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New Zealand (NZX) Market Analysis & Valuation

UpdatedApr 01, 2026
DataAggregated Company Financials
Companies104
  • 7D1.3%
  • 3M-5.2%
  • 1Y3.0%
  • YTD-5.5%

The Utilities sector has led the market, which has gained 1.3%. The market is up 3.0% over the last 12 months. Looking forward, earnings are forecast to grow by 16% annually.

Trending IndustriesSoftware

Market Valuation and Performance

Has the New Zealand Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 01 Apr 2026NZ$171.2bNZ$118.3bNZ$4.5b17.2x37.6x1.4x
Fri, 27 Feb 2026NZ$179.3bNZ$116.7bNZ$4.7b18x38.3x1.5x
Sun, 25 Jan 2026NZ$178.6bNZ$115.5bNZ$4.0b18.9x45.2x1.5x
Tue, 23 Dec 2025NZ$178.5bNZ$115.3bNZ$3.9b18.5x45.7x1.5x
Thu, 20 Nov 2025NZ$178.2bNZ$116.5bNZ$4.0b19.9x44x1.5x
Sat, 18 Oct 2025NZ$177.5bNZ$115.8bNZ$3.5b19x51.1x1.5x
Mon, 15 Sep 2025NZ$176.6bNZ$115.7bNZ$3.6b17.8x48.5x1.5x
Wed, 13 Aug 2025NZ$169.9bNZ$115.8bNZ$3.5b19.1x48.7x1.5x
Fri, 11 Jul 2025NZ$170.1bNZ$116.2bNZ$3.5b19.3x49.1x1.5x
Sun, 08 Jun 2025NZ$168.2bNZ$116.0bNZ$3.5b18.8x48.6x1.4x
Tue, 06 May 2025NZ$164.6bNZ$115.3bNZ$2.6b18.5x62.7x1.4x
Thu, 03 Apr 2025NZ$163.2bNZ$115.5bNZ$2.6b18.7x62.1x1.4x
Sat, 01 Mar 2025NZ$166.5bNZ$114.1bNZ$2.5b19.5x66x1.5x
Mon, 27 Jan 2025NZ$171.1bNZ$113.6bNZ$3.2b19.7x54.3x1.5x
Wed, 25 Dec 2024NZ$171.5bNZ$113.6bNZ$3.1b19.9x54.7x1.5x
Fri, 22 Nov 2024NZ$170.0bNZ$113.6bNZ$3.2b19.5x53.8x1.5x
Sun, 20 Oct 2024NZ$170.4bNZ$112.8bNZ$4.3b19.4x39.8x1.5x
Tue, 17 Sep 2024NZ$165.2bNZ$113.0bNZ$4.6b19.4x36.1x1.5x
Thu, 15 Aug 2024NZ$165.4bNZ$110.8bNZ$4.8b18.7x34.7x1.5x
Sat, 13 Jul 2024NZ$160.0bNZ$110.9bNZ$4.7b16.5x34.2x1.4x
Mon, 10 Jun 2024NZ$155.7bNZ$109.4bNZ$4.3b15.3x36.1x1.4x
Wed, 08 May 2024NZ$154.2bNZ$110.1bNZ$5.8b15.9x26.5x1.4x
Fri, 05 Apr 2024NZ$158.1bNZ$110.0bNZ$5.8b17.6x27.1x1.4x
Sun, 03 Mar 2024NZ$156.1bNZ$111.2bNZ$5.8b17.2x27.1x1.4x
Tue, 30 Jan 2024NZ$158.8bNZ$109.3bNZ$6.6b15.7x23.9x1.5x
Thu, 28 Dec 2023NZ$156.4bNZ$109.3bNZ$6.6b15.7x23.5x1.4x
Sat, 25 Nov 2023NZ$150.2bNZ$109.2bNZ$6.6b15.6x22.8x1.4x
Mon, 23 Oct 2023NZ$147.9bNZ$109.2bNZ$5.8b16.5x25.4x1.4x
Wed, 20 Sep 2023NZ$153.6bNZ$110.7bNZ$5.9b16x26x1.4x
Fri, 18 Aug 2023NZ$160.2bNZ$108.0bNZ$6.4b16.4x25.2x1.5x
Sun, 16 Jul 2023NZ$164.5bNZ$108.2bNZ$6.6b17x24.9x1.5x
Tue, 13 Jun 2023NZ$157.9bNZ$108.0bNZ$6.2b15.8x25.4x1.5x
Thu, 11 May 2023NZ$164.2bNZ$107.2bNZ$7.6b15.1x21.6x1.5x
Sat, 08 Apr 2023NZ$162.6bNZ$107.2bNZ$7.6b15.6x21.4x1.5x
Price to Earnings Ratio

21.4x


Total Market Cap: NZ$162.6bTotal Earnings: NZ$7.6bTotal Revenue: NZ$107.2bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Market Price to Earnings3Y Average 38.7x202420252026
Current Market PE
  • Investors are relatively neutral on the New Zealander market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
  • The market is trading at a PE ratio close to its 3-year average PE ratio of 38.7x.
Past Earnings Growth
  • The earnings for New Zealander listed companies have declined 16% per year over the last three years.
  • Meanwhile revenues for these companies have grown 3.3% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Sector Trends

Which sectors have driven the changes within the New Zealand Market?

NZ Market1.27%
Financials6.56%
Utilities2.48%
Healthcare2.37%
Consumer Discretionary0.85%
Consumer Staples0.83%
Tech0.17%
Industrials-0.76%
Telecom-0.98%
Real Estate-2.14%
Energy-4.29%
Materials-7.04%
Sector PE
  • Investors favour the Healthcare sector the most for future growth, which is trading above its 3-year average PE ratio of 41.8x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 20.6% which is higher than its past year's earnings decline of 6.7% per year.
Forecasted Growth
  • Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 106% over the next 5 years.
  • In contrast, the Financials sector is expected to see its earnings decline by 11% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
IFT InfratilNZ$11.657.9%
+NZ$849.4m		14.9%PE41.1xFinancials
FPH Fisher & Paykel HealthcareNZ$37.393.3%
+NZ$710.6m		8.4%PE50.2xHealthcare
MEL Meridian EnergyNZ$5.533.6%
+NZ$503.2m		-3.3%PS3.2xUtilities
ATM a2 MilkNZ$11.556.0%
+NZ$471.5m		32.9%PE40.4xConsumer Staples
CEN Contact EnergyNZ$9.253.4%
+NZ$319.7m		1.1%PE25.1xUtilities
See more

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Latest News

FRW
NZ$12.00
Freightways Group
7D
-2.8%
1Y
14.9%

FRW: Upcoming Dividend Schedule Will Support A More Confident Earnings Outlook

Analysts have nudged their price target for Freightways Group slightly higher to NZ$15.31 from NZ$15.28. This reflects updated assumptions around the discount rate, long-term revenue growth, profit margins and future P/E multiples.
KPG
NZ$0.91
Kiwi Property Group
7D
-3.7%
1Y
3.4%
VCT
NZ$4.72
Vector
7D
2.2%
1Y
20.7%

VCT: Future Fair Value View Will Rely On Stable Distribution Volumes

Analysts have kept their NZ$4.98 price target for Vector unchanged. This reflects steady assumptions around fair value, discount rate, revenue growth, profit margin and future P/E.
EBO
NZ$22.25
EBOS Group
7D
3.5%
1Y
-41.8%

EBO: Index Removal And P/E Outlook Will Support Future Capital Efficiency Reassessment

Analysts have made a small upward adjustment to EBOS Group's fair value estimate, with the price target moving from around NZ$33.56 to NZ$33.59 as they fine tune assumptions on long term profitability and the future P/E multiple. What's in the News EBOS Group Limited was dropped from the S&P/ASX 200 Index, which may affect index fund ownership and trading volumes for the stock (Key Developments).
FCG
NZ$6.15
Fonterra Co-operative Group
7D
-2.4%
1Y
31.4%
FPH
NZ$37.39
Fisher & Paykel Healthcare
7D
3.3%
1Y
8.4%

FPH: Updated Guidance And Sector Perform Rating Will Shape Balanced Future Expectations

Analysts have trimmed their fair value estimate for Fisher & Paykel Healthcare to NZ$40.89 from NZ$41.12. The modest shift reflects updated assumptions for the discount rate, profit margin and future P/E, following recent guidance and a price target move to NZ$36 from NZ$31 in Street research.
ATM
NZ$11.55
a2 Milk
7D
6.0%
1Y
32.9%

ATM: Dividend And FY26 Outlook Will Support Steady Future Returns

Analysts have kept their NZ$10.93 price target for a2 Milk unchanged, reflecting largely consistent assumptions around the discount rate, revenue growth, profit margin and future P/E relative to prior estimates. What's in the News a2 Milk declared an interim dividend of NZ$0.115 per share, described as unimputed and fully franked, representing around 74% of NPAT from continuing operations for the six months ended December 31, 2025 (Key Developments).
AIA
NZ$7.97
Auckland International Airport
7D
0.5%
1Y
-0.4%

AIA: Passenger Volumes And Stable Margins Will Support A Steady Dividend Outlook

Analysts have kept their NZ$8.65 price target for Auckland International Airport steady, citing only marginal tweaks to the discount rate, profit margin assumptions and future P/E inputs rather than any shift in the core outlook. What's in the News Traffic data for February 2026 shows Auckland Airport handling 1,612,458 total passengers and 13,076 aircraft movements, with maximum certified take off weight (MCTOW) of 637,621 tonnes.
SUM
NZ$8.88
Summerset Group Holdings
7D
-4.6%
1Y
-21.1%
IFT
NZ$11.65
Infratil
7D
7.9%
1Y
14.9%

IFT: Slight Model Refinements Will Support Future Upside Potential

Analysts have nudged their price target for Infratil slightly lower from NZ$14.02 to NZ$13.98. This reflects small tweaks to fair value estimates, discount rate assumptions and forward P/E expectations rather than any major shift in the investment case.
CEN
NZ$9.25
Contact Energy
7D
3.4%
1Y
1.1%

CEN: Recent Equity Raises Will Support Future Margin Upside

Analysts have kept their NZ$ price target on Contact Energy unchanged, reflecting consistent assumptions for fair value, discount rate, revenue growth, profit margin and future P/E. What's in the News Completed a follow on equity offering of NZ$125 million, issuing 14,285,714 ordinary shares at NZ$8.75 per share under Regulation S (Key Developments).
CHI
NZ$2.90
Channel Infrastructure NZ
7D
-4.3%
1Y
47.2%
POT
NZ$7.78
Port of Tauranga
7D
-1.0%
1Y
17.7%
MEL
NZ$5.53
Meridian Energy
7D
3.6%
1Y
-3.3%
VHP
NZ$1.81
Vital Healthcare Property Trust
7D
-3.7%
1Y
6.5%
FBU
NZ$2.95
Fletcher Building
7D
-6.3%
1Y
-10.1%