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New Zealand (NZX) Market Analysis & Valuation

UpdatedJan 14, 2026
DataAggregated Company Financials
Companies103
  • 7D0.1%
  • 3M1.5%
  • 1Y4.6%
  • YTD0.5%

In the last week, the market has been flat. As for the longer term, the market has risen 4.6% in the past 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
Wed, 14 Jan 2026NZ$181.2bNZ$115.5bNZ$4.0b18.3x45.8x1.6x
Fri, 12 Dec 2025NZ$176.7bNZ$115.3bNZ$3.9b18.3x45.3x1.5x
Sun, 09 Nov 2025NZ$180.9bNZ$116.0bNZ$3.5b19x51.9x1.6x
Tue, 07 Oct 2025NZ$179.9bNZ$115.8bNZ$3.5b18.9x51.8x1.6x
Thu, 04 Sep 2025NZ$175.8bNZ$115.7bNZ$3.6b18.3x48.3x1.5x
Sat, 02 Aug 2025NZ$169.4bNZ$115.7bNZ$3.5b19.6x48.8x1.5x
Mon, 30 Jun 2025NZ$167.7bNZ$116.0bNZ$3.5b19.1x48.5x1.4x
Wed, 28 May 2025NZ$167.8bNZ$115.3bNZ$2.9b18.5x58.3x1.5x
Fri, 25 Apr 2025NZ$160.2bNZ$115.1bNZ$2.6b18.2x61.1x1.4x
Sun, 23 Mar 2025NZ$160.4bNZ$115.3bNZ$2.5b18.8x63x1.4x
Tue, 18 Feb 2025NZ$171.7bNZ$114.2bNZ$3.2b20.4x54.4x1.5x
Thu, 16 Jan 2025NZ$169.5bNZ$113.6bNZ$3.1b20.4x54.1x1.5x
Sat, 14 Dec 2024NZ$167.0bNZ$113.6bNZ$3.1b19.7x53.2x1.5x
Mon, 11 Nov 2024NZ$169.7bNZ$112.9bNZ$4.2b19.3x40.2x1.5x
Wed, 09 Oct 2024NZ$165.2bNZ$112.8bNZ$4.3b19.4x38.5x1.5x
Fri, 06 Sep 2024NZ$165.6bNZ$112.9bNZ$4.7b20.2x35.5x1.5x
Sun, 04 Aug 2024NZ$164.0bNZ$110.6bNZ$4.7b18x35.2x1.5x
Tue, 02 Jul 2024NZ$155.8bNZ$109.6bNZ$4.3b14.8x36.2x1.4x
Thu, 30 May 2024NZ$153.4bNZ$110.7bNZ$5.3b15x28.9x1.4x
Sat, 27 Apr 2024NZ$154.9bNZ$110.1bNZ$5.8b17x26.6x1.4x
Mon, 25 Mar 2024NZ$156.8bNZ$109.9bNZ$5.9b16.7x26.6x1.4x
Wed, 21 Feb 2024NZ$155.3bNZ$109.5bNZ$6.5b14.8x23.7x1.4x
Fri, 19 Jan 2024NZ$156.6bNZ$109.3bNZ$6.6b15.4x23.5x1.4x
Sun, 17 Dec 2023NZ$154.7bNZ$109.3bNZ$6.6b15.7x23.3x1.4x
Tue, 14 Nov 2023NZ$149.1bNZ$108.5bNZ$5.7b16.4x26.1x1.4x
Thu, 12 Oct 2023NZ$152.2bNZ$109.0bNZ$5.8b16.2x26.1x1.4x
Sat, 09 Sep 2023NZ$154.1bNZ$110.6bNZ$5.9b16.7x26.1x1.4x
Mon, 07 Aug 2023NZ$164.0bNZ$108.4bNZ$6.6b16.5x24.8x1.5x
Wed, 05 Jul 2023NZ$164.3bNZ$108.3bNZ$6.6b16.5x24.8x1.5x
Fri, 02 Jun 2023NZ$161.9bNZ$108.1bNZ$6.2b16.3x26x1.5x
Sun, 30 Apr 2023NZ$164.1bNZ$107.3bNZ$7.6b15.2x21.6x1.5x
Tue, 28 Mar 2023NZ$159.1bNZ$107.3bNZ$7.5b15.5x21.2x1.5x
Thu, 23 Feb 2023NZ$161.6bNZ$103.2bNZ$6.7b16.1x24.1x1.6x
Sat, 21 Jan 2023NZ$164.1bNZ$100.3bNZ$6.6b16.2x24.8x1.6x
Price to Earnings Ratio

24.8x


Total Market Cap: NZ$164.1bTotal 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 Market0.13%
Consumer Discretionary1.80%
Healthcare1.58%
Tech1.19%
Energy1.04%
Consumer Staples0.43%
Telecom0.20%
Industrials-0.043%
Real Estate-0.25%
Utilities-0.31%
Financials-2.71%
Materials-2.95%
Sector PE
  • Investors favour the Utilities sector the most for future growth, which is trading above its 3-year average PE ratio of 65.4x.
    • 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$39.491.3%
+NZ$287.8m		4.7%PE53.1xHealthcare
ATM a2 MilkNZ$10.852.6%
+NZ$195.9m		75.3%PE38.8xConsumer Staples
POT Port of TaurangaNZ$8.003.2%
+NZ$170.1m		28.0%PE31.4xIndustrials
MEL Meridian EnergyNZ$5.630.9%
+NZ$132.0m		-4.0%PS3.1xUtilities
RAK RakonNZ$1.4059.1%
+NZ$118.4m		133.3%PE203.8xTech
See more

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POT
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Port of Tauranga
7D
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1Y
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EBO
NZ$26.40
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7D
-4.8%
1Y
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VGL
NZ$2.35
Vista Group International
7D
-10.3%
1Y
-20.9%
RAK
NZ$1.40
Rakon
7D
59.1%
1Y
133.3%
MEL
NZ$5.63
Meridian Energy
7D
0.9%
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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AIA
NZ$8.40
Auckland International Airport
7D
-0.7%
1Y
-3.2%
FPH
NZ$39.49
Fisher & Paykel Healthcare
7D
1.3%
1Y
4.7%

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$6.47
Mercury NZ
7D
-1.8%
1Y
6.9%
ATM
NZ$10.85
a2 Milk
7D
2.6%
1Y
75.3%

ATM: China Approvals And 2027 Launch Timing Will Guide Balanced Outlook

Analysts have kept their price target on a2 Milk unchanged at A$10.16, reflecting consistent assumptions around fair value, discount rate, revenue growth, profit margin, and future P/E. What's in the News a2 Milk received approval from New Zealand's Ministry for Primary Industries and the General Administration of China Customs for the process to transition two China label infant milk formula registrations linked to the Pokeno facility to a2 Milk branded products.
TWR
NZ$2.00
Tower
7D
-4.5%
1Y
42.5%
FCG
NZ$6.06
Fonterra Co-operative Group
7D
1.0%
1Y
37.7%

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Jan 05
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SPK
NZ$2.32
Spark New Zealand
7D
1.8%
1Y
-21.4%
FBU
NZ$3.75
Fletcher Building
7D
-1.3%
1Y
28.0%
MFT
NZ$69.57
Mainfreight
7D
1.6%
1Y
-1.9%
SAN
NZ$7.40
Sanford
7D
-4.0%
1Y
68.2%
CHI
NZ$2.88
Channel Infrastructure NZ
7D
-2.4%
1Y
49.2%