The S&P/ASX 200 Index (ASX: XJO) has had a choppy time over the past 12 months as global volatility, share market uncertainty, interest rate stress, and fickle investors saw shares across the index swing wildly.

At the time of writing, the ASX 200 Index is just over 0.5% higher year to date and around 1% higher than 12 months ago.

Around half of the shares on the index are now trading lower than they were 12 months ago. But, on the flip side, there are some standout performers that have roared higher over the past year.

4DMedical Ltd (ASX: 4DX) and Sunrise Energy Metals Ltd (ASX: SRL) shares have each risen by more than 1,000% over the past 12 months. 

Find out if they can keep climbing higher.

Are 4DMedical shares a buy, sell, or hold?

4DMedical shares have risen 1,215% over the past 12 months and are trading at $3.42 a piece at the time of writing. The ASX healthcare business is the strongest performer on the ASX 200 Index over the past 12 months.

The company saw its share price explode in 2025 after its flagship product, CT:VQ, received regulatory approvals. It was quickly implemented and adopted through various contracts and partnerships with major hospitals and medical providers, primarily across the US. 

The leap in development and fast adoption means 4DMedical moved very quickly from a research and development business to a globally commercial business.

The share price peaked at an all-time high of $6.80 a piece in April this year. This was when the company joined the ASX 200 Index. 

But the shares quickly shed around 50% after a broad sell-off of ASX 200 healthcare stocks drove many shares across the sector to low levels. It’s also likely that many investors rushed to take their gains off the table after an incredible run-up.

Since then, the shares have been relatively flat as investors try to work out whether the business has the potential to keep growing.

4D Medical is still in its growth phase and is working to expand its commercial footprint further. Approvals have been secured in Canada and New Zealand. The company is now actively progressing commercialisation plans in Europe and Australia.

It looks like analysts are divided about the outlook for the shares.

TradingView data shows three analysts are split between strong buy, hold, and strong sell ratings. A $4.97 target price implies a 45% upside at the time of writing. But some think the shares have the potential to jump 75% to $6 a piece over the next 12 months.

Are Sunrise Energy shares a buy, sell, or hold?

Sunrise Energy is not officially a member of the ASX 200. But the company currently ranks in 194th place across all ASX-listed companies (out of 2,336) based on its market capitalisation of $2.4 billion.

Sunrise Energy develops huge mining and mineral processing projects. Essentially, the company develops and manages the application of ion-exchange technology. This technology is used to extract valuable metals for the mining industry and to purify and recycle wastewater.

The Australian minerals company is also developing one of the world’s largest and highest-grade primary scandium and nickel-cobalt deposits. Its flagship operation is the Syerston Project in central-west NSW.

This exposure gives Sunrise Energy a unique position in an emerging market where demand is booming, but there aren’t many credible suppliers. 

Over the past 12 months, Sunrise Energy shares have climbed by over 1,050%. The shares are trading at $15.42 a piece at the time of writing. The increase has been relatively consistent over that period, too.

The share price spiked at $18.59 in late June and has cooled slightly since then, most likely due to investors taking gains off the table after the huge rally. 

The challenge for investors is that analyst coverage on the stock is limited. TradingView data shows that only one broker currently covers Sunrise Energy. However, that broker has a strong buy rating and a $20 target price on the shares. At the time of writing, that implies a potential 30% upside over the next 12 months.

The post Up over 1,000%: Can the best-performing stocks on the ASX 200 keep rising? appeared first on The Motley Fool Australia.

More reading

• Here are the top 10 ASX 200 shares today
• These are the 10 most shorted ASX shares
• These are the 10 most shorted ASX shares
• Up 1,636%, but can 4DMedical shares reclaim their record high?
• Which ASX 200 sectors paid the highest dividend yields in FY26?

Motley Fool contributor Samantha Menzies 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.

Lynas Rare Earths Ltd (ASX: LYC) shares are taking a beating today.

Shares in the S&P/ASX 200 Index (ASX: XJO) rare earths miner closed yesterday trading for $15.96. In morning trade on Wednesday, shares are changing hands for $15.04 apiece, down 5.8%.

For some context, the ASX 200 is up 0.1% at this same time.

This follows the release of Lynas’ fourth-quarter update (Q4 FY 2024).

Investor expectations appear to be high after the strong run higher in Lynas shares over the past year. Despite today’s pullback, the share price remains up 48.6% in 12 months.

Here’s what’s happening.

Lynas shares tumble despite surging revenue

The ASX 200 rare earths stock is under selling pressure despite reporting some solid results.

For the three months to 30 June, Lynas recorded gross sales revenue of $288.9 million, up 69.7% year on year. That marks the miner’s highest quarterly revenue since Q4 FY 2022.

Sales receipts of $297.1 million were up 94.6%.

Revenue was boosted by a material increase in the average selling price across all the company’s rare earth products, which hit a record $98.2 per kilogram over the quarter. Management credited improved NdPr (Neodymium-Praseodymium) pricing, an increased mix of heavy rare earth sales, and increased premiums over the market index.

The quarter saw Lynas produce 3,481 tonnes of total rare earth oxide (REO), up 8% from the prior corresponding quarter. But Lynas shares could be facing some pressure with NdPr production of 1,857 tonnes, down 11% year on year.

Over the quarter, Lynas’ CAPEX, exploration, and development costs totalled $27.8 million.

Turning to the balance sheet, as at 30 June, Lynas held $1.21 billion in cash and short-term deposits, up more than 600% year on year.

What did management say?

Commenting on the results that have yet to lift the Lynas share price today, interim CEO Pol Le Roux said:

The June quarter 2026 saw the continued focus on the efficient operation of our A$1.5 billion investment in new capacity which was completed as part of the Lynas 2025 growth initiative. This includes the ramp up of the expanded Mt Weld processing plant and addressing bottlenecks at the Kalgoorlie Rare Earths Processing Facility.

Le Roux also pointed to the growth potential on offer from Lynas’ Samarium oxide operations.

He noted:

Following production of the first Samarium oxide in March 2026, we have received strong customer demand and the customer qualification process is underway. Samarium is used in high performance magnets for electronics and aerospace as well as optical, catalyst and medical applications. The first customer orders are expected to be fulfilled in the current quarter (Q1 FY27).

The post Why are Lynas shares getting hammered on Wednesday? appeared first on The Motley Fool Australia.

More reading

• Lynas Rare Earths: June quarter earnings break records
• 5 things to watch on the ASX 200 on Wednesday
• 7 ASX 200 shares given buy ratings this week
• 13 ASX 200 shares that doubled in value in FY26
• Lynas Rare Earths inks $50m deal for new Malaysian magnet factory

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Lynas Rare Earths Ltd. 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.

Working out how many Cochlear Ltd (ASX: COH) shares you need for $10,000 of passive income is simple maths, but the answer might catch you off guard.

Cochlear is the world’s leading maker of implantable hearing solutions, holding around 60% of the global cochlear implant market.

For years, the company was a dependable compounder that quietly rewarded patient shareholders.

The past 12 months, however, have tested even its most loyal investors.

The dividend maths for Cochlear shares

Cochlear pays two dividends to shareholders each year.

Lately, those payments have added up to an annual dividend of $4.30 per share.

The most recent interim dividend of $2.15 was franked at 85%, which adds a further tax benefit for many holders.

To generate $10,000 in annual passive income, including franking credits, the calculation is straightforward.

You simply divide $10,000 by the grossed-up dividend of about $5.87 (the $4.30 cash payout plus roughly $1.57 in franking credits).

That works out to roughly 1,705 Cochlear shares.

At current share prices of around $118, those shares would set you back close to $201,190.

That is a serious amount of capital for most everyday investors to commit, and it is also a reminder that Cochlear has never really been an income stock at heart.

At current prices, the shares offer a gross dividend yield of about 3.6%, although franking credits sweeten that headline return a little further at tax time.

Why have Cochlear shares fallen so far?

The dividend is only half the story here.

Cochlear shares have dropped heavily over the past year, one of the reasons why Cochlear’s dividend yield looks unusually generous now.

The stock currently trades far below its 52-week high of $319.56, largely due to a run of disappointing news from the company itself.

Recent earnings in focus

Cochlear reported its half-year results for the six months to 31 December 2025 back in February.

In these results, sales revenue came in at about $1.17 billion, broadly flat on the prior corresponding period. Statutory net profit fell a nasty 21% to $161.5 million, and underlying net profit slipped 9% to $195 million.

The weaker result was driven largely by the costly rollout of the new Nexa implant system, while competitive discounting from rivals chipped away at market share.

Management chose to hold the interim dividend steady rather than lift it, a call that speaks volumes about the year ahead.

Investors will get their next major update when Cochlear reports its full-year FY26 results on 18 August 2026.

Are Cochlear shares worth it for the income?

That is the real question for income-focused investors.

Cochlear is a high-quality business with a wide competitive moat, but its dividend yield is modest next to the ASX banks or Telstra Group Ltd (ASX: TLS).

An investor chasing pure income could reach $10,000 with far less capital elsewhere.

The appeal of Cochlear shares has always been growth, not yield, and anyone buying today is really paying for a long-term recovery story.

In other words, the dividend is a bonus, not the main event.

Foolish Takeaway

You would need roughly 1,705 Cochlear shares to earn $10,000 in annual passive income once franking credits are included.

At current prices, that means an outlay of close to $201,000.

For most investors, Cochlear shares make more sense as a growth holding than a pure income one.

On the growth front, Cochlear’s looming FY26 result will tell us whether the recovery is finally on track.

Until then, the passive income case remains an expensive one to make.

The post How many Cochlear shares do I need to buy for $10,000 of passive income? appeared first on The Motley Fool Australia.

More reading

• I’d listen to Warren Buffett and buy cheap ASX shares
• Down 50%+: Are these ASX healthcare shares finally worth buying?
• Here’s why I’d buy and hold CSL and Cochlear shares for 10 years
• Cochlear shares have bounced 16%. Should you buy, hold, or sell now?
• 10 fantastic ASX shares to buy for FY27

Motley Fool contributor Mark Verhoeven has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Cochlear. The Motley Fool Australia has recommended Cochlear. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.