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Financial Trends Australia NAN ASX · Health Care LastA$3.15 JDS 83.5 A360 34.9
Health Care ASX: NAN Australia LIVE

Nanosonics Ltd

PriceA$3.15
Mkt capA$913m
1Y return-17.8%
P / E47.4x
52-week range
A$2.96A$4.77
Jones Dynamic ScoreVery Strong
83.5+6.9 since 13 Jul
α
Alpha360 ScoreWeak
34.9
The Jones Nebula

Eight Alpha360 factors, each scored 0 to 100 against every listed stock worldwide. The shape is the investment case at a glance. Understand the scores →

Valuation 21.2 Growth 80.5 Cap. Market Perf. 17.9 Financial Strength 92.6 Analyst Sentiment 73 Earnings Perf. 79.6 Operating Eff. 58.8 Cash Flow Perf. 87
Valuation 21.2 Growth 80.5 Cap. Market Perf. 17.9 Financial Strength 92.6 Analyst Sentiment 73 Earnings Perf. 79.6 Operating Eff. 58.8 Cash Flow Perf. 87

The Jones Overview

Nanosonics (ASX: NAN) is a highly profitable medical technology business built on a pure razor-and-blade commercial model. While corporate presentations frame it as a broad "infection prevention innovator", the reality is that the company relies almost entirely on a single hardware ecosystem: trophon, an automated disinfection device for ultrasound probes. Nanosonics sells the physical units to hospitals at relatively low margins, then locks those facilities into buying high-margin proprietary hydrogen peroxide cartridges, wipes, and service contracts for the life of the machine. Consumables and service revenue now account for roughly 75% of the company's $207 million AUD annual revenue, making its cash flow predictable and highly resilient.

The critical issue facing the stock right now is growth saturation. With over 38,000 trophon units already installed worldwide, Nanosonics has largely cornered its core markets in North America and Australia. To move the needle and justify its historical premium valuation, the business has to successfully expand into a completely new medical sector. This makes the company's future heavily dependent on CORIS, its newly developed, FDA-cleared automated cleaning platform targeting the endoscope market. Unlike Dimerix, Nanosonics is not a speculative, pre-revenue biotech gamble. It is an established medtech operator whose next phase of growth hinges on whether it can successfully replicate its ultrasound disinfection monopoly inside the larger, more complex endoscope market.

What is NAN's share price doing?

1D-0.7% 1W-5.6% 1M-8.5% 3M-14.7% 6M-23.7% 1Y-20.9% 3Y-36.3% 5Y-43.4% ALL+369.8%

How does Nanosonics Ltd score on Alpha360?

The eight tabs below are the Alpha360 factor scores. Built on decades of academic research, Alpha360 grades Nanosonics Ltd from 0 to 100 on each dimension against all listed stocks worldwide, so a reading in the 90s is genuinely top-tier rather than a pass mark, and the Jones Dynamic Score blends all eight into a single number. Each tab gives the score, a read of what it looks like in practice, and the numbers beneath it. Data updated 19 July 2026. General information only.

Valuation
21.2
Distressed

The Alpha360 valuation score weighs price against earnings, book value, cash flow and sales, ranked against all listed stocks worldwide. Nanosonics Ltd screens as expensive against its sector, so investors are paying a premium over peers for each dollar of earnings, book value and cash flow. A PEG ratio of 1.95.

Multiples

Price / earnings 47.37x
Forward P / E 43.66x
PEG ratio 1.95
Price / book 4.35x
Price / sales 4.60x
Price / free cash flow 47.03x
EV / sales 5.42x
Enterprise value A$1.08bn

Size & income

Market cap A$913m
Shares outstanding 298.84m
Dividend yield –
Dividend / share –
52W range A$2.96 to A$4.77
Growth
80.5
Very strong

The Alpha360 growth score reads the multi-year trajectory of revenue, earnings and cash flow, rewarding durable compounding over one-off jumps. Revenue, earnings and cash flow have been expanding quickly, which is what you want from a business that is scaling. Growth off a small base can be lumpy, so the real question is how durable it proves. That trajectory is anchored by three-year revenue growth of 18.2%.

Growth rates (3yr)

Revenue growth 18.19%
Net income growth 76.79%
Operating cash flow growth 44.79%
Market cap growth -13.22%

Earnings momentum

EPS momentum (1yr) -17.34%
EPS forecast change (3m) 0.00%
Capital Market Performance
17.9
Distressed

The Alpha360 capital-market score measures the shares' price strength and momentum against the market. The shares have lagged the market with poor momentum, which can flag either a value opportunity or a business the market has turned against. Over the past year the shares are down 17.8%.

Price & momentum

Annual stock return -17.75%
Stock return (6m) -21.45%
Beta 0.37
10-day volume vs avg 0.11x
52W range A$2.96 to A$4.77
Financial Strength
92.6
Very strong

The Alpha360 financial-strength score stress-tests the balance sheet, its leverage, liquidity and capacity to fund itself. The balance sheet is in good shape: modest debt, healthy liquidity and enough of a buffer to fund operations or ride out a downturn without leaning on capital markets. It runs a current ratio of 5.66 and more cash on hand than total debt.

Leverage & liquidity

Debt / equity 3.66
Current ratio 5.66
Quick ratio 5.19
Net debt / EBITDA –
Total debt / assets 1.56%
Cash flow / debt 5.72
Interest coverage 49.09
Market cap / liabilities 15.96
Distress risk (JDS) 83.5 (Very Strong)

Balance sheet

Revenue A$198.63m
Total assets A$272.48m
Total equity A$209.91m
Total liabilities A$62.57m
Total debt A$7.69m
Net debt -A$153.95m
Cash & equivalents A$22.30m
Working capital A$185.53m
R&D expense A$34.70m
SG&A expense A$138.66m
Analyst Sentiment
73.0
Strong

The Alpha360 analyst-sentiment score reads the direction of professional ratings, targets and forecasts. Analysts have been turning more positive, nudging ratings, targets and estimates higher, which often lends support to the shares from here.

Analyst coverage, consensus ratings and price targets sit inside the members' view, alongside our own rating on Nanosonics Ltd.

Earnings Performance
79.6
Strong

The Alpha360 earnings score grades the quality, consistency and margin of profit, not just its headline size. Earnings are high quality and consistent, with healthy margins, so the profits are dependable rather than one-off. Net profit margin runs at 10.4%.

Margins

Gross margin 78.22%
EBIT margin 9.05%
EBITDA margin 13.11%
Operating margin 8.97%
Net profit margin 10.41%

Quality & returns

Return on equity 10.55%
Return on assets 8.11%
Earnings stability 0.59
EPS surprise 11.67%
Operating Efficiency
58.8
Moderate

The Alpha360 efficiency score measures how much profit the business earns on each dollar of capital and revenue. Returns on capital sit around average, so the business is reasonably but not exceptionally efficient. Return on equity comes in at 10.6%.

Returns on capital

Return on equity 10.55%
Return on assets 8.11%
Return on capital employed 7.65%
Return on invested capital 28.95%
EBIT / total assets 6.59%

Operating margins

Operating margin 8.97%
EBIT margin 9.05%
Cash flow margin 14.47%
Cash Flow Performance
87.0
Very strong

The Alpha360 cash-flow score gauges the strength and durability of the cash the business actually generates. The business throws off strong, durable cash flow, enough to fund growth, dividends or buybacks without relying on outside capital. Cash flow returns come in at 16.1%.

Cash generation

Cash flow returns 16.14%
Free cash flow A$20.02m
Free cash flow / share A$0.07
Operating cash flow / share A$0.14
Cash flow margin 14.47%
Capital expenditure -A$8.72m

Coverage

Op cash flow growth (3yr) 44.79%
Cash flow / debt 5.72
The method

Every score on this page comes from Alpha360, the eight-factor model built by Professor Stewart Jones from three decades of published academic research, rescored weekly across more than 50,000 listed companies worldwide.

The research behind Alpha360 → Understand the scores → How Alpha360 works →
JDS vs. Health Care Equipment & Supplies Peers
Ranks 3 of 36 in Health Care Equipment & Supplies · ASX rank 167 of 1,755

This stock   Financial Trends Australia covered   Universe

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Questions

Common questions about NAN

What is Nanosonics Ltd's Jones Dynamic Score?
Nanosonics Ltd currently scores 76.6 (Strong) on the Jones Dynamic Score, ranking 6 of 12 in Health Care Equipment & Supplies. The score is recalculated weekly from institutional-grade data.
How does NAN compare to its peers?
Ranked by the Jones Dynamic Score, Nanosonics Ltd sits 6 of 12 in its Health Care Equipment & Supplies peer group. The full peer ranking, with each peer's score, is shown on this page.
Is this personal financial advice?
No. Everything on this page is general information only. It does not take into account your objectives, financial situation or needs, and you should consider whether it is appropriate for you before acting on it. The full General Advice Warning is at the bottom of this page.
What does it cost to see your rating on Nanosonics Ltd?
Nothing. Enter your details in the form on this page and our current rating unlocks instantly, along with a free one-on-one walkthrough of the research with our team if you want it. The full written research note is part of membership.
Who builds the scores?
The Jones Dynamic Score and the Alpha360 factor model were built in-house from three decades of academic research. The system scores companies across global markets and is refreshed weekly.
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General Advice Warning. The information provided by Financial Trends Australia is general in nature and does not take into account your personal objectives, financial situation or needs. It does not constitute personal financial advice. Before acting on any information, you should consider its appropriateness having regard to your own objectives, financial situation and needs, and seek independent professional advice. Where the information relates to a financial product, you should obtain and consider the relevant Product Disclosure Statement (PDS) or offer document before deciding to acquire the product. Past performance is not a reliable indicator of future performance. Financial Trends Australia Pty Ltd (ABN 65 091 191 472) is a Corporate Authorised Representative (AR No. 001320926) of MF & Co. Asset Management Pty Ltd (AFSL No. 520442).