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New Zealand (NZX) Market Analysis & Valuation

UpdatedApr 22, 2026
DataAggregated Company Financials
Companies104
  • 7D-0.3%
  • 3M-3.6%
  • 1Y7.8%
  • YTD-4.4%

The market has been flat in the last week, however the Energy sector is down 3.3%. More promisingly, the market is up 5.5% over the past year. 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, 22 Apr 2026NZ$173.5bNZ$118.5bNZ$4.6b16.6x38.1x1.5x
Fri, 20 Mar 2026NZ$172.7bNZ$117.3bNZ$4.6b17.6x37.6x1.5x
Sun, 15 Feb 2026NZ$175.6bNZ$115.6bNZ$4.0b18.4x44.3x1.5x
Tue, 13 Jan 2026NZ$181.2bNZ$115.5bNZ$4.0b18.4x45.8x1.6x
Thu, 11 Dec 2025NZ$177.6bNZ$115.3bNZ$3.9b18.6x45.5x1.5x
Sat, 08 Nov 2025NZ$180.9bNZ$116.0bNZ$3.5b19.7x52x1.6x
Mon, 06 Oct 2025NZ$180.3bNZ$115.8bNZ$3.5b18.9x51.9x1.6x
Wed, 03 Sep 2025NZ$175.5bNZ$115.6bNZ$3.6b18x48.2x1.5x
Fri, 01 Aug 2025NZ$170.4bNZ$115.7bNZ$3.5b19.4x49.1x1.5x
Sun, 29 Jun 2025NZ$167.7bNZ$116.0bNZ$3.5b19.1x48.5x1.4x
Tue, 27 May 2025NZ$167.4bNZ$115.3bNZ$2.9b18.3x58.2x1.5x
Thu, 24 Apr 2025NZ$158.8bNZ$115.2bNZ$2.6b18.2x60.6x1.4x
Sat, 22 Mar 2025NZ$160.4bNZ$115.3bNZ$2.6b19x62.5x1.4x
Mon, 17 Feb 2025NZ$171.7bNZ$113.7bNZ$3.2b20x54.4x1.5x
Wed, 15 Jan 2025NZ$169.0bNZ$113.6bNZ$3.1b20.4x53.9x1.5x
Fri, 13 Dec 2024NZ$167.9bNZ$113.6bNZ$3.1b19.7x53.5x1.5x
Sun, 10 Nov 2024NZ$169.7bNZ$112.9bNZ$4.2b19.3x40.2x1.5x
Tue, 08 Oct 2024NZ$165.8bNZ$112.9bNZ$4.3b19.2x38.6x1.5x
Thu, 05 Sep 2024NZ$164.4bNZ$112.9bNZ$4.7b20.5x35.3x1.5x
Sat, 03 Aug 2024NZ$164.0bNZ$110.6bNZ$4.7b18x35.2x1.5x
Mon, 01 Jul 2024NZ$154.5bNZ$109.6bNZ$4.3b15x35.9x1.4x
Wed, 29 May 2024NZ$154.9bNZ$111.0bNZ$5.2b15.5x30x1.4x
Fri, 26 Apr 2024NZ$156.3bNZ$110.1bNZ$5.8b16.6x26.8x1.4x
Sun, 24 Mar 2024NZ$156.8bNZ$109.9bNZ$5.9b16.7x26.6x1.4x
Tue, 20 Feb 2024NZ$155.3bNZ$109.4bNZ$6.6b13.9x23.6x1.4x
Thu, 18 Jan 2024NZ$157.8bNZ$109.2bNZ$6.6b15.5x23.7x1.4x
Sat, 16 Dec 2023NZ$154.3bNZ$109.3bNZ$6.6b15.7x23.2x1.4x
Mon, 13 Nov 2023NZ$149.1bNZ$108.5bNZ$5.7b17.2x26x1.4x
Wed, 11 Oct 2023NZ$152.1bNZ$109.0bNZ$5.8b16.1x26.1x1.4x
Fri, 08 Sep 2023NZ$155.3bNZ$110.6bNZ$5.9b16.7x26.3x1.4x
Sun, 06 Aug 2023NZ$164.0bNZ$108.4bNZ$6.6b16.5x24.8x1.5x
Tue, 04 Jul 2023NZ$163.6bNZ$108.3bNZ$6.6b16.2x24.7x1.5x
Thu, 01 Jun 2023NZ$160.7bNZ$108.0bNZ$6.2b16.4x25.8x1.5x
Sat, 29 Apr 2023NZ$164.1bNZ$107.3bNZ$7.6b15.2x21.6x1.5x
Price to Earnings Ratio

21.6x


Total Market Cap: NZ$164.1bTotal Earnings: NZ$7.6bTotal Revenue: NZ$107.3bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Market Price to Earnings3Y Average 39x202420252026
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 39.0x.
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 3.4% 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-0.30%
Financials2.44%
Tech0.28%
Utilities0.058%
Telecom-0.042%
Industrials-0.57%
Consumer Staples-0.72%
Healthcare-0.77%
Real Estate-1.47%
Consumer Discretionary-1.91%
Energy-1.99%
Materials-2.34%
Sector PE
  • Investors favour the Healthcare sector the most for future growth, which is trading above its 3-year average PE ratio of 42.8x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 20.4% 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 105% 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$12.463.7%
+NZ$439.7m		18.8%PE44xFinancials
MFT MainfreightNZ$60.303.7%
+NZ$217.5m		8.2%PE24xIndustrials
CNU ChorusNZ$9.773.6%
+NZ$147.5m		25.7%PE176.6xTelecom
MEL Meridian EnergyNZ$5.690.7%
+NZ$105.9m		2.7%PS3.3xUtilities
FCG Fonterra Co-operative GroupNZ$4.700.9%
+NZ$96.3m		54.6%PE10.8xConsumer Staples
See more

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Latest News

IFT
NZ$12.46
Infratil
7D
3.7%
1Y
18.8%
CNU
NZ$9.77
Chorus
7D
3.6%
1Y
25.7%

CNU: Stable Outlook Will Depend On Dividend Timetable And Refined Assumptions

Analysts have nudged their Chorus price target fractionally lower to NZ$9.46. This reflects updated assumptions around fair value, discount rate, revenue growth, profit margin and future P/E that are only slightly different from prior estimates.
AIA
NZ$8.22
Auckland International Airport
7D
0.5%
1Y
1.9%

AIA: Stable Passenger Trends And Dividend Policy Will Support A Fair Outlook

Analysts have nudged their price target for Auckland International Airport slightly higher to NZ$8.67 from NZ$8.65, reflecting updated assumptions around discount rates, revenue growth, profit margins and future P/E that are only marginally different from prior views. What's in the News Reported March 2026 traffic with Auckland Airport total passengers at 1,719,050 and aircraft movements at 13,961, alongside Queenstown Airport passengers at 247,220 and 1,671 aircraft movements (company traffic update).
FPH
NZ$37.35
Fisher & Paykel Healthcare
7D
-3.0%
1Y
11.8%

If EPS Growth Is Important To You, Fisher & Paykel Healthcare (NZSE:FPH) Presents An Opportunity

Apr 18
If EPS Growth Is Important To You, Fisher & Paykel Healthcare (NZSE:FPH) Presents An Opportunity
FBU
NZ$2.82
Fletcher Building
7D
-5.4%
1Y
-9.3%
ATM
NZ$9.03
a2 Milk
7D
-3.9%
1Y
2.4%
MFT
NZ$60.30
Mainfreight
7D
3.7%
1Y
8.2%
MCY
NZ$6.60
Mercury NZ
7D
-1.9%
1Y
16.6%

MCY: Geothermal Expansion And Upcoming Distribution Will Support Steady Outlook

Analysts have kept their NZ$6.99 price target for Mercury NZ unchanged. This reflects broadly consistent assumptions for fair value, discount rate, revenue growth, profit margin and future P/E in their latest updates.
SKL
NZ$5.84
Skellerup Holdings
7D
3.4%
1Y
49.0%

SKL: Higher Interim Dividend Will Support Future Upside

Analysts have maintained their NZ$6.25 price target for Skellerup Holdings, citing only very small model tweaks to discount rate, revenue growth, profit margin and assumed future P/E as the basis for leaving their valuation view unchanged. What's in the News The board declared an interim dividend of 10.0 cents per share for the period ended 31 December 2025, imputed at 40%.
EBO
NZ$21.50
EBOS Group
7D
-5.9%
1Y
-41.1%

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

Analysts have nudged their fair value estimate for EBOS Group to NZ$33.94 from NZ$33.59, reflecting slightly updated assumptions for long term profit margins and future P/E multiples, while keeping revenue growth and discount rate broadly unchanged. What's in the News EBOS Group Limited was removed from the S&P/ASX 200 Index, which can affect how some index funds and benchmark aware investors are exposed to the stock (Key Developments).
FCG
NZ$4.70
Fonterra Co-operative Group
7D
0.9%
1Y
54.6%
GNE
NZ$2.29
Genesis Energy
7D
2.7%
1Y
6.0%
SUM
NZ$8.05
Summerset Group Holdings
7D
-7.5%
1Y
-25.7%
SPK
NZ$2.07
Spark New Zealand
7D
-2.8%
1Y
0.2%
GNZ
NZ$1.87
Goodman Property Trust
7D
-3.1%
1Y
0.5%
MEL
NZ$5.69
Meridian Energy
7D
0.7%
1Y
2.7%