Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

New Zealand (NZX) Market Analysis & Valuation

UpdatedJan 11, 2026
DataAggregated Company Financials
Companies103
  • 7D1.1%
  • 3M0.5%
  • 1Y4.7%
  • YTD0.8%

Over the past 7 days, the market has risen 1.1% with the Healthcare sector contributing the most to the gain. As for the past 12 months, the market is up 4.7%. 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
Sun, 11 Jan 2026NZ$181.3bNZ$115.5bNZ$3.9b17.8x46.4x1.6x
Tue, 09 Dec 2025NZ$178.2bNZ$115.3bNZ$3.9b18.5x45.7x1.5x
Thu, 06 Nov 2025NZ$181.6bNZ$115.9bNZ$3.5b19.7x52.2x1.6x
Sat, 04 Oct 2025NZ$180.1bNZ$115.8bNZ$3.5b18.9x51.9x1.6x
Mon, 01 Sep 2025NZ$173.6bNZ$115.6bNZ$3.6b17.7x47.7x1.5x
Wed, 30 Jul 2025NZ$171.6bNZ$115.7bNZ$3.5b19.4x49.4x1.5x
Fri, 27 Jun 2025NZ$166.7bNZ$116.0bNZ$3.5b19.4x48.1x1.4x
Sun, 25 May 2025NZ$168.0bNZ$115.4bNZ$2.9b18.6x58.4x1.5x
Tue, 22 Apr 2025NZ$161.1bNZ$115.2bNZ$2.6b18.8x61.5x1.4x
Thu, 20 Mar 2025NZ$159.8bNZ$113.9bNZ$2.6b18.7x62.4x1.4x
Sat, 15 Feb 2025NZ$170.9bNZ$113.7bNZ$3.2b20.3x54.2x1.5x
Mon, 13 Jan 2025NZ$169.7bNZ$113.6bNZ$3.1b20.1x54.1x1.5x
Wed, 11 Dec 2024NZ$168.5bNZ$113.5bNZ$3.1b19.5x53.7x1.5x
Fri, 08 Nov 2024NZ$168.2bNZ$112.9bNZ$4.3b19.3x39.3x1.5x
Sun, 06 Oct 2024NZ$165.7bNZ$112.8bNZ$4.3b19x38.6x1.5x
Tue, 03 Sep 2024NZ$164.9bNZ$113.0bNZ$4.6b20.3x36x1.5x
Thu, 01 Aug 2024NZ$163.5bNZ$110.7bNZ$4.7b17.9x35x1.5x
Sat, 29 Jun 2024NZ$154.5bNZ$109.5bNZ$4.3b15x35.9x1.4x
Mon, 27 May 2024NZ$155.1bNZ$110.9bNZ$5.3b15.5x29.3x1.4x
Wed, 24 Apr 2024NZ$154.7bNZ$110.0bNZ$5.8b17x26.6x1.4x
Fri, 22 Mar 2024NZ$156.7bNZ$109.9bNZ$5.9b16.9x26.6x1.4x
Sun, 18 Feb 2024NZ$156.5bNZ$109.1bNZ$6.4b14.9x24.5x1.4x
Tue, 16 Jan 2024NZ$157.6bNZ$109.3bNZ$6.6b16x23.7x1.4x
Thu, 14 Dec 2023NZ$152.3bNZ$109.2bNZ$6.6b15.8x22.9x1.4x
Sat, 11 Nov 2023NZ$149.8bNZ$109.2bNZ$5.8b16.4x25.7x1.4x
Mon, 09 Oct 2023NZ$152.0bNZ$109.0bNZ$5.8b16.1x26.1x1.4x
Wed, 06 Sep 2023NZ$157.2bNZ$110.6bNZ$5.9b16.4x26.7x1.4x
Fri, 04 Aug 2023NZ$163.9bNZ$108.2bNZ$6.6b16.6x24.7x1.5x
Sun, 02 Jul 2023NZ$163.6bNZ$108.3bNZ$6.6b16.1x24.7x1.5x
Tue, 30 May 2023NZ$162.0bNZ$107.9bNZ$7.1b15.6x22.7x1.5x
Thu, 27 Apr 2023NZ$162.7bNZ$107.4bNZ$7.6b15.3x21.4x1.5x
Sat, 25 Mar 2023NZ$149.8bNZ$106.2bNZ$7.2b15.6x20.9x1.4x
Mon, 20 Feb 2023NZ$166.4bNZ$100.8bNZ$6.4b17.2x25.8x1.7x
Wed, 18 Jan 2023NZ$162.4bNZ$100.3bNZ$6.6b16x24.6x1.6x
Price to Earnings Ratio

24.6x


Total Market Cap: NZ$162.4bTotal Earnings: NZ$6.6bTotal Revenue: NZ$100.3bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Market Price to Earnings3Y Average 37.3x202420252026
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 46.4x 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 Market1.09%
Energy1.71%
Financials1.53%
Healthcare1.35%
Real Estate1.30%
Industrials1.17%
Utilities0.99%
Telecom0.99%
Consumer Discretionary0.79%
Consumer Staples0.57%
Tech-0.31%
Materials-1.88%
Sector PE
  • Investors favour the Utilities sector the most for future growth, which is trading above its 3-year average PE ratio of 64.9x.
    • Analysts are expecting annual earnings growth of 22.2%, 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$38.441.8%
+NZ$405.2m		1.4%PE51.7xHealthcare
AIA Auckland International AirportNZ$8.542.5%
+NZ$356.0m		2.0%PE34.4xIndustrials
IFT InfratilNZ$11.261.6%
+NZ$179.9m		-5.0%PE39.7xFinancials
MEL Meridian EnergyNZ$5.661.1%
+NZ$158.4m		-3.7%PS3.1xUtilities
MCY Mercury NZNZ$6.581.5%
+NZ$141.7m		11.7%PE9326.4xUtilities
See more

Market Insights

Header cover image
Which Markets Will Sink or Swim in 2026? 🌍
Richard Bowman avatar
Richard Bowman
|
|
What research teams agree on – and where they don’t – heading into 2026.
Continue reading
Three Sectors Expected to Rally in 2026 📈
Last Week

Three Sectors Expected to Rally in 2026 📈

Latest News

MCY
NZ$6.58
Mercury NZ
7D
1.5%
1Y
11.7%
VGL
NZ$2.44
Vista Group International
7D
-6.2%
1Y
-23.3%

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$6.01
Fonterra Co-operative Group
7D
1.0%
1Y
37.5%

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$11.26
Infratil
7D
1.6%
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$5.81
Scales
7D
-2.5%
1Y
42.4%
SML
NZ$0.63
Synlait Milk
7D
-2.3%
1Y
52.4%

SML: Higher Future Earnings Multiple Will Drive Upside Despite Going Concern Risk

Analysts have increased their fair value estimate for Synlait Milk from $0.64 to $0.92 per share, reflecting higher expected future earnings multiples, even as they moderate assumptions for revenue growth and profit margins. What's in the News Synlait Milk's auditor, KPMG, issued an unqualified opinion on the 2025 annual report while expressing significant doubt about the company's ability to continue as a going concern.
OCA
NZ$0.91
Oceania Healthcare
7D
-1.6%
1Y
20.7%

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$14.26
Freightways Group
7D
-1.3%
1Y
34.5%

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.
FPH
NZ$38.44
Fisher & Paykel Healthcare
7D
1.8%
1Y
1.4%

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).
MEL
NZ$5.66
Meridian Energy
7D
1.1%
1Y
-3.7%
FBU
NZ$3.77
Fletcher Building
7D
2.4%
1Y
35.6%
EBO
NZ$27.54
EBOS Group
7D
-0.3%
1Y
-24.4%

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$68.02
Mainfreight
7D
-0.9%
1Y
-5.8%
GMT
NZ$2.02
Goodman Property Trust
7D
2.8%
1Y
-2.2%
AIA
NZ$8.54
Auckland International Airport
7D
2.5%
1Y
2.0%

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
CMO
NZ$8.18
Colonial Motor
7D
-4.2%
1Y
26.8%