Sonic Healthcare Ltd SHL

Stock XASX Rating as of Oct 2, 2026

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Sonic Healthcare Reports In-Line Fiscal 2026, but Near-Term Outlook Cloudy

Brian Han, Alex Anderson Aug 20, 2026

Sonic Healthcare provides laboratory medicine/pathology and diagnostic imaging radiology. It is the third-largest private provider of laboratory medicine globally, behind Quest Diagnostics and Labcorp. Strategy focuses on being a low-cost provider and gaining cost advantage over competitors through scale. This has mostly been pursued through acquisitions, buying smaller operators to expand its market share in geographies where it operates. The firm emphasizes medical leadership, recognizing referring doctors as the primary customer, focusing on improving their experience and efficiency.

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Price vs Fair Value

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SHL is trading within a range we consider fairly valued.

Price

A$18.46

Oct 2, 2026

Fair Value

Jul 22, 2026

Uncertainty

LOCK|?TGC

1-Star Price: LOCK|.@t
5-Star Price: LOCK|.zF
Economic Moat: LOCK|$@fM
Capital Allocation: LOCK|XZJW!&

Bulls Say, Bears Say

Bulls

The business is defensive, providing an essential service, not tied to economic cycles.

Bears

Earnings are tied to government policy and funding, and changes in policy to government rebates for laboratory medicine and imaging.

Trading Information

Previous Close Price: —
Day Range: —–—
52-Week Range: —–—
Bid/Ask: — / —
Shares Outstanding: 494.24M
Market Cap: —
Volume/Avg: — / —

Key Statistics

Price/Earnings (Normalized): 14.22
Price/Sales: 0.84
Dividend Yield (Trailing): 5.85%
Dividend Yield (Forward): 5.85%
Dividend Payment Schedule: Mar, Sep
Total Yield: 5.85%

Company Profile

Sonic Healthcare is an Australia-based global laboratory medicine/pathology provider. It has global operations and has the largest pathology market share in its home market of Australia, and is also the largest in Germany, Switzerland and the UK. It also provides laboratory medicine services in New Zealand, Belgium and Poland. In addition, Sonic provides diagnostic imaging radiology in Australia, where it is the second-largest operator. Finally, the group is Australia’s biggest medical center operator, providing primary care medical services under the Independent Practitioner Network brand.

Sector: Healthcare
Industry: Diagnostics & Research
Stock Style Box: Mid Value
Total Number of Employees: 41,000
Website: https://www.sonichealthcare.com

Competitors

Valuation

Metric	SHL	DGX	LH
Price/Earnings (Normalized)	14.22	21.72	17.42
Price/Book Value	1.09	3.38	2.86
Price/Sales	0.84	2.25	1.76
Price/Cash Flow	6.50	13.40	10.88

Price/Earnings

SHL

DGX

Financial Strength

Metric	SHL	DGX	LH
Quick Ratio	0.84	1.28	1.25
Current Ratio	0.99	1.59	1.80
Interest Coverage	4.98	6.17	6.43

Quick Ratio

SHL

DGX

Profitability

Metric	SHL	DGX	LH
Return on Assets (Normalized)	3.74%	7.32%	6.57%
Return on Equity (Normalized)	7.39%	16.42%	14.08%
Return on Invested Capital (Normalized)	5.35%	10.01%	9.11%

Return on Assets

SHL

DGX

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