CSL

 CSL

05 july 2026

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Over the past five years, ASX:CSL has seen steady revenue and underlying profit growth, but a significant increase in debt due to the Vifor acquisition. This has pressured its Return on Equity (ROE) and recent share price, leading the company to announce a major restructuring in 2026. [1, 2, 3, 4]

Key 5-Year Financial Metrics

• Profit: Historically trending upwards, with Net Profit After Tax (NPAT) sitting near A$3.3 billion in FY 2024 and A$3.0 billion for FY 2025. However, profit downgrades and asset impairments throughout the 2026 financial year have impacted recent short-term earnings. [1, 2, 3]

• Debt: Net debt has grown substantially to approximately A$10 billion, driven primarily by the 2022 acquisition of CSL Vifor. This puts its net debt-to-equity ratio at a manageable but elevated ~0.50x to 0.60x. [1, 2, 3]
• Return on Equity (ROE): Has trended downwards. While ROE peaked near 31.9% in 2021 (partly due to pandemic-related distortion), it has since stabilized at more normal levels, tracking around 15.4% in 2024 and shifting to roughly 15.37% in 2025 before softening further in 2026. [1, 2, 3]

• Share Price: CSL has been under heavy technical pressure and has declined roughly 55% over a 5-year period, trading well below its 200-day moving average. [1, 2]
• Dividends - about 3.3% No franking so keep in super.

Recent Restructuring & Outlook

Facing profit warnings, downgraded 2026 forecasts, and Vifor integration challenges, management initiated a major overhaul in 2026. This transformation includes spinning off the Seqirus vaccines division, cutting workforce duplicate costs, and launching a share buyback program. [1, 2, 3]

You can track CSL’s live share performance and historical announcements by visiting the ASX Market Updates page or viewing the full investor reports on the CSL Investor Centre.

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PE Ratios

CSL Limited (ASX: CSL) has traded at a 10-year historical mean P/E ratio of approximately 51.61, with a more recent 5-year median of 38.62. Historically valued as a high-growth market darling, its trailing P/E ratio compressed down to a 5-year low of 26.5x in June 2025. This compression followed earnings adjustments and a falling share price. As of July 2026, the company's valuation varies depending on the specific reporting standards utilized (e.g., statutory vs. underlying or localized TTM numbers), positioning its standard P/E ratio around 26x to 28.4x. [1, 2, 3, 4]

Historical 10-Year P/E Ratio Breakdown

The following table provides the historical fiscal year-end (June 30) Price-to-Earnings ratios for CSL over the past decade based on financial tracking data from platforms like Market Index, Investing.com, and Finbox:

Fiscal Year Ending [1, 2, 3, 4, 5]	Approximate P/E Ratio	Valuation Context & Drivers
FY 2025	25.6x – 26.5x	5-year low; severe price pullback despite steady core plasma collections.
FY 2024	35.1x – 37.2x	Margin pressures from higher plasma donor fees and inflationary pressures.
FY 2023	41.3x	Post-pandemic recovery peak; optimism around Vifor integration and plasma volume bounce-back.
FY 2022	39.1x	Moderate recovery from COVID-19 plasma collection constraints.
FY 2021	38.6x	Initial earnings hit during the height of lockdowns affecting global donor centers.
FY 2020	48.2x (Peaked at 77.1x)	All-time high operational multiple prior to severe lockdown impacts on plasma supply.
FY 2019	42.5x	High-growth premium driven by strong demand for immunoglobulin products.
FY 2018	37.8x	Robust EPS growth resulting in a temporarily lower tracking multiple.
FY 2017	41.0x	Sustained market premium as a top three ASX-listed company by market cap.
FY 2016	36.2x	Stable baseline era featuring lower operational costs.

Key Valuation Factors to Consider

• The 2020 Valuation Peak: CSL’s P/E ratio reached an intraday/quarterly peak of 77.15x in June 2020. Investors priced in massive growth right before global border closures hampered plasma collections. [1, 2]
• Structural P/E Compression: The downward shift toward a P/E under 30x in 2025/2026 represents a significant change for a company that spent a decade comfortably trading above 35x. [1, 2]
• Forward Outlook: According to consensus tracking on Stock Analysis, CSL's forward-looking P/E drops significantly to around 13.3x. This forward projection implies analysts expect a major structural earnings per share (EPS) recovery over the next 12 to 24 months. [1, 2]

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