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

New Zealand (NZX) Market Analysis & Valuation

UpdatedSep 17, 2025
DataAggregated Company Financials
Companies105
  • 7D-0.7%
  • 3M4.6%
  • 1Y4.0%
  • YTD1.2%

The Energy sector gained 5.2% while the market remained flat over the last week. As for the longer term, the market has risen 4.0% in the past 12 months. Earnings are forecast to grow by 22% annually.

Trending IndustriesSoftware

Market Valuation and Performance

Has the New Zealand Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 17 Sep 2025NZ$176.1bNZ$115.7bNZ$3.6b17.9x48.4x1.5x
Fri, 15 Aug 2025NZ$170.6bNZ$115.9bNZ$3.5b19.1x48.6x1.5x
Sun, 13 Jul 2025NZ$169.0bNZ$115.7bNZ$3.5b19.6x48.8x1.5x
Tue, 10 Jun 2025NZ$168.1bNZ$116.0bNZ$3.5b18.8x48.5x1.4x
Thu, 08 May 2025NZ$165.9bNZ$115.3bNZ$2.6b18.4x63.2x1.4x
Sat, 05 Apr 2025NZ$162.3bNZ$115.4bNZ$2.6b18.1x61.9x1.4x
Mon, 03 Mar 2025NZ$167.4bNZ$114.0bNZ$2.5b19.6x67.7x1.5x
Wed, 29 Jan 2025NZ$170.4bNZ$113.6bNZ$3.2b20.3x54.1x1.5x
Fri, 27 Dec 2024NZ$171.5bNZ$113.7bNZ$3.1b19.9x54.7x1.5x
Sun, 24 Nov 2024NZ$171.5bNZ$113.5bNZ$3.0b19.9x57.2x1.5x
Tue, 22 Oct 2024NZ$171.6bNZ$112.8bNZ$4.3b19.7x40x1.5x
Thu, 19 Sep 2024NZ$163.6bNZ$113.0bNZ$4.6b19.3x35.8x1.4x
Sat, 17 Aug 2024NZ$167.0bNZ$110.8bNZ$4.8b19.9x35.1x1.5x
Mon, 15 Jul 2024NZ$160.0bNZ$110.9bNZ$4.7b16.5x34.2x1.4x
Wed, 12 Jun 2024NZ$155.1bNZ$109.5bNZ$4.3b15x36x1.4x
Fri, 10 May 2024NZ$154.0bNZ$110.1bNZ$5.8b15.4x26.4x1.4x
Sun, 07 Apr 2024NZ$157.6bNZ$110.0bNZ$5.8b17.2x27.1x1.4x
Tue, 05 Mar 2024NZ$155.9bNZ$111.2bNZ$5.8b17.2x27.1x1.4x
Thu, 01 Feb 2024NZ$158.6bNZ$109.3bNZ$6.6b15.6x23.9x1.5x
Sat, 30 Dec 2023NZ$157.6bNZ$109.3bNZ$6.6b15.8x23.7x1.4x
Mon, 27 Nov 2023NZ$150.2bNZ$109.1bNZ$6.6b15.6x22.8x1.4x
Wed, 25 Oct 2023NZ$147.6bNZ$109.3bNZ$5.8b17x25.3x1.4x
Fri, 22 Sep 2023NZ$153.3bNZ$110.6bNZ$5.9b16.6x26x1.4x
Sun, 20 Aug 2023NZ$159.4bNZ$108.1bNZ$6.4b17.1x24.9x1.5x
Tue, 18 Jul 2023NZ$163.4bNZ$108.2bNZ$6.6b17x24.7x1.5x
Thu, 15 Jun 2023NZ$159.6bNZ$108.0bNZ$6.2b16x25.7x1.5x
Sat, 13 May 2023NZ$163.4bNZ$107.3bNZ$7.6b15.2x21.5x1.5x
Mon, 10 Apr 2023NZ$162.6bNZ$107.2bNZ$7.6b15.6x21.4x1.5x
Wed, 08 Mar 2023NZ$163.7bNZ$105.0bNZ$7.4b16.5x22.2x1.6x
Fri, 03 Feb 2023NZ$166.5bNZ$100.4bNZ$6.6b16.7x25.2x1.7x
Sun, 01 Jan 2023NZ$157.7bNZ$100.2bNZ$6.6b15.6x23.9x1.6x
Tue, 29 Nov 2022NZ$155.9bNZ$100.4bNZ$7.0b16.2x22.2x1.6x
Thu, 27 Oct 2022NZ$153.5bNZ$99.6bNZ$7.9b16.5x19.5x1.5x
Sat, 24 Sep 2022NZ$159.9bNZ$99.7bNZ$7.8b17.4x20.4x1.6x
Price to Earnings Ratio

20.4x


Total Market Cap: NZ$159.9bTotal Earnings: NZ$7.8bTotal Revenue: NZ$99.7bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Market Price to Earnings3Y Average 34.5x202320242025
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 48.4x which is higher than its 3-year average PE of 34.5x.
Past Earnings Growth
  • The earnings for New Zealander listed companies have declined 23% per year over the last three years.
  • Meanwhile revenues for these companies have grown 5.1% 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 Market-0.66%
Energy5.15%
Tech2.32%
Financials1.90%
Industrials1.09%
Materials-0.54%
Utilities-0.60%
Consumer Staples-1.16%
Real Estate-1.42%
Healthcare-2.08%
Telecom-3.51%
Consumer Discretionary-4.32%
Sector PE
  • Investors favour the Utilities sector the most for future growth, which is trading above its 3-year average PE ratio of 46.2x.
    • Analysts are expecting annual earnings growth of 20.7%, 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 100% over the next 5 years.
  • In contrast, the Industrials sector is expected to see its earnings grow by 12% 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
MFT MainfreightNZ$63.405.2%
+NZ$317.2m		-11.4%PE23.3xIndustrials
AIA Auckland International AirportNZ$7.781.4%
+NZ$185.7m		4.4%PE31.2xIndustrials
FRW Freightways GroupNZ$12.754.5%
+NZ$98.4m		38.7%PE28.5xIndustrials
FBU Fletcher BuildingNZ$3.172.6%
+NZ$85.6m		13.2%PS0.5xIndustrials
SUM Summerset Group HoldingsNZ$11.133.1%
+NZ$79.6m		-4.1%PE7.3xHealthcare
See more

Market Insights

Header cover image
💸 Finding Quality Dividend Yields in a Rate-Cutting Environment
Richard Bowman avatar
Richard Bowman
|
|
The market has already priced in a 25bps rate cut from the Fed next week like it’s a done deal. So this week, we’re zooming in on what’s really been going on in the bond market, and what it all means for dividend investors who want to maintain yield.
Continue reading
💸 How to Navigate Lofty Valuations in 2025
Last Week

💸 How to Navigate Lofty Valuations in 2025

Latest News

ATM
NZ$9.97
a2 Milk
7D
-3.4%
1Y
74.6%

We Think a2 Milk (NZSE:ATM) Can Manage Its Debt With Ease

Sep 17
We Think a2 Milk (NZSE:ATM) Can Manage Its Debt With Ease
FPH
NZ$37.45
Fisher & Paykel Healthcare
7D
-2.6%
1Y
-0.7%
CNU
NZ$9.44
Chorus
7D
-3.8%
1Y
3.9%

Is Chorus (NZSE:CNU) Using Too Much Debt?

Sep 16
Is Chorus (NZSE:CNU) Using Too Much Debt?
MFT
NZ$63.40
Mainfreight
7D
5.2%
1Y
-11.4%

Some Confidence Is Lacking In Mainfreight Limited's (NZSE:MFT) P/E

Sep 15
Some Confidence Is Lacking In Mainfreight Limited's (NZSE:MFT) P/E
POT
NZ$7.41
Port of Tauranga
7D
-3.1%
1Y
30.0%
BGP
NZ$5.01
Briscoe Group
7D
-11.2%
1Y
0.6%

Briscoe Group (NZSE:BGP) Is Paying Out Less In Dividends Than Last Year

Sep 12
Briscoe Group (NZSE:BGP) Is Paying Out Less In Dividends Than Last Year
AIA
NZ$7.78
Auckland International Airport
7D
1.4%
1Y
4.4%
CEN
NZ$9.20
Contact Energy
7D
-1.6%
1Y
12.1%

Contact Energy Limited's (NZSE:CEN) CEO Will Probably Have Their Compensation Approved By Shareholders

Sep 09
Contact Energy Limited's (NZSE:CEN) CEO Will Probably Have Their Compensation Approved By Shareholders
SPK
NZ$2.35
Spark New Zealand
7D
-6.0%
1Y
-28.2%

Spark New Zealand's (NZSE:SPK) Dividend Is Being Reduced To NZ$0.1415

Sep 05
Spark New Zealand's (NZSE:SPK) Dividend Is Being Reduced To NZ$0.1415
SUM
NZ$11.13
Summerset Group Holdings
7D
3.1%
1Y
-4.1%

Summerset Group Holdings (NZSE:SUM) Posted Weak Earnings But There Is More To Worry About

Sep 04
Summerset Group Holdings (NZSE:SUM) Posted Weak Earnings But There Is More To Worry About
FRW
NZ$12.75
Freightways Group
7D
4.5%
1Y
38.7%
KPG
NZ$1.06
Kiwi Property Group
7D
2.9%
1Y
15.2%
CHI
NZ$2.49
Channel Infrastructure NZ
7D
6.4%
1Y
45.6%

Channel Infrastructure NZ (NZSE:CHI) Is Due To Pay A Dividend Of NZ$0.0625

Aug 30
Channel Infrastructure NZ (NZSE:CHI) Is Due To Pay A Dividend Of NZ$0.0625
MEL
NZ$5.69
Meridian Energy
7D
-1.6%
1Y
-6.6%
FBU
NZ$3.17
Fletcher Building
7D
2.6%
1Y
13.2%
IFT
NZ$12.50
Infratil
7D
0.4%
1Y
2.7%