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

New Zealand (NZX) Market Analysis & Valuation

UpdatedFeb 23, 2026
DataAggregated Company Financials
Companies102
  • 7D0.3%
  • 3M-2.0%
  • 1Y1.9%
  • YTD-2.1%

In the last week, the market has stayed flat, however the Consumer Staples sector stood out, gaining 4.7%. Similarly, the market is flat for the past 12 months. 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
Tue, 24 Feb 2026NZ$176.6bNZ$115.9bNZ$4.1b18.5x43.1x1.5x
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 3.4% 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 Market0.28%
Consumer Staples4.74%
Telecom2.80%
Industrials2.34%
Healthcare0.84%
Tech0.40%
Consumer Discretionary-1.09%
Real Estate-2.50%
Utilities-2.52%
Financials-2.85%
Materials-5.01%
Energy-5.19%
Sector PE
  • Investors favour the Utilities sector the most for future growth, which is trading above its 3-year average PE ratio of 71.4x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 20.5%, 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$38.755.9%
+NZ$1.3b		12.2%PE52.1xHealthcare
AIA Auckland International AirportNZ$8.956.7%
+NZ$949.3m		12.5%PE37xIndustrials
ATM a2 MilkNZ$11.136.0%
+NZ$457.0m		32.7%PE39xConsumer Staples
FCG Fonterra Co-operative GroupNZ$6.273.3%
+NZ$320.8m		32.8%PE10xConsumer Staples
CNU ChorusNZ$9.695.4%
+NZ$216.9m		14.0%PE175.2xTelecom
See more

Market Insights

Header cover image
Alternatives part 2: 2026 and beyond 🔭
Richard Bowman avatar
Richard Bowman
|
|
Deep dive into the exciting world of Private Equity, Real Estate, Private Credit, Infrastructure & Transport and Hedge Funds.
Continue reading
Dotcom Bubble vs. Now 🫧
Last Week

Dotcom Bubble vs. Now 🫧

Latest News

AIA
NZ$8.95
Auckland International Airport
7D
6.7%
1Y
12.5%
FCG
NZ$6.27
Fonterra Co-operative Group
7D
3.3%
1Y
32.8%
ATM
NZ$11.13
a2 Milk
7D
6.0%
1Y
32.7%

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.
KPG
NZ$0.97
Kiwi Property Group
7D
-3.5%
1Y
7.8%

KPG: Dividend Stability And Lower Risk Will Support Future Share Repricing

Analysts have maintained their Kiwi Property Group fair value estimate at NZ$1.12 per share, with only minor model tweaks to the discount rate, revenue growth and future P/E assumptions. The headline price target therefore remains unchanged, while reflecting slightly updated views on risk and long term profitability.
CEN
NZ$9.22
Contact Energy
7D
-3.9%
1Y
2.9%
CNU
NZ$9.69
Chorus
7D
5.4%
1Y
14.0%

CNU: Debt Offering And Lower Future P/E Will Shape Balanced Outlook

Analysts have trimmed their Chorus price target to NZ$44.10 from NZ$54.15, reflecting updated assumptions around discount rates, profit margins, and a lower future P/E multiple, while keeping their fair value estimate steady at NZ$9.45. What's in the News MUFG Securities Asia (Singapore) Limited has been added as a co lead underwriter for Chorus Limited's €400 million fixed income offering (Key Developments).
SPK
NZ$2.20
Spark New Zealand
7D
2.8%
1Y
-7.6%
FRW
NZ$14.34
Freightways Group
7D
-1.8%
1Y
30.4%
RYM
NZ$2.42
Ryman Healthcare
7D
-2.0%
1Y
-43.9%

RYM: Higher Margin Outlook Will Support Updated Sales Guidance

Analysts have lifted their NZ$ fair value estimate for Ryman Healthcare from NZ$3.50 to NZ$3.70, citing updated assumptions around discount rates, revenue growth, profit margins and future P/E multiples. What's in the News Ryman Healthcare reaffirmed its fiscal 2026 sales guidance for occupation right agreements at 1,300 to 1,400, with guidance excluding expected relocations of fewer than 40 residents from Margaret Stoddart and Woodcote care centre closures, which will still appear in reported third quarter 2025 sales volumes (Key Developments).
FPH
NZ$38.75
Fisher & Paykel Healthcare
7D
5.9%
1Y
12.2%

Fisher & Paykel Healthcare Corporation Limited's (NZSE:FPH) Shareholders Might Be Looking For Exit

Feb 15
Fisher & Paykel Healthcare Corporation Limited's (NZSE:FPH) Shareholders Might Be Looking For Exit
POT
NZ$7.94
Port of Tauranga
7D
3.1%
1Y
19.8%
GXH
NZ$1.21
Green Cross Health
7D
-12.7%
1Y
45.2%

Green Cross Health Limited's (NZSE:GXH) Shares Bounce 26% But Its Business Still Trails The Market

Jan 29
Green Cross Health Limited's (NZSE:GXH) Shares Bounce 26% But Its Business Still Trails The Market
PCT
NZ$1.11
Precinct Properties NZ & Precinct Properties Investments
7D
-1.8%
1Y
-3.5%
SUM
NZ$10.31
Summerset Group Holdings
7D
-3.4%
1Y
-14.1%
MCY
NZ$6.15
Mercury NZ
7D
-1.4%
1Y
-3.1%
MCK
NZ$3.30
Millennium & Copthorne Hotels New Zealand
7D
-5.7%
1Y
32.0%