6 ASX Stocks to Watch in February 2026: Uranium, Gold, Banks and Healthcare Lead the Way

ASX Stocks To Watch in February 2026

February 2026 is shaping up as a pivotal month for ASX investors. Gold has smashed through $5,000 per ounce for the first time, uranium stocks are riding nuclear energy momentum, and major companies are reporting earnings. Here are six stocks positioned at the centre of themes driving markets right now.

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Paladin Energy (ASX: PDN) – Uranium’s Flagship Producer

Paladin has been a standout performer, up around 14% in the first trading week of 2026. The uranium producer operates the Langer Heinrich Mine in Namibia, benefiting from US legislation banning Russian uranium imports until 2040 and utilities like Duke Energy filing for new reactor applications.

With shares near A$13.84 and a market cap exceeding A$6 billion, strong growth expectations are priced in. For uranium exposure, Paladin offers an operational scale that smaller explorers cannot match.

Boss Energy (ASX: BOE) – Domestic Production Ramp

Boss Energy provides a different uranium angle through its Honeymoon project in South Australia, with FY26 production guidance at 1.6 million pounds of uranium oxide. The company is targeting a cash flow positive status this year, an important milestone for a recently restarted operation.

At around A$1.95, Boss trades at a significant discount to Paladin, which may appeal to investors comfortable with the execution risks of a ramping producer. The 30% stake in Texas’s Alta Mesa project adds geographic diversification.

Westpac Banking (ASX: WBC) – The Rate Cycle Play

Australia’s oldest bank reports first-quarter results on 13 February. Trading around A$38 with a dividend yield near 4%, Westpac appeals to income-focused portfolios.
The key question is whether net interest margins hold as mortgage competition intensifies.

For bank exposure, Westpac offers reasonable value compared to premium-priced peers, though any margin disappointment could weigh on shares. Investors will also be looking to the RBA meeting on February 3 for clues on the interest rate trajectory, which will directly impact the bank’s margin outlook.

ResMed (ASX: RMD) – Healthcare Strength Confirmed

ResMed delivered strong Q2 FY2026 results on 29 January, with revenue climbing 11% to US$1.4 billion and gross margins expanding 320 basis points to 61.8%. The sleep apnea and respiratory care specialist also received FDA clearance for its AI-enabled Smart Comfort device.

What stood out was margin improvement, suggesting operational leverage is kicking in. For healthcare exposure with proven earnings growth, ResMed’s results reinforce the investment case, though premium valuations leave little room for error.

Lynas Rare Earths (ASX: LYC) – Strategic Value Meets Leadership Change

Lynas remains the dominant Western rare earth producer, with its market cap surging over 160% in the past year to around A$15.5 billion. Its Mt Weld mine positions it as critical in EV and defence supply chains.

However, CEO Amanda Lacaze, who led the decade-long turnaround, announced her retirement in January. This transition introduces uncertainty during strong operational momentum, warranting close monitoring.

Northern Star Resources (ASX: NST) – Gold’s Bull Run Beneficiary

Northern Star hit an all-time high of A$28.77 on 21 January as gold surged past $5,100 per ounce. Australia’s largest gold producer reports half-year results around 11-12 February.

Gold’s record run, driven by geopolitical uncertainty and central bank buying, provides a favourable backdrop. However, at current valuations, much near-term optimism appears priced in. Gold bulls get scale and quality, but a pullback could create more attractive entry points.

The Bottom Line

These six stocks capture February’s key themes: uranium’s structural bull run, gold’s record territory, healthcare resilience, and financial sector earnings tests. Each holds leadership positions offering thematic exposure without the binary risks smaller players carry.