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New Zealand (NZX) Market Analysis & Valuation

UpdatedDec 03, 2025
DataAggregated Company Financials
Companies102
  • 7D-0.4%
  • 3M1.3%
  • 1Y1.4%
  • YTD2.4%

In the last week, the market has stayed flat, however the Information Technology sector stood out, gaining 5.8%. In line with that, the market has also been flat over the past year. Earnings are forecast to grow by 17% annually.

Trending IndustriesSoftware

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 03 Dec 2025NZ$178.7bNZ$115.3bNZ$3.9b18.3x45.8x1.5x
Fri, 31 Oct 2025NZ$180.1bNZ$115.9bNZ$3.5b19x51.8x1.6x
Sun, 28 Sep 2025NZ$175.5bNZ$115.7bNZ$3.4b17.7x51.3x1.5x
Tue, 26 Aug 2025NZ$175.0bNZ$115.8bNZ$4.0b18.2x43.4x1.5x
Thu, 24 Jul 2025NZ$170.2bNZ$115.7bNZ$3.5b19.1x49x1.5x
Sat, 21 Jun 2025NZ$167.9bNZ$116.1bNZ$3.5b19.5x48.5x1.4x
Mon, 19 May 2025NZ$169.7bNZ$115.4bNZ$2.7b18.9x63.6x1.5x
Wed, 16 Apr 2025NZ$160.1bNZ$115.2bNZ$2.6b18.6x61.1x1.4x
Fri, 14 Mar 2025NZ$162.5bNZ$114.0bNZ$2.6b19.4x63.4x1.4x
Sun, 09 Feb 2025NZ$170.4bNZ$113.7bNZ$3.2b19.7x54x1.5x
Tue, 07 Jan 2025NZ$171.1bNZ$113.7bNZ$3.1b20.2x54.6x1.5x
Thu, 05 Dec 2024NZ$172.6bNZ$113.6bNZ$3.1b19.9x55x1.5x
Sat, 02 Nov 2024NZ$167.4bNZ$112.8bNZ$4.3b19.5x39.1x1.5x
Mon, 30 Sep 2024NZ$164.4bNZ$112.3bNZ$4.4b19.1x37.5x1.5x
Wed, 28 Aug 2024NZ$163.8bNZ$111.9bNZ$4.4b20.5x36.9x1.5x
Fri, 26 Jul 2024NZ$163.4bNZ$110.8bNZ$4.7b17.6x35x1.5x
Sun, 23 Jun 2024NZ$154.2bNZ$109.5bNZ$4.3b14.8x35.7x1.4x
Tue, 21 May 2024NZ$154.8bNZ$110.1bNZ$5.9b15.5x26.4x1.4x
Thu, 18 Apr 2024NZ$154.8bNZ$110.0bNZ$5.8b16.7x26.6x1.4x
Sat, 16 Mar 2024NZ$155.2bNZ$111.2bNZ$5.7b16.6x27x1.4x
Mon, 12 Feb 2024NZ$157.9bNZ$109.1bNZ$6.6b14.1x23.8x1.4x
Wed, 10 Jan 2024NZ$157.7bNZ$109.3bNZ$6.6b16.3x23.7x1.4x
Fri, 08 Dec 2023NZ$153.3bNZ$109.2bNZ$6.6b15.4x23.1x1.4x
Sun, 05 Nov 2023NZ$149.0bNZ$109.3bNZ$5.8b16.4x25.6x1.4x
Tue, 03 Oct 2023NZ$151.8bNZ$110.2bNZ$5.9b16.7x25.9x1.4x
Thu, 31 Aug 2023NZ$157.2bNZ$110.6bNZ$5.9b16.4x26.6x1.4x
Sat, 29 Jul 2023NZ$164.0bNZ$108.3bNZ$6.6b16.7x24.7x1.5x
Mon, 26 Jun 2023NZ$161.5bNZ$108.4bNZ$6.6b16.1x24.4x1.5x
Wed, 24 May 2023NZ$162.0bNZ$107.0bNZ$7.3b15.4x22.2x1.5x
Fri, 21 Apr 2023NZ$162.1bNZ$107.5bNZ$7.6b15.2x21.3x1.5x
Sun, 19 Mar 2023NZ$148.5bNZ$102.2bNZ$7.0b16.2x21.3x1.5x
Tue, 14 Feb 2023NZ$166.0bNZ$100.4bNZ$6.6b17.1x25.1x1.7x
Thu, 12 Jan 2023NZ$159.5bNZ$100.3bNZ$6.6b15.7x24.1x1.6x
Sat, 10 Dec 2022NZ$159.4bNZ$100.1bNZ$6.6b16.3x24.1x1.6x
Price to Earnings Ratio

24.1x


Total Market Cap: NZ$159.4bTotal Earnings: NZ$6.6bTotal Revenue: NZ$100.1bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Market Price to Earnings3Y Average 36.6x202320242025
Current Market PE
  • Investors are optimistic on the New Zealander market, and appear confident in strong long term growth rates.
  • The market is trading at a PE ratio of 45.7x which is higher than its 3-year average PE of 36.6x.
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 4.8% 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 Market-0.38%
Tech2.25%
Healthcare2.23%
Energy2.22%
Industrials0.87%
Telecom-0.13%
Financials-0.31%
Materials-0.84%
Consumer Discretionary-1.52%
Real Estate-1.52%
Consumer Staples-1.90%
Utilities-2.72%
Sector PE
  • Investors favour the Utilities sector the most for future growth, which is trading above its 3-year average PE ratio of 58.7x.
    • Analysts are expecting annual earnings growth of 22.0%, which is lower than the prior year's growth of 34.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 98% over the next 5 years.
  • In contrast, the Financials sector is expected to see its earnings decline by 4.7% 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
FPH Fisher & Paykel HealthcareNZ$38.003.5%
+NZ$763.4m		-1.2%PE51.1xHealthcare
FBU Fletcher BuildingNZ$3.476.1%
+NZ$214.1m		13.0%PS0.5xIndustrials
AIA Auckland International AirportNZ$8.091.1%
+NZ$152.6m		0.1%PE32.6xIndustrials
SPK Spark New ZealandNZ$2.322.7%
+NZ$113.4m		-20.1%PE17.4xTelecom
VCT VectorNZ$4.871.2%
+NZ$60.0m		24.2%PE31.5xUtilities
See more

Market Insights

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🏰 Defensive Stocks Are No Longer Cheap
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Richard Bowman
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In this piece, we’ll cover the key defensive sectors across the US, Canada, the UK, Europe, and Australia, compare their valuations to the broader market, and highlight where “safety” might actually be expensive risk in disguise.
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