CSL Ltd
ASX: CSL · Health Care · Biotechnology Reports in USD
- Market cap
- A$55.5B
- P/E (trailing)
- 18.5
- EPS (FY25)
- $6.18
- Dividend / share
- $2.95
- 52-week range
- –
- Intrinsic value
- A$272.72
Share price
ASX: CSL · AUD
Valuation
Full valuation analysis →Fair-value estimate per share, updated 26 Jul 2026
A$272.72 The median of our 3 model estimates
58.1% below fair value Against the A$114.22 price.
- Discounted cash flow
- A$96.75
- EPS growth model
- A$277.41
- P/E multiple
- A$272.72
CSL reports its accounts in USD; estimates are converted to Australian dollars at RBA exchange rates before being compared with the share price. See how each estimate is built →
Revenue
As reported · financial years
Earnings per share
Diluted · as reported
Profit margins
Gross, operating and net margin by financial year
Very good Net margin of 19.5% in FY25: strong cost control and pricing power.
Shares outstanding
Diluted · falling means buybacks, rising means dilution
Stable +0.2% year-on-year, +0.3% a year over 10 years: share count has been stable over the long run.
Working-capital days
Days of revenue sitting in receivables (DSO) and days of cost sitting in inventory (DIO)
Steady collections DSO of 74 days vs a 66-day norm: collection times are in line with the historical norm.
Financial health
Latest financial year (FY25)
- Return on equity
- 15.5%
- Good
- Current ratio
- 2.46
- Very liquid
- Debt to equity
- 0.59
- Moderate
- Interest coverage
- 7.5×
- Strong
Verdicts are graded against what's normal for the sector (Health Care), not a one-size-fits-all bar. Hover a tile for the reasoning.
Dividends per share
Full dividend history →Per financial year, as reported in the accounts
Balanced 48% of FY25 earnings paid out: a comfortable split between dividends and reinvestment.
Free cash flow
Cash from operations minus capital spending: what the DCF model projects from
Good 85% of FY25 net profit became free cash: most reported profit turns into cash.
Net debt
Borrowings and leases minus cash: the line shows how many years of operating profit (EBIT) would clear it
Elevated Net debt of $9.3B is 3.2× FY25 operating profit: a sizeable debt load against operating profit.
Five-year snapshot
Figures as reported in the company's filings
| Metric | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $10.3B | $10.5B | $13.2B | $14.7B | $15.4B |
| Net profit | $2.4B | $2.3B | $2.2B | $2.6B | $3.0B |
| EPS (diluted) | $5.24 | $4.80 | $6.89 | $5.45 | $6.18 |
| Dividend / share | $2.11 | $3.05 | $3.33 | $2.61 | $2.95 |
| Net margin | 23.1% | 21.5% | 16.7% | 18.0% | 19.5% |
What does CSL do?
CSL Ltd is a biopharmaceutical company that traces its history to 1916 and is headquartered in Parkville, Australia. The business is organized into two main divisions. CSL Behring works with blood plasma, producing both plasma-based products and recombinant, lab-engineered treatments, and it also carries out research into plasma and non-plasma medicines while generating income through licensing its intellectual property and collecting royalties. The second division, CSL Seqirus, manufactures and distributes biotherapeutic products that fall outside the plasma category, with a particular focus on developing treatments connected to influenza.
The company's markets span several countries, with a presence in the United States, Germany, Switzerland, the United Kingdom, China and its home base of Australia. CSL has traded on the ASX since 1994. Based on the company's reported figures, it employed 32,698 people on a full-time basis, and its chief executive is named as Gordon Naylor.
Common questions about CSL
Is CSL undervalued right now? +–
The median of our 3 model estimates puts CSL Ltd's fair value at A$272.72 per share against a price of A$114.22, 58.1% below the estimate as at 26 Jul 2026. Model estimates are a starting point, not advice. See the full valuation breakdown.
Does CSL pay a dividend? +–
CSL Ltd paid $2.95 per share in its most recent financial year with a recorded dividend. The dividend history chart above shows the full payout record.
How fast is CSL growing? +–
Revenue has compounded at 10.4% a year over the last five financial years, and 11.0% a year over ten.
What is CSL's P/E ratio? +–
CSL Ltd trades on a trailing price-to-earnings ratio of 18.5, based on diluted earnings of $6.18 per share in FY25.
How has CSL (ASX: CSL) grown over the past decade, and what do valuation models say about its share price?
CSL Ltd, classified under Health Care in the Biotechnology industry, has grown revenue in every reported financial year from FY2016 through FY2025, rising from $6.1B to $15.4B. Net income climbed over the same span from $1.2B to $3.0B, though the path was not perfectly smooth: diluted earnings per share rose from $2.68 in FY2016 to $6.18 in FY2025, but dipped along the way, including $2.80 in FY2018, $4.80 in FY2022, and $5.45 in FY2024, before recovering.
Profitability has moved within a fairly wide band across the period. Gross margin ranged from 48.0% in FY2016 to a high of 56.1% in FY2021, settling at 51.5% in FY2025. Operating margin peaked at 28.9% in FY2019 and fell as low as 16.0% in FY2023, before improving to 19.2% in FY2025. Net income margin was 20.5% in FY2016 and stood at 19.5% in FY2025, broadly similar levels bookending several years of fluctuation in between.
As of 2026-07-05, with shares last closing at $121.81 on 2026-07-03, the valuation models produce a wide spread of estimates. The DCF model estimates fair value at $97.22 per share, below the current price, while the PE-ratio-based model estimates $280.64 and the EPS-growth model estimates $285.47, both well above the current price. The current PE ratio of 13.68 sits well below the company's own five-year median PE of 31.52.
AI-assisted analysis generated from Craytheon's verified financial data · Updated 5 Jul 2026 · How this works
Data is general information only, not financial advice. Figures are as reported in company filings (some ASX companies report in USD); share prices are AUD.