CSL (AU:CSL)
ASX:CSL
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CSL
(Sydney:CSL)
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Rating:65Neutral
Price Target:
AU$152.00
▲(9.05% Upside)
Action:ReiteratedDate:03/26/26
The score is supported by strong underlying financial quality (profitability and cash flow) and moderate balance-sheet leverage, but is held back by weak technicals (below key moving averages with negative MACD) and a premium P/E. The latest earnings update is mixed: guidance and capital returns are constructive, yet impairments/one-offs and reliance on a stronger H2 add near-term risk.
Positive Factors
Cash generation and conversion
Sustained free cash flow growth (25.2%) and an operating cash flow to net income ratio of 1.19 show durable cash conversion. This underpins funding for R&D, buybacks and restructuring while providing financial flexibility to absorb cyclical setbacks and support long-term investment priorities.
Negative Factors
Large impairments and restructuring costs
Significant non-cash impairments and substantial restructuring charges highlight past allocation or program failures and impose near-term earnings volatility. Even if largely non-cash, these write-downs reduce reported capitalized assets and raise execution risk for returning to prior growth trajectories.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation and conversion
Sustained free cash flow growth (25.2%) and an operating cash flow to net income ratio of 1.19 show durable cash conversion. This underpins funding for R&D, buybacks and restructuring while providing financial flexibility to absorb cyclical setbacks and support long-term investment priorities.
Read all positive factors
CSL (CSL) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$68.43B
Dividend Yield2.58%
Average Volume (3M)974.43K
Price to Earnings (P/E)34.1
Beta (1Y)0.59
Revenue Growth6.07%
EPS Growth13.75%
CountryAU
Employees32,698
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)5.77
Shares Outstanding485,318,970
10 Day Avg. Volume1,091,561
30 Day Avg. Volume974,433
Financial Highlights & Ratios
PEG Ratio1.90
Price to Book (P/B)3.94
Price to Sales (P/S)4.94
P/FCF Ratio29.97
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$217.82Price Target Upside56.27% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering11
EPS Forecast (FY)6.9
Revenue Forecast (FY)AU$15.78B
CSL Business Overview & Revenue Model
Company Description
CSL Limited researches, develops, manufactures, markets, and distributes biopharmaceutical and allied products in Australia, the United States, Germany, the United Kingdom, Switzerland, China, and internationally. The company operates through two ...
How the Company Makes Money
CSL makes money primarily by selling biotherapies and vaccines to hospitals, clinics, governments, and healthcare distributors worldwide. Its largest revenue stream is CSL Behring, which generates sales from plasma-derived therapies (produced by c...
CSL Earnings Call Summary
Earnings Call Date:Feb 10, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Aug 18, 2026
Earnings Call Sentiment Neutral
The call presents a balanced picture: operational strengths (strong cash generation, share buyback expansion, cost-savings progress, solid Vifor performance, successful new product launches and Seqirus commercial gains) are offset by meaningful near-term pressures (H1 revenue decline, major non-cash impairments and one-off restructuring costs, policy-driven weakness in albumin and Ig headwinds, iron generics and KCENTRA competitive pricing). Management emphasizes these impairments are largely non‑cash, that the transformation is delivering tangible savings, and they have maintained full-year guidance while laying out remediation steps for weaker areas. The tone is cautiously constructive but with material near-term risks that require execution in H2 to validate the outlook.Positive Updates
Strong cash generation and capital returns
Operating cash flow of $1.3 billion in H1; interim dividend unchanged at USD 1.30; share buyback expanded from $500 million to $750 million and ~USD 400 million of shares repurchased in H1; leverage ~2x at Dec 2025.
Negative Updates
Group revenue and underlying earnings decline
Group revenue of $8.3 billion, down 4% (constant currency); NPATA declined 7% (to about $1.9 billion before restructuring/impairments); reported net profit after tax fell 81% due to one-off items and amortization.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong cash generation and capital returns
Operating cash flow of $1.3 billion in H1; interim dividend unchanged at USD 1.30; share buyback expanded from $500 million to $750 million and ~USD 400 million of shares repurchased in H1; leverage ~2x at Dec 2025.
Read all positive updates
Company Guidance
CSL maintained full‑year guidance while setting out the metrics behind its H2 ambition: H1 group revenue was $8.3bn (‑4% cc), gross profit $4.6bn (‑3%), group operating result $3.8bn (‑4%), NPATA before restructuring and impairments $1.9bn (‑7%) and reported NPAT fell 81% after ~ $1.05bn of H1 impairments (FY26 after‑tax impairments ~ $1.1bn with an additional ~ $70m post‑tax Velphoro charge expected in H2); cash flow from operations was $1.3bn and the interim dividend was held at US$1.30. Management expects double‑digit H2 growth in Ig (PRIVIGEN/HIZENTRA), a stronger H2 for albumin in China (but a modest FY26 albumin decline with recovery in FY27), Seqirus to normalize (H1 revenue ‑2%) and continued momentum from new launches; R&D was $600m in H1 (‑8%) and is expected to be similar in H2, G&A was down 2% and is expected broadly flat, and net interest expense fell 11%. Transformation targets remain: $100m FY26 cost savings (60% achieved at H1) on the path to up to $550m annual savings by FY28 funded alongside one‑off restructuring costs of $700–770m; capital management includes a buyback expansion to US$750m (from US$500m) after ~US$400m repurchased in H1 and reported net leverage of 2x, with an underlying tax rate ~21% (guidance 18–20% for the full year).CSL Financial Statement Overview
Summary
Income Statement
85
Very Positive
Balance Sheet
78
Positive
Cash Flow
82
Very Positive
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 15.70B | 15.43B | 14.69B | 13.17B | 10.49B | 10.33B |
| Gross Profit | 7.63B | 7.95B | 7.56B | 6.71B | 5.66B | 5.80B |
| EBITDA | 5.15B | 5.13B | 4.73B | 3.90B | 3.46B | 3.63B |
| Net Income | 1.44B | 3.00B | 2.64B | 2.19B | 2.25B | 2.39B |
Balance Sheet | ||||||
| Total Assets | 37.93B | 39.40B | 38.02B | 54.43B | 41.22B | 18.16B |
| Cash, Cash Equivalents and Short-Term Investments | 1.15B | 2.16B | 1.66B | 2.33B | 15.18B | 1.81B |
| Total Debt | 12.58B | 11.50B | 12.18B | 18.37B | 14.04B | 5.81B |
| Total Liabilities | 17.45B | 18.00B | 18.62B | 27.65B | 20.02B | 9.74B |
| Stockholders Equity | 18.67B | 19.34B | 17.33B | 23.72B | 21.20B | 8.38B |
Cash Flow | ||||||
| Free Cash Flow | 3.18B | 2.54B | 1.51B | 1.35B | 1.90B | 1.97B |
| Operating Cash Flow | 3.76B | 3.56B | 2.81B | 3.87B | 3.62B | 3.65B |
| Investing Cash Flow | -1.18B | -850.00M | -1.26B | -17.61B | -2.26B | -1.68B |
| Financing Cash Flow | -3.04B | -2.24B | -1.28B | 677.92M | 10.58B | -1.41B |
CSL Technical Analysis
Negative
139.39
Price Trends
156.97
Negative
166.53
Negative
196.38
Negative
Market Momentum
-4.85
Negative
38.23
Neutral
51.84
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:CSL, the sentiment is Negative. The current price of 139.39 is below the 20-day moving average (MA) of 141.64, below the 50-day MA of 156.97, and below the 200-day MA of 196.38, indicating a bearish trend. The MACD of -4.85 indicates Negative momentum. The RSI at 38.23 is Neutral, neither overbought nor oversold. The STOCH value of 51.84 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:CSL.
CSL Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | AU$494.48M | 14.96 | 13.29% | 0.38% | 7.76% | 1.55% | |
65 Neutral | AU$68.43B | 34.11 | 7.56% | 2.58% | 6.07% | 13.75% | |
60 Neutral | AU$4.31B | -342.48 | -2.08% | ― | 60.23% | -66.98% | |
59 Neutral | AU$1.51B | 78.41 | 9.20% | ― | 12.35% | 26.73% | |
52 Neutral | AU$2.82B | ― | -18.31% | ― | 198.58% | 3.97% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
40 Underperform | AU$69.26M | -3.40 | -35.86% | ― | ― | -19.21% |
* Healthcare Sector Average
AU:CSL
CSL
140.99
-106.80
-43.10%
AU:CUV
Clinuvel Pharmaceuticals
9.85
-2.13
-17.79%
AU:MSB
Mesoblast Limited
2.19
-0.01
-0.45%
AU:NEU
Neuren Pharmaceuticals Limited
11.93
0.00
0.00%
AU:IMM
Immutep Ltd
0.05
-0.25
-84.33%
AU:TLX
Telix Pharmaceuticals
12.73
-16.49
-56.43%
CSL Corporate Events
CSL Updates Market on Progress of On‑Market Share Buy‑Back
Mar 25, 2026
CSL Limited has provided an updated notification to the ASX on the progress of its on-market share buy-back program, confirming that it repurchased 71,707 ordinary fully paid shares in the most recent trading day. The total number of shares bought...
CSL Updates Market on Progress of On‑Market Share Buy‑Back
Mar 24, 2026
CSL Limited has provided an updated notification to the ASX regarding its ongoing on‑market share buy‑back program for its ordinary fully paid shares. The filing confirms that the company is actively repurchasing stock as part of a pre...
CSL Updates Market on Progress of Ongoing Share Buy-Back
Mar 23, 2026
CSL Limited has reported an update to its ongoing on-market share buy-back program for its ordinary fully paid securities traded on the ASX. The update, dated 24 March 2026, reflects the company’s continued use of buy-backs as part of its ca...
CSL Updates Market on Progress of On-Market Share Buy-Back
Mar 22, 2026
CSL Limited has provided an updated notification to the ASX on its ongoing on-market share buy-back program for its ordinary fully paid shares. The update, dated 23 March 2026, confirms that a total of 4,740,865 shares had been bought back prior t...
CSL Updates Market on Progress of On‑Market Share Buy‑Back
Mar 19, 2026
CSL Limited has provided an updated notification to the ASX on progress under its on‑market share buy‑back program. The company reported that a total of 4,629,650 ordinary fully paid shares had been repurchased prior to the latest trad...
CSL Clears 48,090 Lapsed Rights From Capital Structure
Mar 17, 2026
CSL Limited has notified the market of the cessation of 48,090 rights (CSLAL) on the ASX, following the lapse of conditional rights to securities after the relevant conditions were not met or became incapable of being satisfied as of 13 March 2026...
CSL Updates Market on Progress of Ongoing Share Buy-Back
Mar 16, 2026
CSL Limited has provided an updated notification to the ASX on the progress of its on-market share buy-back program for its ordinary fully paid shares. The company reported that it had repurchased a total of 4,399,313 shares prior to the latest tr...
CSL Updates Market on Progress of Ongoing Share Buy-Back
Mar 15, 2026
CSL Limited has provided an updated notification to the ASX regarding its ongoing on-market share buy-back program for its ordinary fully paid shares. The company confirmed that, as of the latest reporting date of March 16, 2026, it continues to e...
CSL Grants One-Off Equity Award to Interim CEO Gordon Naylor
Mar 13, 2026
CSL Limited has disclosed a change in the securities interests of director Gordon Naylor following his appointment as interim chief executive officer. The filing details that Naylor has been granted 39,579 Restricted Share Units under the CSL Limi...
CSL Issues New Tranche of Unquoted Employee Incentive Rights
Mar 13, 2026
CSL Limited has notified the market of the issue of 60,048 unquoted rights under its employee incentive scheme, recorded under the ASX security code CSLAL and dated March 6, 2026. These rights are subject to transfer restrictions and will not be q...
CSL Seeks ASX Quotation for New Shares Issued Under Employee Scheme
Mar 12, 2026
CSL Limited has applied to the ASX for quotation of 167,561 new ordinary fully paid shares issued on 6 March 2026, with the disclosure lodged as a new Appendix 2A announcement dated 13 March 2026. The new shares arise from an employee incentive sc...
CSL Updates Currency Details for Interim Dividend Distribution
Mar 12, 2026
CSL Limited has updated its previously announced interim dividend details for holders of its ordinary fully paid shares, confirming that the payment relates to the six-month period ending 31 December 2025. The revised notice, dated 13 March 2026, ...
CSL Continues On-Market Buy-Back with Daily Share Purchases
Mar 11, 2026
CSL Limited has provided an update on its ongoing on-market share buy-back program involving its ordinary fully paid shares listed on the ASX. The company reported a cumulative total of 4,175,454 shares repurchased before the previous trading day ...
CSL Updates Market on Progress of Ongoing Share Buy-Back
Mar 10, 2026
CSL Limited has provided an updated notification to the ASX on its ongoing on-market share buy-back of ordinary fully paid shares. The announcement, dated March 11, 2026, confirms that the company is continuing a previously disclosed buy-back prog...
CSL Issues Daily Update on Ongoing On‑Market Share Buy‑Back
Mar 5, 2026
CSL Limited has provided an updated notification to the ASX confirming continued execution of its on‑market share buy-back program for its ordinary fully paid shares. The company reported that a cumulative 4,030,828 shares had been repurchas...
CSL Updates Market on Progress of On-Market Share Buy-Back
Mar 4, 2026
CSL Limited has provided an updated notification to the ASX regarding its ongoing on-market share buy-back program for its ordinary fully paid shares. The company reported that it had repurchased a cumulative total of 3,971,077 shares prior to the...
CSL Issues 39,627 New Shares After Conversion of Unquoted Securities
Mar 4, 2026
CSL Limited has notified the ASX of the issue of 39,627 new ordinary fully paid shares following the conversion of previously unquoted securities. The shares were issued on 2 March 2026 and disclosed via an Appendix 3G filing, reflecting the exerc...
CSL Updates Market on Progress of On-Market Share Buy-Back
Mar 3, 2026
CSL Limited has provided an updated notification to the ASX on the progress of its on-market share buy-back program for ordinary fully paid shares. The update, dated 4 March 2026, reports that a total of 3,913,667 shares had been repurchased prior...
CSL Updates Market on Progress of On-Market Share Buy-Back
Mar 2, 2026
CSL Limited has provided an update on its ongoing on-market share buy-back program for its ordinary fully paid shares. The company reported that a total of 3,852,598 shares had been repurchased prior to the latest trading day, with an additional 6...
CSL Issues Daily Update on Ongoing On-Market Share Buy-Back
Feb 26, 2026
CSL Limited has reported an update on its ongoing on-market share buy-back program involving its ordinary fully paid shares listed on the ASX. The company is using this mechanism as part of its capital management strategy, which can influence shar...
CSL Updates Market on Progress of On‑Market Share Buy‑Back
Feb 25, 2026
CSL Limited has provided an updated notification to the ASX on its ongoing on-market share buy-back of ordinary fully paid shares, originally launched in August 2025 as part of its capital management strategy. The latest daily disclosure shows tha...
CSL Updates Market on Progress of Ongoing On‑Market Share Buy‑Back
Feb 24, 2026
CSL Limited has provided an updated notification on its ongoing on-market share buy-back of ordinary fully paid shares listed under the ASX code CSL. The update, dated 25 February 2026, reports that a total of 3,536,855 shares had been repurchased...
CSL Updates Market on Progress of On‑Market Share Buy‑Back
Feb 23, 2026
CSL Limited has provided an updated notification on its on‑market share buy‑back program for its ordinary fully paid shares. The company reported that a total of 3,453,095 shares had been repurchased before the previous trading day, wi...
CSL Director Boosts Equity Stake Through Rights Plan Purchase
Feb 23, 2026
CSL Limited has disclosed a change in the interests of non-executive director Constantine Saroukos, who has indirectly acquired 512 rights under the CSL Limited Non-Executive Director Rights Plan. These rights, held via Solium Nominees (Australia)...
CSL Non-Executive Director Increases Indirect Equity Holding Through Rights Plan
Feb 23, 2026
CSL Limited has reported a change in the interests of non-executive director Cameron Bruce Price under its Non-Executive Director Rights Plan. The filing discloses that Price holds his interest indirectly via Solium Nominees (Australia) Pty Ltd ac...
CSL Updates Market on Ongoing On‑Market Share Buy‑Back
Feb 22, 2026
CSL Limited has updated the market on its ongoing on‑market share buy‑back program for its ordinary fully paid shares. The announcement confirms that, as of 23 February 2026, the company continues to execute daily buy‑backs under...
CSL Issues Unquoted Employee Incentive Rights
Feb 20, 2026
CSL Limited has notified the market of the issue of 775 unquoted rights under its employee incentive scheme, recorded under the ASX security code CSLAL and dated 19 February 2026. These rights are subject to transfer restrictions and will not be q...
CSL Updates Market on Progress of On-Market Share Buy-Back
Feb 19, 2026
CSL Limited has provided an updated notification to the ASX covering its ongoing on-market share buy-back program for its ordinary fully paid shares. The latest update, dated 20 February 2026, records that the company had repurchased a cumulative ...
CSL Discloses Final Director Interest Notice as Paul McKenzie Steps Down
Feb 11, 2026
CSL Limited has announced that Paul McKenzie ceased to be a director of the company on 10 February 2026, with this notice serving as his final director’s interest statement to the ASX. At the time of his departure, McKenzie held no CSL secur...
CSL Publishes Half-Year Results Presentation and Webcast Access
Feb 10, 2026
CSL Limited has released slide materials for its half-year results presentation for the period ended 31 December 2025, to be delivered by the chief executive officer and chief financial officer. The event is being webcast, with a recording to be m...
CSL Declares Interim USD 1.30 Dividend for Half-Year to December 2025
Feb 10, 2026
CSL Limited has declared an interim dividend of USD 1.30 per ordinary fully paid share, covering the six‑month period ended 31 December 2025. The dividend will trade ex‑dividend on 10 March 2026, with a record date of 11 March 2026 and...
CSL Earnings Hit by Impairments as Transformation Drive and Buy-Back Accelerate
Feb 10, 2026
CSL reported half-year underlying NPATA of US$1.9 billion, down 7% in constant currency, with reported net profit plunging 81% to US$401 million as government policy changes, restructuring costs and US$1.1 billion in impairments weighed on results...
CSL Profit Slumps 80% on Softer Revenue but Dividend Held Steady
Feb 10, 2026
CSL Limited reported a weaker first half for the period ended 31 December 2025, with total revenue slipping 2% year-on-year to US$8.33 billion and reported net profit after tax plunging 80% to US$401 million. Underlying NPATA, which strips out amo...
CSL names veteran executive Gordon Naylor interim CEO as Paul McKenzie retires
Feb 10, 2026
CSL has announced the retirement of Chief Executive Officer and Managing Director Paul McKenzie, with long‑time company executive and current non‑executive director Gordon Naylor appointed as interim CEO and MD effective 11 February. T...
CSL Reports Lapse of Nearly 60,000 Conditional Rights
Feb 6, 2026
CSL Limited has notified the market that 59,992 conditional rights (ASX code: CSLAL) have lapsed after the performance or vesting conditions attached to those rights were not met or became incapable of being satisfied, effective 4 February 2026. T...
CSL Sets Date for 2026 Half-Year Results and Investor Briefing
Feb 1, 2026
CSL Limited has scheduled the release of its 2026 half-year financial results for Wednesday, 11 February 2026, underscoring its regular reporting cadence to the market. The company will brief investors and analysts via a webcasted presentation at ...
CSL Reports Lapse of 34,261 Conditional Rights Under Equity Plan
Jan 8, 2026
CSL Limited has informed the market that 34,261 conditional rights (security code CSLAL) have lapsed after the performance or vesting conditions attached to them were not satisfied or became incapable of being met, effective 7 January 2026. The ce...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.