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New Zealand (NZX) Market Analysis & Valuation

UpdatedFeb 24, 2026
DataAggregated Company Financials
Companies102
  • 7D1.9%
  • 3M-1.1%
  • 1Y4.4%
  • YTD-1.2%

The market has climbed 1.9% over the last week, with theIndustrials and Energy sectors leading the way. The market is up 4.4% over the last 12 months. 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, 24 Feb 2026NZ$178.1bNZ$116.0bNZ$4.1b18.6x43.1x1.5x
Thu, 22 Jan 2026NZ$179.2bNZ$115.4bNZ$4.0b18.5x45.3x1.6x
Sat, 20 Dec 2025NZ$175.7bNZ$115.3bNZ$3.9b18.1x45x1.5x
Mon, 17 Nov 2025NZ$179.6bNZ$116.5bNZ$4.0b19.7x44.6x1.5x
Wed, 15 Oct 2025NZ$177.8bNZ$115.8bNZ$3.5b18.8x51.2x1.5x
Fri, 12 Sep 2025NZ$176.6bNZ$115.7bNZ$3.6b18x48.5x1.5x
Sun, 10 Aug 2025NZ$170.9bNZ$115.8bNZ$3.5b19.2x49x1.5x
Tue, 08 Jul 2025NZ$170.2bNZ$116.1bNZ$3.5b19.2x49.2x1.5x
Thu, 05 Jun 2025NZ$166.9bNZ$116.0bNZ$3.5b18.3x48.2x1.4x
Sat, 03 May 2025NZ$163.6bNZ$115.3bNZ$2.6b18.4x62.4x1.4x
Mon, 31 Mar 2025NZ$162.9bNZ$115.6bNZ$2.6b18.2x62x1.4x
Wed, 26 Feb 2025NZ$166.4bNZ$113.7bNZ$2.8b19.4x60.5x1.5x
Fri, 24 Jan 2025NZ$171.4bNZ$113.7bNZ$3.1b19.9x54.5x1.5x
Sun, 22 Dec 2024NZ$169.6bNZ$113.6bNZ$3.1b19.6x54.1x1.5x
Tue, 19 Nov 2024NZ$170.1bNZ$113.5bNZ$3.1b19.6x54.3x1.5x
Thu, 17 Oct 2024NZ$167.9bNZ$112.8bNZ$4.3b19x39.1x1.5x
Sat, 14 Sep 2024NZ$167.1bNZ$112.9bNZ$4.6b19.4x36.6x1.5x
Mon, 12 Aug 2024NZ$160.9bNZ$110.7bNZ$4.8b17.8x33.7x1.5x
Wed, 10 Jul 2024NZ$156.6bNZ$110.8bNZ$4.7b15.5x33.4x1.4x
Fri, 07 Jun 2024NZ$157.3bNZ$109.4bNZ$4.5b15.4x34.7x1.4x
Sun, 05 May 2024NZ$156.3bNZ$110.1bNZ$5.8b16.3x26.8x1.4x
Tue, 02 Apr 2024NZ$158.5bNZ$110.0bNZ$5.9b17.2x26.9x1.4x
Thu, 29 Feb 2024NZ$155.9bNZ$111.1bNZ$6.5b17.4x23.9x1.4x
Sat, 27 Jan 2024NZ$158.3bNZ$109.3bNZ$6.6b15.8x23.8x1.4x
Mon, 25 Dec 2023NZ$155.6bNZ$109.3bNZ$6.6b15.4x23.4x1.4x
Wed, 22 Nov 2023NZ$149.9bNZ$109.1bNZ$6.8b15.8x22.1x1.4x
Fri, 20 Oct 2023NZ$150.0bNZ$109.2bNZ$5.8b15.8x25.7x1.4x
Sun, 17 Sep 2023NZ$153.6bNZ$110.7bNZ$5.9b16x26x1.4x
Tue, 15 Aug 2023NZ$162.3bNZ$108.4bNZ$6.4b16.7x25.4x1.5x
Thu, 13 Jul 2023NZ$163.4bNZ$108.3bNZ$6.6b16.9x24.7x1.5x
Sat, 10 Jun 2023NZ$158.8bNZ$108.0bNZ$6.2b16.1x25.6x1.5x
Mon, 08 May 2023NZ$162.7bNZ$107.3bNZ$7.6b15.3x21.4x1.5x
Wed, 05 Apr 2023NZ$163.0bNZ$107.3bNZ$7.6b15.6x21.5x1.5x
Fri, 03 Mar 2023NZ$163.5bNZ$104.7bNZ$7.4b16.2x22.2x1.6x
Price to Earnings Ratio

22.2x


Total Market Cap: NZ$163.5bTotal Earnings: NZ$7.4bTotal Revenue: NZ$104.7bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Market Price to Earnings3Y Average 38.1x202420252026
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 43.1x which is higher than its 3-year average PE of 38.1x.
Past Earnings Growth
  • The earnings for New Zealander listed companies have declined 18% per year over the last three years.
  • Meanwhile revenues for these companies have grown 3.5% 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 Market1.86%
Consumer Staples3.95%
Telecom3.76%
Healthcare3.64%
Industrials3.28%
Tech1.15%
Financials0.87%
Consumer Discretionary0.45%
Real Estate0.0034%
Utilities-1.09%
Energy-1.80%
Materials-5.96%
Sector PE
  • Investors favour the Utilities sector the most for future growth, which is trading above its 3-year average PE ratio of 71.5x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 20.6%, which is higher than its past year's earnings growth of 7.3% per year.
Forecasted Growth
  • Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 100% 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$39.6911.2%
+NZ$2.4b		15.0%PE53.3xHealthcare
AIA Auckland International AirportNZ$9.007.0%
+NZ$1.0b		12.6%PE37.2xIndustrials
CEN Contact EnergyNZ$9.331.4%
+NZ$609.1m		5.9%PE24.8xUtilities
MEL Meridian EnergyNZ$5.742.5%
+NZ$369.4m		0.2%PS3.1xUtilities
CNU ChorusNZ$9.716.6%
+NZ$260.3m		16.7%PE175.5xTelecom
See more

Market Insights

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7D
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1Y
32.8%
FPH
NZ$39.69
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7D
11.2%
1Y
15.0%
GNE
NZ$2.38
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7D
-2.1%
1Y
8.4%
CNU
NZ$9.71
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7D
6.6%
1Y
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AIA
NZ$9.00
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7D
7.0%
1Y
12.6%
FCG
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7D
2.3%
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7D
-0.6%
1Y
29.2%

ATM: Dividend Policy And 2026 Guidance Will Support Balanced Outlook

Analysts have modestly lifted their price target for a2 Milk to NZ$10.93 from NZ$10.38, citing updated assumptions that keep revenue growth expectations similar while slightly adjusting profit margin and future P/E inputs. What's in the News a2 Milk has declared an interim dividend of NZ$0.115 per share, described as unimputed and fully franked.
CEN
NZ$9.33
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7D
1.4%
1Y
5.9%
SKC
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7D
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1Y
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AIR
NZ$0.57
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7D
-1.7%
1Y
-4.2%

AIR: Future Earnings Will Weigh Traffic Resilience Against Sector Margin And Execution Risks

Analysts have adjusted their NZ$ price target framework for Air New Zealand by slightly lowering the discount rate and using a higher future P/E multiple, while keeping fair value unchanged at NZ$0.55. Analyst Commentary Recent Street research activity around aviation and aerospace peers highlights a cautious tone that is relevant when you think about Air New Zealand’s valuation framework and execution risks.
SPK
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7D
4.7%
1Y
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VGL
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7D
-4.5%
1Y
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Analysts have kept their NZ$2.80 price target for Vista Group International unchanged, citing updated assumptions for the discount rate, revenue growth, profit margin, and future P/E as the main reasons for maintaining their view. Valuation Changes Fair Value: The fair value estimate of NZ$2.80 is unchanged.
IFT
NZ$10.97
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7D
2.1%
1Y
6.1%

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Analysts are maintaining their NZ$14.02 price target on Infratil, making only small adjustments to assumptions for the discount rate, revenue growth, profit margin, and future P/E ratio while keeping their view of fair value unchanged. Valuation Changes Fair Value: The analysts' NZ$14.02 fair value estimate is unchanged, with no revision to the headline valuation level.
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Green Cross Health
7D
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45.2%

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7D
-1.5%
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7D
2.5%
1Y
0.2%

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