
Healius vs Australian Clinical Labs shares
If you’re considering a slice of Australia’s diagnostic healthcare sector, you might be torn between Healius Ltd (ASX: HLS) and Australian Clinical Labs Ltd (ASX: ACL) shares. Both companies are big names in pathology, with nationwide reach and established reputations. But their fundamentals, dividends, and recent share price momentum tell very different stories. Let’s dive into what really sets these two healthcare stocks apart.
The case for Healius
Healius is one of Australia’s largest pathology service providers, operating under well-known brands like Laverty, Dorevitch, and QML Pathology. Healius ran around 2,000 collection sites and close to 100 labs across the country. In May 2025, Healius sold its Lumus Imaging business and now focuses on pathology and its bioanalytical laboratory arm, Agilex Biolabs.
Looking at current fundamentals, three points really stand out:
- The share price has been hammered this year, with a -52.5% year-to-date return.
- Healius’s P/E ratio is 55.56, with an earnings per share of -0.563. (Note: Healius’s reported P/E ratio may be based on a different earnings measure than the EPS figure shown, which is why they may appear inconsistent.)
- Dividend yield is currently 0.00%. Despite a long history of fully franked payouts, the last special dividend was paid in May 2025, and before that, ordinary dividends dried up after 2022.
So while Healius is a large, established player with an extensive network, it’s struggling for profitability and income at the moment.
The case for Australian Clinical Labs
Australian Clinical Labs is another leading pathology player, with a strong footprint across nearly all states and territories (excluding Tasmania). The company operates more than 75 laboratories and 1,300 collection centres, handling over 12 million episodes a year. ACL is also a significant provider to both private and public hospitals, and increasingly active in specialised screenings and commercial testing.
Here are a few of the most notable fundamentals right now:
- Year-to-date return is a healthy 8.4%âa far cry from Healius’s collapse.
- The P/E ratio is 23.11, backed by positive earnings per share of 0.141.
- Dividend yield is 4.56%, with 100% franking. ACL has delivered regular, fully franked dividends; the latest was 9.25 cents per share in September 2026.
Overall, ACL is profitable, growing, and paying out a solid stream of income.
Valuation comparison
Here’s how the two companies stack up on key numbers:
| Metric | Healius | Australian Clinical Labs |
|---|---|---|
| Market Cap | $305.00 million | $514.79 million |
| P/E Ratio | 55.56 (Note: P/E may not be based on the EPS shown, which is negative) |
23.11 |
| Earnings per share (EPS) | -0.563 | 0.141 |
| Dividend Yield | 0.00% | 4.56% |
| Franking | 100% | 100% |
| YTD Return | -52.5% | 8.4% |
While both companies offer fully franked dividends, only ACL is currently paying and yielding above 4%. Healius has lost significant groundâboth in share price and earnings.
Recent share price momentum
Comparing recent share price performance up to 1 October 2026:
- Healius closed at $0.42 on 1 October 2026, down 2.3% on the day and showing steep declines so far in 2026. Year to date, Healius is down 52.5%.
- Australian Clinical Labs closed at $2.76 on 1 October 2026, falling 3.2% that day, but overall in positive territory for 2026 with an 8.4% gain year to date.
Both shares dipped on the last trading day, but their trajectories are worlds apart this year. Healius has been in steep decline; ACL has outperformed and delivered positive momentum.
Which is the better buy?
If I had to choose between Healius and Australian Clinical Labs today, my pick would be clear: Australian Clinical Labs. The company is profitable, offers a solid fully franked dividend yield, and has delivered meaningful share price growth this year. Meanwhile, Healius is battling negative earnings, has halted regular dividends, and has seen its market cap and share price tumble by more than half in 2026. ACL’s lower P/E ratio (compared to Healius) also suggests investors aren’t paying as much for each dollar of earnings, at least within the context of these two healthcare stocks. While both serve a vital role in Australian pathology and may benefit from long-term healthcare trends, only ACL currently pairs business quality with real income and positive momentum. That’s where I’d be leaning with my investment dollars today.
The post Healius vs Australian Clinical Labs: Which ASX pathology share wins? appeared first on The Motley Fool Australia.
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Motley Fool contributor Laura Stewart has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips. This article was prepared with the assistance of Large Language Model (LLM) tools for the initial draft. Any content assisted by AI is subject to our robust human-in-the-loop quality control framework, involving thorough review, substantial editing, and fact-checking by our experienced writers and editors holding appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content published by The Motley Fool Australia.

