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New Zealand (NZX) Market Analysis & Valuation

UpdatedFeb 05, 2026
DataAggregated Company Financials
Companies102
  • 7D0.2%
  • 3M-1.1%
  • 1Y3.0%
  • YTD-0.8%

Over the last 7 days, the market has remained flat, although notably the Information Technology sector declined by 8.9%. In line with that, the market has also been flat 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
Thu, 05 Feb 2026NZ$178.0bNZ$115.5bNZ$4.0b18.4x45x1.5x
Sat, 03 Jan 2026NZ$179.2bNZ$115.4bNZ$3.9b18.6x45.9x1.6x
Mon, 01 Dec 2025NZ$178.8bNZ$115.2bNZ$3.9b18.2x45.8x1.6x
Wed, 29 Oct 2025NZ$179.5bNZ$115.9bNZ$3.5b18.8x51.6x1.5x
Fri, 26 Sep 2025NZ$175.8bNZ$115.7bNZ$3.4b17.8x51.5x1.5x
Sun, 24 Aug 2025NZ$174.7bNZ$115.8bNZ$4.0b18.6x43.6x1.5x
Tue, 22 Jul 2025NZ$172.0bNZ$115.7bNZ$3.5b19.2x49.5x1.5x
Thu, 19 Jun 2025NZ$168.5bNZ$116.0bNZ$3.5b19.5x48.7x1.5x
Sat, 17 May 2025NZ$169.7bNZ$115.4bNZ$2.6b19x65.2x1.5x
Mon, 14 Apr 2025NZ$160.3bNZ$115.3bNZ$2.6b18.4x61.1x1.4x
Wed, 12 Mar 2025NZ$164.6bNZ$114.0bNZ$2.6b19.5x63.9x1.4x
Fri, 07 Feb 2025NZ$169.9bNZ$113.6bNZ$3.2b19.8x53.9x1.5x
Sun, 05 Jan 2025NZ$171.1bNZ$113.7bNZ$3.1b20.2x54.6x1.5x
Tue, 03 Dec 2024NZ$172.3bNZ$113.6bNZ$3.1b19.9x54.9x1.5x
Thu, 31 Oct 2024NZ$169.3bNZ$112.8bNZ$4.3b19.3x39.5x1.5x
Sat, 28 Sep 2024NZ$164.3bNZ$112.3bNZ$4.4b19.1x37.5x1.5x
Mon, 26 Aug 2024NZ$164.6bNZ$111.9bNZ$4.4b20.6x37.1x1.5x
Wed, 24 Jul 2024NZ$163.5bNZ$110.8bNZ$4.7b17.2x35x1.5x
Fri, 21 Jun 2024NZ$156.4bNZ$109.6bNZ$4.3b14.6x36.3x1.4x
Sun, 19 May 2024NZ$154.0bNZ$110.0bNZ$5.9b15.4x25.9x1.4x
Tue, 16 Apr 2024NZ$156.0bNZ$110.0bNZ$5.8b16.8x26.8x1.4x
Thu, 14 Mar 2024NZ$155.8bNZ$111.2bNZ$5.7b16.8x27.1x1.4x
Sat, 10 Feb 2024NZ$158.0bNZ$109.1bNZ$6.6b14.1x23.8x1.4x
Mon, 08 Jan 2024NZ$157.7bNZ$109.3bNZ$6.6b15.8x23.7x1.4x
Wed, 06 Dec 2023NZ$152.0bNZ$109.2bNZ$6.6b15.5x22.9x1.4x
Fri, 03 Nov 2023NZ$148.1bNZ$109.3bNZ$5.8b16.4x25.4x1.4x
Sun, 01 Oct 2023NZ$152.2bNZ$110.2bNZ$5.9b16.7x26x1.4x
Tue, 29 Aug 2023NZ$156.7bNZ$110.7bNZ$6.3b16.7x24.9x1.4x
Thu, 27 Jul 2023NZ$164.0bNZ$108.3bNZ$6.6b17x24.7x1.5x
Sat, 24 Jun 2023NZ$161.5bNZ$108.4bNZ$6.6b16.1x24.4x1.5x
Mon, 22 May 2023NZ$165.3bNZ$107.3bNZ$7.3b15.5x22.8x1.5x
Wed, 19 Apr 2023NZ$162.2bNZ$107.4bNZ$7.6b15.3x21.4x1.5x
Fri, 17 Mar 2023NZ$160.5bNZ$104.9bNZ$7.3b16x21.9x1.5x
Sun, 12 Feb 2023NZ$166.9bNZ$100.5bNZ$6.6b17.1x25.2x1.7x
Price to Earnings Ratio

25.2x


Total Market Cap: NZ$166.9bTotal Earnings: NZ$6.6bTotal Revenue: NZ$100.5bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Market Price to Earnings3Y Average 37.8x202420252026
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 45.0x which is higher than its 3-year average PE of 37.8x.
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 Market0.23%
Utilities1.71%
Healthcare1.37%
Telecom0.99%
Consumer Staples0.86%
Materials0.091%
Financials-0.10%
Real Estate-0.43%
Industrials-1.52%
Consumer Discretionary-1.99%
Energy-2.78%
Tech-8.90%
Sector PE
  • Investors favour the Utilities sector the most for future growth, which is trading above its 3-year average PE ratio of 68.8x.
    • Analysts are expecting annual earnings growth of 21.1%, 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 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
FPH Fisher & Paykel HealthcareNZ$39.903.1%
+NZ$704.7m		15.3%PE53.6xHealthcare
AIA Auckland International AirportNZ$8.403.3%
+NZ$457.7m		-4.0%PE33.8xIndustrials
CEN Contact EnergyNZ$9.653.9%
+NZ$358.0m		3.9%PE29xUtilities
VCT VectorNZ$5.003.7%
+NZ$180.0m		28.2%PE32.3xUtilities
MCY Mercury NZNZ$6.471.7%
+NZ$155.9m		1.1%PE9170.5xUtilities
See more

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SML
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Synlait Milk
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RYM
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7D
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RYM: Higher Margins And Flat Unit Sales Will Support Balanced Outlook

Analysts have made a small reduction to their price target for Ryman Healthcare to reflect updated assumptions. These include slightly higher long term revenue growth, a higher projected profit margin of about 66% and a modestly lower future P/E of roughly 5.8x.
IFT
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7D
-0.5%
1Y
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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$8.40
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7D
3.3%
1Y
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ATM
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1.2%
1Y
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GTK
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7D
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FPH
NZ$39.90
Fisher & Paykel Healthcare
7D
3.1%
1Y
15.3%

FPH: Updated Guidance And Dividend Policy Will Support Fairly Valued Returns

Analysts have made only a marginal adjustment to their price target for Fisher & Paykel Healthcare, reflecting small tweaks to assumptions around the discount rate, long term revenue growth, profit margin and future P/E, rather than any major shift in their overall view. What's in the News Fisher & Paykel Healthcare updated full year 2025 guidance, with operating revenue now expected in a range of about $2.17b to $2.27b, compared with the prior range of about $2.15b to $2.25b (Key Developments).
CEN
NZ$9.65
Contact Energy
7D
3.9%
1Y
3.9%

CEN: Higher Fair Value And Margin Outlook Will Support Future Upside

Analysts have revised their price target on Contact Energy slightly higher to $10.40 from $10.31. This reflects updated assumptions around discount rates, revenue expectations, profit margins and a lower future P/E of 24.92x.
VCT
NZ$5.00
Vector
7D
3.7%
1Y
28.2%
FBU
NZ$3.68
Fletcher Building
7D
-1.9%
1Y
28.7%
POT
NZ$7.91
Port of Tauranga
7D
-1.4%
1Y
23.0%
MFT
NZ$64.00
Mainfreight
7D
-5.1%
1Y
-9.2%

Mainfreight Limited's (NZSE:MFT) Popularity With Investors Is Under Threat From Overpricing

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MEL
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Meridian Energy
7D
0.4%
1Y
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Meridian Energy Limited (NZSE:MEL) Shares Could Be 40% Below Their Intrinsic Value Estimate

Jan 12
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MCY
NZ$6.47
Mercury NZ
7D
1.7%
1Y
1.1%
FCG
NZ$6.01
Fonterra Co-operative Group
7D
1.0%
1Y
34.2%

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

Jan 05
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THL
NZ$2.45
Tourism Holdings
7D
-7.9%
1Y
26.3%