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New Zealand (NZX) Market Analysis & Valuation

UpdatedFeb 12, 2026
DataAggregated Company Financials
Companies102
  • 7D0.4%
  • 3M-0.9%
  • 1Y2.6%
  • YTD-0.3%

Over the last 7 days, the market has remained flat, although notably the Communication Services sector declined by 3.9%. Similarly, the market is flat for the past 12 months. Looking forward, 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
Thu, 12 Feb 2026NZ$179.2bNZ$115.6bNZ$4.0b18.7x45.3x1.5x
Sat, 10 Jan 2026NZ$181.4bNZ$115.5bNZ$3.9b17.8x46.4x1.6x
Mon, 08 Dec 2025NZ$178.2bNZ$115.3bNZ$3.9b18.1x45.6x1.5x
Wed, 05 Nov 2025NZ$181.2bNZ$116.0bNZ$3.5b19.5x52.1x1.6x
Fri, 03 Oct 2025NZ$179.6bNZ$115.8bNZ$3.5b18.7x51.7x1.6x
Sun, 31 Aug 2025NZ$173.6bNZ$115.6bNZ$3.5b17.7x50x1.5x
Tue, 29 Jul 2025NZ$171.4bNZ$115.7bNZ$3.5b19.2x49.3x1.5x
Thu, 26 Jun 2025NZ$166.5bNZ$116.0bNZ$3.5b19.6x48.1x1.4x
Sat, 24 May 2025NZ$168.0bNZ$115.4bNZ$2.9b18.6x58.4x1.5x
Mon, 21 Apr 2025NZ$161.0bNZ$115.2bNZ$2.6b18.8x61.4x1.4x
Wed, 19 Mar 2025NZ$160.4bNZ$113.9bNZ$2.6b18.8x62.6x1.4x
Fri, 14 Feb 2025NZ$171.0bNZ$113.7bNZ$3.2b20.1x54.2x1.5x
Sun, 12 Jan 2025NZ$169.7bNZ$113.6bNZ$3.1b20.1x54.1x1.5x
Tue, 10 Dec 2024NZ$168.8bNZ$113.6bNZ$3.1b19.5x53.8x1.5x
Thu, 07 Nov 2024NZ$168.2bNZ$112.8bNZ$4.3b19.4x39.3x1.5x
Sat, 05 Oct 2024NZ$165.6bNZ$112.8bNZ$4.3b19.1x38.6x1.5x
Mon, 02 Sep 2024NZ$163.9bNZ$112.9bNZ$4.8b20.2x34.4x1.5x
Wed, 31 Jul 2024NZ$163.3bNZ$110.8bNZ$4.7b17.6x35x1.5x
Fri, 28 Jun 2024NZ$154.6bNZ$109.6bNZ$4.3b14.9x35.8x1.4x
Sun, 26 May 2024NZ$155.1bNZ$110.9bNZ$5.3b15.5x29.3x1.4x
Tue, 23 Apr 2024NZ$154.8bNZ$110.0bNZ$5.8b16.7x26.6x1.4x
Thu, 21 Mar 2024NZ$155.9bNZ$111.2bNZ$5.7b16.9x27.2x1.4x
Sat, 17 Feb 2024NZ$155.4bNZ$109.1bNZ$6.4b14.9x24.3x1.4x
Mon, 15 Jan 2024NZ$158.8bNZ$109.2bNZ$6.6b16x23.9x1.5x
Wed, 13 Dec 2023NZ$153.2bNZ$109.2bNZ$6.6b15.6x23.1x1.4x
Fri, 10 Nov 2023NZ$149.0bNZ$109.2bNZ$5.8b16.4x25.6x1.4x
Sun, 08 Oct 2023NZ$152.0bNZ$109.0bNZ$5.8b16.1x26.1x1.4x
Tue, 05 Sep 2023NZ$157.2bNZ$110.7bNZ$5.9b16.4x26.6x1.4x
Thu, 03 Aug 2023NZ$164.2bNZ$108.2bNZ$6.6b17x24.8x1.5x
Sat, 01 Jul 2023NZ$163.6bNZ$108.4bNZ$6.6b16.1x24.7x1.5x
Mon, 29 May 2023NZ$160.7bNZ$107.2bNZ$7.0b15.7x23.1x1.5x
Wed, 26 Apr 2023NZ$164.0bNZ$107.4bNZ$7.6b15.6x21.6x1.5x
Fri, 24 Mar 2023NZ$150.0bNZ$106.2bNZ$7.2b15.7x20.9x1.4x
Sun, 19 Feb 2023NZ$166.4bNZ$100.8bNZ$6.4b17.2x25.8x1.7x
Price to Earnings Ratio

25.8x


Total Market Cap: NZ$166.4bTotal Earnings: NZ$6.4bTotal Revenue: NZ$100.8bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Market Price to Earnings3Y Average 37.9x202420252026
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 45.3x which is higher than its 3-year average PE of 37.9x.
Past Earnings Growth
  • The earnings for New Zealander listed companies have declined 15% per year over the last three years.
  • Meanwhile revenues for these companies have grown 4.7% 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 Market0.36%
Financials2.40%
Tech2.11%
Industrials1.67%
Consumer Staples1.13%
Real Estate0.72%
Utilities0.47%
Materials0.36%
Energy0%0
Consumer Discretionary-0.48%
Healthcare-1.36%
Telecom-3.89%
Sector PE
  • Investors favour the Utilities sector the most for future growth, which is trading above its 3-year average PE ratio of 70.0x.
    • Analysts are expecting annual earnings growth of 21.0%, 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 101% over the next 5 years.
  • In contrast, the Financials sector is expected to see its earnings decline by 7.1% 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$11.304.3%
+NZ$469.7m		1.7%PE39.9xFinancials
AIA Auckland International AirportNZ$8.612.5%
+NZ$356.0m		1.1%PE34.7xIndustrials
MEL Meridian EnergyNZ$5.791.4%
+NZ$211.1m		-3.5%PS3.2xUtilities
ATM a2 MilkNZ$10.182.8%
+NZ$203.1m		56.6%PE36.4xConsumer Staples
CEN Contact EnergyNZ$9.781.3%
+NZ$129.3m		5.3%PE29.4xUtilities
See more

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FPH
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7D
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1Y
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Analysts have made slight adjustments to their price target for Fisher & Paykel Healthcare, keeping fair value broadly unchanged at about $39.15 per share. They have updated inputs such as the discount rate and assumed future P/E to reflect refreshed views on risk and long-term valuation assumptions.
ATM
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a2 Milk
7D
2.8%
1Y
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CNU
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7D
-4.3%
1Y
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IFT
NZ$11.30
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7D
4.3%
1Y
1.7%

IFT: Upcoming Dividend And Reinforced Fair Value Will Support Upside

Analysts have maintained their fair value estimate for Infratil at $14.02 per share, making small adjustments to assumptions such as a slightly lower discount rate and a modestly reduced future P/E. These changes reflect updated views on risk and long-term earnings potential.
AIA
NZ$8.61
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7D
2.5%
1Y
1.1%
SPK
NZ$2.19
Spark New Zealand
7D
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1Y
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NZ$4.85
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7D
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1Y
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1.4%
1Y
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SUM
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SKL
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7D
9.0%
1Y
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7D
1.4%
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