statistical model of Morningstar’s analyst ratings, with the model’s economic moat, financial health and fair value uncertainty, sourced from Morningstar.
Overvalued
- Economic Moat
- Narrow
- Financial Health
- Moderate
- Uncertainty
- Extreme
Morningstar Quantitative Rating as of 4 NOV 2026.
Quantitative Equity Rating Methodology – view here
Fair value estimate
Displays Morningstar’s quantitative fair value estimate for the security against the current share price, with the band around it: the five-star price below which the model would rate the stock five stars and the one-star price above which it would rate it one star, sourced from Morningstar.
Five-star price 21.90 Fair value 71.23 One-star price 231.73
Morningstar Quantitative Rating as of 4 NOV 2026.
Quantitative valuation
Displays where the share price sits in Morningstar’s quantitative fair value band, from the five-star price (undervalued) to the one-star price (overvalued), with the fair value estimate, the price to fair value ratio, the model’s valuation label and its uncertainty rating, sourced from Morningstar.
Buy
Sell
- Fair Value
- 71.23
- Price / Fair Value
- 2.65
- Valuation
- Overvalued
- Uncertainty
- Extreme
Morningstar Quantitative Rating as of 4 NOV 2026. The slider runs from the five-star price (21.90) to the one-star price (231.73).
Displays useful ratios for the security, NB the pricing date used, sourced from Morningstar.
| Ratios |
|---|
| Currency (Price/reporting): AUD/AUD |
| Exchange Rate: 1.0000 |
Price, volume and trading statistics for the security, sourced from Morningstar.
| Price - closing or last bid | 208.23 |
| Price - 12 month high | 272.85 |
| Price - 12 month low | 107.75 |
| Pricing date | 4 NOV 2026 |
| Volume - avg. trading volume for the last ten days | 0.26 |
| Market capitalization | 21,753.78 |
| 12 Month High price date | 1 DEC 2025 |
| 12 Month Low price date | 24 FEB 2026 |
| Volume - avg. trading volume for the last 3 months | 0.22 |
| Price - 1 Day % Change | 10.38% |
| Price - 13 week price percent change | 20.49% |
| Price - 26 week price percent change | 50.16% |
| Price - 5 Day % Change | 6.24% |
| Price - 52 week price percent change | -19.38% |
| Price - YTD price percent change | -5.72% |
| Price % Change Month To Date | 33.16% |
Earnings, dividends, cash flow and book value per share, sourced from Morningstar.
| EPS excluding extraordinary items - most recent fiscal year | 2.536 |
| EPS excluding extraordinary items - trailing 12 month | 2.536 |
| EPS Normalized - most recent fiscal year | 1.394 |
| Revenue/share - most recent fiscal year | 2.500 |
| Revenue/share - trailing 12 month | 2.500 |
| Book value per share - most recent fiscal year | 4.316 |
| Book value per share - most recent half-year | 4.316 |
| Book value (tangible) per share - most recent fiscal year | 4.105 |
| Book value (tangible) per share - most recent half-year | 4.105 |
| Cash per share - most recent fiscal year | 2.069 |
| Cash per share - most recent half-year | 2.069 |
| Cash Flow per share - most recent fiscal year | 1.218 |
| Cash Flow per share - trailing 12 month | 1.218 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 0.690 |
| EBITD per share - trailing 12 month | 3.599 |
| EPS Basic excluding extraordinary items - most recent fiscal year | 2.540 |
| EPS Basic excluding extraordinary items - trailing 12 month | 2.540 |
| EPS including extraordinary items - most recent fiscal year | 2.540 |
| EPS including extraordinary items - trailing 12 month | 2.540 |
| Free Cash Flow per share - trailing 12 month | 1.135 |
Valuation multiples such as P/E, price to sales, price to book and enterprise value ratios, sourced from Morningstar.
| P/E excluding extraordinary items, most recent fiscal year | 82.11 |
| P/E Normalized, most recent fiscal year | 149.42 |
| Price to sales - most recent fiscal year | 83.28 |
| Price to Tangible Book - most fiscal year | 50.73 |
| Price to Free Cash Flow per Share - most recent fiscal year | 183.40 |
| Price to Cash Flow per share - trailing 12 month | 170.90 |
| Price to Book - most recent fiscal year | 48.24 |
| P/E excluding extraordinary items high, trailing 12 months | 242.23 |
| P/E excluding extraordinary items low, trailing 12 months | 48.23 |
| Net Debt, LFI | -221.04 |
| Net Debt, LFY | -248.39 |
| Dividend Yield - 5 Year Average | 0.28% |
| Dividend Yield - indicated annual dividend divided by closing price | 0.36% |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 0.33% |
Cash flow, liquidity and leverage measures, sourced from Morningstar.
| Free Cash Flow - most recent fiscal year | 118.80 |
| LT debt/equity - most recent fiscal year | 0.32% |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 0.49% |
| LT debt/equity - most recent half-year | 0.46% |
| Total debt/total equity - most recent half-year | 0.65% |
| Free Cash Flow - trailing 12 month | 118.80 |
| Payout ratio - trailing 12 month | — |
Key income statement lines for the most recent fiscal year, in millions, sourced from Morningstar.
| Revenue - most recent fiscal year | 261.62 |
| Revenue - trailing 12 month | 261.62 |
| EBITD - most recent fiscal year | 376.52 |
| EBITD - trailing 12 month | 376.52 |
| Earnings before taxes - most recent fiscal year | 377.52 |
| Earnings before taxes - trailing 12 month | 377.52 |
| Net Income available to common - most recent fiscal year | 265.34 |
| Net Income available to common - trailing 12 months | 265.34 |
| Earnings before taxes Normalized - most recent fiscal year | 207.45 |
| Net Income Available to Common, Normalized - most recent fiscal year | — |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 1.39 |
Profitability margins for the most recent fiscal year, sourced from Morningstar.
| Net Profit Margin % - 1st historical fiscal year | 101.43% |
| Net Profit Margin % - trailing 12 month | 101.43% |
| Operating margin - 1st historical fiscal year | 74.94% |
| Operating margin - trailing 12 month | 74.94% |
| Pretax margin - trailing 12 month | 144.30% |
| Pretax margin - 1st historical fiscal year | 144.30% |
| Operating Margin - 5 year average | 70.46% |
| Pretax Margin - 5 year average | 85.95% |
| Free Operating Cash Flow/Revenue, 5 Year Average | 51.21% |
| Free Operating Cash Flow/Revenue, TTM | 45.41% |
| Net Profit Margin - 5 year average | 60.60% |
Returns on average assets and equity for the fiscal year, the trailing 12 months and as 5 year averages, and net income and revenue per employee in whole currency, sourced from Morningstar.
| Return on average assets - most recent fiscal year | 53.69% |
| Return on average assets - trailing 12 month | 53.69% |
| Return on average equity - most recent fiscal year | 72.58% |
| Return on average equity - trailing 12 month | 72.58% |
| Return on average assets - 5 year average | 39.21% |
| Return on average equity - 5 year average | 55.23% |
| Net Income/employee - most recent fiscal year | — |
| Revenue/employee - most recent fiscal year | — |
Growth in revenue, earnings, dividends and book value over recent periods, sourced from Morningstar.
| Revenue growth rate, 5 year | 30.99% |
| EPS growth rate, 5 year | 53.77% |
| Growth rate% - dividend, 3 year | 35.36% |
| Revenue/share (5 yr growth) | 30.98% |
| Growth rate% - Revenue, 3 year | 27.99% |
| Growth rate% - EPS, 3 year | 63.52% |
| Book value per share growth rate, 5 year | 40.66% |
| Capital Spending growth rate, 5 year | 2.46% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | 49.81% |
Displays analyst’s forecasts for key measures. The estimates can be expanded to see the spread of the calls. Full lines = reported, and dotted lines are forward estimates. Click a measure to add or remove it from the chart, sourced from Morningstar.
Financial forecast (AUD, millions except per share)
| Actuals | Estimates | |||||||
| 2026 | 2027 | 2028 | 2029 | |||||
| Estimate breakdown | ||||||||
Financial metrics can be plotted on the graph to see trends. Multiple metrics from multiple statements can be plotted against each other, sourced from Morningstar.
Financials (AUD, millions)
| Period end: | JUN 22 | JUN 23 | JUN 24 | JUN 25 | JUN 26 |
| Fiscal year: | 2022 | 2023 | 2024 | 2025 | 2026 |
| Period length: | 12 months | 12 months | 12 months | 12 months | 12 months |
Displays all company announcements released by the company to the exchange, sourced from Morningstar.
Announcements
| DATE | TIME | HEADING | PAGES |
| Price sensitive |
Opinion
Pro Medicus Ltd (ASX: PME) $193.42
PME has already started to regain ground after being caught up in the recent software sell-off. The company continues to deliver, winning new contracts and upscaling existing ones; its share price is all about what valuation the markets are prepared to attach to growth stocks, with bond yields a major influence here.
Pro Medicus (ASX: PME) $196.75
PME +11.88%: delivered another very strong FY26 result, comfortably beating consensus at the profit line and reinforcing why the market continues to pay such a large premium for the business. We liked the earnings beat; strong contract wins and a large implementation pipeline that should support further growth into FY27.
Pro Medicus Ltd (ASX: PME) $178.99
PME is very much on the tech side of the healthcare sector, and we covered the stock in detail earlier in the month, here, before going long below $157. PME has been sold off on the software “AI Disruption Trade” but with its EPS set to increase by almost 60% between FY25 and FY27, the share price is all about the price investors are prepared to pay for this growth as the company continues to win new contracts at an exciting rate. The stock isn’t overly cheap, and we would certainly reconsider our position back around ~$220, the company's average long-term valuation area.
Pro Medicus (ASX: PME) $144.46
Pro Medicus (PME) was one of the market’s favourite stocks in 2025, and while its ~$15bn valuation against revenue of only around ~$260m triggered a valuation reset, the business itself has continued to execute exceptionally well. Importantly, the recent pullback has been driven far more by multiple compression than any deterioration in the company’s fundamentals. In our view, PME remains the highest-quality and arguably most defensively positioned software business on the ASX.
Pro Medicus Ltd (ASX: PME) $128.70
Pro Medicus is a high-margin Australian healthcare technology company that provides imaging software and cloud-based radiology platforms to major hospitals globally, benefiting from the structural digitisation of medical imaging and AI-driven healthcare workflows - a mouthful, but effectively it’s a software company, sitting in the healthcare sector.
Shawn’s Trade Idea: Buy Pro Medicus Ltd (ASX:PME) at $107.40
This bid in PME is similar to WTC in logic but due to the stock’s volatility we have placed our bid significantly lower, effectively buying a second wave of weakness in the ASX software names if we see panic early this week.
Chart of the Week – Pro Medicus Ltd (PME)
It’s not just tech stocks that have struggled this FY, the “Certainty Trade” as it was labelled into June has largely been hammered from CBA to JB Hi-Fi. Another example is Pro Medicus (PME) which soared higher into June, ignoring valuation concerns, only to tumble ~28% in FY26 even as it continues to win new contracts but an Est. 164x valuation for FY26 its valuation remains daunting with rates set to increase.
Pro Medicus Ltd (PME) $292.40
PME bounced back +1.9% on Wednesday after correcting 16% over recent months. In very similar fashion to CBA this momentum play lost support and fell away as the “hot money” went for the exits.
Pro Medicus (PME) $294.14
Despite its name this medical imaging software and IT solutions business is far more tech than healthcare to MM. However, it’s in the healthcare sector and does again demonstrate the recent weakness in the space, having retreated over 12% from its July high.
Action
Updated
06/11/2026
09:50
PME
Updated 06/11/2026 09:50
MM is long and bullish towards PME
Updated
23/10/2026
09:36
PME
Updated 23/10/2026 09:36
MM is long and bullish toward PME around $194
Updated
18/08/2026
17:19
PME
Updated 18/08/2026 17:19
MM remains long & bullish PME
Updated
25/06/2026
10:34
PME
Updated 25/06/2026 10:34
MM is long and bullish towards PME
Updated
02/06/2026
10:24
PME
Updated 02/06/2026 10:24
MM is bullish towards PME around $145
Updated
02/06/2026
10:23
PME
Updated 02/06/2026 10:23
MM is buying PME in the Active Growth Portfolio, targeting a 4% weighting around $145
Updated
21/05/2026
10:12
PME
Updated 21/05/2026 10:12
MM is cautiously bullish towards PME around $130, but would leave room to average ~$100
Updated
13/04/2026
08:44
PME
Updated 13/04/2026 08:44
Trade Idea: Buy Pro Medicus (ASX:PME) at $107.40 with stops at $100.800 – 6% risk.
Updated
09/12/2025
09:55
PME
Updated 09/12/2025 09:55
MM is neutral towards PME into 2026
Updated
16/10/2025
08:53
PME
Updated 16/10/2025 08:53
MM is neutral towards PME
Business Summary
Pro Medicus is a healthcare IT company specializing in radiology imaging software. Its main product, Visage 7, is a clinical desktop application that radiologists use to view, enhance, and manipulate images from any device and make a diagnosis. Its main customers are US private academic hospitals. In fiscal 2026, Pro Medicus earned 90% of revenue in North America, 7% from Australia, and the remaining 3% in Europe.
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