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New Zealand (NZX) Market Analysis & Valuation

UpdatedJan 13, 2026
DataAggregated Company Financials
Companies103
  • 7D0.8%
  • 3M1.9%
  • 1Y5.1%
  • YTD0.8%

In the last week, the market has stayed flat, however the Information Technology sector stood out, gaining 3.3%. Meanwhile, the market is actually up 5.1% over the past year. 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
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
Mon, 27 Mar 2023NZ$149.8bNZ$106.3bNZ$7.2b15.6x20.9x1.4x
Wed, 22 Feb 2023NZ$163.1bNZ$101.2bNZ$6.2b16.8x26.1x1.6x
Fri, 20 Jan 2023NZ$163.4bNZ$100.3bNZ$6.6b16.5x24.7x1.6x
Price to Earnings Ratio

24.7x


Total Market Cap: NZ$163.4bTotal Earnings: NZ$6.6bTotal Revenue: NZ$100.3bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Market Price to Earnings3Y Average 37.4x202420252026
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 45.8x which is higher than its 3-year average PE of 37.4x.
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 Market0.76%
Tech3.30%
Consumer Discretionary1.79%
Healthcare1.58%
Industrials1.34%
Real Estate0.81%
Telecom0.62%
Consumer Staples0.55%
Utilities0.20%
Energy-1.02%
Materials-1.46%
Financials-1.55%
Sector PE
  • Investors favour the Utilities sector the most for future growth, which is trading above its 3-year average PE ratio of 65.2x.
    • 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 6.2% 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$38.963.0%
+NZ$669.5m		1.7%PE52.4xHealthcare
POT Port of TaurangaNZ$7.953.2%
+NZ$170.1m		25.2%PE31.2xIndustrials
RAK RakonNZ$1.3853.3%
+NZ$109.3m		122.6%PE200.9xTech
FCG Fonterra Co-operative GroupNZ$6.061.0%
+NZ$96.3m		37.7%PE9.7xConsumer Staples
RYM Ryman HealthcareNZ$3.002.4%
+NZ$71.0m		-33.2%PS3.8xHealthcare
See more

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RAK
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AIA
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FPH
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7D
3.0%
1Y
1.7%

FPH: Dividend And Earnings Guidance Will Support Fairly Valued Future Returns

Analysts have trimmed their price target on Fisher & Paykel Healthcare slightly, citing updated assumptions around discount rate, long run revenue growth, profit margin and future P/E that together point to a fair value of about A$39.15 compared with A$39.33 previously. What's in the News Directors approved an interim dividend of 19.0 cents per ordinary share, compared with 18.5 cents per share in the first half of the prior year, with full New Zealand imputation credit attached (Key Developments).
MCY
NZ$6.49
Mercury NZ
7D
-0.9%
1Y
8.8%
RYM
NZ$3.00
Ryman Healthcare
7D
2.4%
1Y
-33.2%

RYM: Steady Sales Outlook And Margins Will Support Balanced Future Returns

Narrative Update: Ryman Healthcare Analyst Price Target The analyst price target for Ryman Healthcare is unchanged, as analysts kept their fair value estimate steady at $3.23 per share, reflecting consistent assumptions on the discount rate, revenue growth, profit margin and future P/E. What's in the News Ryman Healthcare Limited updated its sales guidance for full year 2025 to 1,300 to 1,400 units, indicating expectations for broadly flat total sales half on half in what the company describes as a mixed market (company guidance).
SKC
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7D
3.8%
1Y
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Analysts have reduced their fair value estimate for SkyCity Entertainment Group from $1.10 to $0.85, reflecting updated assumptions for revenue growth, profit margins, and a lower future P/E multiple. Valuation Changes Fair Value Estimate reduced from NZ$1.10 to NZ$0.85 per share, indicating a lower central valuation point for SkyCity Entertainment Group.
FCG
NZ$6.06
Fonterra Co-operative Group
7D
1.0%
1Y
37.7%

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7D
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1Y
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Fletcher Building
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-0.8%
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32.6%
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3.2%
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CEN
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-1.7%
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VCT
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