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New Zealand (NZX) Market Analysis & Valuation

UpdatedMar 26, 2026
DataAggregated Company Financials
Companies104
  • 7D-2.6%
  • 3M-4.7%
  • 1Y3.4%
  • YTD-5.2%

Over the last 7 days, the market has dropped 3.4%, driven by a decline of 6.0% in the Healthcare sector. In contrast, the Energy sector has actually gained 4.1%. Although the market performance has been flat 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
Thu, 26 Mar 2026NZ$171.7bNZ$118.2bNZ$4.5b17x37.8x1.5x
Sat, 21 Feb 2026NZ$178.0bNZ$115.9bNZ$4.1b18.5x43.4x1.5x
Mon, 19 Jan 2026NZ$181.4bNZ$115.5bNZ$4.0b18.8x45.8x1.6x
Wed, 17 Dec 2025NZ$177.0bNZ$115.3bNZ$3.9b18.2x45.3x1.5x
Fri, 14 Nov 2025NZ$181.7bNZ$116.1bNZ$3.5b19.7x52.5x1.6x
Sun, 12 Oct 2025NZ$180.2bNZ$115.8bNZ$3.5b19x51.9x1.6x
Tue, 09 Sep 2025NZ$177.8bNZ$115.6bNZ$3.6b17.9x48.8x1.5x
Thu, 07 Aug 2025NZ$171.2bNZ$115.7bNZ$3.5b19.1x49.3x1.5x
Sat, 05 Jul 2025NZ$170.3bNZ$116.1bNZ$3.5b19.3x49.2x1.5x
Mon, 02 Jun 2025NZ$165.7bNZ$116.0bNZ$3.5b18.3x47.9x1.4x
Wed, 30 Apr 2025NZ$159.7bNZ$115.2bNZ$2.6b18.5x60.9x1.4x
Fri, 28 Mar 2025NZ$163.2bNZ$115.5bNZ$2.6b18.3x61.6x1.4x
Sun, 23 Feb 2025NZ$169.5bNZ$113.3bNZ$2.9b20.7x57.6x1.5x
Tue, 21 Jan 2025NZ$172.7bNZ$113.6bNZ$3.1b19.9x55x1.5x
Thu, 19 Dec 2024NZ$169.3bNZ$113.6bNZ$3.1b19.7x54.1x1.5x
Sat, 16 Nov 2024NZ$169.6bNZ$113.5bNZ$3.1b19.7x54.2x1.5x
Mon, 14 Oct 2024NZ$169.9bNZ$112.9bNZ$4.3b19.1x39.6x1.5x
Wed, 11 Sep 2024NZ$164.8bNZ$112.9bNZ$4.6b19.5x36x1.5x
Fri, 09 Aug 2024NZ$161.0bNZ$110.7bNZ$4.6b17.8x34.7x1.5x
Sun, 07 Jul 2024NZ$156.0bNZ$110.7bNZ$4.7b15.6x33.3x1.4x
Tue, 04 Jun 2024NZ$156.4bNZ$110.7bNZ$5.3b15.1x29.5x1.4x
Thu, 02 May 2024NZ$155.5bNZ$110.1bNZ$5.8b16.4x26.7x1.4x
Sat, 30 Mar 2024NZ$158.5bNZ$110.0bNZ$5.9b17.2x26.9x1.4x
Mon, 26 Feb 2024NZ$156.6bNZ$111.0bNZ$6.4b17.2x24.4x1.4x
Wed, 24 Jan 2024NZ$157.5bNZ$109.4bNZ$6.7b15.7x23.7x1.4x
Fri, 22 Dec 2023NZ$154.8bNZ$109.3bNZ$6.6b15.7x23.3x1.4x
Sun, 19 Nov 2023NZ$149.6bNZ$109.1bNZ$6.8b15.8x21.9x1.4x
Tue, 17 Oct 2023NZ$151.7bNZ$109.0bNZ$5.8b16.2x26x1.4x
Thu, 14 Sep 2023NZ$153.9bNZ$110.6bNZ$5.9b16.3x26.1x1.4x
Sat, 12 Aug 2023NZ$162.5bNZ$108.4bNZ$6.4b16.7x25.5x1.5x
Mon, 10 Jul 2023NZ$164.7bNZ$108.2bNZ$6.6b16.9x24.9x1.5x
Wed, 07 Jun 2023NZ$161.5bNZ$107.9bNZ$6.2b16.5x26x1.5x
Fri, 05 May 2023NZ$163.7bNZ$107.2bNZ$7.6b15x21.6x1.5x
Sun, 02 Apr 2023NZ$162.9bNZ$107.2bNZ$7.6b15.7x21.5x1.5x
Price to Earnings Ratio

21.5x


Total Market Cap: NZ$162.9bTotal Earnings: NZ$7.6bTotal Revenue: NZ$107.2bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Market Price to Earnings3Y Average 38.6x202420252026
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 38.6x.
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 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 Market-2.61%
Energy1.36%
Financials0.083%
Consumer Staples-1.61%
Consumer Discretionary-1.61%
Utilities-2.10%
Real Estate-2.83%
Healthcare-3.39%
Telecom-3.59%
Industrials-3.78%
Tech-6.22%
Materials-6.88%
Sector PE
  • Investors favour the Healthcare sector the most for future growth, which is trading above its 3-year average PE ratio of 41.4x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 20.8% 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 8.0% 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$11.464.8%
+NZ$519.6m		8.8%PE40.4xFinancials
FCG Fonterra Co-operative GroupNZ$6.453.5%
+NZ$352.9m		37.5%PE9.9xConsumer Staples
GNE Genesis EnergyNZ$2.19-1.4%
NZ$300.0m		1.2%PE14.8xUtilities
MEL Meridian EnergyNZ$5.500.5%
+NZ$133.2m		-3.2%PS3.2xUtilities
MFT MainfreightNZ$61.702.2%
+NZ$130.9m		-4.0%PE24.5xIndustrials
See more

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Latest News

FCG
NZ$6.35
Fonterra Co-operative Group
7D
1.9%
1Y
33.7%
GNE
NZ$2.19
Genesis Energy
7D
-1.4%
1Y
1.6%
CNU
NZ$9.51
Chorus
7D
0.8%
1Y
19.2%

CNU: Stable Assumptions And Minor Model Tweaks Will Guide Balanced Outlook

Analysts have kept their NZ$9.46 fair value estimate for Chorus broadly unchanged, with only minor tweaks to the discount rate, revenue growth, profit margin and future P/E assumptions to reflect updated modelling rather than a shift in overall conviction. Valuation Changes Fair Value: The fair value estimate of NZ$9.46 per share is unchanged in both the prior and updated models.
ATM
NZ$11.08
a2 Milk
7D
-5.7%
1Y
25.8%

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$8.08
Auckland International Airport
7D
-4.0%
1Y
-0.1%

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.
IFT
NZ$11.18
Infratil
7D
1.0%
1Y
3.5%

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.
TRA
NZ$8.57
Turners Automotive Group
7D
3.3%
1Y
47.0%

TRA: Five Year Plan Update And Dividend Policy Will Shape Returns

Analysts have held their fair value estimate for Turners Automotive Group steady at NZ$7.81 per share, with only minor tweaks to inputs such as the discount rate and assumed future P/E. This reflects updated views on risk and valuation settings rather than a shift in the core outlook.
VCT
NZ$4.72
Vector
7D
1.1%
1Y
21.6%

VCT: Future Fair Value View Will Reflect Stable Network Volumes

Analysts have kept their NZ$ fair value estimate for Vector unchanged, reflecting consistent assumptions for discount rate, revenue growth, profit margin and future P/E that support a steady price target outlook. What's in the News Vector reported unaudited operating results for the six months ended 31 December 2025, providing investors with updated data on its electricity and gas distribution activities (company announcement).
SPK
NZ$2.09
Spark New Zealand
7D
-8.3%
1Y
0.7%
MCY
NZ$6.25
Mercury NZ
7D
-3.3%
1Y
11.6%

MCY: Slightly Lower Fair Value Will Be Balanced By Upcoming Distribution

Analysts have slightly reduced their 12 month price target for Mercury NZ, with their estimate of fair value moving from NZ$7.02 to NZ$6.99. This revision reflects updated assumptions around revenue growth, profit margins and a modestly higher future P/E multiple.
EBO
NZ$22.45
EBOS Group
7D
0.7%
1Y
-40.6%

EBO: Updated Profit Outlook Will Support Future Capital Efficiency Reassessment

Analysts have trimmed their NZ$ fair value estimate for EBOS Group from NZ$35.22 to NZ$33.56, reflecting updated assumptions for slightly lower revenue growth, a more modest profit margin profile, and a similar forward P/E multiple. What's in the News EBOS Group held an Analyst/Investor Day, which provided an opportunity for management to update the market on the business and the outlook assumptions that feed into valuation work (Key Developments).
FPH
NZ$37.19
Fisher & Paykel Healthcare
7D
-3.9%
1Y
7.5%

FPH: Refreshed Guidance And Sector Perform Upgrade Will Support Fair Value View

Narrative Update Analysts have lifted their price target for Fisher & Paykel Healthcare to NZ$41.12 from NZ$40.81, citing refreshed guidance and recent Street research that includes an upgrade to Sector Perform with a higher NZ$36 target. Analyst Commentary Bullish analysts see the refreshed guidance as a key reason to reassess Fisher & Paykel Healthcare, with one recent upgrade moving the stock to Sector Perform and lifting the price target to NZ$36 from NZ$31.
CHI
NZ$2.98
Channel Infrastructure NZ
7D
1.4%
1Y
53.6%
MEL
NZ$5.48
Meridian Energy
7D
-2.7%
1Y
-0.4%
MFT
NZ$58.20
Mainfreight
7D
-5.1%
1Y
-11.5%
FBU
NZ$3.14
Fletcher Building
7D
-6.5%
1Y
-5.1%