QAN and RMD shares: 2 ASX shares to watch

The Qantas Airways Ltd (ASX:QAN) share price is down 15.4% since the start of 2025. It's probably worth asking, 'is the QAN share price cheap?'

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The Qantas Airways Ltd (ASX:QAN) share price is down 15.4% since the start of 2025. Meanwhile, the Resmed CDI (ASX:RMD) share price is 32.0% away from its 52-week high.

QAN share price in focus

Founded in 1921, Qantas is Australia’s largest airline operator, with the biggest fleet, the most international flights, and the widest range of destinations.

The airline operates both domestic and international flights, offers freight services, and manages the popular Frequent Flyer loyalty program.

Additionally, Qantas owns Jetstar, giving it considerable pricing and market influence within the highly concentrated Australian airline industry.

RMD shares

ResMed is a medical equipment company based in San Diego, California, but originally founded in Australia by Peter Farrell. The company provides cloud-connectable continuous positive airway pressure, or CPAP, machines for the treatment of obstructive sleep apnea (OSA). ResMed shares are listed both on the NYSE and the ASX. Because the primary listing is in the US, the market announcements and reports might look a bit different to other Australian companies as they follow the US format.

ResMed is a global company with 10,000+ employees and a presence in over 140 countries. It has two primary business units: Sleep and Respiratory Care, and Software as a Service (SaaS). The industry-leading CPAP machines for sleep apnea are provided under the Sleep and Respiratory Care business. This covers patients ranging from those who only require therapy from CPAP systems at night to those who are dependent on non-invasive or invasive ventilation for life-support. Within the SaaS unit ResMed provides software used in durable or home medical equipment (DME/HME). Basically, it assists in out-of-hospital care.

ResMed leverages its industry-leading hardware (e.g. masks and humidifiers) and its SaaS data to drive insights, improve outcomes and reduce overall healthcare costs.

QAN & RMD share price valuation

As a growth company, some of the trends we might investigate from QAN include revenue growth, profit growth, and return on equity (ROE). These measures can indicate the growth rates and prospects of the company, as well as their ability to generate returns from their assets.

Since 2021, QAN has grown revenue at a rate of 54.6% per year to reach $21,939m in FY24. Over the same stretch of time, net profit has increased from -$1,692m to $1,255m. As for ROE, QAN last reported a ROE of 823.0%.

Over the last 3 years, RMD has increased revenue at a rate of 13.6% per year to hit $4,685m in FY24. Meanwhile, net profit has increased from $475m to $1,021m. As for ROE, RMD’s last reported figure was 22.7%.

Please keep in mind that context is important. These metrics give us some indication of company performance, but it’s just the start of valuing QAN or RMD shares. To learn more about valuation, check out one of our free online investing courses.

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