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New Zealand (NZX) Market Analysis & Valuation

UpdatedJan 08, 2026
DataAggregated Company Financials
Companies103
  • 7D1.1%
  • 3M-0.1%
  • 1Y3.8%
  • YTD0.8%

The market is up 1.1% over the last week, with the Healthcare sector leading the way, up 2.2%. The market is up 3.8% over the last 12 months. As for the next few years, earnings are expected to grow by 17% per annum.

Trending IndustriesSoftware

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 08 Jan 2026NZ$180.6bNZ$115.5bNZ$3.9b18x46.2x1.6x
Sat, 06 Dec 2025NZ$178.8bNZ$115.3bNZ$3.9b18.1x45.8x1.6x
Mon, 03 Nov 2025NZ$181.2bNZ$116.0bNZ$3.5b19.3x52.1x1.6x
Wed, 01 Oct 2025NZ$177.6bNZ$115.9bNZ$3.5b18.5x51.3x1.5x
Fri, 29 Aug 2025NZ$173.0bNZ$115.5bNZ$3.5b17.8x49.7x1.5x
Sun, 27 Jul 2025NZ$170.9bNZ$115.7bNZ$3.5b19.3x49.2x1.5x
Tue, 24 Jun 2025NZ$167.4bNZ$116.1bNZ$3.5b19.6x48.3x1.4x
Thu, 22 May 2025NZ$169.5bNZ$115.4bNZ$2.8b18.8x60.4x1.5x
Sat, 19 Apr 2025NZ$161.0bNZ$115.2bNZ$2.6b18.8x61.4x1.4x
Mon, 17 Mar 2025NZ$162.9bNZ$113.9bNZ$2.6b19.3x63.6x1.4x
Wed, 12 Feb 2025NZ$170.1bNZ$113.7bNZ$3.2b20x54x1.5x
Fri, 10 Jan 2025NZ$171.1bNZ$113.7bNZ$3.1b20x54.6x1.5x
Sun, 08 Dec 2024NZ$168.8bNZ$113.5bNZ$3.1b20x53.8x1.5x
Tue, 05 Nov 2024NZ$167.6bNZ$112.8bNZ$4.3b19.2x39.1x1.5x
Thu, 03 Oct 2024NZ$164.0bNZ$112.7bNZ$4.3b19.4x38.3x1.5x
Sat, 31 Aug 2024NZ$163.8bNZ$112.9bNZ$4.6b20.4x35.9x1.5x
Mon, 29 Jul 2024NZ$162.8bNZ$110.9bNZ$4.7b17.4x34.9x1.5x
Wed, 26 Jun 2024NZ$154.8bNZ$109.5bNZ$4.3b15x35.9x1.4x
Fri, 24 May 2024NZ$155.5bNZ$110.9bNZ$5.3b15.7x29.3x1.4x
Sun, 21 Apr 2024NZ$154.8bNZ$110.0bNZ$5.8b16.7x26.6x1.4x
Tue, 19 Mar 2024NZ$154.8bNZ$111.2bNZ$5.7b16.8x26.9x1.4x
Thu, 15 Feb 2024NZ$156.5bNZ$109.1bNZ$6.6b13.9x23.5x1.4x
Sat, 13 Jan 2024NZ$158.7bNZ$109.2bNZ$6.6b16x23.9x1.5x
Mon, 11 Dec 2023NZ$153.4bNZ$109.3bNZ$6.6b15.5x23.1x1.4x
Wed, 08 Nov 2023NZ$150.6bNZ$109.3bNZ$5.8b16.4x25.8x1.4x
Fri, 06 Oct 2023NZ$151.8bNZ$109.0bNZ$5.8b16.2x26x1.4x
Sun, 03 Sep 2023NZ$157.1bNZ$110.6bNZ$5.9b16.4x26.6x1.4x
Tue, 01 Aug 2023NZ$165.5bNZ$108.3bNZ$6.6b16.3x25x1.5x
Thu, 29 Jun 2023NZ$160.2bNZ$108.4bNZ$6.6b16.2x24.2x1.5x
Sat, 27 May 2023NZ$160.7bNZ$107.1bNZ$6.9b15.7x23.1x1.5x
Mon, 24 Apr 2023NZ$162.7bNZ$107.5bNZ$7.6b15.6x21.4x1.5x
Wed, 22 Mar 2023NZ$146.8bNZ$102.4bNZ$7.0b16x20.9x1.4x
Fri, 17 Feb 2023NZ$166.2bNZ$100.8bNZ$6.4b17.3x25.8x1.6x
Sun, 15 Jan 2023NZ$161.3bNZ$100.4bNZ$6.6b15.8x24.4x1.6x
Price to Earnings Ratio

24.4x


Total Market Cap: NZ$161.3bTotal Earnings: NZ$6.6bTotal Revenue: NZ$100.4bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Market Price to Earnings3Y Average 37.3x202420252026
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 46.2x which is higher than its 3-year average PE of 37.3x.
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 Market1.07%
Financials4.12%
Tech2.65%
Healthcare2.25%
Materials1.72%
Energy1.03%
Industrials0.97%
Real Estate0.82%
Consumer Discretionary0.26%
Utilities0.16%
Telecom-0.18%
Consumer Staples-0.24%
Sector PE
  • Investors favour the Utilities sector the most for future growth, which is trading above its 3-year average PE ratio of 64.4x.
    • Analysts are expecting annual earnings growth of 22.1%, 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 96% over the next 5 years.
  • In contrast, the Financials sector is expected to see its earnings decline by 6.3% 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$38.903.0%
+NZ$675.4m		3.1%PE52.3xHealthcare
IFT InfratilNZ$11.433.2%
+NZ$349.8m		-5.0%PE40.3xFinancials
AIA Auckland International AirportNZ$8.502.0%
+NZ$288.2m		1.4%PE34.2xIndustrials
MEL Meridian EnergyNZ$5.671.3%
+NZ$184.8m		-3.9%PS3.1xUtilities
FBU Fletcher BuildingNZ$3.813.5%
+NZ$139.2m		34.6%PS0.6xIndustrials
See more

Market Insights

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Latest News

VGL
NZ$2.51
Vista Group International
7D
-3.5%
1Y
-20.3%

VGL: Fair Outlook Will Balance Higher Margins With Reduced Future Earnings Multiple

Analysts have adjusted their price target on Vista Group International to reflect updated assumptions for revenue growth of 15.07%, a profit margin of 9.66% and a future P/E of 37.37x, while keeping fair value steady at $2.80 and making a small change to the discount rate. Valuation Changes Fair Value: Fair value is unchanged at NZ$2.80.
FCG
NZ$6.00
Fonterra Co-operative Group
7D
0.8%
1Y
39.9%

These 4 Measures Indicate That Fonterra Co-operative Group (NZSE:FCG) Is Using Debt Reasonably Well

Jan 05
These 4 Measures Indicate That Fonterra Co-operative Group (NZSE:FCG) Is Using Debt Reasonably Well
IFT
NZ$11.43
Infratil
7D
3.2%
1Y
-5.0%

IFT: Dividend Uplift And AI Data Centre Capacity Will Support Upside

Analysts have nudged their price target for Infratil higher to $14.02 from $13.72, reflecting updated assumptions around discount rates, long-term revenue trends, margins and a slightly higher future P/E multiple. What's in the News Infratil Limited declared a cash dividend of NZ$0.08044118 per ordinary share for the six months ended 30 September 2025, with an ex date of 26 November 2025, a record date of 27 November 2025, and a payment date of 16 December 2025 (Key Developments).
SCL
NZ$5.75
Scales
7D
-3.5%
1Y
42.7%
OCA
NZ$0.89
Oceania Healthcare
7D
-3.3%
1Y
20.3%

OCA: Slightly Lower Risk And Margins Will Support Fair Future Pricing

Analysts have slightly raised their price target on Oceania Healthcare to NZ$0.84, citing marginal improvements in assumed revenue growth, profit margins, and a modestly lower discount rate that together support a similar but incrementally more confident valuation profile. Valuation Changes Fair Value: Unchanged at NZ$0.84 per share, indicating a steady central valuation despite model refinements.
FRW
NZ$14.29
Freightways Group
7D
-1.1%
1Y
34.8%

FRW: Future Revenue And Margin Assumptions Will Shape Fairly Balanced Outlook

Analysts have raised their price target for Freightways Group slightly, from NZ$13.51 to NZ$13.69. This reflects modestly stronger expectations for revenue growth and margins, even as long term valuation multiples edge lower.
ATM
NZ$10.65
a2 Milk
7D
-1.2%
1Y
75.2%

ATM: China Regulatory Progress And New Distribution Will Shape Balanced Outlook

Analysts have modestly raised their price target on a2 Milk to approximately $10.16 per share from about $9.93, reflecting slightly higher long term profit margin expectations and a marginally richer future P/E multiple. What's in the News a2 Milk received approvals from New Zealand's Ministry for Primary Industries and China's General Administration of Customs to progress regulatory steps needed to transition two China label infant formula registrations to a2-branded products, with final SAMR approval to be sought in December 2025 and a potential product launch targeted for late first half 2027 (Regulatory Authority – Compliance) The company confirmed earnings guidance for 2026, expecting low double digit percentage revenue growth versus FY25, reinforcing management confidence in medium term performance (Corporate Guidance – New/Confirmed) a2 Milk expanded its long term strategic cooperation with China State Farm Agribusiness Holding Shanghai to include English label infant milk formula products in the cross border eCommerce channel from early calendar 2026, broadening distribution for a2 Genesis and paving the way for other products such as a2 Platinum (Client Announcements) The enhanced partnership with China State Farm, a state owned enterprise with deep reach into mother and baby stores and major online platforms, is expected to strengthen a2 Milk's brand position and control over its English label distribution in China (Client Announcements) Valuation Changes Fair Value: Increased slightly from around NZ$9.93 to approximately NZ$10.16 per share.
FPH
NZ$38.90
Fisher & Paykel Healthcare
7D
3.0%
1Y
3.1%

FPH: Dividend Increase And Earnings Upgrade Will Support Fair Future Returns

Analysts have slightly raised their price target on Fisher & Paykel Healthcare to $NZD 39.33, reflecting modestly lower discount rate assumptions and a slightly higher future P/E multiple, partly offset by a small downward revision to projected profit margins. What's in the News Directors approved an increased interim dividend of 19.0 cents per ordinary share, up from 18.5 cents in the prior first half, to be paid on 16 December 2025 with a record date of 4 December 2025 (company announcement).
MCY
NZ$6.55
Mercury NZ
7D
1.1%
1Y
11.0%

Mercury NZ Limited's (NZSE:MCY) Share Price Could Signal Some Risk

Dec 15
Mercury NZ Limited's (NZSE:MCY) Share Price Could Signal Some Risk
MEL
NZ$5.67
Meridian Energy
7D
1.3%
1Y
-3.9%
FBU
NZ$3.81
Fletcher Building
7D
3.5%
1Y
34.6%
CNU
NZ$9.36
Chorus
7D
-0.4%
1Y
7.1%
EBO
NZ$27.50
EBOS Group
7D
-0.4%
1Y
-25.8%

EBOS Group Limited's (NZSE:EBO) Price Is Out Of Tune With Earnings

Dec 08
EBOS Group Limited's (NZSE:EBO) Price Is Out Of Tune With Earnings
MFT
NZ$68.20
Mainfreight
7D
-0.6%
1Y
-5.9%
GNE
NZ$2.45
Genesis Energy
7D
2.1%
1Y
11.9%
AIA
NZ$8.50
Auckland International Airport
7D
2.0%
1Y
1.4%

We Think Auckland International Airport (NZSE:AIA) Can Stay On Top Of Its Debt

Nov 24
We Think Auckland International Airport (NZSE:AIA) Can Stay On Top Of Its Debt