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New Zealand (NZX) Market Analysis & Valuation

UpdatedJan 12, 2026
DataAggregated Company Financials
Companies103
  • 7D1.1%
  • 3M1.4%
  • 1Y4.7%
  • YTD0.8%

In the last week, the market is up 1.1% led by Healthcare sector. In the last year, the market has climbed 4.7%. 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$181.3bNZ$115.5bNZ$4.0b18.3x45.8x1.6x
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 37.3x.
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 65.0x.
    • 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$38.472.1%
+NZ$469.8m		2.5%PE51.7xHealthcare
AIA Auckland International AirportNZ$8.603.0%
+NZ$423.8m		1.8%PE34.7xIndustrials
MCY Mercury NZNZ$6.591.4%
+NZ$127.6m		12.6%PE9340.6xUtilities
FCG Fonterra Co-operative GroupNZ$6.071.2%
+NZ$112.3m		38.0%PE9.7xConsumer Staples
RAK RakonNZ$1.3654.5%
+NZ$109.3m		119.4%PE198xTech
See more

Market Insights

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7D
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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$8.60
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7D
3.0%
1Y
1.8%
FPH
NZ$38.47
Fisher & Paykel Healthcare
7D
2.1%
1Y
2.5%

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$6.59
Mercury NZ
7D
1.4%
1Y
12.6%
ATM
NZ$10.68
a2 Milk
7D
-0.6%
1Y
76.5%

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.
VGL
NZ$2.40
Vista Group International
7D
-8.0%
1Y
-24.1%

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$6.07
Fonterra Co-operative Group
7D
1.2%
1Y
38.0%

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Jan 05
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IFT
NZ$11.18
Infratil
7D
-2.2%
1Y
-4.4%

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$5.75
Scales
7D
-1.7%
1Y
40.9%
RAK
NZ$1.36
Rakon
7D
54.5%
1Y
119.4%
SPK
NZ$2.30
Spark New Zealand
7D
1.3%
1Y
-20.3%
MFT
NZ$68.31
Mainfreight
7D
-0.4%
1Y
-4.6%
CEN
NZ$9.23
Contact Energy
7D
-0.5%
1Y
-1.3%
GNE
NZ$2.45
Genesis Energy
7D
2.1%
1Y
13.2%
CMO
NZ$8.15
Colonial Motor
7D
-5.1%
1Y
27.3%
VCT
NZ$4.94
Vector
7D
1.6%
1Y
23.2%

Vector Limited (NZSE:VCT) Shares Could Be 24% Below Their Intrinsic Value Estimate

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