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CSL
(Sydney:CSL)
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Rating:58Neutral
Price Target:
AU$164.00
▲(43.58% Upside)
Action:Reiterated
Date:08/19/26
The score is held back primarily by FY26’s sharp deterioration in reported profitability (large loss/impairments) and notable portfolio headwinds highlighted in guidance (especially Vifor). Support comes from continued positive cash generation, transformation savings and shareholder returns, and a strong technical uptrend, but premium valuation and overbought indicators temper the outlook.
Positive Factors
Strong cash generation supports reinvestment and shareholder returns
Consistently positive operating cash flow gives CSL flexibility to fund capital investment, product development and shareholder distributions, even during a difficult earnings year. This supports financial resilience while management addresses portfolio challenges.
Negative Factors
Large impairments and statutory loss weaken earnings quality
The scale of impairments signals that parts of the acquired or existing portfolio have materially lower economic value than previously expected. The statutory loss and reduced equity cushion constrain confidence in earnings quality and balance-sheet flexibility.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation supports reinvestment and shareholder returns
Consistently positive operating cash flow gives CSL flexibility to fund capital investment, product development and shareholder distributions, even during a difficult earnings year. This supports financial resilience while management addresses portfolio challenges.
Read all positive factors
CSL (CSL) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$75.58B
Dividend Yield2.53%
Average Volume (3M)974.43K
Price to Earnings (P/E)―
Beta (1Y)0.85
Revenue Growth-2.49%
EPS Growth-179.79%
CountryAU
Employees29,000
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-5.29
Shares Outstanding478,912,000
10 Day Avg. Volume1,091,561
30 Day Avg. Volume974,433
Financial Highlights & Ratios
PEG Ratio0.11
Price to Book (P/B)3.74
Price to Sales (P/S)3.45
P/FCF Ratio18.88
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$163.77Price Target Upside43.38% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering10
EPS Forecast (FY)6.24
Revenue Forecast (FY)AU$15.67B
CSL Business Overview & Revenue Model
Company Description
CSL Limited operates as a global biopharmaceutical company, engaged in the research, development, manufacturing, marketing, and distribution of diverse pharmaceutical and allied products. Its extensive international footprint includes key markets ...
How the Company Makes Money
CSL makes money primarily by selling biopharmaceutical products and vaccines to hospitals, specialty pharmacies, government purchasers, and other healthcare providers globally. A major portion of revenue is generated by CSL Behring from plasma-der...
CSL Earnings Call Summary
Earnings Call Date:Aug 17, 2026
(Q4-2026)
| % Change Since: |
Next Earnings Date:Feb 09, 2027
Earnings Call Sentiment Negative
The call presented a mix of stabilization and operational progress (strong cash flow, ahead-of-plan transformation savings, Ig momentum in H2, successful new product launches and Seqirus share gains) but was overshadowed by very large impairments, a statutory net loss, and significant, structural headwinds in Vifor (anticipated ~25% revenue decline) plus continued pressure on albumin. While management has a clear remediation plan and delivered early positive operational signs, the scale and persistence of the portfolio and impairment issues materially weaken near-term financial prospects.Positive Updates
Solid cash generation and shareholder returns
Operating cash flow of $3.5B supported completion of an AUD 1.0B buyback in FY'26, maintenance of the full-year dividend at $2.92 per share (U.S. dollars), and an authorized further buyback of ~AUD 1.1B for FY'27.
Negative Updates
Substantial impairments and statutory loss
FY'26 pretax impairments totaled $7.1B (including $5.5B in H2); the largest component was Vifor impairments of $4.1B. After restructuring and impairments, statutory NPAT attributable to shareholders was a loss of $2.6B.
Read all updates
Q4-2026 Updates
Positive
Negative
Solid cash generation and shareholder returns
Operating cash flow of $3.5B supported completion of an AUD 1.0B buyback in FY'26, maintenance of the full-year dividend at $2.92 per share (U.S. dollars), and an authorized further buyback of ~AUD 1.1B for FY'27.
Read all positive updates
Company Guidance
CSL guided FY‑27 group revenue to be broadly in line with FY‑26 (FY‑26 revenue $15.8bn, down 1% constant FX) and underlying NPAT to grow roughly 5% at constant currency (excluding restructuring and impairments), while warning of an approximately $50m FX headwind at current rates; division guidance was Behring mid‑single‑digit revenue growth with Ig mid‑ to high‑single‑digit growth and a modest gross‑margin improvement (aiming to recover roughly the ~70bp lost in FY‑26), Seqirus low‑single‑digit growth, and Vifor an ~25% revenue decline (no TAVNEOS sales in FY‑27, Velphoro TDAPA benefit ceasing end‑2026). Management expects FY‑27 incremental transformation savings of ~ $220m (taking annualized savings to ~ $400m and up to $550m in FY‑28) with about half to be reinvested into commercial and R&D, FY‑27 CapEx of ~ $1.0bn ± $100m, a new AUD 1.1bn buyback (after the AUD 1bn completed in FY‑26), maintained FY‑26 dividend (final $1.62, full year $2.92 per share), strong operating cash flow ($3.5bn in FY‑26), and a target net debt/EBITDA range of 1.5–2x (FY‑26 net debt/EBITDA 1.8x).CSL Financial Statement Overview
Summary
Income Statement
48
Neutral
Balance Sheet
56
Neutral
Cash Flow
63
Positive
| Breakdown | Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 16.04B | 15.43B | 14.69B | 13.17B | 10.49B |
| Gross Profit | 7.65B | 7.95B | 7.56B | 6.71B | 5.66B |
| EBITDA | 5.16B | 5.13B | 4.73B | 3.90B | 3.46B |
| Net Income | -2.64B | 3.00B | 2.64B | 2.19B | 2.25B |
Balance Sheet | |||||
| Total Assets | 33.63B | 39.40B | 38.02B | 54.43B | 41.22B |
| Cash, Cash Equivalents and Short-Term Investments | 1.51B | 2.16B | 1.66B | 1.55B | 10.44B |
| Total Debt | 10.89B | 11.50B | 12.18B | 12.23B | 9.66B |
| Total Liabilities | 17.33B | 18.00B | 18.62B | 27.65B | 20.02B |
| Stockholders Equity | 14.79B | 19.34B | 17.33B | 15.79B | 14.58B |
Cash Flow | |||||
| Free Cash Flow | 2.93B | 2.54B | 1.92B | 1.35B | 1.90B |
| Operating Cash Flow | 3.59B | 3.56B | 2.76B | 3.87B | 3.62B |
| Investing Cash Flow | -1.30B | -850.00M | -1.26B | -11.69B | -1.64B |
| Financing Cash Flow | -2.89B | -2.24B | -1.28B | 456.00M | 7.68B |
CSL Technical Analysis
Positive
114.22
Price Trends
123.00
Positive
120.25
Positive
142.92
Positive
Market Momentum
8.43
Negative
83.66
Negative
84.55
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:CSL, the sentiment is Positive. The current price of 114.22 is below the 20-day moving average (MA) of 131.87, below the 50-day MA of 123.00, and below the 200-day MA of 142.92, indicating a bullish trend. The MACD of 8.43 indicates Negative momentum. The RSI at 83.66 is Negative, neither overbought nor oversold. The STOCH value of 84.55 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
58 Neutral | AU$75.58B | -23.11 | 7.56% | 3.68% | -2.49% | -179.79% | |
58 Neutral | AU$5.69B | -525.39 | -1.72% | ― | 59.13% | -121.52% | |
56 Neutral | AU$3.12B | -23.42 | -16.10% | ― | 1069.25% | 18.67% | |
53 Neutral | AU$341.09M | -94.81 | -15.96% | ― | 364.97% | 74.58% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
42 Neutral | AU$958.82M | -9.18 | -59.59% | ― | ― | -70.72% |
* Healthcare Sector Average
AU:CSL
CSL
166.48
-49.78
-23.02%
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CSL Corporate Events
CSL Declares USD 1.62 Interim Dividend for Half‑Year to June 2026
Aug 17, 2026
CSL Limited has declared an interim dividend of USD 1.62 per ordinary fully paid share for the six‑month period ended 30 June 2026, reinforcing its ongoing commitment to shareholder returns. The stock will trade ex‑dividend on 9 Septem...
CSL Marks FY26 as Reset Year Amid Impairments, Transformation Drive
Aug 17, 2026
CSL has declared FY26 a reset year, posting underlying NPATA of US$3.1 billion, down 2%, and a reported net loss after tax of US$2.6 billion driven largely by US$7.1 billion in asset impairments and US$799 million in restructuring costs. Operating...
CSL posts revenue growth but swings to loss ahead of 2026 AGM
Aug 17, 2026
CSL Limited has released its full-year results to 30 June 2026, reporting a modest 2% rise in total revenue to US$15.8 billion but a sharp swing to a net loss of US$2.6 billion attributable to shareholders. Underlying NPATA fell 4% to US$3.1 billi...
CSL Confirms Lapse of 37,550 Conditional Rights Securities
Aug 5, 2026
CSL Limited has reported the cessation of 37,550 conditional rights securities, identified on the ASX under the code CSLAL. The rights lapsed on August 4, 2026 after the specified vesting or performance conditions were not met or became incapable ...
CSL to Test High-Yield Plasma Technology in New Immunoglobulin Trials
Jul 29, 2026
CSL Limited will launch clinical trials to assess the efficacy and safety of immunoglobulin produced with its Horizon 2 next-generation plasma manufacturing process, which significantly increases yield from the same volume of plasma. The company m...
CSL Trims Potential Equity Issuance as 20,219 Rights Lapse
Jul 7, 2026
CSL Limited has notified the ASX of a cessation of 20,219 CSLAL rights, which are conditional rights to securities that have lapsed. The lapse occurred because the conditions attached to these rights were not met or can no longer be satisfied, ref...
CSL Braces for EU Pullback of TAVNEOS After EMA Revocation Call
Jun 29, 2026
CSL has disclosed that the European Medicines Agency’s Committee for Medicinal Products for Human Use has recommended revoking the EU marketing authorisation for TAVNEOS, an oral therapy for adults with severe, active ANCA-associated vasculi...
CSL Reports Lapse of 25,533 Conditional Rights, Limiting Potential Equity Dilution
Jun 9, 2026
CSL Limited has notified the market of the cessation of 25,533 conditional rights (CSLAL) that have lapsed because the conditions attached to those rights were not met or became incapable of being satisfied as of June 5, 2026. The lapse slightly r...
CSL Director Carolyn Hewson Increases Indirect Shareholding via On-Market Trade
Jun 4, 2026
CSL Limited has disclosed a change in the indirect shareholding of non-executive director Carolyn Hewson, who increased her interest in the company through an on-market purchase. The transaction, executed via Zanlyn Pty Ltd as trustee of the Zanad...
CSL Director Restructures Shareholdings via Family Trust
May 27, 2026
CSL Limited has disclosed a change in the interests of director Gordon Naylor, who has shifted from holding CSL shares directly to holding them indirectly through a family investment vehicle. Naylor acquired 1,100 CSL ordinary shares on market for...
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.